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SPYX vs. XESG.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SPYX vs. XESG.TO

Last updated Jun 14, 2026

SPYX (State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF) and XESG.TO (iShares ESG Aware MSCI Canada Index ETF) are both exchange-traded funds - SPYX is a S&P 500 fund tracking the S&P 500 Fossil Fuel Reserves Free Index, while XESG.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD. Both are passively managed. Over the past 5 years, SPYX returned 12.96%/yr vs 9.28%/yr for XESG.TO. A 0.51 correlation means they provide meaningful diversification when combined. SPYX charges 0.20%/yr vs 0.16%/yr for XESG.TO.

Performance

SPYX vs. XESG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) and iShares ESG Aware MSCI Canada Index ETF (XESG.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

SPYX is traded in USD, while XESG.TO is traded in CAD. To make them comparable, the XESG.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with SPYX having a 8.26% return and XESG.TO slightly higher at 8.30%.

SPYX

1D
0.53%
1M
-0.85%
YTD
8.26%
6M
8.62%
1Y
24.90%
3Y*
20.78%
5Y*
12.96%
10Y*
15.50%

XESG.TO

1D
0.62%
1M
-0.17%
YTD
8.30%
6M
6.45%
1Y
25.69%
3Y*
19.26%
5Y*
9.28%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SPYX vs. XESG.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
SPYX
State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF		8.26%17.87%25.46%26.38%-19.59%28.06%19.87%15.51%
XESG.TO
iShares ESG Aware MSCI Canada Index ETF		8.30%32.39%10.84%12.99%-13.14%23.15%3.60%14.68%

Correlation

The correlation between SPYX and XESG.TO is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.61

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

0.60

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

0.61

Correlation (All Time)
Calculated using the full available price history since Mar 22, 2019

0.51

The correlation between SPYX and XESG.TO has been stable across timeframes, ranging from 0.51 to 0.61 - a consistent structural relationship.

SPYX vs. XESG.TO - Sectors Allocation Comparison

Sectors
SPYX
XESG.TO

Technology

39.7%
8.3%

Financial Services

11.4%
38.5%

Communication Services

10.9%
0.1%

Consumer Cyclical

10.1%
2.2%

Healthcare

8.5%
0.1%

Industrials

7.9%
8.9%

Consumer Defensive

4.6%
1.9%

Utilities

2.2%
2.7%

Real Estate

1.9%
0.2%

Basic Materials

1.7%
17.9%

Energy

1.1%
19.3%

Technology

SPYX
39.7%
XESG.TO
8.3%

Financial Services

SPYX
11.4%
XESG.TO
38.5%

Communication Services

SPYX
10.9%
XESG.TO
0.1%

Consumer Cyclical

SPYX
10.1%
XESG.TO
2.2%

Healthcare

SPYX
8.5%
XESG.TO
0.1%

Industrials

SPYX
7.9%
XESG.TO
8.9%

Consumer Defensive

SPYX
4.6%
XESG.TO
1.9%

Utilities

SPYX
2.2%
XESG.TO
2.7%

Real Estate

SPYX
1.9%
XESG.TO
0.2%

Basic Materials

SPYX
1.7%
XESG.TO
17.9%

Energy

SPYX
1.1%
XESG.TO
19.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF

iShares ESG Aware MSCI Canada Index ETF

Often compared with SPYX:
SPYX vs. SPYSPYX vs. EFIVSPYX vs. QQQSPYX vs. EFAXSPYX vs. SPYGSPYX vs. USXFSPYX vs. SCHD
Often compared with XESG.TO:
XESG.TO vs. XCSR.TOXESG.TO vs. XEQT.TOXESG.TO vs. SCHGXESG.TO vs. VFV.TOXESG.TO vs. SPYXESG.TO vs. XIU.TOXESG.TO vs. GEQT.TO

Return for Risk

SPYX vs. XESG.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SPYX
SPYX Risk / Return Rank: 6363
Overall Rank
SPYX Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
SPYX Sortino Ratio Rank: 6363
Sortino Ratio Rank
SPYX Omega Ratio Rank: 6666
Omega Ratio Rank
SPYX Calmar Ratio Rank: 5454
Calmar Ratio Rank
SPYX Martin Ratio Rank: 6767
Martin Ratio Rank
XESG.TO
XESG.TO Risk / Return Rank: 7575
Overall Rank
XESG.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
XESG.TO Sortino Ratio Rank: 6969
Sortino Ratio Rank
XESG.TO Omega Ratio Rank: 7676
Omega Ratio Rank
XESG.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
XESG.TO Martin Ratio Rank: 8080
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.

SPYX vs. XESG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) and iShares ESG Aware MSCI Canada Index ETF (XESG.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.

SPYXXESG.TODifference
Sharpe ratioReturn per unit of total volatility
1.87
1.82

+0.05

Sortino ratioReturn per unit of downside risk
2.55
2.37

+0.18

Omega ratioGain probability vs. loss probability

1.34

1.33

+0.01

Calmar ratioReturn relative to maximum drawdown

2.40

2.69

-0.29

Martin ratioReturn relative to average drawdown

10.78

10.85

-0.07

SPYX vs. XESG.TO - Sharpe Ratio Comparison

The current SPYX Sharpe Ratio is 1.87, which is comparable to the XESG.TO Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of SPYX and XESG.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

SPYX vs. XESG.TO - Drawdown Comparison

The maximum SPYX drawdown since its inception was -32.84%, smaller than the maximum XESG.TO drawdown of -44.41%. Use the drawdown chart below to compare losses from any high point for SPYX and XESG.TO.

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Drawdown Indicators

SPYXXESG.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.84%

-44.41%

+11.57%

Max Drawdown (1Y)

Largest decline over 1 year

-9.84%

-9.72%

-0.12%

Max Drawdown (3Y)

Largest decline over 3 years

-18.74%

-15.36%

-3.38%

Max Drawdown (5Y)

Largest decline over 5 years

-26.14%

-25.05%

-1.09%

Max Drawdown (10Y)

Largest decline over 10 years

-32.84%

—

—

Current Drawdown

Current decline from peak

-2.38%

-1.74%

-0.64%

Average Drawdown

Average peak-to-trough decline

-4.53%

-7.12%

+2.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.19%

2.40%

-0.21%

Volatility

SPYX vs. XESG.TO - Volatility Comparison

State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) and iShares ESG Aware MSCI Canada Index ETF (XESG.TO) have volatilities of 4.52% and 4.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SPYXXESG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.52%

4.57%

-0.05%

Volatility (6M)

Calculated over the trailing 6-month period

9.92%

11.81%

-1.89%

Volatility (1Y)

Calculated over the trailing 1-year period

12.61%

14.33%

-1.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.12%

15.45%

+1.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.04%

23.02%

-4.98%

SPYX vs. XESG.TO - Expense Ratio Comparison

SPYX has a 0.20% expense ratio, which is higher than XESG.TO's 0.16% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPYX vs. XESG.TO - Dividend Comparison

SPYX's dividend yield for the trailing twelve months is around 0.86%, less than XESG.TO's 1.99% yield.

PositionTTM20252024202320222021202020192018201720162015
SPYX
State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF		0.86%0.91%1.05%1.21%1.41%1.04%1.33%1.56%1.92%1.68%1.91%0.16%
XESG.TO
iShares ESG Aware MSCI Canada Index ETF		1.99%2.17%2.57%2.89%2.77%2.01%2.30%1.08%0.00%0.00%0.00%0.00%

Frequently Asked Questions

SPYX and XESG.TO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XESG.TO is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XESG.TO is cheaper with a 0.16% expense ratio, compared with 0.20% for SPYX.

SPYX is categorized as S&P 500, while XESG.TO is Canada Equities. SPYX tracks S&P 500 Fossil Fuel Reserves Free Index, while XESG.TO tracks Morningstar Canada GR CAD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.20% for SPYX and 0.16% for XESG.TO.

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