HEWB.TO vs. XCS.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) and iShares S&P/TSX SmallCap Index ETF (XCS.TO).

HEWB.TO and XCS.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HEWB.TO is a passively managed fund by Global X that tracks the performance of the Solactive Equal Weight Canada Banks Index. It was launched on Jan 22, 2019. XCS.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Canada Sml GR CAD. It was launched on May 14, 2007. Both HEWB.TO and XCS.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

HEWB.TO vs. XCS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) and iShares S&P/TSX SmallCap Index ETF (XCS.TO). The values are adjusted to include any dividend payments, if applicable.

HEWB.TO vs. XCS.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HEWB.TO Global X Equal Weight Canadian Banks Index Corporate Class ETF	1.56%	43.48%	24.54%	11.00%	-10.46%	39.19%	4.74%	3.66%
XCS.TO iShares S&P/TSX SmallCap Index ETF	11.18%	43.37%	18.11%	4.17%	-8.95%	7.46%	13.10%	3.83%

Returns By Period

In the year-to-date period, HEWB.TO achieves a 1.56% return, which is significantly lower than XCS.TO's 11.18% return.

HEWB.TO

• 1D: 2.00%
• 1M: -3.99%
• YTD: 1.56%
• 6M: 14.40%
• 1Y: 51.66%
• 3Y*: 25.50%
• 5Y*: 16.75%
• 10Y*: —

XCS.TO

• 1D: 3.12%
• 1M: -9.03%
• YTD: 11.18%
• 6M: 17.78%
• 1Y: 58.25%
• 3Y*: 23.53%
• 5Y*: 11.40%
• 10Y*: 10.37%

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

HEWB.TO vs. XCS.TO - Expense Ratio Comparison

HEWB.TO has a 0.28% expense ratio, which is lower than XCS.TO's 0.60% expense ratio.

XCS.TO

iShares S&P/TSX SmallCap Index ETF

HEWB.TO

Global X Equal Weight Canadian Banks Index Corporate Class ETF

Return for Risk

HEWB.TO vs. XCS.TO — Risk / Return Rank

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

HEWB.TO

HEWB.TO Risk / Return Rank: 98
HEWB.TO Sharpe Ratio Rank: 98
HEWB.TO Sortino Ratio Rank: 98
HEWB.TO Omega Ratio Rank: 98
HEWB.TO Calmar Ratio Rank: 98
HEWB.TO Martin Ratio Rank: 98

XCS.TO

XCS.TO Risk / Return Rank: 94
XCS.TO Sharpe Ratio Rank: 95
XCS.TO Sortino Ratio Rank: 93
XCS.TO Omega Ratio Rank: 94
XCS.TO Calmar Ratio Rank: 95
XCS.TO Martin Ratio Rank: 94

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.

HEWB.TO vs. XCS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) and iShares S&P/TSX SmallCap Index ETF (XCS.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.

	HEWB.TO	XCS.TO	Difference
Sharpe ratio Return per unit of total volatility	3.79	2.41	+1.39
Sortino ratio Return per unit of downside risk	4.89	2.84	+2.05
Omega ratio Gain probability vs. loss probability	1.73	1.44	+0.29
Calmar ratio Return relative to maximum drawdown	5.83	4.03	+1.80
Martin ratio Return relative to average drawdown	24.33	14.05	+10.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HEWB.TO vs. XCS.TO - Sharpe Ratio Comparison

The current HEWB.TO Sharpe Ratio is 3.79, which is higher than the XCS.TO Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of HEWB.TO and XCS.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

	HEWB.TO	XCS.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.79	2.41	+1.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.23	0.56	+0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	0.21	+0.58

Correlation

The correlation between HEWB.TO and XCS.TO is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HEWB.TO vs. XCS.TO - Dividend Comparison

HEWB.TO has not paid dividends to shareholders, while XCS.TO's dividend yield for the trailing twelve months is around 1.14%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HEWB.TO Global X Equal Weight Canadian Banks Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XCS.TO iShares S&P/TSX SmallCap Index ETF	1.14%	1.36%	1.73%	2.59%	2.07%	1.51%	1.78%	2.27%	2.12%	1.81%	1.46%	2.34%

Drawdowns

HEWB.TO vs. XCS.TO - Drawdown Comparison

The maximum HEWB.TO drawdown since its inception was -39.43%, smaller than the maximum XCS.TO drawdown of -61.18%. Use the drawdown chart below to compare losses from any high point for HEWB.TO and XCS.TO.

Drawdown Indicators

	HEWB.TO	XCS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.43%	-61.18%	+21.75%
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	-14.58%	+5.61%
Max Drawdown (5Y) Largest decline over 5 years	-25.89%	-34.63%	+8.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-50.44%	—
Current Drawdown Current decline from peak	-6.08%	-9.66%	+3.58%
Average Drawdown Average peak-to-trough decline	-7.43%	-17.08%	+9.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	4.18%	-2.03%

Volatility

HEWB.TO vs. XCS.TO - Volatility Comparison

The current volatility for Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) is 6.15%, while iShares S&P/TSX SmallCap Index ETF (XCS.TO) has a volatility of 8.78%. This indicates that HEWB.TO experiences smaller price fluctuations and is considered to be less risky than XCS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HEWB.TO	XCS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	8.78%	-2.63%
Volatility (6M) Calculated over the trailing 6-month period	10.17%	19.82%	-9.65%
Volatility (1Y) Calculated over the trailing 1-year period	13.69%	24.32%	-10.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.74%	20.42%	-6.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.37%	20.49%	-1.12%