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HVOI.TO vs. XEG.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HVOI.TO vs. XEG.TO

Last updated Jun 24, 2026

HVOI.TO (Harvest Low Volatility Canadian Equity Income ETF Class A) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - HVOI.TO is a Canada Equities fund actively managed by Harvest, while XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. HVOI.TO is actively managed, while XEG.TO is passively managed. Over the past year, HVOI.TO returned 18.36% vs 46.85% for XEG.TO. At a correlation of -0.05, they often move in opposite directions.

Performance

HVOI.TO vs. XEG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) and iShares S&P/TSX Capped Energy Index ETF (XEG.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HVOI.TO achieves a 9.02% return, which is significantly lower than XEG.TO's 30.47% return.

HVOI.TO

1D
0.92%
1M
2.31%
YTD
9.02%
6M
9.02%
1Y
18.36%
3Y*
—
5Y*
—
10Y*
—

XEG.TO

1D
0.20%
1M
-11.00%
YTD
30.47%
6M
33.01%
1Y
46.85%
3Y*
25.76%
5Y*
26.37%
10Y*
10.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HVOI.TO vs. XEG.TO - Yearly Performance Comparison

2026 (YTD)2025
HVOI.TO
Harvest Low Volatility Canadian Equity Income ETF Class A		9.02%15.49%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		30.47%33.21%

Correlation

The correlation between HVOI.TO and XEG.TO is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.03

Correlation (All Time)
Calculated using the full available price history since Apr 15, 2025

-0.05

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Harvest Low Volatility Canadian Equity Income ETF Class A

iShares S&P/TSX Capped Energy Index ETF

Often compared with HVOI.TO:
HVOI.TO vs. FCCV.TOHVOI.TO vs. TQCD.TOHVOI.TO vs. VCE.TOHVOI.TO vs. HHIC.TOHVOI.TO vs. CANY.TOHVOI.TO vs. XIC.TOHVOI.TO vs. XDV.TO
Often compared with XEG.TO:
XEG.TO vs. XLEXEG.TO vs. XEQT.TOXEG.TO vs. CNQ.TOXEG.TO vs. HXE.TOXEG.TO vs. ZEO.TOXEG.TO vs. XDIV.TOXEG.TO vs. XCG.TO

Return for Risk

HVOI.TO vs. XEG.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HVOI.TO
HVOI.TO Risk / Return Rank: 7070
Overall Rank
HVOI.TO Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
HVOI.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
HVOI.TO Omega Ratio Rank: 7575
Omega Ratio Rank
HVOI.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
HVOI.TO Martin Ratio Rank: 6666
Martin Ratio Rank
XEG.TO
XEG.TO Risk / Return Rank: 6262
Overall Rank
XEG.TO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
XEG.TO Sortino Ratio Rank: 5555
Sortino Ratio Rank
XEG.TO Omega Ratio Rank: 5656
Omega Ratio Rank
XEG.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
XEG.TO Martin Ratio Rank: 6666
Martin Ratio Rank
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.

HVOI.TO vs. XEG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) and iShares S&P/TSX Capped Energy Index ETF (XEG.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.

HVOI.TOXEG.TODifference
Sharpe ratioReturn per unit of total volatility
2.13
2.03

+0.10

Sortino ratioReturn per unit of downside risk
3.14
2.54

+0.60

Omega ratioGain probability vs. loss probability

1.40

1.33

+0.07

Calmar ratioReturn relative to maximum drawdown

2.74

3.14

-0.40

Martin ratioReturn relative to average drawdown

11.00

11.48

-0.48

HVOI.TO vs. XEG.TO - Sharpe Ratio Comparison

The current HVOI.TO Sharpe Ratio is 2.13, which is comparable to the XEG.TO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of HVOI.TO and XEG.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.

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Drawdowns

HVOI.TO vs. XEG.TO - Drawdown Comparison

The maximum HVOI.TO drawdown since its inception was -6.72%, smaller than the maximum XEG.TO drawdown of -87.51%. Use the drawdown chart below to compare losses from any high point for HVOI.TO and XEG.TO.

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Drawdown Indicators

HVOI.TOXEG.TODifference

Max Drawdown

Largest peak-to-trough decline

-6.72%

-87.51%

+80.79%

Max Drawdown (1Y)

Largest decline over 1 year

-6.72%

-14.97%

+8.25%

Max Drawdown (3Y)

Largest decline over 3 years

—

-25.67%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-28.42%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-79.66%

—

Current Drawdown

Current decline from peak

0.00%

-13.23%

+13.23%

Average Drawdown

Average peak-to-trough decline

-0.93%

-34.56%

+33.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.67%

4.11%

-2.44%

Volatility

HVOI.TO vs. XEG.TO - Volatility Comparison

The current volatility for Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) is 2.51%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 8.45%. This indicates that HVOI.TO experiences smaller price fluctuations and is considered to be less risky than XEG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HVOI.TOXEG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.51%

8.45%

-5.94%

Volatility (6M)

Calculated over the trailing 6-month period

6.95%

19.59%

-12.64%

Volatility (1Y)

Calculated over the trailing 1-year period

8.67%

23.43%

-14.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.41%

28.65%

-20.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.41%

33.40%

-24.99%

Dividends

HVOI.TO vs. XEG.TO - Dividend Comparison

HVOI.TO's dividend yield for the trailing twelve months is around 6.74%, more than XEG.TO's 2.93% yield.

PositionTTM20252024202320222021202020192018201720162015
HVOI.TO
Harvest Low Volatility Canadian Equity Income ETF Class A		6.74%4.76%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		2.93%3.63%3.46%4.26%3.31%1.64%2.96%2.70%2.25%1.41%1.40%3.58%

Frequently Asked Questions

HVOI.TO and XEG.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HVOI.TO is categorized as Canada Equities, while XEG.TO is Energy Equities. They also come from different issuers: Harvest and iShares.

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