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KEY.TO vs. XUT.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

KEY.TO vs. XUT.TO

Last updated Jun 5, 2026

KEY.TO (Keyera Corp.) is a stock, while XUT.TO (iShares S&P/TSX Capped Utilities Index ETF) is Utilities Equities fund tracking the Morningstar Gbl GR CAD. Over the past 10 years, KEY.TO returned 11.67%/yr vs 9.46%/yr for XUT.TO. At a 0.26 correlation, their price movements are largely independent.

Performance

KEY.TO vs. XUT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Keyera Corp. (KEY.TO) and iShares S&P/TSX Capped Utilities Index ETF (XUT.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, KEY.TO achieves a 31.50% return, which is significantly higher than XUT.TO's 15.38% return. Over the past 10 years, KEY.TO has outperformed XUT.TO with an annualized return of 11.67%, while XUT.TO has yielded a comparatively lower 9.46% annualized return.

KEY.TO

1D
0.60%
1M
16.64%
YTD
31.50%
6M
30.02%
1Y
43.15%
3Y*
30.32%
5Y*
20.14%
10Y*
11.67%

XUT.TO

1D
0.41%
1M
2.76%
YTD
15.38%
6M
14.55%
1Y
25.53%
3Y*
12.55%
5Y*
8.06%
10Y*
9.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

KEY.TO vs. XUT.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
KEY.TO
Keyera Corp.		31.50%5.61%47.74%18.18%13.34%38.37%-25.07%42.73%-23.29%-8.60%
XUT.TO
iShares S&P/TSX Capped Utilities Index ETF		15.38%18.91%13.09%-0.45%-11.02%10.80%14.74%36.63%-8.30%10.16%

Correlation

The correlation between KEY.TO and XUT.TO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.20

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

Correlation (5Y)
Calculated over the trailing 5-year period

0.24

Correlation (10Y)
Calculated over the trailing 10-year period

0.24

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2011

0.26

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Keyera Corp.

iShares S&P/TSX Capped Utilities Index ETF

Often compared with KEY.TO:
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Often compared with XUT.TO:
XUT.TO vs. ZUT.TOXUT.TO vs. XEI.TOXUT.TO vs. XIU.TOXUT.TO vs. ZLB.TOXUT.TO vs. XLUXUT.TO vs. UTES.TOXUT.TO vs. VPU

Return for Risk

KEY.TO vs. XUT.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
KEY.TO
KEY.TO Risk / Return Rank: 8585
Overall Rank
KEY.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
KEY.TO Sortino Ratio Rank: 8383
Sortino Ratio Rank
KEY.TO Omega Ratio Rank: 8484
Omega Ratio Rank
KEY.TO Calmar Ratio Rank: 8484
Calmar Ratio Rank
KEY.TO Martin Ratio Rank: 8585
Martin Ratio Rank
XUT.TO
XUT.TO Risk / Return Rank: 8787
Overall Rank
XUT.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
XUT.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
XUT.TO Omega Ratio Rank: 9292
Omega Ratio Rank
XUT.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
XUT.TO Martin Ratio Rank: 7272
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.

KEY.TO vs. XUT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Keyera Corp. (KEY.TO) and iShares S&P/TSX Capped Utilities Index ETF (XUT.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.

KEY.TOXUT.TODifference
Sharpe ratioReturn per unit of total volatility
1.94
3.24

-1.30

Sortino ratioReturn per unit of downside risk
2.50
4.55

-2.05

Omega ratioGain probability vs. loss probability

1.35

1.63

-0.28

Calmar ratioReturn relative to maximum drawdown

3.16

5.12

-1.97

Martin ratioReturn relative to average drawdown

8.77

13.35

-4.58

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KEY.TO vs. XUT.TO - Sharpe Ratio Comparison

The current KEY.TO Sharpe Ratio is 1.94, which is lower than the XUT.TO Sharpe Ratio of 3.24. The chart below compares the historical Sharpe Ratios of KEY.TO and XUT.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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Sharpe Ratios by Period

KEY.TOXUT.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.94

3.24

-1.30

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.96

0.64

+0.32

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.39

0.59

-0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.67

0.54

+0.13

Drawdowns

KEY.TO vs. XUT.TO - Drawdown Comparison

The maximum KEY.TO drawdown since its inception was -72.36%, which is greater than XUT.TO's maximum drawdown of -37.65%. Use the drawdown chart below to compare losses from any high point for KEY.TO and XUT.TO.

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Drawdown Indicators

KEY.TOXUT.TODifference

Max Drawdown

Largest peak-to-trough decline

-72.36%

-37.65%

-34.71%

Max Drawdown (1Y)

Largest decline over 1 year

-13.72%

-5.00%

-8.72%

Max Drawdown (3Y)

Largest decline over 3 years

-16.25%

-19.41%

+3.16%

Max Drawdown (5Y)

Largest decline over 5 years

-19.61%

-28.54%

+8.93%

Max Drawdown (10Y)

Largest decline over 10 years

-70.75%

-37.65%

-33.10%

Current Drawdown

Current decline from peak

-2.92%

-0.79%

-2.13%

Average Drawdown

Average peak-to-trough decline

-10.83%

-5.70%

-5.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.93%

1.92%

+3.01%

Volatility

KEY.TO vs. XUT.TO - Volatility Comparison

Keyera Corp. (KEY.TO) has a higher volatility of 8.00% compared to iShares S&P/TSX Capped Utilities Index ETF (XUT.TO) at 2.41%. This indicates that KEY.TO's price experiences larger fluctuations and is considered to be riskier than XUT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

KEY.TOXUT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

8.00%

2.41%

+5.59%

Volatility (6M)

Calculated over the trailing 6-month period

18.42%

6.65%

+11.77%

Volatility (1Y)

Calculated over the trailing 1-year period

22.45%

7.99%

+14.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.07%

12.65%

+8.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.17%

16.09%

+14.08%

Dividends

KEY.TO vs. XUT.TO - Dividend Comparison

KEY.TO's dividend yield for the trailing twelve months is around 3.74%, more than XUT.TO's 3.22% yield.

PositionTTM20252024202320222021202020192018201720162015
KEY.TO
Keyera Corp.		3.74%5.28%6.51%8.68%9.16%9.36%11.76%7.52%6.70%4.66%3.81%3.51%
XUT.TO
iShares S&P/TSX Capped Utilities Index ETF		3.22%3.79%4.00%3.90%3.80%2.99%4.51%3.57%4.52%3.57%3.74%4.05%

Frequently Asked Questions

KEY.TO and XUT.TO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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