XCS.TO vs. HXH.TO
XCS.TO (iShares S&P/TSX SmallCap Index ETF) and HXH.TO (Global X Canadian High Dividend Index Corporate Class ETF) are both Canada Equities funds - XCS.TO tracks the Morningstar Canada Sml GR CAD while HXH.TO tracks the Solactive Canadian High Dividend Yield Index. Both are passively managed. Over the past 10 years, XCS.TO returned 9.94%/yr vs 11.74%/yr for HXH.TO. At a 0.46 correlation, their price movements are largely independent. XCS.TO charges 0.60%/yr vs 0.11%/yr for HXH.TO.
Performance
XCS.TO vs. HXH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCS.TO achieves a 23.53% return, which is significantly higher than HXH.TO's 20.31% return. Over the past 10 years, XCS.TO has underperformed HXH.TO with an annualized return of 9.94%, while HXH.TO has yielded a comparatively higher 11.74% annualized return.
XCS.TO
- 1D
- -1.30%
- 1M
- 4.71%
- YTD
- 23.53%
- 6M
- 21.57%
- 1Y
- 62.19%
- 3Y*
- 29.24%
- 5Y*
- 12.30%
- 10Y*
- 9.94%
HXH.TO
- 1D
- 0.07%
- 1M
- 3.71%
- YTD
- 20.31%
- 6M
- 22.05%
- 1Y
- 40.82%
- 3Y*
- 21.85%
- 5Y*
- 16.07%
- 10Y*
- 11.74%
XCS.TO vs. HXH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XCS.TO iShares S&P/TSX SmallCap Index ETF | 23.53% | 43.37% | 18.11% | 4.17% | -8.95% | 7.46% | 13.10% | 17.62% | -19.51% | 2.27% |
HXH.TO Global X Canadian High Dividend Index Corporate Class ETF | 20.31% | 25.86% | 15.24% | 6.33% | 5.00% | 34.51% | -7.66% | 22.17% | -14.86% | 8.10% |
Correlation
The correlation between XCS.TO and HXH.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Apr 13, 2016 | 0.46 |
Over the past year, the correlation between XCS.TO and HXH.TO has dropped to 0.21 - well below their long-term average of 0.46, suggesting their price drivers have been diverging.
XCS.TO vs. HXH.TO - Sectors Allocation Comparison
Sectors
XCS.TO
HXH.TO
Basic Materials
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Energy
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Industrials
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Real Estate
Financial Services
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Healthcare
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Technology
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Consumer Cyclical
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Consumer Defensive
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Utilities
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Communication Services
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Basic Materials
XCS.TO
HXH.TO
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Energy
XCS.TO
HXH.TO
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Industrials
XCS.TO
HXH.TO
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Real Estate
XCS.TO
HXH.TO
Financial Services
XCS.TO
HXH.TO
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Healthcare
XCS.TO
HXH.TO
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Technology
XCS.TO
HXH.TO
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Consumer Cyclical
XCS.TO
HXH.TO
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Consumer Defensive
XCS.TO
HXH.TO
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Utilities
XCS.TO
HXH.TO
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Communication Services
XCS.TO
HXH.TO
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Return for Risk
XCS.TO vs. HXH.TO — Risk / Return Rank
XCS.TO
HXH.TO
XCS.TO vs. HXH.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 Global X Canadian High Dividend Index Corporate Class ETF (HXH.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.TO | HXH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.09 | ||
| Sortino ratioReturn per unit of downside risk | -4.22 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 2.08 | -0.57 |
| Calmar ratioReturn relative to maximum drawdown | 4.29 | 16.25 | -11.96 |
| Martin ratioReturn relative to average drawdown | 14.67 | 50.77 | -36.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XCS.TO | HXH.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.89 | 4.99 | -2.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | 1.33 | -0.72 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | 0.74 | -0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 0.76 | -0.52 |
Drawdowns
XCS.TO vs. HXH.TO - Drawdown Comparison
The maximum XCS.TO drawdown since its inception was -61.18%, which is greater than HXH.TO's maximum drawdown of -40.80%. Use the drawdown chart below to compare losses from any high point for XCS.TO and HXH.TO.
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Drawdown Indicators
| XCS.TO | HXH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.18% | -40.80% | -20.38% |
Max Drawdown (1Y)Largest decline over 1 year | -14.58% | -2.52% | -12.06% |
Max Drawdown (3Y)Largest decline over 3 years | -15.54% | -10.55% | -4.99% |
Max Drawdown (5Y)Largest decline over 5 years | -34.63% | -15.88% | -18.75% |
Max Drawdown (10Y)Largest decline over 10 years | -50.44% | -40.80% | -9.64% |
Current DrawdownCurrent decline from peak | -1.30% | -0.73% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -16.96% | -4.86% | -12.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.25% | 0.81% | +3.44% |
Volatility
XCS.TO vs. HXH.TO - Volatility Comparison
iShares S&P/TSX SmallCap Index ETF (XCS.TO) has a higher volatility of 4.56% compared to Global X Canadian High Dividend Index Corporate Class ETF (HXH.TO) at 3.02%. This indicates that XCS.TO's price experiences larger fluctuations and is considered to be riskier than HXH.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.TO | HXH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.56% | 3.02% | +1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 17.35% | 6.79% | +10.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.66% | 8.23% | +13.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.42% | 12.18% | +8.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.41% | 16.05% | +4.36% |
XCS.TO vs. HXH.TO - Expense Ratio Comparison
XCS.TO has a 0.60% expense ratio, which is higher than HXH.TO's 0.11% expense ratio.
Dividends
XCS.TO vs. HXH.TO - Dividend Comparison
XCS.TO's dividend yield for the trailing twelve months is around 1.03%, while HXH.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HXH.TO Global X Canadian High Dividend Index Corporate Class ETF | 0.00% | 0.00% | 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 | 1.03% | 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 HXH.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HXH.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HXH.TO is cheaper with a 0.11% expense ratio, compared with 0.60% for XCS.TO.
XCS.TO tracks Morningstar Canada Sml GR CAD, while HXH.TO tracks Solactive Canadian High Dividend Yield Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.60% for XCS.TO and 0.11% for HXH.TO.
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