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

XCS.TO vs. XEG.TO

Last updated Jun 4, 2026

XCS.TO (iShares S&P/TSX SmallCap Index ETF) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - XCS.TO is a Canada Equities fund tracking the Morningstar Canada Sml GR CAD, while XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. Both are passively managed. Over the past 10 years, XCS.TO returned 9.94%/yr vs 11.85%/yr for XEG.TO. A 0.62 correlation means they provide meaningful diversification when combined. XCS.TO charges 0.60%/yr vs 0.61%/yr for XEG.TO.

Performance

XCS.TO vs. XEG.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 iShares S&P/TSX Capped Energy Index ETF (XEG.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 23.53% return, which is significantly lower than XEG.TO's 44.34% return. Over the past 10 years, XCS.TO has underperformed XEG.TO with an annualized return of 9.94%, while XEG.TO has yielded a comparatively higher 11.85% 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%

XEG.TO

1D
1.17%
1M
-0.04%
YTD
44.34%
6M
39.73%
1Y
70.40%
3Y*
28.08%
5Y*
29.48%
10Y*
11.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XCS.TO vs. XEG.TO - 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%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		44.34%16.72%14.08%3.52%53.25%83.71%-34.41%8.98%-27.05%-11.18%

Correlation

The correlation between XCS.TO and XEG.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.17

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

0.41

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

0.53

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

0.57

Correlation (All Time)
Calculated using the full available price history since May 22, 2007

0.62

Over the past year, the correlation between XCS.TO and XEG.TO has dropped to 0.17 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

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

Sectors
XCS.TO
XEG.TO

Basic Materials

30.3%

-

Energy

24.5%
100.0%

Industrials

12.3%

-

Real Estate

9.7%

-

Financial Services

5.0%

-

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%
XEG.TO

-

Energy

XCS.TO
24.5%
XEG.TO
100.0%

Industrials

XCS.TO
12.3%
XEG.TO

-

Real Estate

XCS.TO
9.7%
XEG.TO

-

Financial Services

XCS.TO
5.0%
XEG.TO

-

Healthcare

XCS.TO
4.8%
XEG.TO

-

Technology

XCS.TO
4.3%
XEG.TO

-

Consumer Cyclical

XCS.TO
3.7%
XEG.TO

-

Consumer Defensive

XCS.TO
2.7%
XEG.TO

-

Utilities

XCS.TO
1.7%
XEG.TO

-

Communication Services

XCS.TO
1.0%
XEG.TO

-

Compare stocks, funds, or ETFs

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iShares S&P/TSX SmallCap Index ETF

iShares S&P/TSX Capped Energy Index ETF

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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 XEG.TO:
XEG.TO vs. XLEXEG.TO vs. XEQT.TOXEG.TO vs. CNQ.TOXEG.TO vs. HXE.TOXEG.TO vs. ZEO.TOXEG.TO vs. XDIV.TOXEG.TO vs. XCG.TO

Return for Risk

XCS.TO vs. XEG.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: 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
XEG.TO
XEG.TO Risk / Return Rank: 8686
Overall Rank
XEG.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
XEG.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
XEG.TO Omega Ratio Rank: 8080
Omega Ratio Rank
XEG.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
XEG.TO Martin Ratio Rank: 8787
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. XEG.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 iShares S&P/TSX Capped Energy Index ETF (XEG.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.TOXEG.TODifference
Sharpe ratioReturn per unit of total volatility
2.89
3.11

-0.22

Sortino ratioReturn per unit of downside risk
3.30
3.66

-0.37

Omega ratioGain probability vs. loss probability

1.50

1.49

+0.02

Calmar ratioReturn relative to maximum drawdown

4.29

6.36

-2.08

Martin ratioReturn relative to average drawdown

14.67

19.02

-4.35

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. XEG.TO - Sharpe Ratio Comparison

The current XCS.TO Sharpe Ratio is 2.89, which is comparable to the XEG.TO Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of XCS.TO and XEG.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.TOXEG.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.89

3.11

-0.22

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.61

1.04

-0.43

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.49

0.36

+0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.24

0.28

-0.04

Drawdowns

XCS.TO vs. XEG.TO - Drawdown Comparison

The maximum XCS.TO drawdown since its inception was -61.18%, smaller than the maximum XEG.TO drawdown of -87.74%. Use the drawdown chart below to compare losses from any high point for XCS.TO and XEG.TO.

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Drawdown Indicators

XCS.TOXEG.TODifference

Max Drawdown

Largest peak-to-trough decline

-61.18%

-87.74%

+26.56%

Max Drawdown (1Y)

Largest decline over 1 year

-14.58%

-11.12%

-3.46%

Max Drawdown (3Y)

Largest decline over 3 years

-15.54%

-25.67%

+10.13%

Max Drawdown (5Y)

Largest decline over 5 years

-34.63%

-28.42%

-6.21%

Max Drawdown (10Y)

Largest decline over 10 years

-50.44%

-79.66%

+29.22%

Current Drawdown

Current decline from peak

-1.30%

-4.00%

+2.70%

Average Drawdown

Average peak-to-trough decline

-16.96%

-29.19%

+12.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.25%

3.71%

+0.54%

Volatility

XCS.TO vs. XEG.TO - Volatility Comparison

The current volatility for iShares S&P/TSX SmallCap Index ETF (XCS.TO) is 4.56%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 9.31%. This indicates that XCS.TO experiences smaller price fluctuations and is considered to be less risky than XEG.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.TOXEG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.56%

9.31%

-4.75%

Volatility (6M)

Calculated over the trailing 6-month period

17.35%

18.99%

-1.64%

Volatility (1Y)

Calculated over the trailing 1-year period

21.66%

22.76%

-1.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.42%

28.62%

-8.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.41%

33.41%

-13.00%

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

XCS.TO has a 0.60% expense ratio, which is lower than XEG.TO's 0.61% expense ratio.

Dividends

XCS.TO vs. XEG.TO - Dividend Comparison

XCS.TO's dividend yield for the trailing twelve months is around 1.03%, less than XEG.TO's 2.65% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		2.65%3.63%3.46%4.26%3.31%1.64%2.96%2.70%2.25%1.41%1.40%3.58%

Frequently Asked Questions

XCS.TO and XEG.TO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XCS.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XCS.TO is cheaper with a 0.60% expense ratio, compared with 0.61% for XEG.TO.

XCS.TO is categorized as Canada Equities, while XEG.TO is Energy Equities. XCS.TO tracks Morningstar Canada Sml GR CAD, while XEG.TO tracks S&P/TSX Capped Energy Index. Their fees differ too: 0.60% for XCS.TO and 0.61% for XEG.TO.

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