XCS.TO vs. XUSF.TO

Last updated Jun 4, 2026

XCS.TO (iShares S&P/TSX SmallCap Index ETF) and XUSF.TO (iShares S&P U.S. Financials Index ETF) are both exchange-traded funds - XCS.TO is a Canada Equities fund tracking the Morningstar Canada Sml GR CAD, while XUSF.TO is a Financials Equities fund tracking the S&P Financial Select Sector Index. Both are passively managed. Over the past year, XCS.TO returned 62.19% vs 2.22% for XUSF.TO. At a 0.14 correlation, their price movements are largely independent. XCS.TO charges 0.60%/yr vs 0.25%/yr for XUSF.TO.

Performance

XCS.TO vs. XUSF.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 U.S. Financials Index ETF (XUSF.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCS.TO achieves a 23.53% return, which is significantly higher than XUSF.TO's -6.02% 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%

XUSF.TO

• 1D: -0.54%
• 1M: 0.41%
• YTD: -6.02%
• 6M: -4.57%
• 1Y: 2.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

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

	2026 (YTD)	2025	2024	2023
XCS.TO iShares S&P/TSX SmallCap Index ETF	23.53%	43.37%	18.11%	1.38%
XUSF.TO iShares S&P U.S. Financials Index ETF	-6.02%	9.67%	39.77%	8.23%

Correlation

The correlation between XCS.TO and XUSF.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Sep 7, 2023	0.14

Return for Risk

XCS.TO vs. XUSF.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: 79
XCS.TO Sharpe Ratio Rank: 86
XCS.TO Sortino Ratio Rank: 72
XCS.TO Omega Ratio Rank: 82
XCS.TO Calmar Ratio Rank: 81
XCS.TO Martin Ratio Rank: 76

XUSF.TO

XUSF.TO Risk / Return Rank: 11
XUSF.TO Sharpe Ratio Rank: 11
XUSF.TO Sortino Ratio Rank: 10
XUSF.TO Omega Ratio Rank: 11
XUSF.TO Calmar Ratio Rank: 11
XUSF.TO Martin Ratio Rank: 10

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. XUSF.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 U.S. Financials Index ETF (XUSF.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.TO	XUSF.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.89	0.15	+2.74
Sortino ratio: Return per unit of downside risk	3.30	0.31	+2.99
Omega ratio: Gain probability vs. loss probability	1.50	1.04	+0.46
Calmar ratio: Return relative to maximum drawdown	4.29	0.15	+4.13
Martin ratio: Return relative to average drawdown	14.67	0.37	+14.30
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. XUSF.TO - Sharpe Ratio Comparison

The current XCS.TO Sharpe Ratio is 2.89, which is higher than the XUSF.TO Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of XCS.TO and XUSF.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.

Sharpe Ratios by Period

	XCS.TO	XUSF.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	0.15	+2.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	—	—
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	0.99	-0.75

Drawdowns

XCS.TO vs. XUSF.TO - Drawdown Comparison

The maximum XCS.TO drawdown since its inception was -61.18%, which is greater than XUSF.TO's maximum drawdown of -16.88%. Use the drawdown chart below to compare losses from any high point for XCS.TO and XUSF.TO.

Drawdown Indicators

	XCS.TO	XUSF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-61.18%	-16.88%	-44.30%
Max Drawdown (1Y) Largest decline over 1 year	-14.58%	-14.66%	+0.08%
Max Drawdown (3Y) Largest decline over 3 years	-15.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.63%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.44%	—	—
Current Drawdown Current decline from peak	-1.30%	-8.87%	+7.57%
Average Drawdown Average peak-to-trough decline	-16.96%	-3.50%	-13.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	6.07%	-1.82%

Volatility

XCS.TO vs. XUSF.TO - Volatility Comparison

iShares S&P/TSX SmallCap Index ETF (XCS.TO) has a higher volatility of 4.56% compared to iShares S&P U.S. Financials Index ETF (XUSF.TO) at 2.65%. This indicates that XCS.TO's price experiences larger fluctuations and is considered to be riskier than XUSF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCS.TO	XUSF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.56%	2.65%	+1.91%
Volatility (6M) Calculated over the trailing 6-month period	17.35%	11.50%	+5.85%
Volatility (1Y) Calculated over the trailing 1-year period	21.66%	15.06%	+6.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.42%	17.90%	+2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.41%	17.90%	+2.51%

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

XCS.TO has a 0.60% expense ratio, which is higher than XUSF.TO's 0.25% expense ratio.

Dividends

XCS.TO vs. XUSF.TO - Dividend Comparison

XCS.TO's dividend yield for the trailing twelve months is around 1.03%, more than XUSF.TO's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XUSF.TO iShares S&P U.S. Financials Index ETF	0.91%	0.75%	0.81%	0.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XCS.TO and XUSF.TO in my portfolio?

XCS.TO and XUSF.TO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XCS.TO or XUSF.TO?

On fees, XUSF.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XCS.TO or XUSF.TO?

XUSF.TO is cheaper with a 0.25% expense ratio, compared with 0.60% for XCS.TO.

What is the main difference between XCS.TO and XUSF.TO?

XCS.TO is categorized as Canada Equities, while XUSF.TO is Financials Equities. XCS.TO tracks Morningstar Canada Sml GR CAD, while XUSF.TO tracks S&P Financial Select Sector Index. Their fees differ too: 0.60% for XCS.TO and 0.25% for XUSF.TO.