XCV.TO vs. TLV.TO
XCV.TO (iShares Canadian Value Index ETF) and TLV.TO (Invesco S&P/TSX Composite Low Volatility Index ETF) are both Canada Equities funds - XCV.TO tracks the Morningstar Canada GR CAD while TLV.TO tracks the S&P/TSX Composite Low Volatility Index. Both are passively managed. Over the past 10 years, XCV.TO returned 13.20%/yr vs 8.58%/yr for TLV.TO. A 0.53 correlation means they provide meaningful diversification when combined. XCV.TO charges 0.55%/yr vs 0.33%/yr for TLV.TO.
Performance
XCV.TO vs. TLV.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 TLV.TO's 9.97% return. Over the past 10 years, XCV.TO has outperformed TLV.TO with an annualized return of 13.20%, while TLV.TO has yielded a comparatively lower 8.58% annualized 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%
TLV.TO
- 1D
- 0.00%
- 1M
- 1.61%
- YTD
- 9.97%
- 6M
- 12.07%
- 1Y
- 23.37%
- 3Y*
- 18.28%
- 5Y*
- 10.64%
- 10Y*
- 8.58%
XCV.TO vs. TLV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 19.17% | 32.17% | 21.26% | 9.47% | 1.87% | 32.71% | -2.56% | 18.02% | -11.15% | 8.75% |
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF | 9.97% | 22.51% | 20.36% | 4.75% | -10.22% | 21.67% | -6.10% | 22.29% | -6.62% | 10.15% |
Correlation
The correlation between XCV.TO and TLV.TO is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since May 4, 2012 | 0.53 |
The correlation between XCV.TO and TLV.TO has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.
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Return for Risk
XCV.TO vs. TLV.TO — Risk / Return Rank
XCV.TO
TLV.TO
XCV.TO vs. TLV.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 S&P/TSX Composite Low Volatility Index ETF (TLV.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 | TLV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.89 | ||
| Omega ratioGain probability vs. loss probability | 2.03 | 1.63 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 11.53 | 5.68 | +5.85 |
| Martin ratioReturn relative to average drawdown | 43.47 | 26.06 | +17.40 |
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 | TLV.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.97 | 3.13 | +1.83 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.39 | 1.08 | +0.32 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | 0.68 | +0.17 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.80 | -0.26 |
Drawdowns
XCV.TO vs. TLV.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.49%, which is greater than TLV.TO's maximum drawdown of -37.68%. Use the drawdown chart below to compare losses from any high point for XCV.TO and TLV.TO.
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Drawdown Indicators
| XCV.TO | TLV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.49% | -37.68% | -14.81% |
Max Drawdown (1Y)Largest decline over 1 year | -3.86% | -4.07% | +0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -9.83% | +0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -18.08% | -19.36% | +1.28% |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | -37.68% | -3.50% |
Current DrawdownCurrent decline from peak | -0.89% | -1.52% | +0.63% |
Average DrawdownAverage peak-to-trough decline | -6.67% | -4.07% | -2.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 0.89% | +0.13% |
Volatility
XCV.TO vs. TLV.TO - Volatility Comparison
iShares Canadian Value Index ETF (XCV.TO) has a higher volatility of 3.27% compared to Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO) at 2.82%. This indicates that XCV.TO's price experiences larger fluctuations and is considered to be riskier than TLV.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 | TLV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 2.82% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 7.65% | 5.78% | +1.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.96% | 7.38% | +1.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.87% | 9.94% | +2.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.54% | 12.68% | +2.86% |
XCV.TO vs. TLV.TO - Expense Ratio Comparison
XCV.TO has a 0.55% expense ratio, which is higher than TLV.TO's 0.33% expense ratio.
Dividends
XCV.TO vs. TLV.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.29%, less than TLV.TO's 3.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF | 3.05% | 3.25% | 3.40% | 4.12% | 4.01% | 2.49% | 2.75% | 3.74% | 4.28% | 3.58% | 3.46% | 4.08% |
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 TLV.TO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TLV.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TLV.TO is cheaper with a 0.33% expense ratio, compared with 0.55% for XCV.TO.
XCV.TO tracks Morningstar Canada GR CAD, while TLV.TO tracks S&P/TSX Composite Low Volatility Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.55% for XCV.TO and 0.33% for TLV.TO.
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