XCV.TO vs. INOC.TO
XCV.TO (iShares Canadian Value Index ETF) and INOC.TO (Global X Inovestor Canadian Equity Index ETF) are both Canada Equities funds - XCV.TO tracks the Morningstar Canada GR CAD while INOC.TO tracks the Nasdaq Inovestor Canada Index. Both are passively managed. Over the past 5 years, XCV.TO returned 19.17%/yr vs 10.99%/yr for INOC.TO. At a 0.43 correlation, their price movements are largely independent. XCV.TO charges 0.55%/yr vs 0.76%/yr for INOC.TO.
Performance
XCV.TO vs. INOC.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCV.TO achieves a 23.70% return, which is significantly higher than INOC.TO's 10.08% return.
XCV.TO
- 1D
- 0.56%
- 1M
- 2.97%
- YTD
- 23.70%
- 6M
- 20.64%
- 1Y
- 48.75%
- 3Y*
- 30.45%
- 5Y*
- 19.17%
- 10Y*
- 13.90%
INOC.TO
- 1D
- -0.37%
- 1M
- 2.31%
- YTD
- 10.08%
- 6M
- 10.50%
- 1Y
- 22.10%
- 3Y*
- 16.77%
- 5Y*
- 10.99%
- 10Y*
- —
XCV.TO vs. INOC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 23.70% | 32.30% | 21.41% | 9.62% | 1.98% | 32.81% | -2.43% | 18.14% | -11.06% | 0.90% |
INOC.TO Global X Inovestor Canadian Equity Index ETF | 10.08% | 13.17% | 11.66% | 21.10% | -5.66% | 21.14% | 1.62% | 25.41% | -11.41% | 2.70% |
Correlation
The correlation between XCV.TO and INOC.TO is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Nov 14, 2017 | 0.43 |
Over the past year, the correlation between XCV.TO and INOC.TO has dropped to 0.06 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.
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Return for Risk
XCV.TO vs. INOC.TO — Risk / Return Rank
XCV.TO
INOC.TO
XCV.TO vs. INOC.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 Inovestor Canadian Equity Index ETF (INOC.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 | INOC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.53 | ||
| Sortino ratioReturn per unit of downside risk | +4.47 | ||
| Omega ratioGain probability vs. loss probability | 2.11 | 1.36 | +0.76 |
| Calmar ratioReturn relative to maximum drawdown | 12.76 | 2.41 | +10.35 |
| Martin ratioReturn relative to average drawdown | 48.00 | 8.25 | +39.75 |
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Drawdowns
XCV.TO vs. INOC.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.45%, which is greater than INOC.TO's maximum drawdown of -39.65%. Use the drawdown chart below to compare losses from any high point for XCV.TO and INOC.TO.
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Drawdown Indicators
| XCV.TO | INOC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.45% | -39.65% | -12.80% |
Max Drawdown (1Y)Largest decline over 1 year | -3.84% | -9.22% | +5.38% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -14.07% | +4.36% |
Max Drawdown (5Y)Largest decline over 5 years | -18.06% | -18.53% | +0.47% |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.93% | +0.93% |
Average DrawdownAverage peak-to-trough decline | -6.60% | -4.15% | -2.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 2.69% | -1.67% |
Volatility
XCV.TO vs. INOC.TO - Volatility Comparison
The current volatility for iShares Canadian Value Index ETF (XCV.TO) is 2.88%, while Global X Inovestor Canadian Equity Index ETF (INOC.TO) has a volatility of 3.17%. This indicates that XCV.TO experiences smaller price fluctuations and is considered to be less risky than INOC.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 | INOC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.88% | 3.17% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 7.64% | 8.86% | -1.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.07% | 11.87% | -2.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.81% | 13.41% | -0.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.52% | 15.52% | 0.00% |
XCV.TO vs. INOC.TO - Expense Ratio Comparison
XCV.TO has a 0.55% expense ratio, which is lower than INOC.TO's 0.76% expense ratio.
Dividends
XCV.TO vs. INOC.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.25%, more than INOC.TO's 1.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INOC.TO Global X Inovestor Canadian Equity Index ETF | 1.17% | 1.66% | 1.61% | 2.04% | 1.82% | 1.81% | 2.03% | 1.89% | 2.06% | 0.00% | 0.00% | 0.00% |
XCV.TO iShares Canadian Value Index ETF | 2.25% | 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 INOC.TO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XCV.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XCV.TO is cheaper with a 0.55% expense ratio, compared with 0.76% for INOC.TO.
XCV.TO tracks Morningstar Canada GR CAD, while INOC.TO tracks Nasdaq Inovestor Canada Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.55% for XCV.TO and 0.76% for INOC.TO.
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