TLV.TO vs. XEG.TO
TLV.TO (Invesco S&P/TSX Composite Low Volatility Index ETF) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - TLV.TO is a Canada Equities fund tracking the S&P/TSX Composite Low Volatility 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, TLV.TO returned 9.35%/yr vs 10.58%/yr for XEG.TO. At a 0.24 correlation, their price movements are largely independent. TLV.TO charges 0.33%/yr vs 0.60%/yr for XEG.TO.
Performance
TLV.TO vs. XEG.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TLV.TO achieves a 15.54% return, which is significantly lower than XEG.TO's 26.17% return. Over the past 10 years, TLV.TO has underperformed XEG.TO with an annualized return of 9.35%, while XEG.TO has yielded a comparatively higher 10.58% annualized return.
TLV.TO
- 1D
- 0.41%
- 1M
- 3.57%
- YTD
- 15.54%
- 6M
- 15.89%
- 1Y
- 28.40%
- 3Y*
- 21.94%
- 5Y*
- 11.74%
- 10Y*
- 9.35%
XEG.TO
- 1D
- -3.29%
- 1M
- -11.04%
- YTD
- 26.17%
- 6M
- 28.83%
- 1Y
- 44.15%
- 3Y*
- 24.36%
- 5Y*
- 25.47%
- 10Y*
- 10.58%
TLV.TO vs. XEG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF | 15.54% | 22.51% | 20.36% | 4.75% | -10.22% | 21.67% | -6.10% | 22.29% | -6.62% | 10.15% |
XEG.TO iShares S&P/TSX Capped Energy Index ETF | 26.17% | 16.72% | 14.04% | 3.55% | 53.25% | 83.71% | -34.44% | 9.04% | -27.05% | -11.17% |
Correlation
The correlation between TLV.TO and XEG.TO is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since May 3, 2012 | 0.24 |
The correlation between TLV.TO and XEG.TO shifts across timeframes, from -0.01 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
TLV.TO vs. XEG.TO - Sectors Allocation Comparison
Sectors
TLV.TO
XEG.TO
Real Estate
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Financial Services
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Utilities
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Energy
Consumer Defensive
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Communication Services
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Industrials
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Consumer Cyclical
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Healthcare
-
Basic Materials
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Technology
-
-
Real Estate
TLV.TO
XEG.TO
-
Financial Services
TLV.TO
XEG.TO
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Utilities
TLV.TO
XEG.TO
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Energy
TLV.TO
XEG.TO
Consumer Defensive
TLV.TO
XEG.TO
-
Communication Services
TLV.TO
XEG.TO
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Industrials
TLV.TO
XEG.TO
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Consumer Cyclical
TLV.TO
XEG.TO
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Healthcare
TLV.TO
XEG.TO
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Basic Materials
TLV.TO
XEG.TO
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Technology
TLV.TO
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XEG.TO
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Return for Risk
TLV.TO vs. XEG.TO — Risk / Return Rank
TLV.TO
XEG.TO
TLV.TO vs. XEG.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.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.
| TLV.TO | XEG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.96 | ||
| Sortino ratioReturn per unit of downside risk | +3.42 | ||
| Omega ratioGain probability vs. loss probability | 1.80 | 1.31 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 7.01 | 2.76 | +4.25 |
| Martin ratioReturn relative to average drawdown | 32.41 | 10.50 | +21.91 |
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Drawdowns
TLV.TO vs. XEG.TO - Drawdown Comparison
The maximum TLV.TO drawdown since its inception was -37.68%, smaller than the maximum XEG.TO drawdown of -87.51%. Use the drawdown chart below to compare losses from any high point for TLV.TO and XEG.TO.
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Drawdown Indicators
| TLV.TO | XEG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.68% | -87.51% | +49.83% |
Max Drawdown (1Y)Largest decline over 1 year | -4.07% | -16.09% | +12.02% |
Max Drawdown (3Y)Largest decline over 3 years | -9.83% | -25.67% | +15.84% |
Max Drawdown (5Y)Largest decline over 5 years | -19.36% | -28.42% | +9.06% |
Max Drawdown (10Y)Largest decline over 10 years | -37.68% | -79.66% | +41.98% |
Current DrawdownCurrent decline from peak | 0.00% | -16.09% | +16.09% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -34.56% | +30.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 4.22% | -3.34% |
Volatility
TLV.TO vs. XEG.TO - Volatility Comparison
The current volatility for Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO) is 1.89%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 8.92%. This indicates that TLV.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
| TLV.TO | XEG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 8.92% | -7.03% |
Volatility (6M)Calculated over the trailing 6-month period | 5.85% | 19.91% | -14.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.42% | 23.42% | -16.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.95% | 28.69% | -18.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.68% | 33.41% | -20.73% |
TLV.TO vs. XEG.TO - Expense Ratio Comparison
TLV.TO has a 0.33% expense ratio, which is lower than XEG.TO's 0.60% expense ratio.
Dividends
TLV.TO vs. XEG.TO - Dividend Comparison
TLV.TO's dividend yield for the trailing twelve months is around 2.90%, less than XEG.TO's 3.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF | 2.90% | 3.25% | 3.40% | 4.12% | 4.01% | 2.49% | 2.75% | 3.74% | 4.28% | 3.58% | 3.46% | 4.08% |
XEG.TO iShares S&P/TSX Capped Energy Index ETF | 3.03% | 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
TLV.TO and XEG.TO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TLV.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TLV.TO is cheaper with a 0.33% expense ratio, compared with 0.60% for XEG.TO.
TLV.TO is categorized as Canada Equities, while XEG.TO is Energy Equities. TLV.TO tracks S&P/TSX Composite Low Volatility Index, while XEG.TO tracks S&P/TSX Capped Energy Index. They also come from different issuers: Invesco and iShares. Their fees differ too: 0.33% for TLV.TO and 0.60% for XEG.TO.
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