XCV.TO vs. HXCN.TO
XCV.TO (iShares Canadian Value Index ETF) and HXCN.TO (Global X S&P/TSX Capped Composite Index Corporate Class ETF) are both Canada Equities funds - XCV.TO tracks the Morningstar Canada GR CAD while HXCN.TO tracks the S&P/TSX Capped Composite Index. Both are passively managed. Over the past 5 years, XCV.TO returned 17.83%/yr vs 14.86%/yr for HXCN.TO. A 0.75 correlation means they provide meaningful diversification when combined. XCV.TO charges 0.55%/yr vs 0.05%/yr for HXCN.TO.
Performance
XCV.TO vs. HXCN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCV.TO achieves a 19.17% return, which is significantly higher than HXCN.TO's 10.69% return.
XCV.TO
- 1D
- -0.02%
- 1M
- 4.70%
- YTD
- 19.17%
- 6M
- 19.26%
- 1Y
- 44.26%
- 3Y*
- 27.30%
- 5Y*
- 17.83%
- 10Y*
- 13.20%
HXCN.TO
- 1D
- -0.96%
- 1M
- 3.65%
- YTD
- 10.69%
- 6M
- 12.85%
- 1Y
- 34.40%
- 3Y*
- 23.53%
- 5Y*
- 14.86%
- 10Y*
- —
XCV.TO vs. HXCN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 19.17% | 32.17% | 21.26% | 9.47% | 1.87% | 32.71% | -3.51% |
HXCN.TO Global X S&P/TSX Capped Composite Index Corporate Class ETF | 10.69% | 31.20% | 21.60% | 11.98% | -6.07% | 25.23% | 1.15% |
Correlation
The correlation between XCV.TO and HXCN.TO is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2020 | 0.75 |
The correlation between XCV.TO and HXCN.TO shifts across timeframes, from 0.67 (1 year) to 0.79 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XCV.TO vs. HXCN.TO — Risk / Return Rank
XCV.TO
HXCN.TO
XCV.TO vs. HXCN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Value Index ETF (XCV.TO) and Global X S&P/TSX Capped Composite Index Corporate Class ETF (HXCN.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.
| XCV.TO | HXCN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.22 | ||
| Sortino ratioReturn per unit of downside risk | +3.09 | ||
| Omega ratioGain probability vs. loss probability | 2.03 | 1.49 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 11.53 | 3.92 | +7.61 |
| Martin ratioReturn relative to average drawdown | 43.47 | 17.26 | +26.20 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XCV.TO | HXCN.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.97 | 2.74 | +2.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.39 | 1.09 | +0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.82 | -0.28 |
Drawdowns
XCV.TO vs. HXCN.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.49%, which is greater than HXCN.TO's maximum drawdown of -37.09%. Use the drawdown chart below to compare losses from any high point for XCV.TO and HXCN.TO.
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Drawdown Indicators
| XCV.TO | HXCN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.49% | -37.09% | -15.40% |
Max Drawdown (1Y)Largest decline over 1 year | -3.86% | -8.81% | +4.95% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -12.49% | +2.78% |
Max Drawdown (5Y)Largest decline over 5 years | -18.08% | -16.27% | -1.81% |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | — | — |
Current DrawdownCurrent decline from peak | -0.89% | -0.96% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -6.67% | -4.11% | -2.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 2.00% | -0.98% |
Volatility
XCV.TO vs. HXCN.TO - Volatility Comparison
The current volatility for iShares Canadian Value Index ETF (XCV.TO) is 3.27%, while Global X S&P/TSX Capped Composite Index Corporate Class ETF (HXCN.TO) has a volatility of 3.48%. This indicates that XCV.TO experiences smaller price fluctuations and is considered to be less risky than HXCN.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 | HXCN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 3.48% | -0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 7.65% | 10.04% | -2.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.96% | 12.60% | -3.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.87% | 13.72% | -0.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.54% | 17.81% | -2.27% |
XCV.TO vs. HXCN.TO - Expense Ratio Comparison
XCV.TO has a 0.55% expense ratio, which is higher than HXCN.TO's 0.05% expense ratio.
Dividends
XCV.TO vs. HXCN.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.29%, while HXCN.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HXCN.TO Global X S&P/TSX Capped Composite Index Corporate Class ETF | 0.00% | 0.00% | 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 | 2.29% | 2.71% | 3.72% | 3.88% | 3.18% | 2.11% | 3.35% | 3.06% | 3.13% | 2.40% | 2.50% | 3.14% |
Frequently Asked Questions
XCV.TO and HXCN.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HXCN.TO is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HXCN.TO is cheaper with a 0.05% expense ratio, compared with 0.55% for XCV.TO.
XCV.TO tracks Morningstar Canada GR CAD, while HXCN.TO tracks S&P/TSX Capped Composite Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.55% for XCV.TO and 0.05% for HXCN.TO.
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