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

XCS.TO vs. HVOI.TO

Last updated Jun 5, 2026

XCS.TO (iShares S&P/TSX SmallCap Index ETF) and HVOI.TO (Harvest Low Volatility Canadian Equity Income ETF Class A) are both Canada Equities funds. XCS.TO is passively managed, while HVOI.TO is actively managed. Over the past year, XCS.TO returned 63.46% vs 15.85% for HVOI.TO. At a 0.41 correlation, their price movements are largely independent.

Performance

XCS.TO vs. HVOI.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 Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.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, XCS.TO achieves a 24.60% return, which is significantly higher than HVOI.TO's 6.96% 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%

HVOI.TO

1D
1.38%
1M
2.71%
YTD
6.96%
6M
8.24%
1Y
15.85%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025
XCS.TO
iShares S&P/TSX SmallCap Index ETF		24.60%48.43%
HVOI.TO
Harvest Low Volatility Canadian Equity Income ETF Class A		6.96%15.20%

Correlation

The correlation between XCS.TO and HVOI.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.45

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2025

0.41

Compare stocks, funds, or ETFs

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iShares S&P/TSX SmallCap Index ETF

Harvest Low Volatility Canadian Equity Income ETF Class A

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 HVOI.TO:
HVOI.TO vs. FCCV.TOHVOI.TO vs. TQCD.TOHVOI.TO vs. VCE.TOHVOI.TO vs. CANY.TOHVOI.TO vs. HHIC.TOHVOI.TO vs. XDV.TOHVOI.TO vs. XIC.TO

Return for Risk

XCS.TO vs. HVOI.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
HVOI.TO
HVOI.TO Risk / Return Rank: 5555
Overall Rank
HVOI.TO Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
HVOI.TO Sortino Ratio Rank: 5959
Sortino Ratio Rank
HVOI.TO Omega Ratio Rank: 5858
Omega Ratio Rank
HVOI.TO Calmar Ratio Rank: 4848
Calmar Ratio Rank
HVOI.TO Martin Ratio Rank: 5555
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. HVOI.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 Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.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.TOHVOI.TODifference
Sharpe ratioReturn per unit of total volatility
2.95
1.86

+1.09

Sortino ratioReturn per unit of downside risk
3.35
2.75

+0.60

Omega ratioGain probability vs. loss probability

1.51

1.35

+0.16

Calmar ratioReturn relative to maximum drawdown

4.37

2.37

+2.01

Martin ratioReturn relative to average drawdown

14.97

9.50

+5.47

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. HVOI.TO - Sharpe Ratio Comparison

The current XCS.TO Sharpe Ratio is 2.95, which is higher than the HVOI.TO Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of XCS.TO and HVOI.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

XCS.TOHVOI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.95

1.86

+1.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.62

—

—

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

2.40

-2.16

Drawdowns

XCS.TO vs. HVOI.TO - Drawdown Comparison

The maximum XCS.TO drawdown since its inception was -61.18%, which is greater than HVOI.TO's maximum drawdown of -6.72%. Use the drawdown chart below to compare losses from any high point for XCS.TO and HVOI.TO.

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Drawdown Indicators

XCS.TOHVOI.TODifference

Max Drawdown

Largest peak-to-trough decline

-61.18%

-6.72%

-54.46%

Max Drawdown (1Y)

Largest decline over 1 year

-14.58%

-6.72%

-7.86%

Max Drawdown (3Y)

Largest decline over 3 years

-15.54%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-34.63%

—

—

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%

-0.96%

-15.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.25%

1.68%

+2.57%

Volatility

XCS.TO vs. HVOI.TO - Volatility Comparison

iShares S&P/TSX SmallCap Index ETF (XCS.TO) has a higher volatility of 4.59% compared to Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) at 2.53%. This indicates that XCS.TO's price experiences larger fluctuations and is considered to be riskier than HVOI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XCS.TOHVOI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.59%

2.53%

+2.06%

Volatility (6M)

Calculated over the trailing 6-month period

17.36%

6.89%

+10.47%

Volatility (1Y)

Calculated over the trailing 1-year period

21.62%

8.58%

+13.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.42%

8.46%

+11.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.41%

8.46%

+11.95%

Dividends

XCS.TO vs. HVOI.TO - Dividend Comparison

XCS.TO's dividend yield for the trailing twelve months is around 1.02%, less than HVOI.TO's 6.87% yield.

PositionTTM20252024202320222021202020192018201720162015
HVOI.TO
Harvest Low Volatility Canadian Equity Income ETF Class A		6.87%4.76%0.00%0.00%0.00%0.00%0.00%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 HVOI.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: iShares and Harvest.

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