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PXC.TO vs. XEG.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PXC.TO vs. XEG.TO

Last updated Jun 17, 2026

PXC.TO (Invesco RAFI Canadian Index ETF) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - PXC.TO is a Canada Equities fund tracking the RAFI Canada Index, while XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. Both are passively managed. Over the past 10 years, PXC.TO returned 13.49%/yr vs 11.17%/yr for XEG.TO. A 0.55 correlation means they provide meaningful diversification when combined.

Performance

PXC.TO vs. XEG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco RAFI Canadian Index ETF (PXC.TO) and iShares S&P/TSX Capped Energy Index ETF (XEG.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, PXC.TO achieves a 18.54% return, which is significantly lower than XEG.TO's 32.35% return. Over the past 10 years, PXC.TO has outperformed XEG.TO with an annualized return of 13.49%, while XEG.TO has yielded a comparatively lower 11.17% annualized return.

PXC.TO

1D
1.18%
1M
3.49%
YTD
18.54%
6M
16.15%
1Y
38.06%
3Y*
24.74%
5Y*
17.15%
10Y*
13.49%

XEG.TO

1D
-1.90%
1M
-9.94%
YTD
32.35%
6M
38.20%
1Y
45.50%
3Y*
24.86%
5Y*
27.71%
10Y*
11.17%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PXC.TO vs. XEG.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PXC.TO
Invesco RAFI Canadian Index ETF		18.54%26.50%19.57%9.28%1.37%34.11%-1.11%19.11%-9.11%7.15%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		32.35%16.72%14.04%3.55%53.25%83.71%-34.44%9.04%-27.05%-11.17%

Correlation

The correlation between PXC.TO and XEG.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.26

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

0.40

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

0.52

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

0.57

Correlation (All Time)
Calculated using the full available price history since Jan 27, 2012

0.55

Over the past year, the correlation between PXC.TO and XEG.TO has dropped to 0.26 - well below their long-term average of 0.55, suggesting their price drivers have been diverging.

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Invesco RAFI Canadian Index ETF

iShares S&P/TSX Capped Energy Index ETF

Often compared with PXC.TO:
PXC.TO vs. INOC.TOPXC.TO vs. ESGC.TOPXC.TO vs. CFOU.TOPXC.TO vs. CLSA.TOPXC.TO vs. EQL.TOPXC.TO vs. EQLI.TOPXC.TO vs. HCA.TO
Often compared with XEG.TO:
XEG.TO vs. XLEXEG.TO vs. XEQT.TOXEG.TO vs. CNQ.TOXEG.TO vs. HXE.TOXEG.TO vs. ZEO.TOXEG.TO vs. XDIV.TOXEG.TO vs. XCG.TO

Return for Risk

PXC.TO vs. XEG.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PXC.TO
PXC.TO Risk / Return Rank: 9696
Overall Rank
PXC.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
PXC.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
PXC.TO Omega Ratio Rank: 9696
Omega Ratio Rank
PXC.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
PXC.TO Martin Ratio Rank: 9696
Martin Ratio Rank
XEG.TO
XEG.TO Risk / Return Rank: 6262
Overall Rank
XEG.TO Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
XEG.TO Sortino Ratio Rank: 5252
Sortino Ratio Rank
XEG.TO Omega Ratio Rank: 5454
Omega Ratio Rank
XEG.TO Calmar Ratio Rank: 7777
Calmar Ratio Rank
XEG.TO Martin Ratio Rank: 6565
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.

PXC.TO vs. XEG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco RAFI Canadian Index ETF (PXC.TO) and iShares S&P/TSX Capped Energy Index ETF (XEG.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.

PXC.TOXEG.TODifference
Sharpe ratioReturn per unit of total volatility
3.72
1.96

+1.76

Sortino ratioReturn per unit of downside risk
4.88
2.46

+2.42

Omega ratioGain probability vs. loss probability

1.74

1.32

+0.42

Calmar ratioReturn relative to maximum drawdown

8.23

3.82

+4.41

Martin ratioReturn relative to average drawdown

32.94

11.35

+21.58

PXC.TO vs. XEG.TO - Sharpe Ratio Comparison

The current PXC.TO Sharpe Ratio is 3.72, which is higher than the XEG.TO Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of PXC.TO and XEG.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

PXC.TO vs. XEG.TO - Drawdown Comparison

The maximum PXC.TO drawdown since its inception was -41.78%, smaller than the maximum XEG.TO drawdown of -87.51%. Use the drawdown chart below to compare losses from any high point for PXC.TO and XEG.TO.

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Drawdown Indicators

PXC.TOXEG.TODifference

Max Drawdown

Largest peak-to-trough decline

-41.78%

-87.51%

+45.73%

Max Drawdown (1Y)

Largest decline over 1 year

-4.64%

-11.98%

+7.34%

Max Drawdown (3Y)

Largest decline over 3 years

-10.99%

-25.67%

+14.68%

Max Drawdown (5Y)

Largest decline over 5 years

-15.75%

-28.42%

+12.67%

Max Drawdown (10Y)

Largest decline over 10 years

-41.78%

-79.66%

+37.88%

Current Drawdown

Current decline from peak

0.00%

-11.98%

+11.98%

Average Drawdown

Average peak-to-trough decline

-5.05%

-34.55%

+29.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.16%

4.02%

-2.86%

Volatility

PXC.TO vs. XEG.TO - Volatility Comparison

The current volatility for Invesco RAFI Canadian Index ETF (PXC.TO) is 2.93%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 9.15%. This indicates that PXC.TO experiences smaller price fluctuations and is considered to be less risky than XEG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PXC.TOXEG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.93%

9.15%

-6.22%

Volatility (6M)

Calculated over the trailing 6-month period

8.49%

19.95%

-11.46%

Volatility (1Y)

Calculated over the trailing 1-year period

10.29%

23.36%

-13.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.29%

28.75%

-15.46%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.43%

33.42%

-16.99%

Dividends

PXC.TO vs. XEG.TO - Dividend Comparison

PXC.TO's dividend yield for the trailing twelve months is around 2.24%, less than XEG.TO's 2.89% yield.

PositionTTM20252024202320222021202020192018201720162015
PXC.TO
Invesco RAFI Canadian Index ETF		2.24%2.65%3.17%3.48%3.42%2.58%3.10%2.92%2.86%2.23%2.57%3.13%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		2.89%3.63%3.46%4.26%3.31%1.64%2.96%2.70%2.25%1.41%1.40%3.58%

Frequently Asked Questions

PXC.TO and XEG.TO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PXC.TO is categorized as Canada Equities, while XEG.TO is Energy Equities. PXC.TO tracks RAFI Canada Index, while XEG.TO tracks S&P/TSX Capped Energy Index. They also come from different issuers: Invesco and iShares.

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