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MREL.TO vs. XIC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MREL.TO vs. XIC.TO

Last updated Jul 16, 2026
Documentation

MREL.TO (Middlefield Real Estate Dividend ETF) and XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - MREL.TO is a REIT fund actively managed by Middlefield, while XIC.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. MREL.TO is actively managed, while XIC.TO is passively managed. Over the past 10 years, MREL.TO returned 7.46%/yr vs 12.45%/yr for XIC.TO. At a 0.38 correlation, their price movements are largely independent.

Performance

MREL.TO vs. XIC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Middlefield Real Estate Dividend ETF (MREL.TO) and iShares Core S&P/TSX Capped Composite Index ETF (XIC.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, MREL.TO achieves a 15.32% return, which is significantly higher than XIC.TO's 12.97% return. Over the past 10 years, MREL.TO has underperformed XIC.TO with an annualized return of 7.46%, while XIC.TO has yielded a comparatively higher 12.45% annualized return.

MREL.TO

1D
0.07%
1M
2.74%
6M
9.24%
YTD
15.32%
1Y
20.08%
3Y*
12.86%
5Y*
5.23%
10Y*
7.46%

XIC.TO

1D
0.25%
1M
0.56%
6M
8.69%
YTD
12.97%
1Y
33.80%
3Y*
23.79%
5Y*
15.03%
10Y*
12.45%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MREL.TO vs. XIC.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MREL.TO
Middlefield Real Estate Dividend ETF		15.32%13.13%6.12%7.86%-21.63%36.36%-3.77%20.10%5.75%7.55%
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		12.97%31.51%21.48%11.74%-5.82%23.43%5.61%22.76%-8.72%8.99%

Correlation

The correlation between MREL.TO and XIC.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.39

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

0.51

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

0.55

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

0.42

Correlation (All Time)
Calculated using the full available price history since Apr 20, 2011

0.38

The correlation between MREL.TO and XIC.TO shifts across timeframes, from 0.38 (all time) to 0.55 (5 years), reflecting how their relationship changes across market environments.

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Middlefield Real Estate Dividend ETF

iShares Core S&P/TSX Capped Composite Index ETF

Often compared with MREL.TO:
MREL.TO vs. RMAX.TOMREL.TO vs. HCRE.TOMREL.TO vs. XRE.TOMREL.TO vs. ZRE.TOMREL.TO vs. HGR.TOMREL.TO vs. VRE.TOMREL.TO vs. CGR.TO
Often compared with XIC.TO:
XIC.TO vs. XIU.TOXIC.TO vs. VDY.TOXIC.TO vs. ZCN.TOXIC.TO vs. VCE.TOXIC.TO vs. XEF.TOXIC.TO vs. VEQT.TOXIC.TO vs. VO

Return for Risk

MREL.TO vs. XIC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MREL.TO
MREL.TO Risk / Return Rank: 6262
Overall Rank
MREL.TO Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
MREL.TO Sortino Ratio Rank: 5959
Sortino Ratio Rank
MREL.TO Omega Ratio Rank: 5555
Omega Ratio Rank
MREL.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
MREL.TO Martin Ratio Rank: 7474
Martin Ratio Rank
XIC.TO
XIC.TO Risk / Return Rank: 8989
Overall Rank
XIC.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
XIC.TO Sortino Ratio Rank: 9090
Sortino Ratio Rank
XIC.TO Omega Ratio Rank: 9090
Omega Ratio Rank
XIC.TO Calmar Ratio Rank: 8484
Calmar Ratio Rank
XIC.TO Martin Ratio Rank: 9191
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.

MREL.TO vs. XIC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Middlefield Real Estate Dividend ETF (MREL.TO) and iShares Core S&P/TSX Capped Composite Index ETF (XIC.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.

MREL.TOXIC.TODifference
Sharpe ratioReturn per unit of total volatility
1.58
2.58

-1.01

Sortino ratioReturn per unit of downside risk
2.29
3.33

-1.04

Omega ratioGain probability vs. loss probability

1.28

1.46

-0.18

Calmar ratioReturn relative to maximum drawdown

2.66

3.66

-1.00

Martin ratioReturn relative to average drawdown

10.90

16.56

-5.67

MREL.TO vs. XIC.TO - Sharpe Ratio Comparison

The current MREL.TO Sharpe Ratio is 1.58, which is lower than the XIC.TO Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of MREL.TO and XIC.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

MREL.TO vs. XIC.TO - Drawdown Comparison

The maximum MREL.TO drawdown since its inception was -35.00%, smaller than the maximum XIC.TO drawdown of -47.27%. Use the drawdown chart below to compare losses from any high point for MREL.TO and XIC.TO.

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Drawdown Indicators

MREL.TOXIC.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.00%

-47.27%

+12.27%

Max Drawdown (1Y)

Largest decline over 1 year

-7.59%

-9.29%

+1.70%

Max Drawdown (3Y)

Largest decline over 3 years

-15.18%

-12.27%

-2.91%

Max Drawdown (5Y)

Largest decline over 5 years

-29.49%

-16.24%

-13.25%

Max Drawdown (10Y)

Largest decline over 10 years

-35.00%

-37.21%

+2.21%

Current Drawdown

Current decline from peak

-0.85%

0.00%

-0.85%

Average Drawdown

Average peak-to-trough decline

-7.11%

-6.72%

-0.39%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.85%

2.05%

-0.20%

Volatility

MREL.TO vs. XIC.TO - Volatility Comparison

Middlefield Real Estate Dividend ETF (MREL.TO) has a higher volatility of 3.54% compared to iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) at 2.22%. This indicates that MREL.TO's price experiences larger fluctuations and is considered to be riskier than XIC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MREL.TOXIC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.54%

2.22%

+1.32%

Volatility (6M)

Calculated over the trailing 6-month period

9.27%

10.67%

-1.40%

Volatility (1Y)

Calculated over the trailing 1-year period

12.80%

13.16%

-0.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.24%

13.22%

+2.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.65%

14.95%

+3.70%

Dividends

MREL.TO vs. XIC.TO - Dividend Comparison

MREL.TO's dividend yield for the trailing twelve months is around 6.42%, more than XIC.TO's 1.99% yield.

PositionTTM20252024202320222021202020192018201720162015
MREL.TO
Middlefield Real Estate Dividend ETF		6.42%7.16%7.53%7.42%7.42%5.43%6.97%6.06%6.29%6.27%6.33%6.40%
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		1.99%2.23%2.64%2.96%3.10%2.45%3.03%3.01%3.19%2.49%2.72%3.21%

Frequently Asked Questions

MREL.TO and XIC.TO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

MREL.TO is categorized as REIT, while XIC.TO is Canada Equities. They also come from different issuers: Middlefield and iShares.

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