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

XCS.TO vs. XMD.TO

Last updated Apr 2, 2026

Compare and contrast key facts about iShares S&P/TSX SmallCap Index ETF (XCS.TO) and iShares S&P/TSX Completion Index ETF (XMD.TO).

XCS.TO and XMD.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XCS.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Canada Sml GR CAD. It was launched on May 14, 2007. XMD.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Canada Sml GR CAD. It was launched on Mar 2, 2001. Both XCS.TO and XMD.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XCS.TO vs. XMD.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 Completion Index ETF (XMD.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023202220212020201920182017
XCS.TO
iShares S&P/TSX SmallCap Index ETF		11.15%43.37%18.11%4.17%-8.95%7.46%13.10%17.62%-19.51%2.27%
XMD.TO
iShares S&P/TSX Completion Index ETF		8.51%41.38%23.55%10.01%-4.90%13.78%6.05%26.03%-13.07%6.17%

Returns By Period

In the year-to-date period, XCS.TO achieves a 11.15% return, which is significantly higher than XMD.TO's 8.51% return. Over the past 10 years, XCS.TO has underperformed XMD.TO with an annualized return of 10.36%, while XMD.TO has yielded a comparatively higher 12.27% annualized return.

XCS.TO

1D
-0.03%
1M
-9.68%
YTD
11.15%
6M
16.12%
1Y
58.28%
3Y*
23.52%
5Y*
11.39%
10Y*
10.36%

XMD.TO

1D
1.10%
1M
-7.83%
YTD
8.51%
6M
16.32%
1Y
52.42%
3Y*
25.18%
5Y*
16.15%
10Y*
12.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

iShares S&P/TSX Completion Index ETF

Often compared with XCS.TO:
XCS.TO vs. XCV.TOXCS.TO vs. XCSR.TOXCS.TO vs. VBRXCS.TO vs. XEI.TOXCS.TO vs. XUS.TOXCS.TO vs. AVUVXCS.TO vs. VEQT.TO
Often compared with XMD.TO:
XMD.TO vs. XIU.TOXMD.TO vs. CGL-C.TOXMD.TO vs. VFV.TOXMD.TO vs. XCSR.TOXMD.TO vs. XCG.TOXMD.TO vs. VUN.TOXMD.TO vs. VEQT.TO

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

Both XCS.TO and XMD.TO have an expense ratio of 0.60%.

XCS.TO
iShares S&P/TSX SmallCap Index ETF
XMD.TO
iShares S&P/TSX Completion Index ETF

Return for Risk

XCS.TO vs. XMD.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: 9393
Overall Rank
XCS.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
XCS.TO Sortino Ratio Rank: 9292
Sortino Ratio Rank
XCS.TO Omega Ratio Rank: 9393
Omega Ratio Rank
XCS.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
XCS.TO Martin Ratio Rank: 9292
Martin Ratio Rank
XMD.TO
XMD.TO Risk / Return Rank: 9494
Overall Rank
XMD.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
XMD.TO Sortino Ratio Rank: 9494
Sortino Ratio Rank
XMD.TO Omega Ratio Rank: 9595
Omega Ratio Rank
XMD.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
XMD.TO Martin Ratio Rank: 9393
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. XMD.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 Completion Index ETF (XMD.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.TOXMD.TODifference

Sharpe ratio

Return per unit of total volatility

2.41

2.51

-0.10

Sortino ratio

Return per unit of downside risk

2.84

2.98

-0.14

Omega ratio

Gain probability vs. loss probability

1.44

1.49

-0.05

Calmar ratio

Return relative to maximum drawdown

3.99

3.49

+0.50

Martin ratio

Return relative to average drawdown

13.77

14.39

-0.63

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. XMD.TO - Sharpe Ratio Comparison

The current XCS.TO Sharpe Ratio is 2.41, which is comparable to the XMD.TO Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of XCS.TO and XMD.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

XCS.TOXMD.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.41

2.51

-0.10

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.56

0.99

-0.43

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

0.73

-0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.21

0.54

-0.33

Correlation

The correlation between XCS.TO and XMD.TO is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

XCS.TO vs. XMD.TO - Dividend Comparison

XCS.TO's dividend yield for the trailing twelve months is around 1.14%, more than XMD.TO's 0.86% yield.

TTM20252024202320222021202020192018201720162015
XCS.TO
iShares S&P/TSX SmallCap Index ETF		1.14%1.36%1.73%2.59%2.07%1.51%1.78%2.27%2.12%1.81%1.46%2.34%
XMD.TO
iShares S&P/TSX Completion Index ETF		0.86%0.97%1.58%1.91%2.24%1.17%1.91%2.55%2.44%1.76%1.97%2.34%

Drawdowns

XCS.TO vs. XMD.TO - Drawdown Comparison

The maximum XCS.TO drawdown since its inception was -61.18%, which is greater than XMD.TO's maximum drawdown of -53.42%. Use the drawdown chart below to compare losses from any high point for XCS.TO and XMD.TO.

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Drawdown Indicators

XCS.TOXMD.TODifference

Max Drawdown

Largest peak-to-trough decline

-61.18%

-53.42%

-7.76%

Max Drawdown (1Y)

Largest decline over 1 year

-14.58%

-15.12%

+0.54%

Max Drawdown (5Y)

Largest decline over 5 years

-34.63%

-18.16%

-16.47%

Max Drawdown (10Y)

Largest decline over 10 years

-50.44%

-43.40%

-7.04%

Current Drawdown

Current decline from peak

-9.68%

-7.83%

-1.85%

Average Drawdown

Average peak-to-trough decline

-17.08%

-8.21%

-8.87%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.23%

3.67%

+0.56%

Volatility

XCS.TO vs. XMD.TO - Volatility Comparison

The current volatility for iShares S&P/TSX SmallCap Index ETF (XCS.TO) is 7.74%, while iShares S&P/TSX Completion Index ETF (XMD.TO) has a volatility of 8.22%. This indicates that XCS.TO experiences smaller price fluctuations and is considered to be less risky than XMD.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.TOXMD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.74%

8.22%

-0.48%

Volatility (6M)

Calculated over the trailing 6-month period

19.79%

16.97%

+2.82%

Volatility (1Y)

Calculated over the trailing 1-year period

24.32%

21.00%

+3.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.41%

16.38%

+4.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.49%

16.82%

+3.67%