EWC vs. XIC.TO

Last updated Apr 1, 2026

Compare and contrast key facts about iShares MSCI Canada ETF (EWC) and iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO).

EWC and XIC.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EWC is a passively managed fund by iShares that tracks the performance of the MSCI Canada Index. It was launched on Mar 12, 1996. XIC.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Canada GR CAD. It was launched on Feb 16, 2001. Both EWC and XIC.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

EWC vs. XIC.TO - Performance Comparison

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

EWC vs. XIC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWC iShares MSCI Canada ETF	1.59%	35.92%	12.38%	14.73%	-12.95%	26.98%	5.52%	27.58%	-17.16%	15.73%
XIC.TO iShares Core S&P/TSX Capped Composite Index ETF	2.56%	37.82%	11.89%	14.28%	-12.12%	24.33%	7.73%	28.89%	-15.81%	16.52%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, EWC achieves a 1.59% return, which is significantly lower than XIC.TO's 2.56% return. Over the past 10 years, EWC has underperformed XIC.TO with an annualized return of 11.09%, while XIC.TO has yielded a comparatively higher 11.69% annualized return.

EWC

• 1D: 2.56%
• 1M: -5.50%
• YTD: 1.59%
• 6M: 9.35%
• 1Y: 36.56%
• 3Y*: 19.46%
• 5Y*: 11.87%
• 10Y*: 11.09%

XIC.TO

• 1D: 2.66%
• 1M: -6.14%
• YTD: 2.56%
• 6M: 10.45%
• 1Y: 39.24%
• 3Y*: 19.94%
• 5Y*: 12.11%
• 10Y*: 11.69%

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

EWC vs. XIC.TO - Expense Ratio Comparison

EWC has a 0.49% expense ratio, which is higher than XIC.TO's 0.06% expense ratio.

EWC

iShares MSCI Canada ETF

XIC.TO

iShares Core S&P/TSX Capped Composite Index ETF

Return for Risk

EWC vs. XIC.TO — Risk / Return Rank

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

EWC

EWC Risk / Return Rank: 94
EWC Sharpe Ratio Rank: 94
EWC Sortino Ratio Rank: 94
EWC Omega Ratio Rank: 93
EWC Calmar Ratio Rank: 93
EWC Martin Ratio Rank: 96

XIC.TO

XIC.TO Risk / Return Rank: 94
XIC.TO Sharpe Ratio Rank: 95
XIC.TO Sortino Ratio Rank: 94
XIC.TO Omega Ratio Rank: 95
XIC.TO Calmar Ratio Rank: 92
XIC.TO Martin Ratio Rank: 95

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Canada ETF (EWC) 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.

	EWC	XIC.TO	Difference
Sharpe ratio Return per unit of total volatility	2.21	2.31	-0.10
Sortino ratio Return per unit of downside risk	2.89	2.99	-0.09
Omega ratio Gain probability vs. loss probability	1.42	1.45	-0.03
Calmar ratio Return relative to maximum drawdown	3.50	3.63	-0.13
Martin ratio Return relative to average drawdown	16.55	16.45	+0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWC vs. XIC.TO - Sharpe Ratio Comparison

The current EWC Sharpe Ratio is 2.21, which is comparable to the XIC.TO Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of EWC and XIC.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EWC	XIC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	2.31	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.72	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.63	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.55	-0.15

Correlation

The correlation between EWC and XIC.TO is 0.95, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

EWC vs. XIC.TO - Dividend Comparison

EWC's dividend yield for the trailing twelve months is around 1.43%, less than XIC.TO's 2.16% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWC iShares MSCI Canada ETF	1.43%	1.45%	2.23%	2.27%	2.34%	1.85%	2.09%	2.16%	2.65%	1.97%	1.75%	2.34%
XIC.TO iShares Core S&P/TSX Capped Composite Index ETF	2.16%	2.23%	2.64%	2.95%	3.10%	2.44%	3.03%	3.01%	3.19%	2.49%	2.72%	3.21%

Drawdowns

EWC vs. XIC.TO - Drawdown Comparison

The maximum EWC drawdown since its inception was -60.75%, which is greater than XIC.TO's maximum drawdown of -42.80%. Use the drawdown chart below to compare losses from any high point for EWC and XIC.TO.

Drawdown Indicators

	EWC	XIC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-60.75%	-48.21%	-12.54%
Max Drawdown (1Y) Largest decline over 1 year	-10.63%	-10.98%	+0.35%
Max Drawdown (5Y) Largest decline over 5 years	-24.81%	-16.24%	-8.57%
Max Drawdown (10Y) Largest decline over 10 years	-42.66%	-37.21%	-5.45%
Current Drawdown Current decline from peak	-5.79%	-4.95%	-0.84%
Average Drawdown Average peak-to-trough decline	-13.21%	-7.08%	-6.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.25%	2.44%	-0.19%

Volatility

EWC vs. XIC.TO - Volatility Comparison

The current volatility for iShares MSCI Canada ETF (EWC) is 5.87%, while iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) has a volatility of 6.21%. This indicates that EWC experiences smaller price fluctuations and is considered to be less risky than XIC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWC	XIC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.87%	6.21%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	11.56%	12.03%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	16.62%	17.05%	-0.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.24%	17.02%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.80%	18.65%	+0.15%