CDZ.TO vs. HXCN.TO

Last updated Jun 4, 2026

CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) and HXCN.TO (Global X S&P/TSX Capped Composite Index Corporate Class ETF) are both Canada Equities funds - CDZ.TO tracks the Morningstar Canada GR CAD while HXCN.TO tracks the S&P/TSX Capped Composite Index. Both are passively managed. Over the past 5 years, CDZ.TO returned 10.31%/yr vs 14.86%/yr for HXCN.TO. Their correlation of 0.81 suggests significant overlap in exposure. CDZ.TO charges 0.66%/yr vs 0.05%/yr for HXCN.TO.

Performance

CDZ.TO vs. HXCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) and Global X S&P/TSX Capped Composite Index Corporate Class ETF (HXCN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CDZ.TO achieves a 13.46% return, which is significantly higher than HXCN.TO's 10.69% return.

CDZ.TO

• 1D: 0.00%
• 1M: 3.31%
• YTD: 13.46%
• 6M: 10.74%
• 1Y: 22.32%
• 3Y*: 16.81%
• 5Y*: 10.31%
• 10Y*: 9.44%

HXCN.TO

• 1D: -0.96%
• 1M: 3.65%
• YTD: 10.69%
• 6M: 12.85%
• 1Y: 34.40%
• 3Y*: 23.53%
• 5Y*: 14.86%
• 10Y*: —

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

CDZ.TO vs. HXCN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CDZ.TO iShares S&P/TSX Canadian Dividend Aristocrats Index ETF	13.46%	13.45%	17.86%	8.98%	-4.43%	22.80%	-8.09%
HXCN.TO Global X S&P/TSX Capped Composite Index Corporate Class ETF	10.69%	31.20%	21.60%	11.98%	-6.07%	25.23%	1.15%

Correlation

The correlation between CDZ.TO and HXCN.TO is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (All Time) Calculated using the full available price history since Feb 7, 2020	0.81

The correlation between CDZ.TO and HXCN.TO shifts across timeframes, from 0.64 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.

CDZ.TO vs. HXCN.TO - Sectors Allocation Comparison

Sectors	CDZ.TO	HXCN.TO
Energy	22.7%	15.7%
Financial Services	17.1%	32.1%
Industrials	14.5%	11.1%
Utilities	9.0%	3.4%
Real Estate	8.9%	1.8%
Consumer Cyclical	7.6%	3.8%
Communication Services	7.5%	2.1%
Consumer Defensive	6.7%	3.2%
Basic Materials	3.3%	15.6%
Technology	2.7%	11.2%
Healthcare	-	0.1%

Return for Risk

CDZ.TO vs. HXCN.TO — Risk / Return Rank

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

CDZ.TO

CDZ.TO Risk / Return Rank: 84
CDZ.TO Sharpe Ratio Rank: 82
CDZ.TO Sortino Ratio Rank: 77
CDZ.TO Omega Ratio Rank: 88
CDZ.TO Calmar Ratio Rank: 89
CDZ.TO Martin Ratio Rank: 86

HXCN.TO

HXCN.TO Risk / Return Rank: 81
HXCN.TO Sharpe Ratio Rank: 83
HXCN.TO Sortino Ratio Rank: 78
HXCN.TO Omega Ratio Rank: 82
HXCN.TO Calmar Ratio Rank: 77
HXCN.TO Martin Ratio Rank: 84

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.

CDZ.TO vs. HXCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) and Global X S&P/TSX Capped Composite Index Corporate Class ETF (HXCN.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.

	CDZ.TO	HXCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.72	2.74	-0.03
Sortino ratio: Return per unit of downside risk	3.53	3.53	-0.01
Omega ratio: Gain probability vs. loss probability	1.56	1.49	+0.07
Calmar ratio: Return relative to maximum drawdown	5.46	3.92	+1.53
Martin ratio: Return relative to average drawdown	18.49	17.26	+1.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CDZ.TO vs. HXCN.TO - Sharpe Ratio Comparison

The current CDZ.TO Sharpe Ratio is 2.72, which is comparable to the HXCN.TO Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of CDZ.TO and HXCN.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.

Sharpe Ratios by Period

	CDZ.TO	HXCN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	2.74	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	1.09	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.82	-0.30

Drawdowns

CDZ.TO vs. HXCN.TO - Drawdown Comparison

The maximum CDZ.TO drawdown since its inception was -49.33%, which is greater than HXCN.TO's maximum drawdown of -37.09%. Use the drawdown chart below to compare losses from any high point for CDZ.TO and HXCN.TO.

Drawdown Indicators

	CDZ.TO	HXCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-49.33%	-37.09%	-12.24%
Max Drawdown (1Y) Largest decline over 1 year	-4.11%	-8.81%	+4.70%
Max Drawdown (3Y) Largest decline over 3 years	-12.99%	-12.49%	-0.50%
Max Drawdown (5Y) Largest decline over 5 years	-17.15%	-16.27%	-0.88%
Max Drawdown (10Y) Largest decline over 10 years	-45.70%	—	—
Current Drawdown Current decline from peak	-0.09%	-0.96%	+0.87%
Average Drawdown Average peak-to-trough decline	-6.14%	-4.11%	-2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	2.00%	-0.79%

Volatility

CDZ.TO vs. HXCN.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) is 1.88%, while Global X S&P/TSX Capped Composite Index Corporate Class ETF (HXCN.TO) has a volatility of 3.48%. This indicates that CDZ.TO experiences smaller price fluctuations and is considered to be less risky than HXCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDZ.TO	HXCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.88%	3.48%	-1.60%
Volatility (6M) Calculated over the trailing 6-month period	6.91%	10.04%	-3.13%
Volatility (1Y) Calculated over the trailing 1-year period	8.26%	12.60%	-4.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.86%	13.72%	-2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.63%	17.81%	-3.18%

CDZ.TO vs. HXCN.TO - Expense Ratio Comparison

CDZ.TO has a 0.66% expense ratio, which is higher than HXCN.TO's 0.05% expense ratio.

Dividends

CDZ.TO vs. HXCN.TO - Dividend Comparison

CDZ.TO's dividend yield for the trailing twelve months is around 3.07%, while HXCN.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CDZ.TO iShares S&P/TSX Canadian Dividend Aristocrats Index ETF	3.07%	3.46%	3.56%	3.71%	3.67%	2.95%	3.70%	3.68%	4.37%	3.43%	3.51%	3.72%
HXCN.TO Global X S&P/TSX Capped Composite Index Corporate Class 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%

Frequently Asked Questions

Can I hold both CDZ.TO and HXCN.TO in my portfolio?

CDZ.TO and HXCN.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CDZ.TO or HXCN.TO?

On fees, HXCN.TO is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CDZ.TO or HXCN.TO?

HXCN.TO is cheaper with a 0.05% expense ratio, compared with 0.66% for CDZ.TO.

What is the main difference between CDZ.TO and HXCN.TO?

CDZ.TO tracks Morningstar Canada GR CAD, while HXCN.TO tracks S&P/TSX Capped Composite Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.66% for CDZ.TO and 0.05% for HXCN.TO.