HSH.TO vs. HXS.TO

Last updated Jul 16, 2026

HSH.TO (Global X S&P 500 CAD Hedged Index Corporate Class ETF) and HXS.TO (Global X S&P 500 Index Corporate Class ETF) are both S&P 500 funds from Global X. HSH.TO is actively managed, while HXS.TO is passively managed. Over the past 5 years, HSH.TO returned 11.71%/yr vs 15.36%/yr for HXS.TO. A 0.76 correlation means they provide meaningful diversification when combined.

Performance

HSH.TO vs. HXS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X S&P 500 CAD Hedged Index Corporate Class ETF (HSH.TO) and Global X S&P 500 Index Corporate Class ETF (HXS.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HSH.TO achieves a 9.63% return, which is significantly lower than HXS.TO's 13.39% return.

HSH.TO

• 1D: 0.10%
• 1M: 0.05%
• 6M: 8.63%
• YTD: 9.63%
• 1Y: 19.57%
• 3Y*: 18.33%
• 5Y*: 11.71%
• 10Y*: —

HXS.TO

• 1D: 0.10%
• 1M: 0.60%
• 6M: 10.56%
• YTD: 13.39%
• 1Y: 24.82%
• 3Y*: 22.28%
• 5Y*: 15.36%
• 10Y*: —

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

HSH.TO vs. HXS.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HSH.TO Global X S&P 500 CAD Hedged Index Corporate Class ETF	9.63%	15.34%	23.32%	25.56%	-19.90%	28.94%	16.14%	17.33%
HXS.TO Global X S&P 500 Index Corporate Class ETF	13.39%	11.93%	34.98%	23.22%	-12.72%	27.30%	15.78%	15.85%

Correlation

The correlation between HSH.TO and HXS.TO is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Feb 21, 2019	0.76

The correlation between HSH.TO and HXS.TO has been stable across timeframes, ranging from 0.75 to 0.85 - a consistent structural relationship.

Return for Risk

HSH.TO vs. HXS.TO — Risk / Return Rank

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

HSH.TO

HSH.TO Risk / Return Rank: 55
HSH.TO Sharpe Ratio Rank: 55
HSH.TO Sortino Ratio Rank: 55
HSH.TO Omega Ratio Rank: 53
HSH.TO Calmar Ratio Rank: 49
HSH.TO Martin Ratio Rank: 62

HXS.TO

HXS.TO Risk / Return Rank: 75
HXS.TO Sharpe Ratio Rank: 79
HXS.TO Sortino Ratio Rank: 78
HXS.TO Omega Ratio Rank: 78
HXS.TO Calmar Ratio Rank: 71
HXS.TO Martin Ratio Rank: 72

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.

HSH.TO vs. HXS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 CAD Hedged Index Corporate Class ETF (HSH.TO) and Global X S&P 500 Index Corporate Class ETF (HXS.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.

	HSH.TO	HXS.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.00	-0.46
Sortino ratio: Return per unit of downside risk	2.19	2.76	-0.57
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.09
Calmar ratio: Return relative to maximum drawdown	2.06	2.85	-0.80
Martin ratio: Return relative to average drawdown	8.81	10.59	-1.78

HSH.TO vs. HXS.TO - Sharpe Ratio Comparison

The current HSH.TO Sharpe Ratio is 1.54, which is comparable to the HXS.TO Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of HSH.TO and HXS.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

HSH.TO vs. HXS.TO - Drawdown Comparison

The maximum HSH.TO drawdown since its inception was -34.19%, which is greater than HXS.TO's maximum drawdown of -27.41%. Use the drawdown chart below to compare losses from any high point for HSH.TO and HXS.TO.

Drawdown Indicators

	HSH.TO	HXS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-34.19%	-27.41%	-6.78%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-8.74%	-0.82%
Max Drawdown (3Y) Largest decline over 3 years	-20.04%	-18.98%	-1.06%
Max Drawdown (5Y) Largest decline over 5 years	-25.26%	-22.63%	-2.63%
Current Drawdown Current decline from peak	-0.80%	-0.87%	+0.07%
Average Drawdown Average peak-to-trough decline	-5.44%	-4.23%	-1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	2.35%	-0.12%

Volatility

HSH.TO vs. HXS.TO - Volatility Comparison

Global X S&P 500 CAD Hedged Index Corporate Class ETF (HSH.TO) has a higher volatility of 3.77% compared to Global X S&P 500 Index Corporate Class ETF (HXS.TO) at 3.34%. This indicates that HSH.TO's price experiences larger fluctuations and is considered to be riskier than HXS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HSH.TO	HXS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	3.34%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	10.21%	9.75%	+0.46%
Volatility (1Y) Calculated over the trailing 1-year period	12.78%	12.47%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.78%	15.27%	+2.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.11%	17.69%	+2.42%

Dividends

HSH.TO vs. HXS.TO - Dividend Comparison

Neither HSH.TO nor HXS.TO has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HSH.TO and HXS.TO in my portfolio?

HSH.TO and HXS.TO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.