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

NSCE.TO vs. XIC.TO

Last updated Jun 4, 2026

NSCE.TO (NBI Sustainable Canadian Equity ETF) and XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - NSCE.TO is a Sustainable fund actively managed by National Bank Investments, while XIC.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. NSCE.TO is actively managed, while XIC.TO is passively managed. Over the past 5 years, NSCE.TO returned 10.05%/yr vs 14.60%/yr for XIC.TO. At a 0.41 correlation, their price movements are largely independent. NSCE.TO charges 0.64%/yr vs 0.06%/yr for XIC.TO.

Performance

NSCE.TO vs. XIC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in NBI Sustainable Canadian Equity ETF (NSCE.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, NSCE.TO achieves a 3.50% return, which is significantly lower than XIC.TO's 10.75% return.

NSCE.TO

1D
0.50%
1M
3.08%
YTD
3.50%
6M
0.75%
1Y
-0.65%
3Y*
13.01%
5Y*
10.05%
10Y*
—

XIC.TO

1D
-1.05%
1M
3.59%
YTD
10.75%
6M
12.90%
1Y
34.79%
3Y*
23.62%
5Y*
14.60%
10Y*
12.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020
NSCE.TO
NBI Sustainable Canadian Equity ETF		3.50%7.84%19.58%13.59%-0.97%20.36%2,308.77%
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		10.75%31.51%21.48%11.73%-5.82%23.42%6.84%

Correlation

The correlation between NSCE.TO and XIC.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.49

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

0.51

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

0.46

Correlation (All Time)
Calculated using the full available price history since Mar 5, 2020

0.41

The correlation between NSCE.TO and XIC.TO has been stable across timeframes, ranging from 0.41 to 0.51 - a consistent structural relationship.

NSCE.TO vs. XIC.TO - Sectors Allocation Comparison

Sectors
NSCE.TO
XIC.TO

Financial Services

34.7%
34.0%

Industrials

26.8%
10.0%

Consumer Defensive

14.5%
2.9%

Consumer Cyclical

8.5%
3.7%

Communication Services

8.2%
1.8%

Technology

7.3%
6.7%

Basic Materials

-

17.2%

Energy

-

18.1%

Healthcare

-

0.1%

Real Estate

-

1.5%

Utilities

-

2.9%

Financial Services

NSCE.TO
34.7%
XIC.TO
34.0%

Industrials

NSCE.TO
26.8%
XIC.TO
10.0%

Consumer Defensive

NSCE.TO
14.5%
XIC.TO
2.9%

Consumer Cyclical

NSCE.TO
8.5%
XIC.TO
3.7%

Communication Services

NSCE.TO
8.2%
XIC.TO
1.8%

Technology

NSCE.TO
7.3%
XIC.TO
6.7%

Basic Materials

NSCE.TO

-

XIC.TO
17.2%

Energy

NSCE.TO

-

XIC.TO
18.1%

Healthcare

NSCE.TO

-

XIC.TO
0.1%

Real Estate

NSCE.TO

-

XIC.TO
1.5%

Utilities

NSCE.TO

-

XIC.TO
2.9%

Compare stocks, funds, or ETFs

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NBI Sustainable Canadian Equity ETF

iShares Core S&P/TSX Capped Composite Index ETF

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Often compared with XIC.TO:
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Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NSCE.TO
NSCE.TO Risk / Return Rank: 88
Overall Rank
NSCE.TO Sharpe Ratio Rank: 99
Sharpe Ratio Rank
NSCE.TO Sortino Ratio Rank: 88
Sortino Ratio Rank
NSCE.TO Omega Ratio Rank: 88
Omega Ratio Rank
NSCE.TO Calmar Ratio Rank: 88
Calmar Ratio Rank
NSCE.TO Martin Ratio Rank: 88
Martin Ratio Rank
XIC.TO
XIC.TO Risk / Return Rank: 8080
Overall Rank
XIC.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
XIC.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
XIC.TO Omega Ratio Rank: 8181
Omega Ratio Rank
XIC.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
XIC.TO Martin Ratio Rank: 8383
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.

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

This table presents a comparison of risk-adjusted performance metrics for NBI Sustainable Canadian Equity ETF (NSCE.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.

NSCE.TOXIC.TODifference
Sharpe ratioReturn per unit of total volatility
-0.06
2.76

-2.82

Sortino ratioReturn per unit of downside risk
-0.01
3.57

-3.57

Omega ratioGain probability vs. loss probability

1.00

1.50

-0.50

Calmar ratioReturn relative to maximum drawdown

-0.07

3.76

-3.83

Martin ratioReturn relative to average drawdown

-0.15

17.44

-17.59

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

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

The current NSCE.TO Sharpe Ratio is -0.06, which is lower than the XIC.TO Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of NSCE.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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Sharpe Ratios by Period

NSCE.TOXIC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.06

2.76

-2.82

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.87

1.12

-0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.84

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.10

0.54

-0.44

Drawdowns

NSCE.TO vs. XIC.TO - Drawdown Comparison

The maximum NSCE.TO drawdown since its inception was -16.43%, smaller than the maximum XIC.TO drawdown of -48.21%. Use the drawdown chart below to compare losses from any high point for NSCE.TO and XIC.TO.

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Drawdown Indicators

NSCE.TOXIC.TODifference

Max Drawdown

Largest peak-to-trough decline

-16.43%

-48.21%

+31.78%

Max Drawdown (1Y)

Largest decline over 1 year

-9.52%

-9.29%

-0.23%

Max Drawdown (3Y)

Largest decline over 3 years

-9.52%

-12.27%

+2.75%

Max Drawdown (5Y)

Largest decline over 5 years

-11.84%

-16.24%

+4.40%

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.21%

—

Current Drawdown

Current decline from peak

-1.90%

-1.05%

-0.85%

Average Drawdown

Average peak-to-trough decline

-2.34%

-7.04%

+4.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.31%

2.00%

+2.31%

Volatility

NSCE.TO vs. XIC.TO - Volatility Comparison

The current volatility for NBI Sustainable Canadian Equity ETF (NSCE.TO) is 3.25%, while iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) has a volatility of 3.48%. This indicates that NSCE.TO experiences smaller price fluctuations and is considered to be less risky 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

NSCE.TOXIC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.25%

3.48%

-0.23%

Volatility (6M)

Calculated over the trailing 6-month period

8.96%

10.33%

-1.37%

Volatility (1Y)

Calculated over the trailing 1-year period

10.94%

12.67%

-1.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.64%

13.13%

-1.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

805.21%

14.96%

+790.25%

NSCE.TO vs. XIC.TO - Expense Ratio Comparison

NSCE.TO has a 0.64% expense ratio, which is higher than XIC.TO's 0.06% expense ratio.

Dividends

NSCE.TO vs. XIC.TO - Dividend Comparison

NSCE.TO's dividend yield for the trailing twelve months is around 0.91%, less than XIC.TO's 2.02% yield.

PositionTTM20252024202320222021202020192018201720162015
NSCE.TO
NBI Sustainable Canadian Equity ETF		0.91%0.89%1.01%1.15%0.91%1.05%0.69%0.00%0.00%0.00%0.00%0.00%
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		2.02%2.23%2.64%2.95%3.10%2.44%3.03%3.01%3.19%2.49%2.72%3.21%

Frequently Asked Questions

NSCE.TO and XIC.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XIC.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XIC.TO is cheaper with a 0.06% expense ratio, compared with 0.64% for NSCE.TO.

NSCE.TO is categorized as Sustainable, while XIC.TO is Canada Equities. They also come from different issuers: National Bank Investments and iShares. Their fees differ too: 0.64% for NSCE.TO and 0.06% for XIC.TO.

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