ICAE.TO vs. XDIV.TO
ICAE.TO (Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF) and XDIV.TO (iShares Core MSCI Canadian Quality Dividend Index ETF) are both Dividend funds - ICAE.TO tracks the S&P/TSX Canadian Dividend Aristocrats ESG Index while XDIV.TO tracks the MSCI Canada High Dividend Yield 10% Security Capped Index. Both are passively managed. Over the past 3 years, ICAE.TO returned 16.01%/yr vs 23.98%/yr for XDIV.TO. At a 0.33 correlation, their price movements are largely independent. ICAE.TO charges 0.23%/yr vs 0.11%/yr for XDIV.TO.
Performance
ICAE.TO vs. XDIV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ICAE.TO achieves a 16.94% return, which is significantly lower than XDIV.TO's 22.28% return.
ICAE.TO
- 1D
- 0.77%
- 1M
- 4.66%
- 6M
- 16.72%
- YTD
- 16.94%
- 1Y
- 16.60%
- 3Y*
- 16.01%
- 5Y*
- —
- 10Y*
- —
XDIV.TO
- 1D
- 0.43%
- 1M
- 2.61%
- 6M
- 21.85%
- YTD
- 22.28%
- 1Y
- 40.25%
- 3Y*
- 23.98%
- 5Y*
- 17.64%
- 10Y*
- —
ICAE.TO vs. XDIV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF | 16.94% | 10.02% | 17.62% | 5.84% |
XDIV.TO iShares Core MSCI Canadian Quality Dividend Index ETF | 22.28% | 25.04% | 19.84% | 9.46% |
Correlation
The correlation between ICAE.TO and XDIV.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Mar 13, 2023 | 0.33 |
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Return for Risk
ICAE.TO vs. XDIV.TO — Risk / Return Rank
ICAE.TO
XDIV.TO
ICAE.TO vs. XDIV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO) and iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.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.
| ICAE.TO | XDIV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.95 | ||
| Sortino ratioReturn per unit of downside risk | -5.74 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.99 | -0.72 |
| Calmar ratioReturn relative to maximum drawdown | 1.01 | 14.56 | -13.55 |
| Martin ratioReturn relative to average drawdown | 2.02 | 47.62 | -45.59 |
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Drawdowns
ICAE.TO vs. XDIV.TO - Drawdown Comparison
The maximum ICAE.TO drawdown since its inception was -16.49%, smaller than the maximum XDIV.TO drawdown of -41.29%. Use the drawdown chart below to compare losses from any high point for ICAE.TO and XDIV.TO.
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Drawdown Indicators
| ICAE.TO | XDIV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.49% | -41.29% | +24.80% |
Max Drawdown (1Y)Largest decline over 1 year | -16.49% | -2.78% | -13.71% |
Max Drawdown (3Y)Largest decline over 3 years | -16.49% | -10.53% | -5.96% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.33% | — |
Current DrawdownCurrent decline from peak | -2.23% | -1.43% | -0.80% |
Average DrawdownAverage peak-to-trough decline | -3.54% | -4.38% | +0.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.22% | 0.85% | +7.37% |
Volatility
ICAE.TO vs. XDIV.TO - Volatility Comparison
The current volatility for Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO) is 2.22%, while iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) has a volatility of 3.41%. This indicates that ICAE.TO experiences smaller price fluctuations and is considered to be less risky than XDIV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICAE.TO | XDIV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.22% | 3.41% | -1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 7.91% | 6.60% | +1.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.70% | 8.44% | +11.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.03% | 10.56% | +5.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.03% | 16.31% | -0.28% |
ICAE.TO vs. XDIV.TO - Expense Ratio Comparison
ICAE.TO has a 0.23% expense ratio, which is higher than XDIV.TO's 0.11% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ICAE.TO vs. XDIV.TO - Dividend Comparison
ICAE.TO's dividend yield for the trailing twelve months is around 2.74%, less than XDIV.TO's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF | 2.74% | 3.29% | 3.33% | 2.87% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XDIV.TO iShares Core MSCI Canadian Quality Dividend Index ETF | 3.25% | 3.90% | 4.50% | 4.42% | 4.15% | 3.76% | 4.85% | 4.24% | 5.13% | 1.92% |
Frequently Asked Questions
ICAE.TO and XDIV.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XDIV.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XDIV.TO is cheaper with a 0.11% expense ratio, compared with 0.23% for ICAE.TO.
ICAE.TO tracks S&P/TSX Canadian Dividend Aristocrats ESG Index, while XDIV.TO tracks MSCI Canada High Dividend Yield 10% Security Capped Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.23% for ICAE.TO and 0.11% for XDIV.TO.
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