PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XCS.TO vs. HCA.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XCS.TO vs. HCA.TO

Last updated Jun 5, 2026

XCS.TO (iShares S&P/TSX SmallCap Index ETF) and HCA.TO (Hamilton Canadian Bank Mean Reversion Index ETF) are both Canada Equities funds - XCS.TO tracks the Morningstar Canada Sml GR CAD while HCA.TO tracks the Solactive Canadian Bank Mean Reversion Index. Both are passively managed. Over the past 5 years, XCS.TO returned 12.50%/yr vs 28.89%/yr for HCA.TO. At a 0.45 correlation, their price movements are largely independent. XCS.TO charges 0.60%/yr vs 0.45%/yr for HCA.TO.

Performance

XCS.TO vs. HCA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX SmallCap Index ETF (XCS.TO) and Hamilton Canadian Bank Mean Reversion Index ETF (HCA.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XCS.TO achieves a 24.60% return, which is significantly higher than HCA.TO's 23.36% return.

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%

HCA.TO

1D
1.32%
1M
8.67%
YTD
23.36%
6M
26.59%
1Y
66.74%
3Y*
45.48%
5Y*
28.89%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020
XCS.TO
iShares S&P/TSX SmallCap Index ETF		24.60%43.37%18.11%4.17%-8.95%7.46%34.85%
HCA.TO
Hamilton Canadian Bank Mean Reversion Index ETF		23.36%51.09%33.32%26.95%-4.34%48.13%23.46%

Correlation

The correlation between XCS.TO and HCA.TO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.30

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

0.42

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

0.47

Correlation (All Time)
Calculated using the full available price history since Jun 30, 2020

0.45

The correlation between XCS.TO and HCA.TO shifts across timeframes, from 0.30 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
XCS.TO
HCA.TO

Basic Materials

30.3%

-

Energy

24.5%

-

Industrials

12.3%

-

Real Estate

9.7%

-

Financial Services

5.0%
100.0%

Healthcare

4.8%

-

Technology

4.3%

-

Consumer Cyclical

3.7%

-

Consumer Defensive

2.7%

-

Utilities

1.7%

-

Communication Services

1.0%

-

Basic Materials

XCS.TO
30.3%
HCA.TO

-

Energy

XCS.TO
24.5%
HCA.TO

-

Industrials

XCS.TO
12.3%
HCA.TO

-

Real Estate

XCS.TO
9.7%
HCA.TO

-

Financial Services

XCS.TO
5.0%
HCA.TO
100.0%

Healthcare

XCS.TO
4.8%
HCA.TO

-

Technology

XCS.TO
4.3%
HCA.TO

-

Consumer Cyclical

XCS.TO
3.7%
HCA.TO

-

Consumer Defensive

XCS.TO
2.7%
HCA.TO

-

Utilities

XCS.TO
1.7%
HCA.TO

-

Communication Services

XCS.TO
1.0%
HCA.TO

-

Compare stocks, funds, or ETFs

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

iShares S&P/TSX SmallCap Index ETF

Hamilton Canadian Bank Mean Reversion Index ETF

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
Often compared with HCA.TO:
HCA.TO vs. HCAL.TOHCA.TO vs. HEB.TOHCA.TO vs. VCE.TOHCA.TO vs. PMIF.TOHCA.TO vs. XIC.TOHCA.TO vs. LMAX.TOHCA.TO vs. FCCM.NEO

Return for Risk

XCS.TO vs. HCA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
HCA.TO
HCA.TO Risk / Return Rank: 9797
Overall Rank
HCA.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
HCA.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
HCA.TO Omega Ratio Rank: 9898
Omega Ratio Rank
HCA.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
HCA.TO Martin Ratio Rank: 9696
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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX SmallCap Index ETF (XCS.TO) and Hamilton Canadian Bank Mean Reversion Index ETF (HCA.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.

XCS.TOHCA.TODifference
Sharpe ratioReturn per unit of total volatility
2.95
5.16

-2.21

Sortino ratioReturn per unit of downside risk
3.35
7.53

-4.19

Omega ratioGain probability vs. loss probability

1.51

2.03

-0.52

Calmar ratioReturn relative to maximum drawdown

4.37

7.87

-3.50

Martin ratioReturn relative to average drawdown

14.97

35.72

-20.75

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XCS.TO vs. HCA.TO - Sharpe Ratio Comparison

The current XCS.TO Sharpe Ratio is 2.95, which is lower than the HCA.TO Sharpe Ratio of 5.16. The chart below compares the historical Sharpe Ratios of XCS.TO and HCA.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.

Loading charts...

Sharpe Ratios by Period

XCS.TOHCA.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.95

5.16

-2.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.62

1.92

-1.31

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.49

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.24

2.22

-1.98

Drawdowns

XCS.TO vs. HCA.TO - Drawdown Comparison

The maximum XCS.TO drawdown since its inception was -61.18%, which is greater than HCA.TO's maximum drawdown of -17.82%. Use the drawdown chart below to compare losses from any high point for XCS.TO and HCA.TO.

Loading charts...

Drawdown Indicators

XCS.TOHCA.TODifference

Max Drawdown

Largest peak-to-trough decline

-61.18%

-17.82%

-43.36%

Max Drawdown (1Y)

Largest decline over 1 year

-14.58%

-8.52%

-6.06%

Max Drawdown (3Y)

Largest decline over 3 years

-15.54%

-12.51%

-3.03%

Max Drawdown (5Y)

Largest decline over 5 years

-34.63%

-17.82%

-16.81%

Max Drawdown (10Y)

Largest decline over 10 years

-50.44%

—

—

Current Drawdown

Current decline from peak

-0.44%

0.00%

-0.44%

Average Drawdown

Average peak-to-trough decline

-16.95%

-3.35%

-13.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.25%

1.87%

+2.38%

Volatility

XCS.TO vs. HCA.TO - Volatility Comparison

iShares S&P/TSX SmallCap Index ETF (XCS.TO) has a higher volatility of 4.59% compared to Hamilton Canadian Bank Mean Reversion Index ETF (HCA.TO) at 4.21%. This indicates that XCS.TO's price experiences larger fluctuations and is considered to be riskier than HCA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XCS.TOHCA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.59%

4.21%

+0.38%

Volatility (6M)

Calculated over the trailing 6-month period

17.36%

11.28%

+6.08%

Volatility (1Y)

Calculated over the trailing 1-year period

21.62%

12.99%

+8.63%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.42%

15.12%

+5.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.41%

15.10%

+5.31%

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

XCS.TO has a 0.60% expense ratio, which is higher than HCA.TO's 0.45% expense ratio.

Dividends

XCS.TO vs. HCA.TO - Dividend Comparison

XCS.TO's dividend yield for the trailing twelve months is around 1.02%, less than HCA.TO's 2.83% yield.

PositionTTM20252024202320222021202020192018201720162015
HCA.TO
Hamilton Canadian Bank Mean Reversion Index ETF		2.83%5.59%15.89%20.26%16.23%11.79%3.54%0.00%0.00%0.00%0.00%0.00%
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

XCS.TO and HCA.TO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, HCA.TO is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

HCA.TO is cheaper with a 0.45% expense ratio, compared with 0.60% for XCS.TO.

XCS.TO tracks Morningstar Canada Sml GR CAD, while HCA.TO tracks Solactive Canadian Bank Mean Reversion Index. They also come from different issuers: iShares and Hamilton. Their fees differ too: 0.60% for XCS.TO and 0.45% for HCA.TO.

Portfolio Optimizer

Find the right allocation for XCS.TO and HCA.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer