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TPU.TO vs. XUH.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TPU.TO vs. XUH.TO

Last updated Jun 5, 2026

TPU.TO (TD U.S. Equity Index ETF) and XUH.TO (iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged)) are both Large Cap Blend Equities funds - TPU.TO tracks the Solactive US Large Cap CAD Index while XUH.TO tracks the Morningstar US Market TR CAD. Both are passively managed. Over the past 10 years, TPU.TO returned 16.22%/yr vs 13.19%/yr for XUH.TO. A 0.76 correlation means they provide meaningful diversification when combined. TPU.TO charges 0.06%/yr vs 0.08%/yr for XUH.TO.

Performance

TPU.TO vs. XUH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD U.S. Equity Index ETF (TPU.TO) and iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged) (XUH.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, TPU.TO achieves a 13.02% return, which is significantly higher than XUH.TO's 9.59% return. Over the past 10 years, TPU.TO has outperformed XUH.TO with an annualized return of 16.22%, while XUH.TO has yielded a comparatively lower 13.19% annualized return.

TPU.TO

1D
0.48%
1M
6.94%
YTD
13.02%
6M
10.99%
1Y
30.63%
3Y*
24.07%
5Y*
16.68%
10Y*
16.22%

XUH.TO

1D
-0.66%
1M
4.13%
YTD
9.59%
6M
9.67%
1Y
24.90%
3Y*
19.81%
5Y*
11.17%
10Y*
13.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TPU.TO vs. XUH.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TPU.TO
TD U.S. Equity Index ETF		13.02%12.69%34.82%24.24%-14.31%26.02%18.73%25.02%3.03%13.31%
XUH.TO
iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged)		9.59%15.11%22.45%24.06%-20.19%26.19%15.53%28.46%-7.51%20.10%

Correlation

The correlation between TPU.TO and XUH.TO is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.84

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

0.83

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

0.84

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

0.77

Correlation (All Time)
Calculated using the full available price history since Mar 31, 2016

0.76

The correlation between TPU.TO and XUH.TO has been stable across timeframes, ranging from 0.76 to 0.84 - a consistent structural relationship.

TPU.TO vs. XUH.TO - Sectors Allocation Comparison

Sectors
TPU.TO
XUH.TO

Technology

35.3%
38.5%

Communication Services

11.5%
10.2%

Financial Services

11.5%
11.0%

Consumer Cyclical

10.0%
9.6%

Healthcare

8.8%
8.2%

Industrials

8.6%
8.3%

Consumer Defensive

4.8%
4.4%

Energy

3.6%
3.3%

Utilities

2.3%
2.5%

Basic Materials

1.8%
1.8%

Real Estate

1.8%
2.0%

Technology

TPU.TO
35.3%
XUH.TO
38.5%

Communication Services

TPU.TO
11.5%
XUH.TO
10.2%

Financial Services

TPU.TO
11.5%
XUH.TO
11.0%

Consumer Cyclical

TPU.TO
10.0%
XUH.TO
9.6%

Healthcare

TPU.TO
8.8%
XUH.TO
8.2%

Industrials

TPU.TO
8.6%
XUH.TO
8.3%

Consumer Defensive

TPU.TO
4.8%
XUH.TO
4.4%

Energy

TPU.TO
3.6%
XUH.TO
3.3%

Utilities

TPU.TO
2.3%
XUH.TO
2.5%

Basic Materials

TPU.TO
1.8%
XUH.TO
1.8%

Real Estate

TPU.TO
1.8%
XUH.TO
2.0%

Compare stocks, funds, or ETFs

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TD U.S. Equity Index ETF

iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged)

Often compared with TPU.TO:
TPU.TO vs. VFV.TOTPU.TO vs. TTP.TOTPU.TO vs. ZSP.TOTPU.TO vs. VOOTPU.TO vs. VUN.TOTPU.TO vs. XUU.TOTPU.TO vs. XUS.TO
Often compared with XUH.TO:
XUH.TO vs. XUU.TOXUH.TO vs. XUU-U.TOXUH.TO vs. VFV.TOXUH.TO vs. XSU.TOXUH.TO vs. VSP.TOXUH.TO vs. IUSGXUH.TO vs. VYM

Return for Risk

TPU.TO vs. XUH.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TPU.TO
TPU.TO Risk / Return Rank: 7777
Overall Rank
TPU.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
TPU.TO Sortino Ratio Rank: 7979
Sortino Ratio Rank
TPU.TO Omega Ratio Rank: 8181
Omega Ratio Rank
TPU.TO Calmar Ratio Rank: 7272
Calmar Ratio Rank
TPU.TO Martin Ratio Rank: 7272
Martin Ratio Rank
XUH.TO
XUH.TO Risk / Return Rank: 6161
Overall Rank
XUH.TO Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
XUH.TO Sortino Ratio Rank: 6161
Sortino Ratio Rank
XUH.TO Omega Ratio Rank: 6161
Omega Ratio Rank
XUH.TO Calmar Ratio Rank: 5555
Calmar Ratio Rank
XUH.TO Martin Ratio Rank: 6767
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.

TPU.TO vs. XUH.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 Core S&P U.S. Total Market Index ETF (CAD-Hedged) (XUH.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.TOXUH.TODifference
Sharpe ratioReturn per unit of total volatility
2.61
2.02

+0.59

Sortino ratioReturn per unit of downside risk
3.51
2.82

+0.69

Omega ratioGain probability vs. loss probability

1.48

1.36

+0.11

Calmar ratioReturn relative to maximum drawdown

3.55

2.66

+0.88

Martin ratioReturn relative to average drawdown

13.26

12.06

+1.20

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

TPU.TO vs. XUH.TO - Sharpe Ratio Comparison

The current TPU.TO Sharpe Ratio is 2.61, which is comparable to the XUH.TO Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of TPU.TO and XUH.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

TPU.TOXUH.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.61

2.02

+0.59

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.10

0.66

+0.44

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.98

0.71

+0.27

Sharpe Ratio (All Time)

Calculated using the full available price history

0.98

0.64

+0.34

Drawdowns

TPU.TO vs. XUH.TO - Drawdown Comparison

The maximum TPU.TO drawdown since its inception was -27.96%, smaller than the maximum XUH.TO drawdown of -38.37%. Use the drawdown chart below to compare losses from any high point for TPU.TO and XUH.TO.

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Drawdown Indicators

TPU.TOXUH.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.96%

-38.37%

+10.41%

Max Drawdown (1Y)

Largest decline over 1 year

-8.68%

-9.41%

+0.73%

Max Drawdown (3Y)

Largest decline over 3 years

-19.30%

-19.32%

+0.02%

Max Drawdown (5Y)

Largest decline over 5 years

-23.73%

-26.11%

+2.38%

Max Drawdown (10Y)

Largest decline over 10 years

-27.96%

-38.37%

+10.41%

Current Drawdown

Current decline from peak

0.00%

-0.66%

+0.66%

Average Drawdown

Average peak-to-trough decline

-3.96%

-4.96%

+1.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.32%

2.07%

+0.25%

Volatility

TPU.TO vs. XUH.TO - Volatility Comparison

TD U.S. Equity Index ETF (TPU.TO) and iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged) (XUH.TO) have volatilities of 3.19% and 3.21%, 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

TPU.TOXUH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.19%

3.21%

-0.02%

Volatility (6M)

Calculated over the trailing 6-month period

8.84%

9.36%

-0.52%

Volatility (1Y)

Calculated over the trailing 1-year period

11.80%

12.41%

-0.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.31%

17.08%

-1.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.60%

18.70%

-2.10%

TPU.TO vs. XUH.TO - Expense Ratio Comparison

TPU.TO has a 0.06% expense ratio, which is lower than XUH.TO's 0.08% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TPU.TO vs. XUH.TO - Dividend Comparison

TPU.TO's dividend yield for the trailing twelve months is around 0.84%, more than XUH.TO's 0.82% yield.

PositionTTM20252024202320222021202020192018201720162015
TPU.TO
TD U.S. Equity Index ETF		0.84%0.96%0.90%1.22%1.34%0.99%1.23%1.23%1.57%1.59%1.33%0.00%
XUH.TO
iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged)		0.82%0.91%1.10%1.15%1.40%0.98%1.25%1.67%1.81%1.25%1.63%1.62%

Frequently Asked Questions

TPU.TO and XUH.TO have a correlation of 0.84, 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 0.08% for XUH.TO.

TPU.TO tracks Solactive US Large Cap CAD Index, while XUH.TO tracks Morningstar US Market TR CAD. They also come from different issuers: TD and iShares. Their fees differ too: 0.06% for TPU.TO and 0.08% for XUH.TO.

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