ESG.TO vs. ICAE.TO

Last updated Jul 14, 2026

ESG.TO (Invesco S&P 500 ESG Index ETF) and ICAE.TO (Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF) are both exchange-traded funds - ESG.TO is a S&P 500 fund tracking the S&P 500 Equal Weight ESG Leaders Select Index, while ICAE.TO is a Dividend fund tracking the S&P/TSX Canadian Dividend Aristocrats ESG Index. Both are passively managed. Over the past 3 years, ESG.TO returned 21.40%/yr vs 16.16%/yr for ICAE.TO. At a 0.24 correlation, their price movements are largely independent. ESG.TO charges 0.20%/yr vs 0.23%/yr for ICAE.TO.

Performance

ESG.TO vs. ICAE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco S&P 500 ESG Index ETF (ESG.TO) and Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESG.TO achieves a 12.61% return, which is significantly lower than ICAE.TO's 17.91% return.

ESG.TO

• 1D: -0.84%
• 1M: 1.38%
• 6M: 10.09%
• YTD: 12.61%
• 1Y: 24.82%
• 3Y*: 21.40%
• 5Y*: 15.52%
• 10Y*: —

ICAE.TO

• 1D: 0.25%
• 1M: 4.07%
• 6M: 16.71%
• YTD: 17.91%
• 1Y: 17.47%
• 3Y*: 16.16%
• 5Y*: —
• 10Y*: —

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

ESG.TO vs. ICAE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ESG.TO Invesco S&P 500 ESG Index ETF	12.61%	10.99%	34.27%	20.84%
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	17.91%	10.02%	17.62%	5.84%

Correlation

The correlation between ESG.TO and ICAE.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (All Time) Calculated using the full available price history since Mar 13, 2023	0.24

ESG.TO vs. ICAE.TO - Sectors Allocation Comparison

Sectors	ESG.TO	ICAE.TO
Technology	37.9%	0.4%
Communication Services	12.3%	1.4%
Financial Services	12.3%	45.7%
Healthcare	10.6%	-
Industrials	7.0%	10.4%
Consumer Defensive	5.0%	6.4%
Consumer Cyclical	4.8%	4.5%
Energy	2.8%	17.2%
Real Estate	2.2%	0.6%
Utilities	2.0%	3.7%
Basic Materials	2.0%	9.9%

Return for Risk

ESG.TO vs. ICAE.TO — Risk / Return Rank

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

ESG.TO

ESG.TO Risk / Return Rank: 73
ESG.TO Sharpe Ratio Rank: 77
ESG.TO Sortino Ratio Rank: 79
ESG.TO Omega Ratio Rank: 77
ESG.TO Calmar Ratio Rank: 65
ESG.TO Martin Ratio Rank: 66

ICAE.TO

ICAE.TO Risk / Return Rank: 32
ICAE.TO Sharpe Ratio Rank: 30
ICAE.TO Sortino Ratio Rank: 25
ICAE.TO Omega Ratio Rank: 57
ICAE.TO Calmar Ratio Rank: 27
ICAE.TO Martin Ratio Rank: 22

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.

ESG.TO vs. ICAE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 ESG Index ETF (ESG.TO) and Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.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.

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.

	ESG.TO	ICAE.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.95	0.89	+1.07
Sortino ratio: Return per unit of downside risk	2.78	1.15	+1.62
Omega ratio: Gain probability vs. loss probability	1.36	1.28	+0.08
Calmar ratio: Return relative to maximum drawdown	2.57	1.06	+1.51
Martin ratio: Return relative to average drawdown	9.37	2.13	+7.24

ESG.TO vs. ICAE.TO - Sharpe Ratio Comparison

The current ESG.TO Sharpe Ratio is 1.95, which is higher than the ICAE.TO Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of ESG.TO and ICAE.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.

Drawdowns

ESG.TO vs. ICAE.TO - Drawdown Comparison

The maximum ESG.TO drawdown since its inception was -22.58%, which is greater than ICAE.TO's maximum drawdown of -16.49%. Use the drawdown chart below to compare losses from any high point for ESG.TO and ICAE.TO.

Drawdown Indicators

	ESG.TO	ICAE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-22.58%	-16.49%	-6.09%
Max Drawdown (1Y) Largest decline over 1 year	-9.68%	-16.49%	+6.81%
Max Drawdown (3Y) Largest decline over 3 years	-19.63%	-16.49%	-3.14%
Max Drawdown (5Y) Largest decline over 5 years	-22.58%	—	—
Current Drawdown Current decline from peak	-1.29%	-1.42%	+0.13%
Average Drawdown Average peak-to-trough decline	-4.30%	-3.53%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	8.23%	-5.57%

Volatility

ESG.TO vs. ICAE.TO - Volatility Comparison

Invesco S&P 500 ESG Index ETF (ESG.TO) has a higher volatility of 4.19% compared to Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO) at 2.14%. This indicates that ESG.TO's price experiences larger fluctuations and is considered to be riskier than ICAE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESG.TO	ICAE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.19%	2.14%	+2.05%
Volatility (6M) Calculated over the trailing 6-month period	10.29%	7.94%	+2.35%
Volatility (1Y) Calculated over the trailing 1-year period	12.78%	19.78%	-7.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.09%	15.99%	-0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.55%	15.99%	+0.56%

ESG.TO vs. ICAE.TO - Expense Ratio Comparison

ESG.TO has a 0.20% expense ratio, which is lower than ICAE.TO's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ESG.TO vs. ICAE.TO - Dividend Comparison

ESG.TO's dividend yield for the trailing twelve months is around 0.76%, less than ICAE.TO's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
ESG.TO Invesco S&P 500 ESG Index ETF	0.76%	0.86%	0.92%	1.11%	1.38%	1.10%	0.95%
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	2.72%	3.29%	3.33%	2.87%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ESG.TO and ICAE.TO in my portfolio?

ESG.TO and ICAE.TO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ESG.TO or ICAE.TO?

On fees, ESG.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ESG.TO or ICAE.TO?

ESG.TO is cheaper with a 0.20% expense ratio, compared with 0.23% for ICAE.TO.

What is the main difference between ESG.TO and ICAE.TO?

ESG.TO is categorized as S&P 500, while ICAE.TO is Dividend. ESG.TO tracks S&P 500 Equal Weight ESG Leaders Select Index, while ICAE.TO tracks S&P/TSX Canadian Dividend Aristocrats ESG Index. Their fees differ too: 0.20% for ESG.TO and 0.23% for ICAE.TO.