CRQ.NEO vs. XSP.TO

Last updated Jun 4, 2026

CRQ.NEO (iShares Canadian Fundamental Index ETF) and XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) are both exchange-traded funds - CRQ.NEO is a Canada Equities fund tracking the FTSE RAFI Canada Index, while XSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, CRQ.NEO returned 13.44%/yr vs 13.79%/yr for XSP.TO. A 0.63 correlation means they provide meaningful diversification when combined. CRQ.NEO charges 0.72%/yr vs 0.09%/yr for XSP.TO.

Performance

CRQ.NEO vs. XSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Canadian Fundamental Index ETF (CRQ.NEO) and iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CRQ.NEO achieves a 15.93% return, which is significantly higher than XSP.TO's 9.64% return. Both investments have delivered pretty close results over the past 10 years, with CRQ.NEO having a 13.44% annualized return and XSP.TO not far ahead at 13.79%.

CRQ.NEO

• 1D: -0.32%
• 1M: 3.58%
• YTD: 15.93%
• 6M: 18.90%
• 1Y: 42.87%
• 3Y*: 26.01%
• 5Y*: 17.59%
• 10Y*: 13.44%

XSP.TO

• 1D: -0.73%
• 1M: 4.98%
• YTD: 9.64%
• 6M: 9.50%
• 1Y: 25.13%
• 3Y*: 20.28%
• 5Y*: 12.18%
• 10Y*: 13.79%

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

CRQ.NEO vs. XSP.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRQ.NEO iShares Canadian Fundamental Index ETF	15.93%	31.87%	22.17%	9.76%	0.89%	33.95%	-2.73%	19.66%	-10.18%	6.98%
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged)	9.64%	15.68%	23.39%	24.33%	-19.32%	27.85%	15.17%	29.35%	-6.26%	20.71%

Correlation

The correlation between CRQ.NEO and XSP.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jan 5, 2009	0.63

Over the past year, the correlation between CRQ.NEO and XSP.TO has dropped to 0.41 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

Return for Risk

CRQ.NEO vs. XSP.TO — Risk / Return Rank

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

CRQ.NEO

CRQ.NEO Risk / Return Rank: 96
CRQ.NEO Sharpe Ratio Rank: 96
CRQ.NEO Sortino Ratio Rank: 97
CRQ.NEO Omega Ratio Rank: 98
CRQ.NEO Calmar Ratio Rank: 92
CRQ.NEO Martin Ratio Rank: 95

XSP.TO

XSP.TO Risk / Return Rank: 61
XSP.TO Sharpe Ratio Rank: 63
XSP.TO Sortino Ratio Rank: 62
XSP.TO Omega Ratio Rank: 62
XSP.TO Calmar Ratio Rank: 53
XSP.TO Martin Ratio Rank: 66

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.

CRQ.NEO vs. XSP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Fundamental Index ETF (CRQ.NEO) and iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.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.

	CRQ.NEO	XSP.TO	Difference
Sharpe ratio Return per unit of total volatility	4.41	2.15	+2.26
Sortino ratio Return per unit of downside risk	6.17	2.96	+3.20
Omega ratio Gain probability vs. loss probability	2.00	1.39	+0.62
Calmar ratio Return relative to maximum drawdown	6.30	2.68	+3.61
Martin ratio Return relative to average drawdown	30.78	12.40	+18.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CRQ.NEO vs. XSP.TO - Sharpe Ratio Comparison

The current CRQ.NEO Sharpe Ratio is 4.41, which is higher than the XSP.TO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of CRQ.NEO and XSP.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

	CRQ.NEO	XSP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.41	2.15	+2.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.43	0.73	+0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.76	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.37	+0.32

Drawdowns

CRQ.NEO vs. XSP.TO - Drawdown Comparison

The maximum CRQ.NEO drawdown since its inception was -41.75%, smaller than the maximum XSP.TO drawdown of -57.82%. Use the drawdown chart below to compare losses from any high point for CRQ.NEO and XSP.TO.

Drawdown Indicators

	CRQ.NEO	XSP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-41.75%	-57.82%	+16.07%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-9.41%	+2.57%
Max Drawdown (3Y) Largest decline over 3 years	-11.70%	-18.77%	+7.07%
Max Drawdown (5Y) Largest decline over 5 years	-15.82%	-25.44%	+9.62%
Max Drawdown (10Y) Largest decline over 10 years	-41.75%	-36.05%	-5.70%
Current Drawdown Current decline from peak	-0.32%	-0.73%	+0.41%
Average Drawdown Average peak-to-trough decline	-5.62%	-12.11%	+6.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	2.03%	-0.63%

Volatility

CRQ.NEO vs. XSP.TO - Volatility Comparison

The current volatility for iShares Canadian Fundamental Index ETF (CRQ.NEO) is 2.99%, while iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) has a volatility of 3.25%. This indicates that CRQ.NEO experiences smaller price fluctuations and is considered to be less risky than XSP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CRQ.NEO	XSP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.99%	3.25%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	8.04%	8.99%	-0.95%
Volatility (1Y) Calculated over the trailing 1-year period	9.76%	11.75%	-1.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.41%	16.75%	-4.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.27%	18.19%	-1.92%

CRQ.NEO vs. XSP.TO - Expense Ratio Comparison

CRQ.NEO has a 0.72% expense ratio, which is higher than XSP.TO's 0.09% expense ratio.

Dividends

CRQ.NEO vs. XSP.TO - Dividend Comparison

CRQ.NEO's dividend yield for the trailing twelve months is around 1.90%, more than XSP.TO's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRQ.NEO iShares Canadian Fundamental Index ETF	1.90%	2.18%	2.72%	2.97%	2.90%	2.17%	2.98%	2.71%	2.46%	1.91%	1.89%	3.09%
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged)	1.12%	1.23%	1.09%	1.18%	1.37%	1.00%	1.31%	1.73%	1.84%	1.47%	1.75%	1.86%

Frequently Asked Questions

Can I hold both CRQ.NEO and XSP.TO in my portfolio?

CRQ.NEO and XSP.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CRQ.NEO or XSP.TO?

On fees, XSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CRQ.NEO or XSP.TO?

XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.72% for CRQ.NEO.

What is the main difference between CRQ.NEO and XSP.TO?

CRQ.NEO is categorized as Canada Equities, while XSP.TO is S&P 500. CRQ.NEO tracks FTSE RAFI Canada Index, while XSP.TO tracks S&P 500 Index. Their fees differ too: 0.72% for CRQ.NEO and 0.09% for XSP.TO.