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CIF.TO vs. XMA.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CIF.TO vs. XMA.TO

Last updated Jun 4, 2026

CIF.TO (iShares Global Infrastructure Index ETF) and XMA.TO (iShares S&P/TSX Capped Materials Index ETF) are both exchange-traded funds - CIF.TO is a Energy Equities fund tracking the Manulife Investment Management Global Infrastructure Index, while XMA.TO is a Materials fund tracking the S&P/TSX Capped Materials TR. Both are passively managed. Over the past 10 years, CIF.TO returned 12.99%/yr vs 14.00%/yr for XMA.TO. At a 0.27 correlation, their price movements are largely independent. CIF.TO charges 0.72%/yr vs 0.60%/yr for XMA.TO.

Performance

CIF.TO vs. XMA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Global Infrastructure Index ETF (CIF.TO) and iShares S&P/TSX Capped Materials Index ETF (XMA.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CIF.TO achieves a 25.20% return, which is significantly higher than XMA.TO's 7.60% return. Over the past 10 years, CIF.TO has underperformed XMA.TO with an annualized return of 12.99%, while XMA.TO has yielded a comparatively higher 14.00% annualized return.

CIF.TO

1D
1.03%
1M
3.28%
YTD
25.20%
6M
16.23%
1Y
35.22%
3Y*
25.10%
5Y*
18.52%
10Y*
12.99%

XMA.TO

1D
-3.13%
1M
5.70%
YTD
7.60%
6M
12.34%
1Y
64.71%
3Y*
35.49%
5Y*
20.09%
10Y*
14.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CIF.TO vs. XMA.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CIF.TO
iShares Global Infrastructure Index ETF		25.20%14.45%25.40%14.65%5.90%17.73%-0.62%23.55%-5.46%2.34%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		7.60%99.21%20.72%-2.04%1.35%3.31%19.73%24.63%-10.46%7.07%

Correlation

The correlation between CIF.TO and XMA.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.39

Correlation (3Y)
Calculated over the trailing 3-year period

0.38

Correlation (5Y)
Calculated over the trailing 5-year period

0.40

Correlation (10Y)
Calculated over the trailing 10-year period

0.29

Correlation (All Time)
Calculated using the full available price history since Aug 28, 2008

0.27

The correlation between CIF.TO and XMA.TO shifts across timeframes, from 0.27 (all time) to 0.40 (5 years), reflecting how their relationship changes across market environments.

CIF.TO vs. XMA.TO - Sectors Allocation Comparison

Sectors
CIF.TO
XMA.TO

Utilities

46.9%

-

Industrials

31.8%
0.0%

Energy

20.8%

-

Technology

0.5%

-

Consumer Cyclical

0.5%
1.6%

Basic Materials

-

98.4%

Communication Services

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Utilities

CIF.TO
46.9%
XMA.TO

-

Industrials

CIF.TO
31.8%
XMA.TO
0.0%

Energy

CIF.TO
20.8%
XMA.TO

-

Technology

CIF.TO
0.5%
XMA.TO

-

Consumer Cyclical

CIF.TO
0.5%
XMA.TO
1.6%

Basic Materials

CIF.TO

-

XMA.TO
98.4%

Communication Services

CIF.TO

-

XMA.TO

-

Consumer Defensive

CIF.TO

-

XMA.TO

-

Financial Services

CIF.TO

-

XMA.TO

-

Healthcare

CIF.TO

-

XMA.TO

-

Real Estate

CIF.TO

-

XMA.TO

-

Compare stocks, funds, or ETFs

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iShares Global Infrastructure Index ETF

iShares S&P/TSX Capped Materials Index ETF

Often compared with CIF.TO:
CIF.TO vs. VFV.TOCIF.TO vs. MLPP.LCIF.TO vs. ZQQ.TOCIF.TO vs. CWW.TOCIF.TO vs. VGTCIF.TO vs. XDIV.TOCIF.TO vs. ZGI.TO
Often compared with XMA.TO:
XMA.TO vs. XGD.TOXMA.TO vs. XETM.TOXMA.TO vs. XIC.TOXMA.TO vs. ZUT.TOXMA.TO vs. XIT.TOXMA.TO vs. XEQT.TOXMA.TO vs. XBM.TO

Return for Risk

CIF.TO vs. XMA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CIF.TO
CIF.TO Risk / Return Rank: 7070
Overall Rank
CIF.TO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
CIF.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
CIF.TO Omega Ratio Rank: 7171
Omega Ratio Rank
CIF.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
CIF.TO Martin Ratio Rank: 7171
Martin Ratio Rank
XMA.TO
XMA.TO Risk / Return Rank: 4646
Overall Rank
XMA.TO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
XMA.TO Sortino Ratio Rank: 4141
Sortino Ratio Rank
XMA.TO Omega Ratio Rank: 4848
Omega Ratio Rank
XMA.TO Calmar Ratio Rank: 4848
Calmar Ratio Rank
XMA.TO Martin Ratio Rank: 4242
Martin Ratio Rank
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.

CIF.TO vs. XMA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Global Infrastructure Index ETF (CIF.TO) and iShares S&P/TSX Capped Materials Index ETF (XMA.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.

CIF.TOXMA.TODifference
Sharpe ratioReturn per unit of total volatility
2.33
1.75

+0.58

Sortino ratioReturn per unit of downside risk
3.13
2.11

+1.02

Omega ratioGain probability vs. loss probability

1.43

1.31

+0.12

Calmar ratioReturn relative to maximum drawdown

3.72

2.41

+1.31

Martin ratioReturn relative to average drawdown

13.46

6.76

+6.70

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CIF.TO vs. XMA.TO - Sharpe Ratio Comparison

The current CIF.TO Sharpe Ratio is 2.33, which is higher than the XMA.TO Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of CIF.TO and XMA.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.

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Sharpe Ratios by Period

CIF.TOXMA.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.33

1.75

+0.58

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.28

0.73

+0.55

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.78

0.53

+0.25

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.28

+0.26

Drawdowns

CIF.TO vs. XMA.TO - Drawdown Comparison

The maximum CIF.TO drawdown since its inception was -42.37%, smaller than the maximum XMA.TO drawdown of -64.13%. Use the drawdown chart below to compare losses from any high point for CIF.TO and XMA.TO.

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Drawdown Indicators

CIF.TOXMA.TODifference

Max Drawdown

Largest peak-to-trough decline

-42.37%

-64.13%

+21.76%

Max Drawdown (1Y)

Largest decline over 1 year

-9.50%

-26.96%

+17.46%

Max Drawdown (3Y)

Largest decline over 3 years

-20.40%

-26.96%

+6.56%

Max Drawdown (5Y)

Largest decline over 5 years

-20.40%

-33.06%

+12.66%

Max Drawdown (10Y)

Largest decline over 10 years

-42.37%

-33.06%

-9.31%

Current Drawdown

Current decline from peak

-0.76%

-18.76%

+18.00%

Average Drawdown

Average peak-to-trough decline

-5.66%

-26.31%

+20.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.63%

9.60%

-6.97%

Volatility

CIF.TO vs. XMA.TO - Volatility Comparison

The current volatility for iShares Global Infrastructure Index ETF (CIF.TO) is 5.85%, while iShares S&P/TSX Capped Materials Index ETF (XMA.TO) has a volatility of 13.42%. This indicates that CIF.TO experiences smaller price fluctuations and is considered to be less risky than XMA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CIF.TOXMA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.85%

13.42%

-7.57%

Volatility (6M)

Calculated over the trailing 6-month period

12.44%

30.86%

-18.42%

Volatility (1Y)

Calculated over the trailing 1-year period

15.23%

37.08%

-21.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.56%

27.55%

-12.99%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.69%

26.56%

-9.87%

CIF.TO vs. XMA.TO - Expense Ratio Comparison

CIF.TO has a 0.72% expense ratio, which is higher than XMA.TO's 0.60% expense ratio.

Dividends

CIF.TO vs. XMA.TO - Dividend Comparison

CIF.TO's dividend yield for the trailing twelve months is around 1.77%, more than XMA.TO's 0.37% yield.

PositionTTM20252024202320222021202020192018201720162015
CIF.TO
iShares Global Infrastructure Index ETF		1.77%2.05%2.84%2.36%2.53%2.24%2.06%1.83%2.45%2.27%1.81%2.41%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		0.37%0.41%0.83%1.26%1.24%0.87%0.63%0.62%0.72%0.42%0.82%1.90%

Frequently Asked Questions

CIF.TO and XMA.TO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XMA.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMA.TO is cheaper with a 0.60% expense ratio, compared with 0.72% for CIF.TO.

CIF.TO is categorized as Energy Equities, while XMA.TO is Materials. CIF.TO tracks Manulife Investment Management Global Infrastructure Index, while XMA.TO tracks S&P/TSX Capped Materials TR. Their fees differ too: 0.72% for CIF.TO and 0.60% for XMA.TO.

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