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XCV.TO vs. PXC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XCV.TO vs. PXC.TO

Last updated Jun 24, 2026

XCV.TO (iShares Canadian Value Index ETF) and PXC.TO (Invesco RAFI Canadian Index ETF) are both Canada Equities funds - XCV.TO tracks the Morningstar Canada GR CAD while PXC.TO tracks the RAFI Canada Index. Both are passively managed. Over the past 10 years, XCV.TO returned 13.90%/yr vs 13.49%/yr for PXC.TO. A 0.66 correlation means they provide meaningful diversification when combined.

Performance

XCV.TO vs. PXC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Canadian Value Index ETF (XCV.TO) and Invesco RAFI Canadian Index ETF (PXC.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, XCV.TO achieves a 23.70% return, which is significantly higher than PXC.TO's 17.87% return. Both investments have delivered pretty close results over the past 10 years, with XCV.TO having a 13.90% annualized return and PXC.TO not far behind at 13.49%.

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%

PXC.TO

1D
0.32%
1M
0.42%
YTD
17.87%
6M
13.71%
1Y
37.88%
3Y*
25.91%
5Y*
17.02%
10Y*
13.49%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XCV.TO vs. PXC.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%8.85%
PXC.TO
Invesco RAFI Canadian Index ETF		17.87%26.50%19.57%9.28%1.37%34.11%-1.11%19.11%-9.11%7.15%

Correlation

The correlation between XCV.TO and PXC.TO is 0.71, 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

0.71

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

0.77

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

0.80

Correlation (10Y)
Calculated over the trailing 10-year period

0.73

Correlation (All Time)
Calculated using the full available price history since Jan 27, 2012

0.66

The correlation between XCV.TO and PXC.TO shifts across timeframes, from 0.66 (all time) to 0.80 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares Canadian Value Index ETF

Invesco RAFI Canadian Index ETF

Often compared with XCV.TO:
XCV.TO vs. XDIV.TOXCV.TO vs. XCS.TOXCV.TO vs. XEQT.TOXCV.TO vs. VCE.TOXCV.TO vs. DGROXCV.TO vs. FCUV.TOXCV.TO vs. CDZ.TO
Often compared with PXC.TO:
PXC.TO vs. INOC.TOPXC.TO vs. EQL.TOPXC.TO vs. PXS.TOPXC.TO vs. QQCE.TOPXC.TO vs. ESGC.TOPXC.TO vs. CLSA.TOPXC.TO vs. HXCN.TO

Return for Risk

XCV.TO vs. PXC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XCV.TO
XCV.TO Risk / Return Rank: 9898
Overall Rank
XCV.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XCV.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XCV.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XCV.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XCV.TO Martin Ratio Rank: 9898
Martin Ratio Rank
PXC.TO
PXC.TO Risk / Return Rank: 9696
Overall Rank
PXC.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
PXC.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
PXC.TO Omega Ratio Rank: 9696
Omega Ratio Rank
PXC.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
PXC.TO Martin Ratio Rank: 9696
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.

XCV.TO vs. PXC.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 RAFI Canadian Index ETF (PXC.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.TOPXC.TODifference
Sharpe ratioReturn per unit of total volatility
5.40
3.67

+1.73

Sortino ratioReturn per unit of downside risk
7.15
4.79

+2.36

Omega ratioGain probability vs. loss probability

2.11

1.72

+0.39

Calmar ratioReturn relative to maximum drawdown

12.76

8.19

+4.56

Martin ratioReturn relative to average drawdown

48.00

32.63

+15.37

XCV.TO vs. PXC.TO - Sharpe Ratio Comparison

The current XCV.TO Sharpe Ratio is 5.40, which is higher than the PXC.TO Sharpe Ratio of 3.67. The chart below compares the historical Sharpe Ratios of XCV.TO and PXC.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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Drawdowns

XCV.TO vs. PXC.TO - Drawdown Comparison

The maximum XCV.TO drawdown since its inception was -52.45%, which is greater than PXC.TO's maximum drawdown of -41.78%. Use the drawdown chart below to compare losses from any high point for XCV.TO and PXC.TO.

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Drawdown Indicators

XCV.TOPXC.TODifference

Max Drawdown

Largest peak-to-trough decline

-52.45%

-41.78%

-10.67%

Max Drawdown (1Y)

Largest decline over 1 year

-3.84%

-4.64%

+0.80%

Max Drawdown (3Y)

Largest decline over 3 years

-9.71%

-10.99%

+1.28%

Max Drawdown (5Y)

Largest decline over 5 years

-18.06%

-15.75%

-2.31%

Max Drawdown (10Y)

Largest decline over 10 years

-41.18%

-41.78%

+0.60%

Current Drawdown

Current decline from peak

0.00%

-0.66%

+0.66%

Average Drawdown

Average peak-to-trough decline

-6.60%

-5.05%

-1.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.02%

1.16%

-0.14%

Volatility

XCV.TO vs. PXC.TO - Volatility Comparison

The current volatility for iShares Canadian Value Index ETF (XCV.TO) is 2.88%, while Invesco RAFI Canadian Index ETF (PXC.TO) has a volatility of 3.09%. This indicates that XCV.TO experiences smaller price fluctuations and is considered to be less risky than PXC.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.TOPXC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.88%

3.09%

-0.21%

Volatility (6M)

Calculated over the trailing 6-month period

7.64%

8.53%

-0.89%

Volatility (1Y)

Calculated over the trailing 1-year period

9.07%

10.37%

-1.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.81%

13.28%

-0.47%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.52%

16.41%

-0.89%

Dividends

XCV.TO vs. PXC.TO - Dividend Comparison

XCV.TO's dividend yield for the trailing twelve months is around 2.25%, which matches PXC.TO's 2.26% yield.

PositionTTM20252024202320222021202020192018201720162015
PXC.TO
Invesco RAFI Canadian Index ETF		2.26%2.65%3.17%3.48%3.42%2.58%3.10%2.92%2.86%2.23%2.57%3.13%
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 PXC.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XCV.TO tracks Morningstar Canada GR CAD, while PXC.TO tracks RAFI Canada Index. They also come from different issuers: iShares and Invesco.

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