CDZ.TO vs. XEG.TO

Last updated Jun 5, 2026

CDZ.TO (iShares S&P/TSX Canadian Dividend Aristocrats Index ETF) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - CDZ.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. Both are passively managed. Over the past 10 years, CDZ.TO returned 9.45%/yr vs 11.72%/yr for XEG.TO. A 0.57 correlation means they provide meaningful diversification when combined. CDZ.TO charges 0.66%/yr vs 0.61%/yr for XEG.TO.

Performance

CDZ.TO vs. XEG.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 iShares S&P/TSX Capped Energy Index ETF (XEG.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 14.38% return, which is significantly lower than XEG.TO's 45.28% return. Over the past 10 years, CDZ.TO has underperformed XEG.TO with an annualized return of 9.45%, while XEG.TO has yielded a comparatively higher 11.72% annualized return.

CDZ.TO

• 1D: 0.81%
• 1M: 3.65%
• YTD: 14.38%
• 6M: 11.25%
• 1Y: 23.54%
• 3Y*: 17.16%
• 5Y*: 10.48%
• 10Y*: 9.45%

XEG.TO

• 1D: 0.65%
• 1M: -0.64%
• YTD: 45.28%
• 6M: 40.30%
• 1Y: 73.90%
• 3Y*: 28.57%
• 5Y*: 29.65%
• 10Y*: 11.72%

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

CDZ.TO vs. XEG.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	14.38%	13.45%	17.86%	8.98%	-4.43%	22.80%	-3.27%	25.68%	-8.84%	4.92%
XEG.TO iShares S&P/TSX Capped Energy Index ETF	45.28%	16.72%	14.08%	3.52%	53.25%	83.71%	-34.41%	8.98%	-27.05%	-11.18%

Correlation

The correlation between CDZ.TO and XEG.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Sep 11, 2006	0.57

Over the past year, the correlation between CDZ.TO and XEG.TO has dropped to 0.13 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.

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

Sectors	CDZ.TO	XEG.TO
Energy	22.7%	100.0%
Financial Services	17.1%	-
Industrials	14.5%	-
Utilities	9.0%	-
Real Estate	8.9%	-
Consumer Cyclical	7.6%	-
Communication Services	7.5%	-
Consumer Defensive	6.7%	-
Basic Materials	3.3%	-
Technology	2.7%	-
Healthcare	-	-

Return for Risk

CDZ.TO vs. XEG.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: 88
CDZ.TO Sharpe Ratio Rank: 87
CDZ.TO Sortino Ratio Rank: 83
CDZ.TO Omega Ratio Rank: 91
CDZ.TO Calmar Ratio Rank: 91
CDZ.TO Martin Ratio Rank: 89

XEG.TO

XEG.TO Risk / Return Rank: 89
XEG.TO Sharpe Ratio Rank: 92
XEG.TO Sortino Ratio Rank: 86
XEG.TO Omega Ratio Rank: 85
XEG.TO Calmar Ratio Rank: 93
XEG.TO Martin Ratio Rank: 89

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. XEG.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 S&P/TSX Capped Energy Index ETF (XEG.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	XEG.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.86	3.27	-0.42
Sortino ratio: Return per unit of downside risk	3.70	3.81	-0.11
Omega ratio: Gain probability vs. loss probability	1.59	1.51	+0.08
Calmar ratio: Return relative to maximum drawdown	5.76	6.68	-0.92
Martin ratio: Return relative to average drawdown	19.51	19.94	-0.43
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. XEG.TO - Sharpe Ratio Comparison

The current CDZ.TO Sharpe Ratio is 2.86, which is comparable to the XEG.TO Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of CDZ.TO and XEG.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	XEG.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	3.27	-0.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	1.04	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.35	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.28	+0.24

Drawdowns

CDZ.TO vs. XEG.TO - Drawdown Comparison

The maximum CDZ.TO drawdown since its inception was -49.33%, smaller than the maximum XEG.TO drawdown of -87.74%. Use the drawdown chart below to compare losses from any high point for CDZ.TO and XEG.TO.

Drawdown Indicators

	CDZ.TO	XEG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-49.33%	-87.74%	+38.41%
Max Drawdown (1Y) Largest decline over 1 year	-4.11%	-11.12%	+7.01%
Max Drawdown (3Y) Largest decline over 3 years	-12.99%	-25.67%	+12.68%
Max Drawdown (5Y) Largest decline over 5 years	-17.15%	-28.42%	+11.27%
Max Drawdown (10Y) Largest decline over 10 years	-45.70%	-79.66%	+33.96%
Current Drawdown Current decline from peak	0.00%	-3.38%	+3.38%
Average Drawdown Average peak-to-trough decline	-6.14%	-29.18%	+23.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	3.72%	-2.51%

Volatility

CDZ.TO vs. XEG.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ.TO) is 1.97%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 9.24%. This indicates that CDZ.TO experiences smaller price fluctuations and is considered to be less risky than XEG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CDZ.TO	XEG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.97%	9.24%	-7.27%
Volatility (6M) Calculated over the trailing 6-month period	6.93%	18.90%	-11.97%
Volatility (1Y) Calculated over the trailing 1-year period	8.28%	22.74%	-14.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.86%	28.62%	-17.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.63%	33.40%	-18.77%

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

CDZ.TO has a 0.66% expense ratio, which is higher than XEG.TO's 0.61% expense ratio.

Dividends

CDZ.TO vs. XEG.TO - Dividend Comparison

CDZ.TO's dividend yield for the trailing twelve months is around 3.04%, more than XEG.TO's 2.64% 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	3.04%	3.46%	3.56%	3.71%	3.67%	2.95%	3.70%	3.68%	4.37%	3.43%	3.51%	3.72%
XEG.TO iShares S&P/TSX Capped Energy Index ETF	2.64%	3.63%	3.46%	4.26%	3.31%	1.64%	2.96%	2.70%	2.25%	1.41%	1.40%	3.58%

Frequently Asked Questions

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

CDZ.TO and XEG.TO have a correlation of 0.13, 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 XEG.TO?

On fees, XEG.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XEG.TO is cheaper with a 0.61% expense ratio, compared with 0.66% for CDZ.TO.

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

CDZ.TO is categorized as Canada Equities, while XEG.TO is Energy Equities. CDZ.TO tracks Morningstar Canada GR CAD, while XEG.TO tracks S&P/TSX Capped Energy Index. Their fees differ too: 0.66% for CDZ.TO and 0.61% for XEG.TO.