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XCSR.TO vs. TLV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XCSR.TO vs. TLV.TO

Last updated Jun 5, 2026

XCSR.TO (iShares ESG Advanced MSCI Canada Index ETF) and TLV.TO (Invesco S&P/TSX Composite Low Volatility Index ETF) are both Canada Equities funds - XCSR.TO tracks the Morningstar Canada GR CAD while TLV.TO tracks the S&P/TSX Composite Low Volatility Index. Both are passively managed. Over the past 5 years, XCSR.TO returned 13.66%/yr vs 10.88%/yr for TLV.TO. A 0.56 correlation means they provide meaningful diversification when combined. XCSR.TO charges 0.17%/yr vs 0.33%/yr for TLV.TO.

Performance

XCSR.TO vs. TLV.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 Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.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, XCSR.TO achieves a 7.96% return, which is significantly lower than TLV.TO's 11.32% return.

XCSR.TO

1D
1.26%
1M
6.36%
YTD
7.96%
6M
7.56%
1Y
32.34%
3Y*
25.22%
5Y*
13.66%
10Y*
—

TLV.TO

1D
0.44%
1M
2.44%
YTD
11.32%
6M
13.07%
1Y
25.31%
3Y*
19.00%
5Y*
10.88%
10Y*
8.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020
XCSR.TO
iShares ESG Advanced MSCI Canada Index ETF		7.96%35.35%23.27%15.18%-14.41%22.30%4,511.52%
TLV.TO
Invesco S&P/TSX Composite Low Volatility Index ETF		11.32%22.51%20.36%4.75%-10.22%21.67%11.38%

Correlation

The correlation between XCSR.TO and TLV.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.38

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

0.55

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

0.57

Correlation (All Time)
Calculated using the full available price history since Apr 23, 2020

0.56

The correlation between XCSR.TO and TLV.TO shifts across timeframes, from 0.38 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.

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

Sectors
XCSR.TO
TLV.TO

Financial Services

49.4%
24.5%

Basic Materials

17.5%
1.5%

Technology

14.2%

-

Industrials

6.1%
3.2%

Consumer Defensive

5.7%
9.5%

Consumer Cyclical

3.0%
3.1%

Real Estate

1.5%
27.8%

Communication Services

1.2%
6.4%

Utilities

1.1%
14.3%

Healthcare

0.2%
1.7%

Energy

-

7.8%

Financial Services

XCSR.TO
49.4%
TLV.TO
24.5%

Basic Materials

XCSR.TO
17.5%
TLV.TO
1.5%

Technology

XCSR.TO
14.2%
TLV.TO

-

Industrials

XCSR.TO
6.1%
TLV.TO
3.2%

Consumer Defensive

XCSR.TO
5.7%
TLV.TO
9.5%

Consumer Cyclical

XCSR.TO
3.0%
TLV.TO
3.1%

Real Estate

XCSR.TO
1.5%
TLV.TO
27.8%

Communication Services

XCSR.TO
1.2%
TLV.TO
6.4%

Utilities

XCSR.TO
1.1%
TLV.TO
14.3%

Healthcare

XCSR.TO
0.2%
TLV.TO
1.7%

Energy

XCSR.TO

-

TLV.TO
7.8%

Compare stocks, funds, or ETFs

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iShares ESG Advanced MSCI Canada Index ETF

Invesco S&P/TSX Composite Low Volatility Index ETF

Often compared with XCSR.TO:
XCSR.TO vs. XESG.TOXCSR.TO vs. XCS.TOXCSR.TO vs. XUSR.TOXCSR.TO vs. XEN.TOXCSR.TO vs. XMD.TOXCSR.TO vs. XIT.TOXCSR.TO vs. CSIQ
Often compared with TLV.TO:
TLV.TO vs. ESG.TOTLV.TO vs. XEI.TOTLV.TO vs. FCCV.TOTLV.TO vs. ZLB.TOTLV.TO vs. XCS.TOTLV.TO vs. QQCE.TOTLV.TO vs. XDV.TO

Return for Risk

XCSR.TO vs. TLV.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: 6464
Overall Rank
XCSR.TO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
XCSR.TO Sortino Ratio Rank: 6363
Sortino Ratio Rank
XCSR.TO Omega Ratio Rank: 6464
Omega Ratio Rank
XCSR.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
XCSR.TO Martin Ratio Rank: 6565
Martin Ratio Rank
TLV.TO
TLV.TO Risk / Return Rank: 9494
Overall Rank
TLV.TO Sharpe Ratio Rank: 9393
Sharpe Ratio Rank
TLV.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
TLV.TO Omega Ratio Rank: 9595
Omega Ratio Rank
TLV.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
TLV.TO Martin Ratio Rank: 9595
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.

XCSR.TO vs. TLV.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 Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.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.

XCSR.TOTLV.TODifference
Sharpe ratioReturn per unit of total volatility
2.15
3.44

-1.29

Sortino ratioReturn per unit of downside risk
2.89
5.17

-2.28

Omega ratioGain probability vs. loss probability

1.38

1.70

-0.32

Calmar ratioReturn relative to maximum drawdown

2.92

6.25

-3.33

Martin ratioReturn relative to average drawdown

11.63

28.68

-17.04

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XCSR.TO Sharpe Ratio is 2.15, which is lower than the TLV.TO Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of XCSR.TO and TLV.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

XCSR.TOTLV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.15

3.44

-1.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.98

1.10

-0.12

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.69

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.08

0.80

-0.72

Drawdowns

XCSR.TO vs. TLV.TO - Drawdown Comparison

The maximum XCSR.TO drawdown since its inception was -23.56%, smaller than the maximum TLV.TO drawdown of -37.68%. Use the drawdown chart below to compare losses from any high point for XCSR.TO and TLV.TO.

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Drawdown Indicators

XCSR.TOTLV.TODifference

Max Drawdown

Largest peak-to-trough decline

-23.56%

-37.68%

+14.12%

Max Drawdown (1Y)

Largest decline over 1 year

-11.12%

-4.07%

-7.05%

Max Drawdown (3Y)

Largest decline over 3 years

-12.14%

-9.83%

-2.31%

Max Drawdown (5Y)

Largest decline over 5 years

-23.56%

-19.36%

-4.20%

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.68%

—

Current Drawdown

Current decline from peak

0.00%

-0.31%

+0.31%

Average Drawdown

Average peak-to-trough decline

-5.12%

-4.06%

-1.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.79%

0.88%

+1.91%

Volatility

XCSR.TO vs. TLV.TO - Volatility Comparison

iShares ESG Advanced MSCI Canada Index ETF (XCSR.TO) has a higher volatility of 4.09% compared to Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO) at 2.87%. This indicates that XCSR.TO's price experiences larger fluctuations and is considered to be riskier than TLV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XCSR.TOTLV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.09%

2.87%

+1.22%

Volatility (6M)

Calculated over the trailing 6-month period

12.50%

5.78%

+6.72%

Volatility (1Y)

Calculated over the trailing 1-year period

15.11%

7.41%

+7.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.95%

9.94%

+4.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1,367.87%

12.68%

+1,355.19%

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

XCSR.TO has a 0.17% expense ratio, which is lower than TLV.TO's 0.33% expense ratio.

Dividends

XCSR.TO vs. TLV.TO - Dividend Comparison

XCSR.TO's dividend yield for the trailing twelve months is around 1.63%, less than TLV.TO's 3.01% yield.

PositionTTM20252024202320222021202020192018201720162015
TLV.TO
Invesco S&P/TSX Composite Low Volatility Index ETF		3.01%3.25%3.40%4.12%4.01%2.49%2.75%3.74%4.28%3.58%3.46%4.08%
XCSR.TO
iShares ESG Advanced MSCI Canada Index ETF		1.63%1.73%2.20%2.61%2.78%1.53%0.81%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XCSR.TO and TLV.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

XCSR.TO is cheaper with a 0.17% expense ratio, compared with 0.33% for TLV.TO.

XCSR.TO tracks Morningstar Canada GR CAD, while TLV.TO tracks S&P/TSX Composite Low Volatility Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.17% for XCSR.TO and 0.33% for TLV.TO.

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