CDZ.TO vs. XCV.TO
CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) and XCV.TO (iShares Canadian Value Index ETF) are both Canada Equities funds from iShares tracking the Morningstar Canada GR CAD. Both are passively managed. Over the past 10 years, CDZ.TO returned 9.44%/yr vs 13.20%/yr for XCV.TO. A 0.74 correlation means they provide meaningful diversification when combined. CDZ.TO charges 0.66%/yr vs 0.55%/yr for XCV.TO.
Performance
CDZ.TO vs. XCV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CDZ.TO achieves a 13.46% return, which is significantly lower than XCV.TO's 19.17% return. Over the past 10 years, CDZ.TO has underperformed XCV.TO with an annualized return of 9.44%, while XCV.TO has yielded a comparatively higher 13.20% annualized 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%
XCV.TO
- 1D
- -0.02%
- 1M
- 4.70%
- YTD
- 19.17%
- 6M
- 19.26%
- 1Y
- 44.26%
- 3Y*
- 27.30%
- 5Y*
- 17.83%
- 10Y*
- 13.20%
CDZ.TO vs. XCV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CDZ.TO iShares S&P/TSX Canadian Dividend Aristocrats Index ETF | 13.46% | 13.45% | 17.86% | 8.98% | -4.43% | 22.80% | -3.27% | 25.68% | -8.84% | 4.92% |
XCV.TO iShares Canadian Value Index ETF | 19.17% | 32.17% | 21.26% | 9.47% | 1.87% | 32.71% | -2.56% | 18.02% | -11.15% | 8.75% |
Correlation
The correlation between CDZ.TO and XCV.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 | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2006 | 0.74 |
The correlation between CDZ.TO and XCV.TO has been stable across timeframes, ranging from 0.73 to 0.79 - a consistent structural relationship.
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Return for Risk
CDZ.TO vs. XCV.TO — Risk / Return Rank
CDZ.TO
XCV.TO
CDZ.TO vs. XCV.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 iShares Canadian Value Index ETF (XCV.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 | XCV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | -3.09 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 2.03 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | 5.46 | 11.53 | -6.07 |
| Martin ratioReturn relative to average drawdown | 18.49 | 43.47 | -24.97 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CDZ.TO | XCV.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.72 | 4.97 | -2.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.95 | 1.39 | -0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.65 | 0.85 | -0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.54 | -0.02 |
Drawdowns
CDZ.TO vs. XCV.TO - Drawdown Comparison
The maximum CDZ.TO drawdown since its inception was -49.33%, smaller than the maximum XCV.TO drawdown of -52.49%. Use the drawdown chart below to compare losses from any high point for CDZ.TO and XCV.TO.
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Drawdown Indicators
| CDZ.TO | XCV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.33% | -52.49% | +3.16% |
Max Drawdown (1Y)Largest decline over 1 year | -4.11% | -3.86% | -0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -12.99% | -9.71% | -3.28% |
Max Drawdown (5Y)Largest decline over 5 years | -17.15% | -18.08% | +0.93% |
Max Drawdown (10Y)Largest decline over 10 years | -45.70% | -41.18% | -4.52% |
Current DrawdownCurrent decline from peak | -0.09% | -0.89% | +0.80% |
Average DrawdownAverage peak-to-trough decline | -6.14% | -6.67% | +0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.02% | +0.19% |
Volatility
CDZ.TO vs. XCV.TO - Volatility Comparison
The current volatility for iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) is 1.88%, while iShares Canadian Value Index ETF (XCV.TO) has a volatility of 3.27%. This indicates that CDZ.TO experiences smaller price fluctuations and is considered to be less risky than XCV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CDZ.TO | XCV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.88% | 3.27% | -1.39% |
Volatility (6M)Calculated over the trailing 6-month period | 6.91% | 7.65% | -0.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.26% | 8.96% | -0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.86% | 12.87% | -2.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.63% | 15.54% | -0.91% |
CDZ.TO vs. XCV.TO - Expense Ratio Comparison
CDZ.TO has a 0.66% expense ratio, which is higher than XCV.TO's 0.55% expense ratio.
Dividends
CDZ.TO vs. XCV.TO - Dividend Comparison
CDZ.TO's dividend yield for the trailing twelve months is around 3.07%, more than XCV.TO's 2.29% yield.
| 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% |
XCV.TO iShares Canadian Value Index ETF | 2.29% | 2.71% | 3.72% | 3.88% | 3.18% | 2.11% | 3.35% | 3.06% | 3.13% | 2.40% | 2.50% | 3.14% |
Frequently Asked Questions
CDZ.TO and XCV.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.
On fees, XCV.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XCV.TO is cheaper with a 0.55% expense ratio, compared with 0.66% for CDZ.TO.
Both ETFs track Morningstar Canada GR CAD. Their fees differ too: 0.66% for CDZ.TO and 0.55% for XCV.TO.
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