XCV.TO vs. PDC.TO
XCV.TO (iShares Canadian Value Index ETF) and PDC.TO (Invesco Canadian Dividend Index ETF) are both exchange-traded funds - XCV.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while PDC.TO is a Dividend fund tracking the NASDAQ Select Canadian Dividend Index. Both are passively managed. Over the past 10 years, XCV.TO returned 13.87%/yr vs 11.43%/yr for PDC.TO. Their 0.69 correlation means they have sometimes moved together and sometimes differently. XCV.TO charges 0.55%/yr vs 0.58%/yr for PDC.TO.
Performance
XCV.TO vs. PDC.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCV.TO achieves a 27.71% return, which is significantly higher than PDC.TO's 25.42% return. Over the past 10 years, XCV.TO has outperformed PDC.TO with an annualized return of 13.87%, while PDC.TO has yielded a comparatively lower 11.43% annualized return.
XCV.TO
- 1D
- -0.11%
- 1M
- 3.16%
- 6M
- 26.58%
- YTD
- 27.71%
- 1Y
- 51.21%
- 3Y*
- 28.71%
- 5Y*
- 20.56%
- 10Y*
- 13.87%
- ALL TIME*
- 9.77%
PDC.TO
- 1D
- -0.32%
- 1M
- 2.24%
- 6M
- 22.87%
- YTD
- 25.42%
- 1Y
- 38.86%
- 3Y*
- 22.41%
- 5Y*
- 14.54%
- 10Y*
- 11.43%
- ALL TIME*
- 10.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$73.82K | CA$71.46K | CA$90.55K | |
| CA$688.25K | CA$989.94K | CA$973.13K |
XCV.TO vs. PDC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 27.71% | 32.30% | 21.41% | 9.62% | 1.98% | 32.81% | -2.43% | 18.14% | -11.06% | 8.85% |
PDC.TO Invesco Canadian Dividend Index ETF | 25.42% | 21.80% | 16.38% | 6.97% | -4.17% | 30.14% | -5.48% | 25.00% | -11.85% | 10.27% |
Correlation
The correlation between XCV.TO and PDC.TO is 0.85, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.85 |
Correlation (3Y) Balances recent behavior with more history. | 0.86 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.86 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.77 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2011 | 0.69 |
The correlation between XCV.TO and PDC.TO shifts across timeframes, from 0.69 (all time) to 0.86 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XCV.TO vs. PDC.TO — Risk / Return Rank
XCV.TO
PDC.TO
XCV.TO vs. PDC.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Value Index ETF (XCV.TO) and Invesco Canadian Dividend Index ETF (PDC.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 | PDC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.28 | ||
| Omega ratioGain probability vs. loss probability | 2.08 | 1.87 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 13.23 | 9.99 | +3.24 |
| Martin ratioReturn relative to average drawdown | 49.58 | 36.59 | +12.99 |
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Drawdowns
XCV.TO vs. PDC.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.45%, which is greater than PDC.TO's maximum drawdown of -41.93%. Use the drawdown chart below to compare losses from any high point for XCV.TO and PDC.TO.
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Drawdown Indicators
| XCV.TO | PDC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.45% | -41.93% | -10.52% |
Max Drawdown (1Y)Largest decline over 1 year | -3.84% | -3.86% | +0.02% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -10.43% | +0.72% |
Max Drawdown (5Y)Largest decline over 5 years | -18.06% | -17.98% | -0.08% |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | -41.93% | +0.75% |
Current DrawdownCurrent decline from peak | -0.75% | -1.06% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -6.56% | -4.47% | -2.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 1.05% | -0.03% |
Volatility
XCV.TO vs. PDC.TO - Volatility Comparison
iShares Canadian Value Index ETF (XCV.TO) and Invesco Canadian Dividend Index ETF (PDC.TO) have volatilities of 2.87% and 2.78%, 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
| XCV.TO | PDC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 2.78% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 7.00% | 6.60% | +0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.39% | 8.70% | +0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.76% | 10.85% | +1.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.51% | 15.28% | +0.23% |
XCV.TO vs. PDC.TO - Expense Ratio Comparison
XCV.TO has a 0.55% expense ratio, which is lower than PDC.TO's 0.58% expense ratio.
Dividends
XCV.TO vs. PDC.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.17%, less than PDC.TO's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PDC.TO Invesco Canadian Dividend Index ETF | 3.17% | 3.96% | 4.48% | 4.77% | 4.24% | 3.65% | 5.07% | 4.33% | 5.12% | 4.23% | 3.77% | 4.39% |
XCV.TO iShares Canadian Value Index ETF | 2.17% | 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 PDC.TO have a correlation of 0.85, 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 0.58% for PDC.TO.
XCV.TO is categorized as Canada Equities, while PDC.TO is Dividend. XCV.TO tracks Morningstar Canada GR CAD, while PDC.TO tracks NASDAQ Select Canadian Dividend Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.55% for XCV.TO and 0.58% for PDC.TO.
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