XCG.TO vs. TLV.TO

Last updated Jun 5, 2026

XCG.TO (iShares Canadian Growth Index ETF) and TLV.TO (Invesco S&P/TSX Composite Low Volatility Index ETF) are both Canada Equities funds - XCG.TO tracks the Morningstar Canada GR CAD while TLV.TO tracks the S&P/TSX Composite Low Volatility Index. Both are passively managed. Over the past 10 years, XCG.TO returned 9.54%/yr vs 8.72%/yr for TLV.TO. A 0.52 correlation means they provide meaningful diversification when combined. XCG.TO charges 0.55%/yr vs 0.33%/yr for TLV.TO.

Performance

XCG.TO vs. TLV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Canadian Growth Index ETF (XCG.TO) and Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCG.TO achieves a 2.86% return, which is significantly lower than TLV.TO's 11.32% return. Over the past 10 years, XCG.TO has outperformed TLV.TO with an annualized return of 9.54%, while TLV.TO has yielded a comparatively lower 8.72% annualized return.

XCG.TO

• 1D: 0.92%
• 1M: 3.98%
• YTD: 2.86%
• 6M: -4.93%
• 1Y: 5.89%
• 3Y*: 13.77%
• 5Y*: 8.36%
• 10Y*: 9.54%

TLV.TO

• 1D: 0.44%
• 1M: 2.44%
• YTD: 11.32%
• 6M: 13.07%
• 1Y: 25.31%
• 3Y*: 19.00%
• 5Y*: 10.88%
• 10Y*: 8.72%

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

XCG.TO vs. TLV.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XCG.TO iShares Canadian Growth Index ETF	2.86%	9.37%	21.40%	17.43%	-11.67%	15.98%	11.25%	28.29%	-6.14%	7.03%
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF	11.32%	22.51%	20.36%	4.75%	-10.22%	21.67%	-6.10%	22.29%	-6.62%	10.15%

Correlation

The correlation between XCG.TO and TLV.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since May 4, 2012	0.52

The correlation between XCG.TO and TLV.TO shifts across timeframes, from 0.32 (1 year) to 0.54 (10 years), reflecting how their relationship changes across market environments.

XCG.TO vs. TLV.TO - Sectors Allocation Comparison

Sectors	XCG.TO	TLV.TO
Basic Materials	27.2%	1.5%
Industrials	22.4%	3.2%
Technology	17.0%	-
Financial Services	10.0%	24.5%
Energy	9.7%	7.8%
Consumer Cyclical	7.2%	3.1%
Consumer Defensive	4.6%	9.5%
Communication Services	1.5%	6.4%
Real Estate	0.4%	27.8%
Healthcare	-	1.7%
Utilities	-	14.3%

Return for Risk

XCG.TO vs. TLV.TO — Risk / Return Rank

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

XCG.TO

XCG.TO Risk / Return Rank: 14
XCG.TO Sharpe Ratio Rank: 14
XCG.TO Sortino Ratio Rank: 13
XCG.TO Omega Ratio Rank: 14
XCG.TO Calmar Ratio Rank: 14
XCG.TO Martin Ratio Rank: 15

TLV.TO

TLV.TO Risk / Return Rank: 94
TLV.TO Sharpe Ratio Rank: 93
TLV.TO Sortino Ratio Rank: 95
TLV.TO Omega Ratio Rank: 95
TLV.TO Calmar Ratio Rank: 92
TLV.TO Martin Ratio Rank: 95

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.

XCG.TO vs. TLV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Growth Index ETF (XCG.TO) and Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.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.

	XCG.TO	TLV.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.30	3.44	-3.14
Sortino ratio: Return per unit of downside risk	0.52	5.17	-4.66
Omega ratio: Gain probability vs. loss probability	1.07	1.70	-0.63
Calmar ratio: Return relative to maximum drawdown	0.39	6.25	-5.86
Martin ratio: Return relative to average drawdown	1.12	28.68	-27.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCG.TO vs. TLV.TO - Sharpe Ratio Comparison

The current XCG.TO Sharpe Ratio is 0.30, which is lower than the TLV.TO Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of XCG.TO and TLV.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

	XCG.TO	TLV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.30	3.44	-3.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	1.10	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.69	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.80	-0.44

Drawdowns

XCG.TO vs. TLV.TO - Drawdown Comparison

The maximum XCG.TO drawdown since its inception was -52.64%, which is greater than TLV.TO's maximum drawdown of -37.68%. Use the drawdown chart below to compare losses from any high point for XCG.TO and TLV.TO.

Drawdown Indicators

	XCG.TO	TLV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-52.64%	-37.68%	-14.96%
Max Drawdown (1Y) Largest decline over 1 year	-15.27%	-4.07%	-11.20%
Max Drawdown (3Y) Largest decline over 3 years	-15.27%	-9.83%	-5.44%
Max Drawdown (5Y) Largest decline over 5 years	-21.61%	-19.36%	-2.25%
Max Drawdown (10Y) Largest decline over 10 years	-32.14%	-37.68%	+5.54%
Current Drawdown Current decline from peak	-6.45%	-0.31%	-6.14%
Average Drawdown Average peak-to-trough decline	-10.87%	-4.06%	-6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.26%	0.88%	+4.38%

Volatility

XCG.TO vs. TLV.TO - Volatility Comparison

iShares Canadian Growth Index ETF (XCG.TO) has a higher volatility of 5.11% compared to Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO) at 2.87%. This indicates that XCG.TO's price experiences larger fluctuations and is considered to be riskier than TLV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCG.TO	TLV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.11%	2.87%	+2.24%
Volatility (6M) Calculated over the trailing 6-month period	17.02%	5.78%	+11.24%
Volatility (1Y) Calculated over the trailing 1-year period	20.07%	7.41%	+12.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.88%	9.94%	+5.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.48%	12.68%	+3.80%

XCG.TO vs. TLV.TO - Expense Ratio Comparison

XCG.TO has a 0.55% expense ratio, which is higher than TLV.TO's 0.33% expense ratio.

Dividends

XCG.TO vs. TLV.TO - Dividend Comparison

XCG.TO's dividend yield for the trailing twelve months is around 0.49%, less than TLV.TO's 3.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF	3.01%	3.25%	3.40%	4.12%	4.01%	2.49%	2.75%	3.74%	4.28%	3.58%	3.46%	4.08%
XCG.TO iShares Canadian Growth Index ETF	0.49%	0.45%	0.60%	1.33%	1.59%	1.46%	1.69%	1.53%	1.65%	1.03%	0.97%	0.72%

Frequently Asked Questions

Can I hold both XCG.TO and TLV.TO in my portfolio?

XCG.TO and TLV.TO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XCG.TO or TLV.TO?

On fees, TLV.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XCG.TO or TLV.TO?

TLV.TO is cheaper with a 0.33% expense ratio, compared with 0.55% for XCG.TO.

What is the main difference between XCG.TO and TLV.TO?

XCG.TO tracks Morningstar Canada GR CAD, while TLV.TO tracks S&P/TSX Composite Low Volatility Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.55% for XCG.TO and 0.33% for TLV.TO.