INAI.TO vs. XCHP.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Morningstar Global Next Gen AI Index ETF (INAI.TO) and iShares Semiconductor Index ETF (XCHP.TO).

INAI.TO and XCHP.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. INAI.TO is a passively managed fund by Invesco that tracks the performance of the Morningstar Global Next Gen AI Index. It was launched on Jan 18, 2024. XCHP.TO is a passively managed fund by iShares that tracks the performance of the NYSE Semiconductor Index. It was launched on Sep 6, 2023. Both INAI.TO and XCHP.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

INAI.TO vs. XCHP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco Morningstar Global Next Gen AI Index ETF (INAI.TO) and iShares Semiconductor Index ETF (XCHP.TO). The values are adjusted to include any dividend payments, if applicable.

INAI.TO vs. XCHP.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
INAI.TO Invesco Morningstar Global Next Gen AI Index ETF	-9.34%	30.39%	50.13%
XCHP.TO iShares Semiconductor Index ETF	10.64%	33.58%	20.03%

Returns By Period

In the year-to-date period, INAI.TO achieves a -9.34% return, which is significantly lower than XCHP.TO's 10.64% return.

INAI.TO

• 1D: 1.87%
• 1M: -7.50%
• YTD: -9.34%
• 6M: -9.72%
• 1Y: 33.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XCHP.TO

• 1D: 5.96%
• 1M: -4.67%
• YTD: 10.64%
• 6M: 21.29%
• 1Y: 70.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

INAI.TO vs. XCHP.TO - Expense Ratio Comparison

INAI.TO has a 0.60% expense ratio, which is higher than XCHP.TO's 0.39% expense ratio.

INAI.TO

Invesco Morningstar Global Next Gen AI Index ETF

XCHP.TO

iShares Semiconductor Index ETF

Return for Risk

INAI.TO vs. XCHP.TO — Risk / Return Rank

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

INAI.TO

INAI.TO Risk / Return Rank: 57
INAI.TO Sharpe Ratio Rank: 66
INAI.TO Sortino Ratio Rank: 64
INAI.TO Omega Ratio Rank: 62
INAI.TO Calmar Ratio Rank: 50
INAI.TO Martin Ratio Rank: 40

XCHP.TO

XCHP.TO Risk / Return Rank: 86
XCHP.TO Sharpe Ratio Rank: 88
XCHP.TO Sortino Ratio Rank: 89
XCHP.TO Omega Ratio Rank: 86
XCHP.TO Calmar Ratio Rank: 85
XCHP.TO Martin Ratio Rank: 83

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.

INAI.TO vs. XCHP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Morningstar Global Next Gen AI Index ETF (INAI.TO) and iShares Semiconductor Index ETF (XCHP.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.

	INAI.TO	XCHP.TO	Difference
Sharpe ratio Return per unit of total volatility	1.19	1.79	-0.60
Sortino ratio Return per unit of downside risk	1.65	2.41	-0.76
Omega ratio Gain probability vs. loss probability	1.23	1.33	-0.10
Calmar ratio Return relative to maximum drawdown	1.32	2.41	-1.10
Martin ratio Return relative to average drawdown	3.80	8.88	-5.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INAI.TO vs. XCHP.TO - Sharpe Ratio Comparison

The current INAI.TO Sharpe Ratio is 1.19, which is lower than the XCHP.TO Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of INAI.TO and XCHP.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

	INAI.TO	XCHP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	1.79	-0.60
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	0.98	+0.13

Correlation

The correlation between INAI.TO and XCHP.TO is 0.54, 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

INAI.TO vs. XCHP.TO - Dividend Comparison

INAI.TO's dividend yield for the trailing twelve months is around 0.05%, less than XCHP.TO's 0.39% yield.

	TTM	2025	2024	2023
INAI.TO Invesco Morningstar Global Next Gen AI Index ETF	0.05%	0.07%	0.14%	0.00%
XCHP.TO iShares Semiconductor Index ETF	0.39%	0.43%	0.29%	0.17%

Drawdowns

INAI.TO vs. XCHP.TO - Drawdown Comparison

The maximum INAI.TO drawdown since its inception was -26.78%, smaller than the maximum XCHP.TO drawdown of -38.95%. Use the drawdown chart below to compare losses from any high point for INAI.TO and XCHP.TO.

Drawdown Indicators

	INAI.TO	XCHP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-26.78%	-38.95%	+12.17%
Max Drawdown (1Y) Largest decline over 1 year	-22.07%	-17.39%	-4.68%
Current Drawdown Current decline from peak	-20.61%	-9.11%	-11.50%
Average Drawdown Average peak-to-trough decline	-5.23%	-9.24%	+4.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.65%	6.82%	+0.83%

Volatility

INAI.TO vs. XCHP.TO - Volatility Comparison

The current volatility for Invesco Morningstar Global Next Gen AI Index ETF (INAI.TO) is 8.38%, while iShares Semiconductor Index ETF (XCHP.TO) has a volatility of 13.40%. This indicates that INAI.TO experiences smaller price fluctuations and is considered to be less risky than XCHP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INAI.TO	XCHP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.38%	13.40%	-5.02%
Volatility (6M) Calculated over the trailing 6-month period	19.12%	26.29%	-7.17%
Volatility (1Y) Calculated over the trailing 1-year period	28.26%	40.94%	-12.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.03%	38.21%	-11.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.03%	38.21%	-11.18%