CP.TO vs. XIC.TO

Last updated Jun 5, 2026

CP.TO (Canadian Pacific Railway Limited) is a stock, while XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) is Canada Equities fund tracking the S&P/TSX Capped Composite Index. Over the past 10 years, CP.TO returned 14.80%/yr vs 12.57%/yr for XIC.TO. A 0.53 correlation means they provide meaningful diversification when combined.

Performance

CP.TO vs. XIC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Canadian Pacific Railway Limited (CP.TO) and iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CP.TO achieves a 23.33% return, which is significantly higher than XIC.TO's 12.10% return. Over the past 10 years, CP.TO has outperformed XIC.TO with an annualized return of 14.80%, while XIC.TO has yielded a comparatively lower 12.57% annualized return.

CP.TO

• 1D: 0.43%
• 1M: 9.28%
• YTD: 23.33%
• 6M: 21.05%
• 1Y: 11.79%
• 3Y*: 6.70%
• 5Y*: 5.76%
• 10Y*: 14.80%

XIC.TO

• 1D: 1.22%
• 1M: 5.07%
• YTD: 12.10%
• 6M: 13.12%
• 1Y: 36.92%
• 3Y*: 24.30%
• 5Y*: 14.88%
• 10Y*: 12.57%

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

CP.TO vs. XIC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CP.TO Canadian Pacific Railway Limited	23.33%	-2.09%	-0.05%	4.62%	12.00%	3.91%	34.69%	38.09%	6.58%	21.13%
XIC.TO iShares Core S&P/TSX Capped Composite Index ETF	12.10%	31.51%	21.48%	11.73%	-5.82%	23.42%	5.61%	22.76%	-8.72%	8.99%

Correlation

The correlation between CP.TO and XIC.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Aug 24, 2001	0.53

The correlation between CP.TO and XIC.TO has been stable across timeframes, ranging from 0.48 to 0.55 - a consistent structural relationship.

Return for Risk

CP.TO vs. XIC.TO — Risk / Return Rank

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

CP.TO

CP.TO Risk / Return Rank: 56
CP.TO Sharpe Ratio Rank: 60
CP.TO Sortino Ratio Rank: 53
CP.TO Omega Ratio Rank: 50
CP.TO Calmar Ratio Rank: 60
CP.TO Martin Ratio Rank: 57

XIC.TO

XIC.TO Risk / Return Rank: 85
XIC.TO Sharpe Ratio Rank: 88
XIC.TO Sortino Ratio Rank: 85
XIC.TO Omega Ratio Rank: 86
XIC.TO Calmar Ratio Rank: 79
XIC.TO Martin Ratio Rank: 87

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.

CP.TO vs. XIC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Pacific Railway Limited (CP.TO) and iShares Core S&P/TSX Capped Composite Index ETF (XIC.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.

	CP.TO	XIC.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.54	2.92	-2.38
Sortino ratio: Return per unit of downside risk	0.94	3.75	-2.81
Omega ratio: Gain probability vs. loss probability	1.11	1.53	-0.42
Calmar ratio: Return relative to maximum drawdown	0.87	3.99	-3.12
Martin ratio: Return relative to average drawdown	1.56	18.51	-16.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CP.TO vs. XIC.TO - Sharpe Ratio Comparison

The current CP.TO Sharpe Ratio is 0.54, which is lower than the XIC.TO Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of CP.TO and XIC.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

	CP.TO	XIC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	2.92	-2.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.26	1.14	-0.88
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.84	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.54	-0.03

Drawdowns

CP.TO vs. XIC.TO - Drawdown Comparison

The maximum CP.TO drawdown since its inception was -62.01%, which is greater than XIC.TO's maximum drawdown of -48.21%. Use the drawdown chart below to compare losses from any high point for CP.TO and XIC.TO.

Drawdown Indicators

	CP.TO	XIC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-62.01%	-48.21%	-13.80%
Max Drawdown (1Y) Largest decline over 1 year	-13.60%	-9.29%	-4.31%
Max Drawdown (3Y) Largest decline over 3 years	-21.60%	-12.27%	-9.33%
Max Drawdown (5Y) Largest decline over 5 years	-21.60%	-16.24%	-5.36%
Max Drawdown (10Y) Largest decline over 10 years	-27.38%	-37.21%	+9.83%
Current Drawdown Current decline from peak	-1.48%	0.00%	-1.48%
Average Drawdown Average peak-to-trough decline	-12.80%	-7.04%	-5.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.58%	2.00%	+5.58%

Volatility

CP.TO vs. XIC.TO - Volatility Comparison

Canadian Pacific Railway Limited (CP.TO) has a higher volatility of 6.39% compared to iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) at 3.61%. This indicates that CP.TO's price experiences larger fluctuations and is considered to be riskier than XIC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CP.TO	XIC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.39%	3.61%	+2.78%
Volatility (6M) Calculated over the trailing 6-month period	17.37%	10.39%	+6.98%
Volatility (1Y) Calculated over the trailing 1-year period	21.97%	12.71%	+9.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.26%	13.14%	+9.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.60%	14.96%	+8.64%

Dividends

CP.TO vs. XIC.TO - Dividend Comparison

CP.TO's dividend yield for the trailing twelve months is around 0.73%, less than XIC.TO's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CP.TO Canadian Pacific Railway Limited	0.73%	0.86%	0.73%	0.72%	0.89%	0.84%	0.81%	0.95%	1.04%	0.95%	0.97%	0.79%
XIC.TO iShares Core S&P/TSX Capped Composite Index ETF	2.00%	2.23%	2.64%	2.95%	3.10%	2.44%	3.03%	3.01%	3.19%	2.49%	2.72%	3.21%

Frequently Asked Questions

Can I hold both CP.TO and XIC.TO in my portfolio?

CP.TO and XIC.TO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.