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

XCSR.TO vs. XAW.TO

Last updated Jun 5, 2026

XCSR.TO (iShares ESG Advanced MSCI Canada Index ETF) and XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) are both exchange-traded funds - XCSR.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while XAW.TO is a Global Equities fund tracking the Morningstar Gbl GR CAD. Both are passively managed. Over the past 5 years, XCSR.TO returned 13.66%/yr vs 14.05%/yr for XAW.TO. A 0.69 correlation means they provide meaningful diversification when combined. XCSR.TO charges 0.17%/yr vs 0.22%/yr for XAW.TO.

Performance

XCSR.TO vs. XAW.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 iShares Core MSCI All Country World ex Canada Index ETF (XAW.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 XAW.TO's 14.15% 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*
—

XAW.TO

1D
0.40%
1M
6.30%
YTD
14.15%
6M
12.98%
1Y
31.14%
3Y*
21.98%
5Y*
14.05%
10Y*
13.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XCSR.TO vs. XAW.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%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		14.15%15.87%26.31%18.45%-11.84%18.38%24.65%

Correlation

The correlation between XCSR.TO and XAW.TO is 0.68, 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

0.68

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

0.71

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

0.72

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

0.69

The correlation between XCSR.TO and XAW.TO has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.

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

Sectors
XCSR.TO
XAW.TO

Financial Services

49.4%
13.7%

Basic Materials

17.5%
2.8%

Technology

14.2%
32.6%

Industrials

6.1%
9.1%

Consumer Defensive

5.7%
4.6%

Consumer Cyclical

3.0%
8.8%

Real Estate

1.5%
1.4%

Communication Services

1.2%
8.7%

Utilities

1.1%
2.2%

Healthcare

0.2%
7.8%

Energy

-

3.3%

Financial Services

XCSR.TO
49.4%
XAW.TO
13.7%

Basic Materials

XCSR.TO
17.5%
XAW.TO
2.8%

Technology

XCSR.TO
14.2%
XAW.TO
32.6%

Industrials

XCSR.TO
6.1%
XAW.TO
9.1%

Consumer Defensive

XCSR.TO
5.7%
XAW.TO
4.6%

Consumer Cyclical

XCSR.TO
3.0%
XAW.TO
8.8%

Real Estate

XCSR.TO
1.5%
XAW.TO
1.4%

Communication Services

XCSR.TO
1.2%
XAW.TO
8.7%

Utilities

XCSR.TO
1.1%
XAW.TO
2.2%

Healthcare

XCSR.TO
0.2%
XAW.TO
7.8%

Energy

XCSR.TO

-

XAW.TO
3.3%

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iShares ESG Advanced MSCI Canada Index ETF

iShares Core MSCI All Country World ex Canada 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 XAW.TO:
XAW.TO vs. XEQT.TOXAW.TO vs. VXC.TOXAW.TO vs. VEQT.TOXAW.TO vs. XUU.TOXAW.TO vs. XIC.TOXAW.TO vs. XGRO.TOXAW.TO vs. VT

Return for Risk

XCSR.TO vs. XAW.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
XAW.TO
XAW.TO Risk / Return Rank: 8080
Overall Rank
XAW.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
XAW.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
XAW.TO Omega Ratio Rank: 8282
Omega Ratio Rank
XAW.TO Calmar Ratio Rank: 7777
Calmar Ratio Rank
XAW.TO Martin Ratio Rank: 7979
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. XAW.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 iShares Core MSCI All Country World ex Canada Index ETF (XAW.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.TOXAW.TODifference
Sharpe ratioReturn per unit of total volatility
2.15
2.55

-0.40

Sortino ratioReturn per unit of downside risk
2.89
3.55

-0.66

Omega ratioGain probability vs. loss probability

1.38

1.49

-0.10

Calmar ratioReturn relative to maximum drawdown

2.92

3.84

-0.91

Martin ratioReturn relative to average drawdown

11.63

15.47

-3.83

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

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

The current XCSR.TO Sharpe Ratio is 2.15, which is comparable to the XAW.TO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of XCSR.TO and XAW.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.TOXAW.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.15

2.55

-0.40

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.98

1.04

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.88

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.08

0.79

-0.70

Drawdowns

XCSR.TO vs. XAW.TO - Drawdown Comparison

The maximum XCSR.TO drawdown since its inception was -23.56%, smaller than the maximum XAW.TO drawdown of -27.32%. Use the drawdown chart below to compare losses from any high point for XCSR.TO and XAW.TO.

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Drawdown Indicators

XCSR.TOXAW.TODifference

Max Drawdown

Largest peak-to-trough decline

-23.56%

-27.32%

+3.76%

Max Drawdown (1Y)

Largest decline over 1 year

-11.12%

-8.16%

-2.96%

Max Drawdown (3Y)

Largest decline over 3 years

-12.14%

-16.66%

+4.52%

Max Drawdown (5Y)

Largest decline over 5 years

-23.56%

-21.02%

-2.54%

Max Drawdown (10Y)

Largest decline over 10 years

—

-27.32%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-5.12%

-3.91%

-1.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.79%

2.02%

+0.77%

Volatility

XCSR.TO vs. XAW.TO - Volatility Comparison

iShares ESG Advanced MSCI Canada Index ETF (XCSR.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) have volatilities of 4.09% and 4.12%, 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.

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Volatility by Period

XCSR.TOXAW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.09%

4.12%

-0.03%

Volatility (6M)

Calculated over the trailing 6-month period

12.50%

9.86%

+2.64%

Volatility (1Y)

Calculated over the trailing 1-year period

15.11%

12.25%

+2.86%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.95%

13.56%

+0.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

1,367.87%

15.12%

+1,352.75%

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

XCSR.TO has a 0.17% expense ratio, which is lower than XAW.TO's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XCSR.TO vs. XAW.TO - Dividend Comparison

XCSR.TO's dividend yield for the trailing twelve months is around 1.63%, more than XAW.TO's 1.16% yield.

PositionTTM20252024202320222021202020192018201720162015
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		1.16%1.33%1.61%1.71%1.79%1.77%1.49%2.02%2.29%1.92%1.80%1.83%
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 XAW.TO have a correlation of 0.68, 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 0.22% for XAW.TO.

XCSR.TO is categorized as Canada Equities, while XAW.TO is Global Equities. XCSR.TO tracks Morningstar Canada GR CAD, while XAW.TO tracks Morningstar Gbl GR CAD. Their fees differ too: 0.17% for XCSR.TO and 0.22% for XAW.TO.

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