CASV.TO vs. XCS.TO

Last updated Jul 11, 2026

CASV.TO (Avantis CIBC Global Small Cap Value ETF) and XCS.TO (iShares S&P/TSX SmallCap Index ETF) are both exchange-traded funds - CASV.TO is a Small Cap Value Equities fund actively managed by Avantis, while XCS.TO is a Canada Equities fund tracking the Morningstar Canada Sml GR CAD. CASV.TO is actively managed, while XCS.TO is passively managed. A 0.56 correlation means they provide meaningful diversification when combined. CASV.TO charges 0.39%/yr vs 0.60%/yr for XCS.TO.

Performance

CASV.TO vs. XCS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Avantis CIBC Global Small Cap Value ETF (CASV.TO) and iShares S&P/TSX SmallCap Index ETF (XCS.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CASV.TO

• 1D: 0.54%
• 1M: 0.99%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

XCS.TO

• 1D: 0.03%
• 1M: -0.40%
• 6M: 11.45%
• YTD: 17.37%
• 1Y: 39.59%
• 3Y*: 25.32%
• 5Y*: 10.55%
• 10Y*: 8.35%

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

CASV.TO vs. XCS.TO - Yearly Performance Comparison

	2026 (YTD)
CASV.TO Avantis CIBC Global Small Cap Value ETF	13.42%
XCS.TO iShares S&P/TSX SmallCap Index ETF	3.16%

Correlation

The correlation between CASV.TO and XCS.TO is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 13, 2026	0.56

Return for Risk

CASV.TO vs. XCS.TO — Risk / Return Rank

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

CASV.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

XCS.TO

XCS.TO Risk / Return Rank: 63
XCS.TO Sharpe Ratio Rank: 66
XCS.TO Sortino Ratio Rank: 54
XCS.TO Omega Ratio Rank: 64
XCS.TO Calmar Ratio Rank: 69
XCS.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.

CASV.TO vs. XCS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Avantis CIBC Global Small Cap Value ETF (CASV.TO) and iShares S&P/TSX SmallCap Index ETF (XCS.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.

	CASV.TO	XCS.TO	Difference
Sharpe ratio: Return per unit of total volatility	—	1.73	—
Sortino ratio: Return per unit of downside risk	—	2.11	—
Omega ratio: Gain probability vs. loss probability	—	1.31	—
Calmar ratio: Return relative to maximum drawdown	—	2.77	—
Martin ratio: Return relative to average drawdown	—	8.35	—

Drawdowns

CASV.TO vs. XCS.TO - Drawdown Comparison

The maximum CASV.TO drawdown since its inception was -3.70%, smaller than the maximum XCS.TO drawdown of -62.43%. Use the drawdown chart below to compare losses from any high point for CASV.TO and XCS.TO.

Drawdown Indicators

	CASV.TO	XCS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-3.70%	-62.43%	+58.73%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.58%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-15.55%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.08%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.50%	—
Current Drawdown Current decline from peak	-2.31%	-6.22%	+3.91%
Average Drawdown Average peak-to-trough decline	-1.01%	-17.44%	+16.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.84%	—

Volatility

Volatility by Period

	CASV.TO	XCS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.37%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.96%	23.38%	-7.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.96%	21.81%	-5.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.96%	24.33%	-8.37%

CASV.TO vs. XCS.TO - Expense Ratio Comparison

CASV.TO has a 0.39% expense ratio, which is lower than XCS.TO's 0.60% expense ratio.

Dividends

CASV.TO vs. XCS.TO - Dividend Comparison

CASV.TO has not paid dividends to shareholders, while XCS.TO's dividend yield for the trailing twelve months is around 1.30%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CASV.TO Avantis CIBC Global Small Cap Value ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XCS.TO iShares S&P/TSX SmallCap Index ETF	1.30%	1.41%	1.73%	2.59%	2.05%	1.69%	1.98%	2.51%	2.07%	2.05%	1.60%	2.64%

Frequently Asked Questions

Can I hold both CASV.TO and XCS.TO in my portfolio?

CASV.TO and XCS.TO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CASV.TO or XCS.TO?

On fees, CASV.TO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CASV.TO or XCS.TO?

CASV.TO is cheaper with a 0.39% expense ratio, compared with 0.60% for XCS.TO.

What is the main difference between CASV.TO and XCS.TO?

CASV.TO is categorized as Small Cap Value Equities, while XCS.TO is Canada Equities. They also come from different issuers: Avantis and iShares. Their fees differ too: 0.39% for CASV.TO and 0.60% for XCS.TO.