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

XCS.TO vs. VB

Last updated Jun 4, 2026

XCS.TO (iShares S&P/TSX SmallCap Index ETF) and VB (Vanguard Small-Cap ETF) are both exchange-traded funds - XCS.TO is a Canada Equities fund tracking the Morningstar Canada Sml GR CAD, while VB is a Small Cap Blend Equities fund tracking the CRSP US Small Cap Index. Both are passively managed. Over the past 10 years, XCS.TO returned 9.94%/yr vs 12.11%/yr for VB. At a 0.46 correlation, their price movements are largely independent. XCS.TO charges 0.60%/yr vs 0.05%/yr for VB.

Performance

XCS.TO vs. VB - 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 Vanguard Small-Cap ETF (VB). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XCS.TO is traded in CAD, while VB is traded in USD. To make them comparable, the VB values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XCS.TO achieves a 23.53% return, which is significantly higher than VB's 15.61% return. Over the past 10 years, XCS.TO has underperformed VB with an annualized return of 9.94%, while VB has yielded a comparatively higher 12.11% 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%

VB

1D
-0.25%
1M
5.58%
YTD
15.61%
6M
13.68%
1Y
30.48%
3Y*
18.41%
5Y*
10.17%
10Y*
12.11%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XCS.TO vs. VB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VB
Vanguard Small-Cap ETF		15.61%3.88%23.98%15.62%-11.63%16.51%17.18%21.08%-1.65%8.86%

Correlation

The correlation between XCS.TO and VB is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.44

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

0.50

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

0.53

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

0.48

Correlation (All Time)
Calculated using the full available price history since Jun 23, 2009

0.46

The correlation between XCS.TO and VB has been stable across timeframes, ranging from 0.44 to 0.53 - a consistent structural relationship.

XCS.TO vs. VB - Sectors Allocation Comparison

Sectors
XCS.TO
VB

Basic Materials

30.3%
4.8%

Energy

24.5%
4.7%

Industrials

12.3%
20.8%

Real Estate

9.7%
7.6%

Financial Services

5.0%
12.6%

Healthcare

4.8%
11.1%

Technology

4.3%
17.2%

Consumer Cyclical

3.7%
11.3%

Consumer Defensive

2.7%
3.4%

Utilities

1.7%
3.3%

Communication Services

1.0%
3.1%

Basic Materials

XCS.TO
30.3%
VB
4.8%

Energy

XCS.TO
24.5%
VB
4.7%

Industrials

XCS.TO
12.3%
VB
20.8%

Real Estate

XCS.TO
9.7%
VB
7.6%

Financial Services

XCS.TO
5.0%
VB
12.6%

Healthcare

XCS.TO
4.8%
VB
11.1%

Technology

XCS.TO
4.3%
VB
17.2%

Consumer Cyclical

XCS.TO
3.7%
VB
11.3%

Consumer Defensive

XCS.TO
2.7%
VB
3.4%

Utilities

XCS.TO
1.7%
VB
3.3%

Communication Services

XCS.TO
1.0%
VB
3.1%

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

Vanguard Small-Cap 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 VB:
VB vs. VBRVB vs. IJRVB vs. VBKVB vs. VOOVB vs. SCHAVB vs. VTWOVB vs. FSSNX

Return for Risk

XCS.TO vs. VB — 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: 7979
Overall Rank
XCS.TO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
XCS.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
XCS.TO Omega Ratio Rank: 8282
Omega Ratio Rank
XCS.TO Calmar Ratio Rank: 8181
Calmar Ratio Rank
XCS.TO Martin Ratio Rank: 7676
Martin Ratio Rank
VB
VB Risk / Return Rank: 5656
Overall Rank
VB Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
VB Sortino Ratio Rank: 5151
Sortino Ratio Rank
VB Omega Ratio Rank: 4848
Omega Ratio Rank
VB Calmar Ratio Rank: 6464
Calmar Ratio Rank
VB Martin Ratio Rank: 6464
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. VB - 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 Vanguard Small-Cap ETF (VB). 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.TOVBDifference
Sharpe ratioReturn per unit of total volatility
2.89
1.92

+0.97

Sortino ratioReturn per unit of downside risk
3.30
2.73

+0.56

Omega ratioGain probability vs. loss probability

1.50

1.34

+0.17

Calmar ratioReturn relative to maximum drawdown

4.29

3.85

+0.43

Martin ratioReturn relative to average drawdown

14.67

13.33

+1.34

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. VB - Sharpe Ratio Comparison

The current XCS.TO Sharpe Ratio is 2.89, which is higher than the VB Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of XCS.TO and VB, 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.TOVBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.89

1.92

+0.97

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.61

0.55

+0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.49

0.63

-0.14

Sharpe Ratio (All Time)

Calculated using the full available price history

0.24

0.81

-0.57

Drawdowns

XCS.TO vs. VB - Drawdown Comparison

The maximum XCS.TO drawdown since its inception was -61.18%, which is greater than VB's maximum drawdown of -36.64%. Use the drawdown chart below to compare losses from any high point for XCS.TO and VB.

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Drawdown Indicators

XCS.TOVBDifference

Max Drawdown

Largest peak-to-trough decline

-61.18%

-36.64%

-24.54%

Max Drawdown (1Y)

Largest decline over 1 year

-14.58%

-7.95%

-6.63%

Max Drawdown (3Y)

Largest decline over 3 years

-15.54%

-23.99%

+8.45%

Max Drawdown (5Y)

Largest decline over 5 years

-34.63%

-25.44%

-9.19%

Max Drawdown (10Y)

Largest decline over 10 years

-50.44%

-36.64%

-13.80%

Current Drawdown

Current decline from peak

-1.30%

-0.25%

-1.05%

Average Drawdown

Average peak-to-trough decline

-16.96%

-5.08%

-11.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.25%

2.29%

+1.96%

Volatility

XCS.TO vs. VB - Volatility Comparison

iShares S&P/TSX SmallCap Index ETF (XCS.TO) and Vanguard Small-Cap ETF (VB) have volatilities of 4.56% and 4.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XCS.TOVBDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.56%

4.40%

+0.16%

Volatility (6M)

Calculated over the trailing 6-month period

17.35%

11.76%

+5.59%

Volatility (1Y)

Calculated over the trailing 1-year period

21.66%

16.00%

+5.66%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.42%

18.52%

+1.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.41%

19.33%

+1.08%

XCS.TO vs. VB - Expense Ratio Comparison

XCS.TO has a 0.60% expense ratio, which is higher than VB's 0.05% expense ratio.

Dividends

XCS.TO vs. VB - Dividend Comparison

XCS.TO's dividend yield for the trailing twelve months is around 1.03%, less than VB's 1.19% yield.

PositionTTM20252024202320222021202020192018201720162015
VB
Vanguard Small-Cap ETF		1.19%1.33%1.30%1.55%1.59%1.24%1.14%1.39%1.67%1.35%1.50%1.48%
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 VB have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VB is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VB is cheaper with a 0.05% expense ratio, compared with 0.60% for XCS.TO.

XCS.TO is categorized as Canada Equities, while VB is Small Cap Blend Equities. XCS.TO tracks Morningstar Canada Sml GR CAD, while VB tracks CRSP US Small Cap Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.60% for XCS.TO and 0.05% for VB.

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