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TRP.TO vs. XMA.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TRP.TO vs. XMA.TO

Last updated Jun 13, 2026

TRP.TO (TC Energy Corporation) is a stock, while XMA.TO (iShares S&P/TSX Capped Materials Index ETF) is Materials fund tracking the S&P/TSX Capped Materials TR. Over the past 10 years, TRP.TO returned 11.53%/yr vs 13.48%/yr for XMA.TO. At a 0.20 correlation, their price movements are largely independent.

Performance

TRP.TO vs. XMA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TC Energy Corporation (TRP.TO) and iShares S&P/TSX Capped Materials Index ETF (XMA.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, TRP.TO achieves a 29.69% return, which is significantly higher than XMA.TO's 1.98% return. Over the past 10 years, TRP.TO has underperformed XMA.TO with an annualized return of 11.53%, while XMA.TO has yielded a comparatively higher 13.48% annualized return.

TRP.TO

1D
0.20%
1M
3.23%
YTD
29.69%
6M
31.68%
1Y
50.78%
3Y*
28.32%
5Y*
14.85%
10Y*
11.53%

XMA.TO

1D
3.03%
1M
-10.24%
YTD
1.98%
6M
3.38%
1Y
53.64%
3Y*
33.28%
5Y*
18.78%
10Y*
13.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TRP.TO vs. XMA.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TRP.TO
TC Energy Corporation		29.69%18.35%37.67%2.53%-2.77%20.34%-20.74%48.49%-16.01%5.23%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		1.98%99.21%20.72%-2.04%1.35%3.32%19.73%24.64%-10.44%7.12%

Correlation

The correlation between TRP.TO and XMA.TO is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.10

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

0.20

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

0.24

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

0.20

Correlation (All Time)
Calculated using the full available price history since Jul 12, 2006

0.20

The correlation between TRP.TO and XMA.TO shifts across timeframes, from 0.10 (1 year) to 0.24 (5 years), reflecting how their relationship changes across market environments.

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TC Energy Corporation

iShares S&P/TSX Capped Materials Index ETF

Often compared with TRP.TO:
TRP.TO vs. ENB.TOTRP.TO vs. CNQ.TOTRP.TO vs. CNR.TOTRP.TO vs. FTS.TOTRP.TO vs. PEY.TOTRP.TO vs. CLS.TOTRP.TO vs. ATD.TO
Often compared with XMA.TO:
XMA.TO vs. XGD.TOXMA.TO vs. XETM.TOXMA.TO vs. XIC.TOXMA.TO vs. ZUT.TOXMA.TO vs. XIT.TOXMA.TO vs. XEQT.TOXMA.TO vs. XBM.TO

Return for Risk

TRP.TO vs. XMA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TRP.TO
TRP.TO Risk / Return Rank: 9595
Overall Rank
TRP.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
TRP.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
TRP.TO Omega Ratio Rank: 9393
Omega Ratio Rank
TRP.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
TRP.TO Martin Ratio Rank: 9494
Martin Ratio Rank
XMA.TO
XMA.TO Risk / Return Rank: 4444
Overall Rank
XMA.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
XMA.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
XMA.TO Omega Ratio Rank: 4747
Omega Ratio Rank
XMA.TO Calmar Ratio Rank: 4545
Calmar Ratio Rank
XMA.TO Martin Ratio Rank: 3838
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.

TRP.TO vs. XMA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TC Energy Corporation (TRP.TO) and iShares S&P/TSX Capped Materials Index ETF (XMA.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.

TRP.TOXMA.TODifference
Sharpe ratioReturn per unit of total volatility
2.92
1.46

+1.47

Sortino ratioReturn per unit of downside risk
4.23
1.83

+2.40

Omega ratioGain probability vs. loss probability

1.48

1.27

+0.21

Calmar ratioReturn relative to maximum drawdown

5.65

1.97

+3.67

Martin ratioReturn relative to average drawdown

16.62

5.39

+11.23

TRP.TO vs. XMA.TO - Sharpe Ratio Comparison

The current TRP.TO Sharpe Ratio is 2.92, which is higher than the XMA.TO Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of TRP.TO and XMA.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

TRP.TO vs. XMA.TO - Drawdown Comparison

The maximum TRP.TO drawdown since its inception was -36.30%, smaller than the maximum XMA.TO drawdown of -64.42%. Use the drawdown chart below to compare losses from any high point for TRP.TO and XMA.TO.

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Drawdown Indicators

TRP.TOXMA.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.30%

-64.42%

+28.12%

Max Drawdown (1Y)

Largest decline over 1 year

-8.75%

-28.51%

+19.76%

Max Drawdown (3Y)

Largest decline over 3 years

-15.48%

-28.51%

+13.03%

Max Drawdown (5Y)

Largest decline over 5 years

-34.02%

-33.06%

-0.96%

Max Drawdown (10Y)

Largest decline over 10 years

-36.30%

-33.06%

-3.24%

Current Drawdown

Current decline from peak

-0.88%

-23.00%

+22.12%

Average Drawdown

Average peak-to-trough decline

-8.45%

-27.07%

+18.62%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.08%

10.41%

-7.33%

Volatility

TRP.TO vs. XMA.TO - Volatility Comparison

The current volatility for TC Energy Corporation (TRP.TO) is 5.44%, while iShares S&P/TSX Capped Materials Index ETF (XMA.TO) has a volatility of 15.41%. This indicates that TRP.TO experiences smaller price fluctuations and is considered to be less risky than XMA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TRP.TOXMA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.44%

15.41%

-9.97%

Volatility (6M)

Calculated over the trailing 6-month period

12.67%

32.63%

-19.96%

Volatility (1Y)

Calculated over the trailing 1-year period

16.90%

38.59%

-21.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.65%

27.96%

-8.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.23%

26.78%

-3.55%

Dividends

TRP.TO vs. XMA.TO - Dividend Comparison

TRP.TO's dividend yield for the trailing twelve months is around 3.53%, more than XMA.TO's 0.39% yield.

PositionTTM20252024202320222021202020192018201720162015
TRP.TO
TC Energy Corporation		3.53%4.50%5.40%6.71%6.67%5.92%6.26%4.34%5.66%4.09%3.73%4.60%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		0.39%0.41%0.83%1.26%1.24%0.87%0.63%0.64%0.75%0.47%0.82%1.87%

Frequently Asked Questions

TRP.TO and XMA.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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