XCV.TO vs. HVOI.TO
XCV.TO (iShares Canadian Value Index ETF) and HVOI.TO (Harvest Low Volatility Canadian Equity Income ETF Class A) are both Canada Equities funds. XCV.TO is passively managed, while HVOI.TO is actively managed. Over the past year, XCV.TO returned 49.66% vs 19.47% for HVOI.TO. A 0.63 correlation means they provide meaningful diversification when combined.
Performance
XCV.TO vs. HVOI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCV.TO achieves a 26.43% return, which is significantly higher than HVOI.TO's 10.57% return.
XCV.TO
- 1D
- 0.34%
- 1M
- 3.32%
- 6M
- 25.65%
- YTD
- 26.43%
- 1Y
- 49.66%
- 3Y*
- 29.41%
- 5Y*
- 20.01%
- 10Y*
- 13.72%
HVOI.TO
- 1D
- 0.28%
- 1M
- 2.20%
- 6M
- 9.15%
- YTD
- 10.57%
- 1Y
- 19.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XCV.TO vs. HVOI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 26.43% | 33.31% |
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A | 10.57% | 15.49% |
Correlation
The correlation between XCV.TO and HVOI.TO is 0.66, 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 | 0.66 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025 | 0.63 |
The correlation between XCV.TO and HVOI.TO has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.
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Return for Risk
XCV.TO vs. HVOI.TO — Risk / Return Rank
XCV.TO
HVOI.TO
XCV.TO vs. HVOI.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Value Index ETF (XCV.TO) and Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.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.
| XCV.TO | HVOI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.20 | ||
| Sortino ratioReturn per unit of downside risk | +3.90 | ||
| Omega ratioGain probability vs. loss probability | 2.11 | 1.42 | +0.69 |
| Calmar ratioReturn relative to maximum drawdown | 13.00 | 2.91 | +10.09 |
| Martin ratioReturn relative to average drawdown | 48.88 | 11.65 | +37.22 |
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Drawdowns
XCV.TO vs. HVOI.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.45%, which is greater than HVOI.TO's maximum drawdown of -6.72%. Use the drawdown chart below to compare losses from any high point for XCV.TO and HVOI.TO.
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Drawdown Indicators
| XCV.TO | HVOI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.45% | -6.72% | -45.73% |
Max Drawdown (1Y)Largest decline over 1 year | -3.84% | -6.72% | +2.88% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -18.06% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -6.58% | -0.90% | -5.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 1.67% | -0.65% |
Volatility
XCV.TO vs. HVOI.TO - Volatility Comparison
The current volatility for iShares Canadian Value Index ETF (XCV.TO) is 1.96%, while Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) has a volatility of 2.21%. This indicates that XCV.TO experiences smaller price fluctuations and is considered to be less risky than HVOI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XCV.TO | HVOI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 2.21% | -0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 6.91% | 7.04% | -0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.17% | 8.71% | +0.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.79% | 8.34% | +4.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.50% | 8.34% | +7.16% |
Dividends
XCV.TO vs. HVOI.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.19%, less than HVOI.TO's 6.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A | 6.69% | 4.76% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XCV.TO iShares Canadian Value Index ETF | 2.19% | 2.78% | 3.84% | 4.00% | 3.28% | 2.18% | 3.46% | 3.16% | 3.23% | 2.49% | 2.57% | 3.26% |
Frequently Asked Questions
XCV.TO and HVOI.TO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: iShares and Harvest.
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