XCSR.TO vs. HEWB.TO

Last updated Jun 25, 2026

XCSR.TO (iShares ESG Advanced MSCI Canada Index ETF) and HEWB.TO (Global X Equal Weight Canadian Banks Index Corporate Class ETF) are both Canada Equities funds - XCSR.TO tracks the Morningstar Canada GR CAD while HEWB.TO tracks the Solactive Equal Weight Canada Banks Index. Both are passively managed. Over the past 5 years, XCSR.TO returned 13.71%/yr vs 20.24%/yr for HEWB.TO. A 0.68 correlation means they provide meaningful diversification when combined. XCSR.TO charges 0.17%/yr vs 0.28%/yr for HEWB.TO.

Performance

XCSR.TO vs. HEWB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares ESG Advanced MSCI Canada Index ETF (XCSR.TO) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCSR.TO achieves a 8.85% return, which is significantly lower than HEWB.TO's 29.89% return.

XCSR.TO

• 1D: 0.15%
• 1M: 2.55%
• YTD: 8.85%
• 6M: 4.99%
• 1Y: 30.52%
• 3Y*: 26.52%
• 5Y*: 13.71%
• 10Y*: —

HEWB.TO

• 1D: -0.39%
• 1M: 6.90%
• YTD: 29.89%
• 6M: 29.34%
• 1Y: 71.45%
• 3Y*: 37.65%
• 5Y*: 20.24%
• 10Y*: —

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

XCSR.TO vs. HEWB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XCSR.TO iShares ESG Advanced MSCI Canada Index ETF	8.85%	35.36%	24.42%	15.21%	-14.41%	22.32%	33.84%
HEWB.TO Global X Equal Weight Canadian Banks Index Corporate Class ETF	29.89%	43.48%	24.54%	11.00%	-10.46%	39.19%	41.08%

Correlation

The correlation between XCSR.TO and HEWB.TO is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (All Time) Calculated using the full available price history since Apr 22, 2020	0.68

The correlation between XCSR.TO and HEWB.TO has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

XCSR.TO vs. HEWB.TO - Sectors Allocation Comparison

Sectors	XCSR.TO	HEWB.TO
Financial Services	51.4%	100.0%
Basic Materials	16.6%	-
Technology	13.8%	-
Consumer Defensive	5.7%	-
Industrials	5.2%	-
Consumer Cyclical	3.0%	-
Communication Services	1.5%	-
Real Estate	1.4%	-
Utilities	1.1%	-
Healthcare	0.2%	-
Energy	-	-

Return for Risk

XCSR.TO vs. HEWB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XCSR.TO

XCSR.TO Risk / Return Rank: 66
XCSR.TO Sharpe Ratio Rank: 69
XCSR.TO Sortino Ratio Rank: 65
XCSR.TO Omega Ratio Rank: 66
XCSR.TO Calmar Ratio Rank: 63
XCSR.TO Martin Ratio Rank: 67

HEWB.TO

HEWB.TO Risk / Return Rank: 97
HEWB.TO Sharpe Ratio Rank: 98
HEWB.TO Sortino Ratio Rank: 98
HEWB.TO Omega Ratio Rank: 98
HEWB.TO Calmar Ratio Rank: 96
HEWB.TO Martin Ratio Rank: 97

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.

XCSR.TO vs. HEWB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Advanced MSCI Canada Index ETF (XCSR.TO) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	XCSR.TO	HEWB.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.99	5.52	-3.53
Sortino ratio: Return per unit of downside risk	2.69	7.29	-4.60
Omega ratio: Gain probability vs. loss probability	1.35	2.01	-0.66
Calmar ratio: Return relative to maximum drawdown	2.76	8.01	-5.25
Martin ratio: Return relative to average drawdown	10.92	36.49	-25.57

XCSR.TO vs. HEWB.TO - Sharpe Ratio Comparison

The current XCSR.TO Sharpe Ratio is 1.99, which is lower than the HEWB.TO Sharpe Ratio of 5.52. The chart below compares the historical Sharpe Ratios of XCSR.TO and HEWB.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.

Drawdowns

XCSR.TO vs. HEWB.TO - Drawdown Comparison

The maximum XCSR.TO drawdown since its inception was -23.56%, smaller than the maximum HEWB.TO drawdown of -39.43%. Use the drawdown chart below to compare losses from any high point for XCSR.TO and HEWB.TO.

Drawdown Indicators

	XCSR.TO	HEWB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-23.56%	-39.43%	+15.87%
Max Drawdown (1Y) Largest decline over 1 year	-11.12%	-8.97%	-2.15%
Max Drawdown (3Y) Largest decline over 3 years	-12.14%	-14.84%	+2.70%
Max Drawdown (5Y) Largest decline over 5 years	-23.56%	-25.89%	+2.33%
Current Drawdown Current decline from peak	-1.06%	-0.39%	-0.67%
Average Drawdown Average peak-to-trough decline	-5.08%	-7.21%	+2.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.80%	1.96%	+0.84%

Volatility

XCSR.TO vs. HEWB.TO - Volatility Comparison

iShares ESG Advanced MSCI Canada Index ETF (XCSR.TO) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) have volatilities of 4.16% and 4.07%, 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.

Volatility by Period

	XCSR.TO	HEWB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	4.07%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	12.73%	11.39%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	15.44%	13.03%	+2.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.15%	14.03%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.51%	19.25%	-4.74%

XCSR.TO vs. HEWB.TO - Expense Ratio Comparison

XCSR.TO has a 0.17% expense ratio, which is lower than HEWB.TO's 0.28% expense ratio.

Dividends

XCSR.TO vs. HEWB.TO - Dividend Comparison

XCSR.TO's dividend yield for the trailing twelve months is around 1.62%, while HEWB.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
HEWB.TO Global X Equal Weight Canadian Banks Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XCSR.TO iShares ESG Advanced MSCI Canada Index ETF	1.62%	1.74%	2.20%	2.64%	2.78%	1.54%	0.81%

Frequently Asked Questions

Can I hold both XCSR.TO and HEWB.TO in my portfolio?

XCSR.TO and HEWB.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XCSR.TO or HEWB.TO?

On fees, XCSR.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XCSR.TO or HEWB.TO?

XCSR.TO is cheaper with a 0.17% expense ratio, compared with 0.28% for HEWB.TO.

What is the main difference between XCSR.TO and HEWB.TO?

XCSR.TO tracks Morningstar Canada GR CAD, while HEWB.TO tracks Solactive Equal Weight Canada Banks Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.17% for XCSR.TO and 0.28% for HEWB.TO.