BASE.TO vs. XMA.TO

Last updated Jun 24, 2026

BASE.TO (Evolve Global Materials & Mining Enhanced Yield Index ETF) and XMA.TO (iShares S&P/TSX Capped Materials Index ETF) are both Materials funds - BASE.TO tracks the Solactive Materials & Mining while XMA.TO tracks the S&P/TSX Capped Materials TR. Both are passively managed. Over the past 5 years, BASE.TO returned 8.84%/yr vs 19.82%/yr for XMA.TO. A 0.56 correlation means they provide meaningful diversification when combined. BASE.TO charges 0.00%/yr vs 0.60%/yr for XMA.TO.

Performance

BASE.TO vs. XMA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve Global Materials & Mining Enhanced Yield Index ETF (BASE.TO) and iShares S&P/TSX Capped Materials Index ETF (XMA.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BASE.TO achieves a 20.51% return, which is significantly higher than XMA.TO's -0.42% return.

BASE.TO

• 1D: -2.79%
• 1M: -3.61%
• YTD: 20.51%
• 6M: 17.54%
• 1Y: 47.44%
• 3Y*: 15.57%
• 5Y*: 8.84%
• 10Y*: —

XMA.TO

• 1D: -4.47%
• 1M: -5.12%
• YTD: -0.42%
• 6M: -4.15%
• 1Y: 50.84%
• 3Y*: 33.97%
• 5Y*: 19.82%
• 10Y*: 12.74%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BASE.TO vs. XMA.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BASE.TO Evolve Global Materials & Mining Enhanced Yield Index ETF	20.51%	30.33%	-13.56%	17.50%	-4.63%	20.04%	31.07%	7.14%
XMA.TO iShares S&P/TSX Capped Materials Index ETF	-0.42%	99.21%	20.72%	-2.04%	1.35%	3.32%	19.73%	19.13%

Correlation

The correlation between BASE.TO and XMA.TO is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jun 11, 2019	0.56

The correlation between BASE.TO and XMA.TO shifts across timeframes, from 0.56 (all time) to 0.74 (1 year), reflecting how their relationship changes across market environments.

BASE.TO vs. XMA.TO - Sectors Allocation Comparison

Sectors	BASE.TO	XMA.TO
Basic Materials	90.4%	98.3%
Industrials	9.6%	0.0%
Communication Services	-	-
Consumer Cyclical	-	1.6%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.0%
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

BASE.TO vs. XMA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BASE.TO

BASE.TO Risk / Return Rank: 66
BASE.TO Sharpe Ratio Rank: 69
BASE.TO Sortino Ratio Rank: 62
BASE.TO Omega Ratio Rank: 62
BASE.TO Calmar Ratio Rank: 66
BASE.TO Martin Ratio Rank: 72

XMA.TO

XMA.TO Risk / Return Rank: 36
XMA.TO Sharpe Ratio Rank: 38
XMA.TO Sortino Ratio Rank: 33
XMA.TO Omega Ratio Rank: 38
XMA.TO Calmar Ratio Rank: 37
XMA.TO Martin Ratio Rank: 32

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BASE.TO vs. XMA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Evolve Global Materials & Mining Enhanced Yield Index ETF (BASE.TO) and iShares S&P/TSX Capped Materials Index ETF (XMA.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BASE.TO	XMA.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.30	+0.74
Sortino ratio: Return per unit of downside risk	2.64	1.69	+0.95
Omega ratio: Gain probability vs. loss probability	1.34	1.24	+0.10
Calmar ratio: Return relative to maximum drawdown	3.04	1.79	+1.25
Martin ratio: Return relative to average drawdown	12.44	4.65	+7.79

BASE.TO vs. XMA.TO - Sharpe Ratio Comparison

The current BASE.TO Sharpe Ratio is 2.04, which is higher than the XMA.TO Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of BASE.TO and XMA.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BASE.TO vs. XMA.TO - Drawdown Comparison

The maximum BASE.TO drawdown since its inception was -33.43%, smaller than the maximum XMA.TO drawdown of -64.42%. Use the drawdown chart below to compare losses from any high point for BASE.TO and XMA.TO.

Drawdown Indicators

	BASE.TO	XMA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.43%	-64.42%	+30.99%
Max Drawdown (1Y) Largest decline over 1 year	-15.68%	-28.51%	+12.83%
Max Drawdown (3Y) Largest decline over 3 years	-24.11%	-28.51%	+4.40%
Max Drawdown (5Y) Largest decline over 5 years	-33.43%	-33.06%	-0.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.06%	—
Current Drawdown Current decline from peak	-8.03%	-24.81%	+16.78%
Average Drawdown Average peak-to-trough decline	-9.26%	-27.10%	+17.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.82%	10.97%	-7.15%

Volatility

BASE.TO vs. XMA.TO - Volatility Comparison

The current volatility for Evolve Global Materials & Mining Enhanced Yield Index ETF (BASE.TO) is 7.88%, while iShares S&P/TSX Capped Materials Index ETF (XMA.TO) has a volatility of 15.06%. This indicates that BASE.TO experiences smaller price fluctuations and is considered to be less risky than XMA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BASE.TO	XMA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.88%	15.06%	-7.18%
Volatility (6M) Calculated over the trailing 6-month period	18.86%	33.41%	-14.55%
Volatility (1Y) Calculated over the trailing 1-year period	23.41%	39.44%	-16.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.10%	28.14%	-5.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.40%	26.87%	-0.47%

BASE.TO vs. XMA.TO - Expense Ratio Comparison

BASE.TO has a 0.00% expense ratio, which is lower than XMA.TO's 0.60% expense ratio.

Dividends

BASE.TO vs. XMA.TO - Dividend Comparison

BASE.TO's dividend yield for the trailing twelve months is around 8.45%, more than XMA.TO's 0.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BASE.TO Evolve Global Materials & Mining Enhanced Yield Index ETF	8.45%	9.55%	11.20%	8.80%	8.96%	5.95%	4.67%	2.88%	0.00%	0.00%	0.00%	0.00%
XMA.TO iShares S&P/TSX Capped Materials Index ETF	0.40%	0.41%	0.83%	1.26%	1.24%	0.87%	0.63%	0.64%	0.75%	0.47%	0.82%	1.87%

Frequently Asked Questions

Can I hold both BASE.TO and XMA.TO in my portfolio?

BASE.TO and XMA.TO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BASE.TO or XMA.TO?

On fees, BASE.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BASE.TO or XMA.TO?

BASE.TO is cheaper with a 0.00% expense ratio, compared with 0.60% for XMA.TO.

What is the main difference between BASE.TO and XMA.TO?

BASE.TO tracks Solactive Materials & Mining, while XMA.TO tracks S&P/TSX Capped Materials TR. They also come from different issuers: Evolve and iShares. Their fees differ too: 0.00% for BASE.TO and 0.60% for XMA.TO.