Suggested by iKnowledge Rand has returned, but now he is up against a very clever mastermind. Xehanort has orchestrated a bunch of events even while he was dead. That certainly takes a genius level intellect at the very least. Rand is very skilled though and his channeling abilities are second to none. The whole fight could be over in a single turn once both combatants have thought of the optimal outcome. I believe Xehanort would have the edge though. His magical abilities are top notch and he can also fight at close range. Rand would ultimately be overcome. Xehanort wins.
DReager1.com 
I, personally do not think that an battle between these two would end in Xehanort’s victory. Since this is composite(s), Rand has all his higher abilities from the end of the books. Consider Balefire: https://wot.fandom.com/wiki/Balefire, https://scifi.stackexchange.com/questions/173682/what-are-the-effects-of-balefire-on-inanimate-objects, https://www.reddit.com/r/WoT/comments/7akbx3/balefire/, and https://www.quora.com/Wheel-Of-Time-What-happens-if-someone-uses-balefire-and-hits-themselves-with-it. Just to name a few. It should defeat Xehanort, due to it being as high as most Shonen abilities of offense, if not greater.
Balefire definitely is a very good offensive spell. Should it hit Xehanort directly then that could definitely end the fight. That being said, it’ll be difficult since Xehanort is incredibly fast and also seems to have a knack for time manipulation. Throw in his younger form which had the armor and I think Rand will have a difficult time concentrating and using the spell in time. Xehanort will also be peppering him with attacks from all sides throughout this. Rand is definitely a very powerful spellcaster though.