XAW.TO vs. XUU-U.TO

Last updated Jun 4, 2026

XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) and XUU-U.TO (iShares Core S&P U.S. Total Market Index ETF) are both exchange-traded funds - XAW.TO is a Global Equities fund tracking the Morningstar Gbl GR CAD, while XUU-U.TO is a Large Cap Blend Equities fund tracking the S&P Total Market Index. Both are passively managed. Over the past 5 years, XAW.TO returned 13.96%/yr vs 15.74%/yr for XUU-U.TO. At a 0.34 correlation, their price movements are largely independent. XAW.TO charges 0.22%/yr vs 0.08%/yr for XUU-U.TO.

Performance

XAW.TO vs. XUU-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) and iShares Core S&P U.S. Total Market Index ETF (XUU-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, XAW.TO achieves a 13.70% return, which is significantly higher than XUU-U.TO's 12.58% return.

XAW.TO

• 1D: -0.37%
• 1M: 7.13%
• YTD: 13.70%
• 6M: 12.70%
• 1Y: 30.51%
• 3Y*: 21.73%
• 5Y*: 13.96%
• 10Y*: 13.22%

XUU-U.TO

• 1D: 0.03%
• 1M: 7.44%
• YTD: 12.58%
• 6M: 10.92%
• 1Y: 29.83%
• 3Y*: 22.81%
• 5Y*: 15.74%
• 10Y*: —

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

XAW.TO vs. XUU-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF	13.70%	15.87%	26.31%	18.45%	-11.84%	18.38%	12.37%	6.12%
XUU-U.TO iShares Core S&P U.S. Total Market Index ETF	12.58%	11.00%	33.03%	23.73%	-14.72%	26.98%	16.71%	6.48%

Correlation

The correlation between XAW.TO and XUU-U.TO is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (All Time) Calculated using the full available price history since Oct 23, 2019	0.34

Over the past year, XAW.TO and XUU-U.TO have become more correlated (0.67) than their long-term average of 0.34, meaning their price movements have been converging.

Return for Risk

XAW.TO vs. XUU-U.TO — Risk / Return Rank

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

XAW.TO

XAW.TO Risk / Return Rank: 76
XAW.TO Sharpe Ratio Rank: 75
XAW.TO Sortino Ratio Rank: 76
XAW.TO Omega Ratio Rank: 78
XAW.TO Calmar Ratio Rank: 74
XAW.TO Martin Ratio Rank: 77

XUU-U.TO

XUU-U.TO Risk / Return Rank: 72
XUU-U.TO Sharpe Ratio Rank: 71
XUU-U.TO Sortino Ratio Rank: 69
XUU-U.TO Omega Ratio Rank: 81
XUU-U.TO Calmar Ratio Rank: 64
XUU-U.TO Martin Ratio Rank: 77

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.

XAW.TO vs. XUU-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) and iShares Core S&P U.S. Total Market Index ETF (XUU-U.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.

	XAW.TO	XUU-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.51	-0.01
Sortino ratio: Return per unit of downside risk	3.49	3.34	+0.14
Omega ratio: Gain probability vs. loss probability	1.48	1.49	-0.01
Calmar ratio: Return relative to maximum drawdown	3.76	3.49	+0.27
Martin ratio: Return relative to average drawdown	15.15	13.31	+1.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XAW.TO vs. XUU-U.TO - Sharpe Ratio Comparison

The current XAW.TO Sharpe Ratio is 2.50, which is comparable to the XUU-U.TO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of XAW.TO and XUU-U.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.

Sharpe Ratios by Period

	XAW.TO	XUU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	2.51	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	0.97	+0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.88	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.96	-0.18

Drawdowns

XAW.TO vs. XUU-U.TO - Drawdown Comparison

The maximum XAW.TO drawdown since its inception was -27.32%, which is greater than XUU-U.TO's maximum drawdown of -24.77%. Use the drawdown chart below to compare losses from any high point for XAW.TO and XUU-U.TO.

Drawdown Indicators

	XAW.TO	XUU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.32%	-24.77%	-2.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.16%	-8.58%	+0.42%
Max Drawdown (3Y) Largest decline over 3 years	-16.66%	-20.06%	+3.40%
Max Drawdown (5Y) Largest decline over 5 years	-21.02%	-22.68%	+1.66%
Max Drawdown (10Y) Largest decline over 10 years	-27.32%	—	—
Current Drawdown Current decline from peak	-0.37%	0.00%	-0.37%
Average Drawdown Average peak-to-trough decline	-3.91%	-4.88%	+0.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	2.25%	-0.23%

Volatility

XAW.TO vs. XUU-U.TO - Volatility Comparison

iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a higher volatility of 4.21% compared to iShares Core S&P U.S. Total Market Index ETF (XUU-U.TO) at 2.86%. This indicates that XAW.TO's price experiences larger fluctuations and is considered to be riskier than XUU-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XAW.TO	XUU-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	2.86%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	9.19%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	12.25%	11.93%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.56%	16.25%	-2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.12%	17.36%	-2.24%

XAW.TO vs. XUU-U.TO - Expense Ratio Comparison

XAW.TO has a 0.22% expense ratio, which is higher than XUU-U.TO's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XAW.TO vs. XUU-U.TO - Dividend Comparison

XAW.TO's dividend yield for the trailing twelve months is around 1.17%, more than XUU-U.TO's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF	1.17%	1.33%	1.61%	1.71%	1.79%	1.77%	1.49%	2.02%	2.29%	1.92%	1.80%	1.83%
XUU-U.TO iShares Core S&P U.S. Total Market Index ETF	0.74%	0.83%	0.76%	0.85%	1.01%	0.77%	0.90%	0.38%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XAW.TO and XUU-U.TO in my portfolio?

XAW.TO and XUU-U.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XAW.TO or XUU-U.TO?

On fees, XUU-U.TO is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XAW.TO or XUU-U.TO?

XUU-U.TO is cheaper with a 0.08% expense ratio, compared with 0.22% for XAW.TO.

What is the main difference between XAW.TO and XUU-U.TO?

XAW.TO is categorized as Global Equities, while XUU-U.TO is Large Cap Blend Equities. XAW.TO tracks Morningstar Gbl GR CAD, while XUU-U.TO tracks S&P Total Market Index. Their fees differ too: 0.22% for XAW.TO and 0.08% for XUU-U.TO.