XCS.TO vs. PSA.TO
XCS.TO (iShares S&P/TSX SmallCap Index ETF) and PSA.TO (Purpose High Interest Savings Fund) are both exchange-traded funds - XCS.TO is a Canada Equities fund tracking the Morningstar Canada Sml GR CAD, while PSA.TO is a Money Market fund actively managed by Purpose Investments. XCS.TO is passively managed, while PSA.TO is actively managed. Over the past 10 years, XCS.TO returned 8.32%/yr vs 2.27%/yr for PSA.TO. At a 0.03 correlation, their price movements are largely independent. XCS.TO charges 0.60%/yr vs 0.17%/yr for PSA.TO.
Performance
XCS.TO vs. PSA.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCS.TO achieves a 17.01% return, which is significantly higher than PSA.TO's 1.15% return. Over the past 10 years, XCS.TO has outperformed PSA.TO with an annualized return of 8.32%, while PSA.TO has yielded a comparatively lower 2.27% annualized return.
XCS.TO
- 1D
- -0.59%
- 1M
- -3.05%
- 6M
- 7.45%
- YTD
- 17.01%
- 1Y
- 39.27%
- 3Y*
- 24.26%
- 5Y*
- 11.38%
- 10Y*
- 8.32%
PSA.TO
- 1D
- 0.00%
- 1M
- 0.18%
- 6M
- 1.09%
- YTD
- 1.15%
- 1Y
- 2.31%
- 3Y*
- 3.61%
- 5Y*
- 3.21%
- 10Y*
- 2.27%
XCS.TO vs. PSA.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XCS.TO iShares S&P/TSX SmallCap Index ETF | 17.01% | 37.65% | 18.11% | 4.17% | -8.97% | 7.71% | 13.37% | 6.12% | -10.40% | 2.51% |
PSA.TO Purpose High Interest Savings Fund | 1.15% | 2.64% | 4.55% | 5.13% | 2.32% | 0.61% | 0.93% | 2.22% | 1.65% | 1.08% |
Correlation
The correlation between XCS.TO and PSA.TO is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 15, 2013 | 0.03 |
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Return for Risk
XCS.TO vs. PSA.TO — Risk / Return Rank
XCS.TO
PSA.TO
XCS.TO vs. PSA.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 Purpose High Interest Savings Fund (PSA.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| XCS.TO | PSA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.72 | ||
| Sortino ratioReturn per unit of downside risk | -21.29 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 5.76 | -4.46 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 115.87 | -113.16 |
| Martin ratioReturn relative to average drawdown | 8.06 | 353.52 | -345.46 |
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Drawdowns
XCS.TO vs. PSA.TO - Drawdown Comparison
The maximum XCS.TO drawdown since its inception was -62.43%, which is greater than PSA.TO's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for XCS.TO and PSA.TO.
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Drawdown Indicators
| XCS.TO | PSA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.43% | -0.04% | -62.39% |
Max Drawdown (1Y)Largest decline over 1 year | -14.58% | -0.02% | -14.56% |
Max Drawdown (3Y)Largest decline over 3 years | -15.55% | -0.02% | -15.53% |
Max Drawdown (5Y)Largest decline over 5 years | -35.08% | -0.04% | -35.04% |
Max Drawdown (10Y)Largest decline over 10 years | -51.50% | -0.04% | -51.46% |
Current DrawdownCurrent decline from peak | -6.51% | 0.00% | -6.51% |
Average DrawdownAverage peak-to-trough decline | -17.44% | -0.00% | -17.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.89% | 0.01% | +4.88% |
Volatility
XCS.TO vs. PSA.TO - Volatility Comparison
iShares S&P/TSX SmallCap Index ETF (XCS.TO) has a higher volatility of 4.63% compared to Purpose High Interest Savings Fund (PSA.TO) at 0.05%. This indicates that XCS.TO's price experiences larger fluctuations and is considered to be riskier than PSA.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 | PSA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.63% | 0.05% | +4.58% |
Volatility (6M)Calculated over the trailing 6-month period | 18.26% | 0.16% | +18.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.41% | 0.25% | +23.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.82% | 0.29% | +21.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.34% | 0.25% | +24.09% |
XCS.TO vs. PSA.TO - Expense Ratio Comparison
XCS.TO has a 0.60% expense ratio, which is higher than PSA.TO's 0.17% expense ratio.
Dividends
XCS.TO vs. PSA.TO - Dividend Comparison
XCS.TO's dividend yield for the trailing twelve months is around 1.30%, less than PSA.TO's 2.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSA.TO Purpose High Interest Savings Fund | 2.30% | 2.61% | 4.46% | 5.05% | 2.26% | 0.59% | 0.94% | 2.18% | 1.66% | 1.07% | 0.99% | 1.07% |
XCS.TO iShares S&P/TSX SmallCap Index ETF | 1.30% | 1.41% | 1.73% | 2.59% | 2.05% | 1.69% | 1.98% | 2.51% | 2.07% | 2.05% | 1.60% | 2.64% |
Frequently Asked Questions
XCS.TO and PSA.TO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PSA.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PSA.TO is cheaper with a 0.17% expense ratio, compared with 0.60% for XCS.TO.
XCS.TO is categorized as Canada Equities, while PSA.TO is Money Market. They also come from different issuers: iShares and Purpose Investments. Their fees differ too: 0.60% for XCS.TO and 0.17% for PSA.TO.
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