TULV.TO vs. XMS.TO

Last updated Apr 1, 2026

Compare and contrast key facts about TD Q U.S. Low Volatility ETF (TULV.TO) and iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO).

TULV.TO and XMS.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TULV.TO is an actively managed fund by TD. It was launched on May 26, 2020. XMS.TO is a passively managed fund by iShares that tracks the performance of the MSCI USA Minimum Volatility (USD) 100% Hedged to CAD Index. It was launched on Apr 5, 2016.

Performance

TULV.TO vs. XMS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Q U.S. Low Volatility ETF (TULV.TO) and iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO). The values are adjusted to include any dividend payments, if applicable.

TULV.TO vs. XMS.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TULV.TO TD Q U.S. Low Volatility ETF	3.26%	3.62%	23.74%	-3.31%	2.02%	23.84%	0.90%
XMS.TO iShares MSCI Min Vol USA Index ETF (CAD-Hedged)	-4.17%	3.71%	14.23%	7.84%	-11.15%	21.02%	8.43%

Returns By Period

In the year-to-date period, TULV.TO achieves a 3.26% return, which is significantly higher than XMS.TO's -4.17% return.

TULV.TO

• 1D: 0.26%
• 1M: -3.98%
• YTD: 3.26%
• 6M: 3.11%
• 1Y: -0.99%
• 3Y*: 9.28%
• 5Y*: 10.49%
• 10Y*: —

XMS.TO

• 1D: -0.22%
• 1M: -5.66%
• YTD: -4.17%
• 6M: -6.72%
• 1Y: -5.06%
• 3Y*: 6.69%
• 5Y*: 4.92%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TULV.TO vs. XMS.TO - Expense Ratio Comparison

TULV.TO has a 0.35% expense ratio, which is higher than XMS.TO's 0.33% expense ratio.

TULV.TO

TD Q U.S. Low Volatility ETF

XMS.TO

iShares MSCI Min Vol USA Index ETF (CAD-Hedged)

Return for Risk

TULV.TO vs. XMS.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TULV.TO

TULV.TO Risk / Return Rank: 11
TULV.TO Sharpe Ratio Rank: 10
TULV.TO Sortino Ratio Rank: 9
TULV.TO Omega Ratio Rank: 9
TULV.TO Calmar Ratio Rank: 13
TULV.TO Martin Ratio Rank: 12

XMS.TO

XMS.TO Risk / Return Rank: 3
XMS.TO Sharpe Ratio Rank: 5
XMS.TO Sortino Ratio Rank: 4
XMS.TO Omega Ratio Rank: 4
XMS.TO Calmar Ratio Rank: 2
XMS.TO Martin Ratio Rank: 0

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.

TULV.TO vs. XMS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Q U.S. Low Volatility ETF (TULV.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.

	TULV.TO	XMS.TO	Difference
Sharpe ratio Return per unit of total volatility	-0.08	-0.40	+0.32
Sortino ratio Return per unit of downside risk	-0.03	-0.46	+0.43
Omega ratio Gain probability vs. loss probability	1.00	0.93	+0.06
Calmar ratio Return relative to maximum drawdown	0.05	-0.65	+0.69
Martin ratio Return relative to average drawdown	0.09	-2.33	+2.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TULV.TO vs. XMS.TO - Sharpe Ratio Comparison

The current TULV.TO Sharpe Ratio is -0.08, which is higher than the XMS.TO Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of TULV.TO and XMS.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TULV.TO	XMS.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.08	-0.40	+0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.41	+0.47
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.51	+0.25

Correlation

The correlation between TULV.TO and XMS.TO is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TULV.TO vs. XMS.TO - Dividend Comparison

TULV.TO's dividend yield for the trailing twelve months is around 1.77%, more than XMS.TO's 1.25% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
TULV.TO TD Q U.S. Low Volatility ETF	1.77%	1.80%	1.48%	1.96%	1.57%	1.37%	0.83%	0.00%	0.00%	0.00%	0.00%
XMS.TO iShares MSCI Min Vol USA Index ETF (CAD-Hedged)	1.25%	1.08%	1.21%	1.38%	1.20%	0.99%	1.66%	1.40%	1.54%	1.53%	1.43%

Drawdowns

TULV.TO vs. XMS.TO - Drawdown Comparison

The maximum TULV.TO drawdown since its inception was -11.78%, smaller than the maximum XMS.TO drawdown of -36.48%. Use the drawdown chart below to compare losses from any high point for TULV.TO and XMS.TO.

Drawdown Indicators

	TULV.TO	XMS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-36.48%	+24.70%
Max Drawdown (1Y) Largest decline over 1 year	-9.87%	-8.50%	-1.37%
Max Drawdown (5Y) Largest decline over 5 years	-11.78%	-19.23%	+7.45%
Current Drawdown Current decline from peak	-4.02%	-6.91%	+2.89%
Average Drawdown Average peak-to-trough decline	-3.58%	-4.28%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.63%	2.35%	+3.28%

Volatility

TULV.TO vs. XMS.TO - Volatility Comparison

TD Q U.S. Low Volatility ETF (TULV.TO) and iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO) have volatilities of 3.15% and 3.08%, 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.

Volatility by Period

	TULV.TO	XMS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.15%	3.08%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	7.17%	6.77%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	12.02%	12.14%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.01%	12.12%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.58%	14.76%	-3.18%