XCV.TO vs. XAW.TO
XCV.TO (iShares Canadian Value Index ETF) and XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) are both exchange-traded funds - XCV.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while XAW.TO is a Global Equities fund tracking the Morningstar Gbl GR CAD. Both are passively managed. Over the past 10 years, XCV.TO returned 13.20%/yr vs 13.22%/yr for XAW.TO. At a 0.49 correlation, their price movements are largely independent. XCV.TO charges 0.55%/yr vs 0.22%/yr for XAW.TO.
Performance
XCV.TO vs. XAW.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 XAW.TO's 13.70% return. Both investments have delivered pretty close results over the past 10 years, with XCV.TO having a 13.20% annualized return and XAW.TO not far ahead at 13.22%.
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%
XAW.TO
- 1D
- -0.37%
- 1M
- 7.13%
- YTD
- 13.70%
- 6M
- 12.70%
- 1Y
- 30.51%
- 3Y*
- 21.73%
- 5Y*
- 13.96%
- 10Y*
- 13.22%
XCV.TO vs. XAW.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% |
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF | 13.70% | 15.87% | 26.31% | 18.45% | -11.84% | 18.38% | 12.37% | 19.82% | -2.28% | 16.10% |
Correlation
The correlation between XCV.TO and XAW.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2015 | 0.49 |
The correlation between XCV.TO and XAW.TO has been stable across timeframes, ranging from 0.45 to 0.52 - a consistent structural relationship.
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Return for Risk
XCV.TO vs. XAW.TO — Risk / Return Rank
XCV.TO
XAW.TO
XCV.TO vs. XAW.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Value Index ETF (XCV.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.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 | XAW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.46 | ||
| Sortino ratioReturn per unit of downside risk | +3.13 | ||
| Omega ratioGain probability vs. loss probability | 2.03 | 1.48 | +0.55 |
| Calmar ratioReturn relative to maximum drawdown | 11.53 | 3.76 | +7.77 |
| Martin ratioReturn relative to average drawdown | 43.47 | 15.15 | +28.31 |
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 | XAW.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.97 | 2.50 | +2.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.39 | 1.04 | +0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | 0.88 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.78 | -0.24 |
Drawdowns
XCV.TO vs. XAW.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.49%, which is greater than XAW.TO's maximum drawdown of -27.32%. Use the drawdown chart below to compare losses from any high point for XCV.TO and XAW.TO.
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Drawdown Indicators
| XCV.TO | XAW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.49% | -27.32% | -25.17% |
Max Drawdown (1Y)Largest decline over 1 year | -3.86% | -8.16% | +4.30% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -16.66% | +6.95% |
Max Drawdown (5Y)Largest decline over 5 years | -18.08% | -21.02% | +2.94% |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | -27.32% | -13.86% |
Current DrawdownCurrent decline from peak | -0.89% | -0.37% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -6.67% | -3.91% | -2.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 2.02% | -1.00% |
Volatility
XCV.TO vs. XAW.TO - Volatility Comparison
The current volatility for iShares Canadian Value Index ETF (XCV.TO) is 3.27%, while iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a volatility of 4.21%. This indicates that XCV.TO experiences smaller price fluctuations and is considered to be less risky than XAW.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 | XAW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 4.21% | -0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 7.65% | 9.85% | -2.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.96% | 12.25% | -3.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.87% | 13.56% | -0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.54% | 15.12% | +0.42% |
XCV.TO vs. XAW.TO - Expense Ratio Comparison
XCV.TO has a 0.55% expense ratio, which is higher than XAW.TO's 0.22% expense ratio.
Dividends
XCV.TO vs. XAW.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.29%, more than XAW.TO's 1.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF | 1.17% | 1.33% | 1.61% | 1.71% | 1.79% | 1.77% | 1.49% | 2.02% | 2.29% | 1.92% | 1.80% | 1.83% |
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 XAW.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XAW.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XAW.TO is cheaper with a 0.22% expense ratio, compared with 0.55% for XCV.TO.
XCV.TO is categorized as Canada Equities, while XAW.TO is Global Equities. XCV.TO tracks Morningstar Canada GR CAD, while XAW.TO tracks Morningstar Gbl GR CAD. Their fees differ too: 0.55% for XCV.TO and 0.22% for XAW.TO.
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