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XCG.TO vs. XCS.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XCG.TO vs. XCS.TO

Last updated Jun 5, 2026

XCG.TO (iShares Canadian Growth Index ETF) and XCS.TO (iShares S&P/TSX SmallCap Index ETF) are both Canada Equities funds from iShares - XCG.TO tracks the Morningstar Canada GR CAD while XCS.TO tracks the Morningstar Canada Sml GR CAD. Both are passively managed. Over the past 10 years, XCG.TO returned 9.54%/yr vs 9.98%/yr for XCS.TO. A 0.62 correlation means they provide meaningful diversification when combined. XCG.TO charges 0.55%/yr vs 0.60%/yr for XCS.TO.

Performance

XCG.TO vs. XCS.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 iShares S&P/TSX SmallCap Index ETF (XCS.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, XCG.TO achieves a 2.86% return, which is significantly lower than XCS.TO's 24.60% return. Both investments have delivered pretty close results over the past 10 years, with XCG.TO having a 9.54% annualized return and XCS.TO not far ahead at 9.98%.

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%

XCS.TO

1D
0.87%
1M
5.01%
YTD
24.60%
6M
21.86%
1Y
63.46%
3Y*
29.60%
5Y*
12.50%
10Y*
9.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
XCS.TO
iShares S&P/TSX SmallCap Index ETF		24.60%43.37%18.11%4.17%-8.95%7.46%13.10%17.62%-19.51%2.27%

Correlation

The correlation between XCG.TO and XCS.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

0.62

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

0.61

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

0.55

Correlation (All Time)
Calculated using the full available price history since May 22, 2007

0.62

The correlation between XCG.TO and XCS.TO shifts across timeframes, from 0.55 (10 years) to 0.67 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
XCG.TO
XCS.TO

Basic Materials

27.2%
30.3%

Industrials

22.4%
12.3%

Technology

17.0%
4.3%

Financial Services

10.0%
5.0%

Energy

9.7%
24.5%

Consumer Cyclical

7.2%
3.7%

Consumer Defensive

4.6%
2.7%

Communication Services

1.5%
1.0%

Real Estate

0.4%
9.7%

Healthcare

-

4.8%

Utilities

-

1.7%

Basic Materials

XCG.TO
27.2%
XCS.TO
30.3%

Industrials

XCG.TO
22.4%
XCS.TO
12.3%

Technology

XCG.TO
17.0%
XCS.TO
4.3%

Financial Services

XCG.TO
10.0%
XCS.TO
5.0%

Energy

XCG.TO
9.7%
XCS.TO
24.5%

Consumer Cyclical

XCG.TO
7.2%
XCS.TO
3.7%

Consumer Defensive

XCG.TO
4.6%
XCS.TO
2.7%

Communication Services

XCG.TO
1.5%
XCS.TO
1.0%

Real Estate

XCG.TO
0.4%
XCS.TO
9.7%

Healthcare

XCG.TO

-

XCS.TO
4.8%

Utilities

XCG.TO

-

XCS.TO
1.7%

Compare stocks, funds, or ETFs

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iShares Canadian Growth Index ETF

iShares S&P/TSX SmallCap Index ETF

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Often compared with XCS.TO:
XCS.TO vs. XCV.TOXCS.TO vs. XMD.TOXCS.TO vs. XCSR.TOXCS.TO vs. XEI.TOXCS.TO vs. VBRXCS.TO vs. XUS.TOXCS.TO vs. VEQT.TO

Return for Risk

XCG.TO vs. XCS.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: 1414
Overall Rank
XCG.TO Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
XCG.TO Sortino Ratio Rank: 1313
Sortino Ratio Rank
XCG.TO Omega Ratio Rank: 1414
Omega Ratio Rank
XCG.TO Calmar Ratio Rank: 1414
Calmar Ratio Rank
XCG.TO Martin Ratio Rank: 1515
Martin Ratio Rank
XCS.TO
XCS.TO Risk / Return Rank: 8282
Overall Rank
XCS.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
XCS.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
XCS.TO Omega Ratio Rank: 8585
Omega Ratio Rank
XCS.TO Calmar Ratio Rank: 8383
Calmar Ratio Rank
XCS.TO Martin Ratio Rank: 7979
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Growth Index ETF (XCG.TO) and iShares S&P/TSX SmallCap Index ETF (XCS.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.TOXCS.TODifference
Sharpe ratioReturn per unit of total volatility
0.30
2.95

-2.65

Sortino ratioReturn per unit of downside risk
0.52
3.35

-2.83

Omega ratioGain probability vs. loss probability

1.07

1.51

-0.44

Calmar ratioReturn relative to maximum drawdown

0.39

4.37

-3.99

Martin ratioReturn relative to average drawdown

1.12

14.97

-13.85

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. XCS.TO - Sharpe Ratio Comparison

The current XCG.TO Sharpe Ratio is 0.30, which is lower than the XCS.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of XCG.TO and XCS.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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Sharpe Ratios by Period

XCG.TOXCS.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.30

2.95

-2.65

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

0.62

-0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.58

0.49

+0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

0.24

+0.13

Drawdowns

XCG.TO vs. XCS.TO - Drawdown Comparison

The maximum XCG.TO drawdown since its inception was -52.64%, smaller than the maximum XCS.TO drawdown of -61.18%. Use the drawdown chart below to compare losses from any high point for XCG.TO and XCS.TO.

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Drawdown Indicators

XCG.TOXCS.TODifference

Max Drawdown

Largest peak-to-trough decline

-52.64%

-61.18%

+8.54%

Max Drawdown (1Y)

Largest decline over 1 year

-15.27%

-14.58%

-0.69%

Max Drawdown (3Y)

Largest decline over 3 years

-15.27%

-15.54%

+0.27%

Max Drawdown (5Y)

Largest decline over 5 years

-21.61%

-34.63%

+13.02%

Max Drawdown (10Y)

Largest decline over 10 years

-32.14%

-50.44%

+18.30%

Current Drawdown

Current decline from peak

-6.45%

-0.44%

-6.01%

Average Drawdown

Average peak-to-trough decline

-10.87%

-16.95%

+6.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.26%

4.25%

+1.01%

Volatility

XCG.TO vs. XCS.TO - Volatility Comparison

iShares Canadian Growth Index ETF (XCG.TO) has a higher volatility of 5.11% compared to iShares S&P/TSX SmallCap Index ETF (XCS.TO) at 4.59%. This indicates that XCG.TO's price experiences larger fluctuations and is considered to be riskier than XCS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XCG.TOXCS.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.11%

4.59%

+0.52%

Volatility (6M)

Calculated over the trailing 6-month period

17.02%

17.36%

-0.34%

Volatility (1Y)

Calculated over the trailing 1-year period

20.07%

21.62%

-1.55%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.88%

20.42%

-4.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.48%

20.41%

-3.93%

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

XCG.TO has a 0.55% expense ratio, which is lower than XCS.TO's 0.60% expense ratio.

Dividends

XCG.TO vs. XCS.TO - Dividend Comparison

XCG.TO's dividend yield for the trailing twelve months is around 0.49%, less than XCS.TO's 1.02% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XCS.TO
iShares S&P/TSX SmallCap Index ETF		1.02%1.36%1.73%2.59%2.07%1.51%1.78%2.27%2.12%1.81%1.46%2.34%

Frequently Asked Questions

XCG.TO and XCS.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.

On fees, XCG.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XCG.TO is cheaper with a 0.55% expense ratio, compared with 0.60% for XCS.TO.

XCG.TO tracks Morningstar Canada GR CAD, while XCS.TO tracks Morningstar Canada Sml GR CAD. Their fees differ too: 0.55% for XCG.TO and 0.60% for XCS.TO.

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