TPU.TO vs. XMS.TO
TPU.TO (TD U.S. Equity Index ETF) and XMS.TO (iShares MSCI Min Vol USA Index ETF (CAD-Hedged)) are both Large Cap Blend Equities funds - TPU.TO tracks the Solactive US Large Cap CAD Index while XMS.TO tracks the MSCI USA Minimum Volatility (USD) 100% Hedged to CAD Index. Both are passively managed. Over the past 10 years, TPU.TO returned 16.10%/yr vs 7.82%/yr for XMS.TO. At a 0.43 correlation, their price movements are largely independent. TPU.TO charges 0.06%/yr vs 0.33%/yr for XMS.TO.
Performance
TPU.TO vs. XMS.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TPU.TO achieves a 12.48% return, which is significantly higher than XMS.TO's 1.17% return. Over the past 10 years, TPU.TO has outperformed XMS.TO with an annualized return of 16.10%, while XMS.TO has yielded a comparatively lower 7.82% annualized return.
TPU.TO
- 1D
- -0.27%
- 1M
- 7.38%
- YTD
- 12.48%
- 6M
- 10.60%
- 1Y
- 29.73%
- 3Y*
- 23.84%
- 5Y*
- 16.57%
- 10Y*
- 16.10%
XMS.TO
- 1D
- -0.36%
- 1M
- 1.94%
- YTD
- 1.17%
- 6M
- -0.55%
- 1Y
- 0.08%
- 3Y*
- 8.89%
- 5Y*
- 5.12%
- 10Y*
- 7.82%
TPU.TO vs. XMS.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TPU.TO TD U.S. Equity Index ETF | 12.48% | 12.69% | 34.82% | 24.24% | -14.31% | 26.02% | 18.73% | 25.02% | 3.03% | 13.31% |
XMS.TO iShares MSCI Min Vol USA Index ETF (CAD-Hedged) | 1.17% | 3.71% | 14.23% | 7.84% | -11.15% | 21.02% | 1.81% | 26.70% | -1.63% | 16.85% |
Correlation
The correlation between TPU.TO and XMS.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Apr 12, 2016 | 0.43 |
The correlation between TPU.TO and XMS.TO shifts across timeframes, from 0.32 (1 year) to 0.44 (10 years), reflecting how their relationship changes across market environments.
TPU.TO vs. XMS.TO - Sectors Allocation Comparison
Sectors
TPU.TO
XMS.TO
Technology
Communication Services
Financial Services
Consumer Cyclical
Healthcare
Industrials
Consumer Defensive
Energy
Utilities
Basic Materials
Real Estate
Technology
TPU.TO
XMS.TO
Communication Services
TPU.TO
XMS.TO
Financial Services
TPU.TO
XMS.TO
Consumer Cyclical
TPU.TO
XMS.TO
Healthcare
TPU.TO
XMS.TO
Industrials
TPU.TO
XMS.TO
Consumer Defensive
TPU.TO
XMS.TO
Energy
TPU.TO
XMS.TO
Utilities
TPU.TO
XMS.TO
Basic Materials
TPU.TO
XMS.TO
Real Estate
TPU.TO
XMS.TO
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Return for Risk
TPU.TO vs. XMS.TO — Risk / Return Rank
TPU.TO
XMS.TO
TPU.TO vs. XMS.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TD U.S. Equity Index ETF (TPU.TO) and iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.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.
| TPU.TO | XMS.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.52 | ||
| Sortino ratioReturn per unit of downside risk | +3.35 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.01 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 3.44 | 0.01 | +3.43 |
| Martin ratioReturn relative to average drawdown | 12.86 | 0.03 | +12.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TPU.TO | XMS.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.53 | 0.01 | +2.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.09 | 0.43 | +0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.97 | 0.53 | +0.44 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.97 | 0.54 | +0.43 |
Drawdowns
TPU.TO vs. XMS.TO - Drawdown Comparison
The maximum TPU.TO drawdown since its inception was -27.96%, smaller than the maximum XMS.TO drawdown of -36.48%. Use the drawdown chart below to compare losses from any high point for TPU.TO and XMS.TO.
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Drawdown Indicators
| TPU.TO | XMS.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.96% | -36.48% | +8.52% |
Max Drawdown (1Y)Largest decline over 1 year | -8.68% | -6.91% | -1.77% |
Max Drawdown (3Y)Largest decline over 3 years | -19.30% | -9.82% | -9.48% |
Max Drawdown (5Y)Largest decline over 5 years | -23.73% | -19.23% | -4.50% |
Max Drawdown (10Y)Largest decline over 10 years | -27.96% | -36.48% | +8.52% |
Current DrawdownCurrent decline from peak | -0.27% | -1.73% | +1.46% |
Average DrawdownAverage peak-to-trough decline | -3.96% | -4.26% | +0.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.32% | 2.54% | -0.22% |
Volatility
TPU.TO vs. XMS.TO - Volatility Comparison
TD U.S. Equity Index ETF (TPU.TO) has a higher volatility of 3.23% compared to iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO) at 2.35%. This indicates that TPU.TO's price experiences larger fluctuations and is considered to be riskier than XMS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TPU.TO | XMS.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.23% | 2.35% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 8.83% | 6.14% | +2.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.81% | 8.75% | +3.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.31% | 12.11% | +3.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.60% | 14.74% | +1.86% |
TPU.TO vs. XMS.TO - Expense Ratio Comparison
TPU.TO has a 0.06% expense ratio, which is lower than XMS.TO's 0.33% expense ratio.
Dividends
TPU.TO vs. XMS.TO - Dividend Comparison
TPU.TO's dividend yield for the trailing twelve months is around 0.85%, less than XMS.TO's 1.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
TPU.TO TD U.S. Equity Index ETF | 0.85% | 0.96% | 0.90% | 1.22% | 1.34% | 0.99% | 1.23% | 1.23% | 1.57% | 1.59% | 1.33% |
XMS.TO iShares MSCI Min Vol USA Index ETF (CAD-Hedged) | 1.18% | 1.08% | 1.21% | 1.38% | 1.20% | 0.99% | 1.66% | 1.40% | 1.54% | 1.53% | 1.43% |
Frequently Asked Questions
TPU.TO and XMS.TO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TPU.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TPU.TO is cheaper with a 0.06% expense ratio, compared with 0.33% for XMS.TO.
TPU.TO tracks Solactive US Large Cap CAD Index, while XMS.TO tracks MSCI USA Minimum Volatility (USD) 100% Hedged to CAD Index. They also come from different issuers: TD and iShares. Their fees differ too: 0.06% for TPU.TO and 0.33% for XMS.TO.
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