-
iShares Core MSCI All Country World ex Canada Index ETF (XAW)
-
Vanguard All-Equity ETF Portfolio (VEQT)
Q: I'm looking at XAW and VEQT as global index funds that (other than Canada in VEQT) have similar exposure. What puzzles me is that XAW has an average P/E ratio of 24, and VEQT has a ratio of 14. I don't see how the Canada exposure at 25% in VEQT can make this much difference. Can you help me understand this apparent anomaly?