CADUSD=X vs. XSP.TO

Last updated Apr 2, 2026

Compare and contrast key facts about CAD/USD (CADUSD=X) and iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO).

XSP.TO is a passively managed fund by iShares that tracks the performance of the S&P 500 Index. It was launched on May 24, 2001.

Performance

CADUSD=X vs. XSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CAD/USD (CADUSD=X) and iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO). The values are adjusted to include any dividend payments, if applicable.

CADUSD=X vs. XSP.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CADUSD=X CAD/USD	-1.17%	4.79%	-7.90%	2.28%	-6.69%	0.74%	2.00%	4.99%	-7.77%	6.90%
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged)	-5.45%	21.23%	13.64%	27.16%	-24.72%	28.80%	17.48%	35.81%	-13.54%	29.05%

Different Trading Currencies

CADUSD=X is traded in USD, while XSP.TO is traded in CAD. To make them comparable, the XSP.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CADUSD=X achieves a -1.17% return, which is significantly higher than XSP.TO's -5.45% return. Over the past 10 years, CADUSD=X has underperformed XSP.TO with an annualized return of -0.64%, while XSP.TO has yielded a comparatively higher 11.69% annualized return.

CADUSD=X

• 1D: 0.11%
• 1M: -1.49%
• YTD: -1.17%
• 6M: 0.36%
• 1Y: 2.97%
• 3Y*: -0.95%
• 5Y*: -1.96%
• 10Y*: -0.64%

XSP.TO

• 1D: 0.79%
• 1M: -6.05%
• YTD: -5.45%
• 6M: -2.23%
• 1Y: 19.07%
• 3Y*: 15.59%
• 5Y*: 8.08%
• 10Y*: 11.69%

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

Return for Risk

CADUSD=X vs. XSP.TO — Risk / Return Rank

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

CADUSD=X

CADUSD=X Risk / Return Rank: 48
CADUSD=X Sharpe Ratio Rank: 63
CADUSD=X Sortino Ratio Rank: 64
CADUSD=X Omega Ratio Rank: 62
CADUSD=X Calmar Ratio Rank: 26
CADUSD=X Martin Ratio Rank: 26

XSP.TO

XSP.TO Risk / Return Rank: 51
XSP.TO Sharpe Ratio Rank: 46
XSP.TO Sortino Ratio Rank: 48
XSP.TO Omega Ratio Rank: 52
XSP.TO Calmar Ratio Rank: 50
XSP.TO Martin Ratio Rank: 60

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.

CADUSD=X vs. XSP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CAD/USD (CADUSD=X) and iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.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.

	CADUSD=X	XSP.TO	Difference
Sharpe ratio Return per unit of total volatility	0.51	0.99	-0.48
Sortino ratio Return per unit of downside risk	0.83	1.57	-0.74
Omega ratio Gain probability vs. loss probability	1.10	1.22	-0.12
Calmar ratio Return relative to maximum drawdown	-0.40	1.67	-2.07
Martin ratio Return relative to average drawdown	-0.77	6.96	-7.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CADUSD=X vs. XSP.TO - Sharpe Ratio Comparison

The current CADUSD=X Sharpe Ratio is 0.51, which is lower than the XSP.TO Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of CADUSD=X and XSP.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CADUSD=X	XSP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.51	0.99	-0.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	0.40	-0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.09	0.54	-0.62
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.61	-0.65

Correlation

The correlation between CADUSD=X and XSP.TO is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Drawdowns

CADUSD=X vs. XSP.TO - Drawdown Comparison

The maximum CADUSD=X drawdown since its inception was -35.27%, smaller than the maximum XSP.TO drawdown of -41.78%. Use the drawdown chart below to compare losses from any high point for CADUSD=X and XSP.TO.

Drawdown Indicators

	CADUSD=X	XSP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.27%	-57.82%	+22.55%
Max Drawdown (1Y) Largest decline over 1 year	-3.87%	-11.93%	+8.06%
Max Drawdown (5Y) Largest decline over 5 years	-17.16%	-25.44%	+8.28%
Max Drawdown (10Y) Largest decline over 10 years	-17.16%	-36.05%	+18.89%
Current Drawdown Current decline from peak	-32.06%	-6.09%	-25.97%
Average Drawdown Average peak-to-trough decline	-20.96%	-12.19%	-8.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	2.62%	-0.61%

Volatility

CADUSD=X vs. XSP.TO - Volatility Comparison

The current volatility for CAD/USD (CADUSD=X) is 0.92%, while iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) has a volatility of 5.90%. This indicates that CADUSD=X experiences smaller price fluctuations and is considered to be less risky than XSP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CADUSD=X	XSP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.92%	5.90%	-4.98%
Volatility (6M) Calculated over the trailing 6-month period	3.16%	10.57%	-7.41%
Volatility (1Y) Calculated over the trailing 1-year period	4.70%	19.38%	-14.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.87%	20.53%	-14.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.33%	21.87%	-15.54%