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USMV vs. XRE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

USMV vs. XRE.TO

Last updated Jun 13, 2026

USMV (iShares MSCI USA Min Vol Factor ETF) and XRE.TO (iShares S&P/TSX Capped REIT Index ETF) are both exchange-traded funds - USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index, while XRE.TO is a REIT fund tracking the Morningstar DM REIT NR CAD. Both are passively managed. Over the past 10 years, USMV returned 9.90%/yr vs 4.20%/yr for XRE.TO. At a 0.39 correlation, their price movements are largely independent. USMV charges 0.15%/yr vs 0.61%/yr for XRE.TO.

Performance

USMV vs. XRE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Min Vol Factor ETF (USMV) and iShares S&P/TSX Capped REIT Index ETF (XRE.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

USMV is traded in USD, while XRE.TO is traded in CAD. To make them comparable, the XRE.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, USMV achieves a 2.43% return, which is significantly lower than XRE.TO's 11.14% return. Over the past 10 years, USMV has outperformed XRE.TO with an annualized return of 9.90%, while XRE.TO has yielded a comparatively lower 4.20% annualized return.

USMV

1D
0.43%
1M
1.84%
YTD
2.43%
6M
2.34%
1Y
4.00%
3Y*
11.35%
5Y*
7.24%
10Y*
9.90%

XRE.TO

1D
0.77%
1M
3.95%
YTD
11.14%
6M
14.52%
1Y
11.03%
3Y*
5.05%
5Y*
-0.74%
10Y*
4.20%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USMV vs. XRE.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USMV
iShares MSCI USA Min Vol Factor ETF		2.43%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%
XRE.TO
iShares S&P/TSX Capped REIT Index ETF		11.08%14.09%-10.13%4.37%-22.27%32.60%-11.48%27.22%-2.48%17.27%

Correlation

The correlation between USMV and XRE.TO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.35

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

0.45

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

0.47

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

0.43

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2011

0.39

The correlation between USMV and XRE.TO shifts across timeframes, from 0.35 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.

USMV vs. XRE.TO - Sectors Allocation Comparison

Sectors
USMV
XRE.TO

Technology

30.8%

-

Healthcare

12.5%

-

Financial Services

12.4%

-

Consumer Defensive

10.0%

-

Utilities

7.5%

-

Communication Services

5.9%

-

Industrials

5.7%

-

Consumer Cyclical

5.7%

-

Energy

3.6%

-

Basic Materials

2.2%

-

Real Estate

2.2%
100.0%

Technology

USMV
30.8%
XRE.TO

-

Healthcare

USMV
12.5%
XRE.TO

-

Financial Services

USMV
12.4%
XRE.TO

-

Consumer Defensive

USMV
10.0%
XRE.TO

-

Utilities

USMV
7.5%
XRE.TO

-

Communication Services

USMV
5.9%
XRE.TO

-

Industrials

USMV
5.7%
XRE.TO

-

Consumer Cyclical

USMV
5.7%
XRE.TO

-

Energy

USMV
3.6%
XRE.TO

-

Basic Materials

USMV
2.2%
XRE.TO

-

Real Estate

USMV
2.2%
XRE.TO
100.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Min Vol Factor ETF

iShares S&P/TSX Capped REIT Index ETF

Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. VFMVUSMV vs. ACWVUSMV vs. QUALUSMV vs. VTI
Often compared with XRE.TO:
XRE.TO vs. ZRE.TOXRE.TO vs. VRE.TOXRE.TO vs. CGR.TOXRE.TO vs. XIC.TOXRE.TO vs. XDIV.TOXRE.TO vs. XBB.TOXRE.TO vs. VOO

Return for Risk

USMV vs. XRE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
USMV
USMV Risk / Return Rank: 1717
Overall Rank
USMV Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 1616
Sortino Ratio Rank
USMV Omega Ratio Rank: 1515
Omega Ratio Rank
USMV Calmar Ratio Rank: 1818
Calmar Ratio Rank
USMV Martin Ratio Rank: 2020
Martin Ratio Rank
XRE.TO
XRE.TO Risk / Return Rank: 3636
Overall Rank
XRE.TO Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
XRE.TO Sortino Ratio Rank: 3737
Sortino Ratio Rank
XRE.TO Omega Ratio Rank: 3333
Omega Ratio Rank
XRE.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
XRE.TO Martin Ratio Rank: 3434
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.

USMV vs. XRE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Min Vol Factor ETF (USMV) and iShares S&P/TSX Capped REIT Index ETF (XRE.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.

USMVXRE.TODifference
Sharpe ratioReturn per unit of total volatility
0.47
0.89

-0.41

Sortino ratioReturn per unit of downside risk
0.72
1.34

-0.62

Omega ratioGain probability vs. loss probability

1.08

1.15

-0.07

Calmar ratioReturn relative to maximum drawdown

0.62

1.31

-0.69

Martin ratioReturn relative to average drawdown

2.06

3.20

-1.14

USMV vs. XRE.TO - Sharpe Ratio Comparison

The current USMV Sharpe Ratio is 0.47, which is lower than the XRE.TO Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of USMV and XRE.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

USMV vs. XRE.TO - Drawdown Comparison

The maximum USMV drawdown since its inception was -33.10%, smaller than the maximum XRE.TO drawdown of -65.09%. Use the drawdown chart below to compare losses from any high point for USMV and XRE.TO.

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Drawdown Indicators

USMVXRE.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.10%

-65.09%

+31.99%

Max Drawdown (1Y)

Largest decline over 1 year

-6.46%

-8.46%

+2.00%

Max Drawdown (3Y)

Largest decline over 3 years

-9.36%

-24.64%

+15.28%

Max Drawdown (5Y)

Largest decline over 5 years

-17.93%

-37.30%

+19.37%

Max Drawdown (10Y)

Largest decline over 10 years

-33.10%

-51.15%

+18.05%

Current Drawdown

Current decline from peak

-1.40%

-11.31%

+9.91%

Average Drawdown

Average peak-to-trough decline

-2.87%

-14.38%

+11.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.95%

3.46%

-1.51%

Volatility

USMV vs. XRE.TO - Volatility Comparison

The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.70%, while iShares S&P/TSX Capped REIT Index ETF (XRE.TO) has a volatility of 3.12%. This indicates that USMV experiences smaller price fluctuations and is considered to be less risky than XRE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USMVXRE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.70%

3.12%

-0.42%

Volatility (6M)

Calculated over the trailing 6-month period

6.02%

9.45%

-3.43%

Volatility (1Y)

Calculated over the trailing 1-year period

8.56%

12.56%

-4.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.36%

17.70%

-5.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.51%

19.12%

-4.61%

USMV vs. XRE.TO - Expense Ratio Comparison

USMV has a 0.15% expense ratio, which is lower than XRE.TO's 0.61% expense ratio.

Dividends

USMV vs. XRE.TO - Dividend Comparison

USMV's dividend yield for the trailing twelve months is around 1.53%, less than XRE.TO's 4.34% yield.

PositionTTM20252024202320222021202020192018201720162015
USMV
iShares MSCI USA Min Vol Factor ETF		1.53%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%
XRE.TO
iShares S&P/TSX Capped REIT Index ETF		4.34%5.00%5.55%4.52%4.85%2.62%4.50%4.88%4.86%4.77%5.27%5.66%

Frequently Asked Questions

USMV and XRE.TO have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, USMV is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

USMV is cheaper with a 0.15% expense ratio, compared with 0.61% for XRE.TO.

USMV is categorized as Large Cap Blend Equities, while XRE.TO is REIT. USMV tracks MSCI USA Minimum Volatility Index, while XRE.TO tracks Morningstar DM REIT NR CAD. Their fees differ too: 0.15% for USMV and 0.61% for XRE.TO.

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