EQL.TO vs. XMAG

Last updated Aug 6, 2026

EQL.TO (Invesco S&P 500 Equal Weight Index ETF CAD) and XMAG (Defiance Large Cap ex-Mag 7 ETF) are both exchange-traded funds - EQL.TO is a S&P 500 fund tracking the S&P 500 Equal Weight Index, while XMAG is a Large Cap Blend Equities fund tracking the BITA US 500 ex Magnificent 7 Index. Both are passively managed. Over the past year, EQL.TO returned 23.56% vs 26.42% for XMAG. Their 0.71 correlation means they have sometimes moved together and sometimes differently. EQL.TO charges 0.25%/yr vs 0.35%/yr for XMAG.

Performance

EQL.TO vs. XMAG - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco S&P 500 Equal Weight Index ETF CAD (EQL.TO) and Defiance Large Cap ex-Mag 7 ETF (XMAG). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

EQL.TO is traded in CAD, while XMAG is traded in USD. To make them comparable, the XMAG values have been converted to CAD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with EQL.TO having a 17.87% return and XMAG slightly higher at 18.66%.

EQL.TO

• 1D: -0.49%
• 1M: 0.91%
• 6M: 13.09%
• YTD: 17.87%
• 1Y: 23.56%
• 3Y*: 16.51%
• 5Y*: 11.23%
• 10Y*: —
• ALL TIME*: 12.60%

XMAG

• 1D: -0.05%
• 1M: -0.42%
• 6M: 17.30%
• YTD: 18.66%
• 1Y: 26.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EQL.TO Invesco S&P 500 Equal Weight Index ETF CAD	CA$1.75M	CA$1.82M	CA$2.20M
XMAG Defiance Large Cap ex-Mag 7 ETF	CA$1.97M	CA$3.44M	CA$2.82M

EQL.TO vs. XMAG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EQL.TO Invesco S&P 500 Equal Weight Index ETF CAD	17.87%	5.94%	1.31%
XMAG Defiance Large Cap ex-Mag 7 ETF	18.66%	10.35%	2.16%

Correlation

The correlation between EQL.TO and XMAG is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (All Time) Calculated using the full available price history since Oct 22, 2024	0.71

The correlation between EQL.TO and XMAG has been stable across timeframes, ranging from 0.68 to 0.71 - a consistent structural relationship.

EQL.TO vs. XMAG - Sectors Allocation Comparison

Sectors	EQL.TO	XMAG
Technology	17.3%	25.8%
Industrials	15.7%	11.5%
Financial Services	13.9%	17.7%
Healthcare	12.0%	13.8%
Consumer Cyclical	10.9%	5.3%
Consumer Defensive	6.3%	6.9%
Utilities	6.3%	4.0%
Real Estate	5.9%	2.9%
Communication Services	4.0%	3.0%
Basic Materials	3.9%	2.6%
Energy	3.8%	5.3%

Return for Risk

EQL.TO vs. XMAG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EQL.TO

EQL.TO Risk / Return Rank: 77
EQL.TO Sharpe Ratio Rank: 74
EQL.TO Sortino Ratio Rank: 76
EQL.TO Omega Ratio Rank: 71
EQL.TO Calmar Ratio Rank: 84
EQL.TO Martin Ratio Rank: 82

XMAG

XMAG Risk / Return Rank: 79
XMAG Sharpe Ratio Rank: 76
XMAG Sortino Ratio Rank: 78
XMAG Omega Ratio Rank: 73
XMAG Calmar Ratio Rank: 80
XMAG Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EQL.TO vs. XMAG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Equal Weight Index ETF CAD (EQL.TO) and Defiance Large Cap ex-Mag 7 ETF (XMAG). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	EQL.TO	XMAG	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.03	-0.12
Sortino ratio: Return per unit of downside risk	2.79	2.97	-0.18
Omega ratio: Gain probability vs. loss probability	1.34	1.35	-0.01
Calmar ratio: Return relative to maximum drawdown	3.51	4.39	-0.88
Martin ratio: Return relative to average drawdown	12.34	14.09	-1.76

EQL.TO vs. XMAG - Sharpe Ratio Comparison

The current EQL.TO Sharpe Ratio is 1.91, which is comparable to the XMAG Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of EQL.TO and XMAG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EQL.TO vs. XMAG - Drawdown Comparison

The maximum EQL.TO drawdown since its inception was -33.08%, which is greater than XMAG's maximum drawdown of -16.96%. Use the drawdown chart below to compare losses from any high point for EQL.TO and XMAG.

Drawdown Indicators

	EQL.TO	XMAG	Difference
Max Drawdown Largest peak-to-trough decline	-33.08%	-16.96%	-16.12%
Max Drawdown (1Y) Largest decline over 1 year	-6.73%	-6.05%	-0.68%
Max Drawdown (3Y) Largest decline over 3 years	-17.25%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.73%	—	—
Current Drawdown Current decline from peak	-0.49%	-1.02%	+0.53%
Average Drawdown Average peak-to-trough decline	-3.92%	-2.72%	-1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	1.88%	+0.04%

Volatility

EQL.TO vs. XMAG - Volatility Comparison

Invesco S&P 500 Equal Weight Index ETF CAD (EQL.TO) and Defiance Large Cap ex-Mag 7 ETF (XMAG) have volatilities of 4.38% and 4.59%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQL.TO	XMAG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	4.59%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	9.28%	10.51%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	12.40%	13.07%	-0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.44%	16.07%	-1.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.88%	16.07%	+0.81%

EQL.TO vs. XMAG - Expense Ratio Comparison

EQL.TO has a 0.25% expense ratio, which is lower than XMAG's 0.35% expense ratio.

Dividends

EQL.TO vs. XMAG - Dividend Comparison

EQL.TO's dividend yield for the trailing twelve months is around 1.22%, more than XMAG's 0.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EQL.TO Invesco S&P 500 Equal Weight Index ETF CAD	1.22%	1.38%	1.29%	1.39%	1.51%	1.30%	2.00%	1.49%	1.35%
XMAG Defiance Large Cap ex-Mag 7 ETF	0.45%	0.51%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EQL.TO and XMAG in my portfolio?

EQL.TO and XMAG have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EQL.TO or XMAG?

On fees, EQL.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EQL.TO or XMAG?

EQL.TO is cheaper with a 0.25% expense ratio, compared with 0.35% for XMAG.

What is the main difference between EQL.TO and XMAG?

EQL.TO is categorized as S&P 500, while XMAG is Large Cap Blend Equities. EQL.TO tracks S&P 500 Equal Weight Index, while XMAG tracks BITA US 500 ex Magnificent 7 Index. They also come from different issuers: Invesco and Defiance. Their fees differ too: 0.25% for EQL.TO and 0.35% for XMAG.