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

XCS.TO vs. XEQT.TO

Last updated Jun 4, 2026

XCS.TO (iShares S&P/TSX SmallCap Index ETF) and XEQT.TO (iShares Core Equity ETF Portfolio) are both exchange-traded funds - XCS.TO is a Canada Equities fund tracking the Morningstar Canada Sml GR CAD, while XEQT.TO is a Global Equities fund actively managed by iShares. XCS.TO is passively managed, while XEQT.TO is actively managed. Over the past 5 years, XCS.TO returned 12.30%/yr vs 13.72%/yr for XEQT.TO. A 0.60 correlation means they provide meaningful diversification when combined. XCS.TO charges 0.60%/yr vs 0.20%/yr for XEQT.TO.

Performance

XCS.TO vs. XEQT.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 Core Equity ETF Portfolio (XEQT.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 higher than XEQT.TO's 12.29% 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%

XEQT.TO

1D
-0.56%
1M
5.98%
YTD
12.29%
6M
11.20%
1Y
29.24%
3Y*
21.78%
5Y*
13.72%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
XCS.TO
iShares S&P/TSX SmallCap Index ETF		23.53%43.37%18.11%4.17%-8.95%7.46%13.10%5.24%
XEQT.TO
iShares Core Equity ETF Portfolio		12.29%19.47%24.36%17.25%-11.01%18.94%11.82%9.89%

Correlation

The correlation between XCS.TO and XEQT.TO is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.52

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

0.58

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

0.61

Correlation (All Time)
Calculated using the full available price history since Aug 15, 2019

0.60

The correlation between XCS.TO and XEQT.TO has been stable across timeframes, ranging from 0.52 to 0.61 - a consistent structural relationship.

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

Sectors
XCS.TO
XEQT.TO

Basic Materials

30.3%
7.3%

Energy

24.5%
7.2%

Industrials

12.3%
12.1%

Real Estate

9.7%
2.2%

Financial Services

5.0%
20.3%

Healthcare

4.8%
6.6%

Technology

4.3%
22.9%

Consumer Cyclical

3.7%
7.8%

Consumer Defensive

2.7%
4.4%

Utilities

1.7%
2.8%

Communication Services

1.0%
6.4%

Basic Materials

XCS.TO
30.3%
XEQT.TO
7.3%

Energy

XCS.TO
24.5%
XEQT.TO
7.2%

Industrials

XCS.TO
12.3%
XEQT.TO
12.1%

Real Estate

XCS.TO
9.7%
XEQT.TO
2.2%

Financial Services

XCS.TO
5.0%
XEQT.TO
20.3%

Healthcare

XCS.TO
4.8%
XEQT.TO
6.6%

Technology

XCS.TO
4.3%
XEQT.TO
22.9%

Consumer Cyclical

XCS.TO
3.7%
XEQT.TO
7.8%

Consumer Defensive

XCS.TO
2.7%
XEQT.TO
4.4%

Utilities

XCS.TO
1.7%
XEQT.TO
2.8%

Communication Services

XCS.TO
1.0%
XEQT.TO
6.4%

Compare stocks, funds, or ETFs

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iShares S&P/TSX SmallCap Index ETF

iShares Core Equity ETF Portfolio

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 XEQT.TO:
XEQT.TO vs. VFV.TOXEQT.TO vs. VEQT.TOXEQT.TO vs. XGRO.TOXEQT.TO vs. ZEQT.TOXEQT.TO vs. VGRO.TOXEQT.TO vs. XEI.TOXEQT.TO vs. VOO

Return for Risk

XCS.TO vs. XEQT.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
XEQT.TO
XEQT.TO Risk / Return Rank: 7575
Overall Rank
XEQT.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
XEQT.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
XEQT.TO Omega Ratio Rank: 7676
Omega Ratio Rank
XEQT.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
XEQT.TO Martin Ratio Rank: 7878
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. XEQT.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 Core Equity ETF Portfolio (XEQT.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.TOXEQT.TODifference
Sharpe ratioReturn per unit of total volatility
2.89
2.53

+0.37

Sortino ratioReturn per unit of downside risk
3.30
3.49

-0.20

Omega ratioGain probability vs. loss probability

1.50

1.47

+0.04

Calmar ratioReturn relative to maximum drawdown

4.29

3.56

+0.73

Martin ratioReturn relative to average drawdown

14.67

15.50

-0.83

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. XEQT.TO - Sharpe Ratio Comparison

The current XCS.TO Sharpe Ratio is 2.89, which is comparable to the XEQT.TO Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of XCS.TO and XEQT.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.TOXEQT.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.89

2.53

+0.37

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.61

1.05

-0.45

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

0.95

-0.71

Drawdowns

XCS.TO vs. XEQT.TO - Drawdown Comparison

The maximum XCS.TO drawdown since its inception was -61.18%, which is greater than XEQT.TO's maximum drawdown of -29.74%. Use the drawdown chart below to compare losses from any high point for XCS.TO and XEQT.TO.

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Drawdown Indicators

XCS.TOXEQT.TODifference

Max Drawdown

Largest peak-to-trough decline

-61.18%

-29.74%

-31.44%

Max Drawdown (1Y)

Largest decline over 1 year

-14.58%

-8.25%

-6.33%

Max Drawdown (3Y)

Largest decline over 3 years

-15.54%

-15.08%

-0.46%

Max Drawdown (5Y)

Largest decline over 5 years

-34.63%

-19.56%

-15.07%

Max Drawdown (10Y)

Largest decline over 10 years

-50.44%

—

—

Current Drawdown

Current decline from peak

-1.30%

-0.56%

-0.74%

Average Drawdown

Average peak-to-trough decline

-16.96%

-4.11%

-12.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.25%

1.89%

+2.36%

Volatility

XCS.TO vs. XEQT.TO - Volatility Comparison

iShares S&P/TSX SmallCap Index ETF (XCS.TO) has a higher volatility of 4.56% compared to iShares Core Equity ETF Portfolio (XEQT.TO) at 3.70%. This indicates that XCS.TO's price experiences larger fluctuations and is considered to be riskier than XEQT.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.TOXEQT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.56%

3.70%

+0.86%

Volatility (6M)

Calculated over the trailing 6-month period

17.35%

9.38%

+7.97%

Volatility (1Y)

Calculated over the trailing 1-year period

21.66%

11.63%

+10.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.42%

13.12%

+7.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.41%

15.56%

+4.85%

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

XCS.TO has a 0.60% expense ratio, which is higher than XEQT.TO's 0.20% expense ratio.

Dividends

XCS.TO vs. XEQT.TO - Dividend Comparison

XCS.TO's dividend yield for the trailing twelve months is around 1.03%, less than XEQT.TO's 1.48% 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%
XEQT.TO
iShares Core Equity ETF Portfolio		1.48%1.66%2.01%2.07%2.12%1.64%1.66%1.19%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XCS.TO and XEQT.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.60% for XCS.TO.

XCS.TO is categorized as Canada Equities, while XEQT.TO is Global Equities. Their fees differ too: 0.60% for XCS.TO and 0.20% for XEQT.TO.

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