XCV.TO vs. XEI.TO
XCV.TO (iShares Canadian Value Index ETF) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both Canada Equities funds from iShares - XCV.TO tracks the Morningstar Canada GR CAD while XEI.TO tracks the S&P/TSX Composite High Dividend Index. Both are passively managed. Over the past 10 years, XCV.TO returned 13.20%/yr vs 12.32%/yr for XEI.TO. A 0.79 correlation means they provide meaningful diversification when combined. XCV.TO charges 0.55%/yr vs 0.22%/yr for XEI.TO.
Performance
XCV.TO vs. XEI.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 lower than XEI.TO's 22.21% return. Over the past 10 years, XCV.TO has outperformed XEI.TO with an annualized return of 13.20%, while XEI.TO has yielded a comparatively lower 12.32% 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%
XEI.TO
- 1D
- 0.00%
- 1M
- 3.33%
- YTD
- 22.21%
- 6M
- 23.56%
- 1Y
- 43.59%
- 3Y*
- 22.26%
- 5Y*
- 15.55%
- 10Y*
- 12.32%
XCV.TO vs. XEI.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% |
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF | 22.21% | 25.96% | 15.42% | 6.69% | 0.41% | 35.88% | -7.53% | 25.44% | -10.85% | 7.24% |
Correlation
The correlation between XCV.TO and XEI.TO is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2011 | 0.79 |
The correlation between XCV.TO and XEI.TO has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.
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Return for Risk
XCV.TO vs. XEI.TO — Risk / Return Rank
XCV.TO
XEI.TO
XCV.TO vs. XEI.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 S&P/TSX Composite High Dividend Index ETF (XEI.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 | XEI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -2.44 | ||
| Omega ratioGain probability vs. loss probability | 2.03 | 2.27 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 11.53 | 19.53 | -8.00 |
| Martin ratioReturn relative to average drawdown | 43.47 | 66.28 | -22.82 |
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 | XEI.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.97 | 6.08 | -1.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.39 | 1.39 | 0.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | 0.77 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.67 | -0.13 |
Drawdowns
XCV.TO vs. XEI.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.49%, which is greater than XEI.TO's maximum drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for XCV.TO and XEI.TO.
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Drawdown Indicators
| XCV.TO | XEI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.49% | -45.51% | -6.98% |
Max Drawdown (1Y)Largest decline over 1 year | -3.86% | -2.24% | -1.62% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -9.92% | +0.21% |
Max Drawdown (5Y)Largest decline over 5 years | -18.08% | -17.32% | -0.76% |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | -45.51% | +4.33% |
Current DrawdownCurrent decline from peak | -0.89% | -0.76% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -6.67% | -5.05% | -1.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 0.66% | +0.36% |
Volatility
XCV.TO vs. XEI.TO - Volatility Comparison
iShares Canadian Value Index ETF (XCV.TO) has a higher volatility of 3.27% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.87%. This indicates that XCV.TO's price experiences larger fluctuations and is considered to be riskier than XEI.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 | XEI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 2.87% | +0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 7.65% | 6.01% | +1.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.96% | 7.21% | +1.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.87% | 11.24% | +1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.54% | 16.01% | -0.47% |
XCV.TO vs. XEI.TO - Expense Ratio Comparison
XCV.TO has a 0.55% expense ratio, which is higher than XEI.TO's 0.22% expense ratio.
Dividends
XCV.TO vs. XEI.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.29%, less than XEI.TO's 3.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF | 3.56% | 4.39% | 5.56% | 5.08% | 4.78% | 3.65% | 5.13% | 4.71% | 5.53% | 4.37% | 4.51% | 5.75% |
Frequently Asked Questions
XCV.TO and XEI.TO have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XEI.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEI.TO is cheaper with a 0.22% expense ratio, compared with 0.55% for XCV.TO.
XCV.TO tracks Morningstar Canada GR CAD, while XEI.TO tracks S&P/TSX Composite High Dividend Index. Their fees differ too: 0.55% for XCV.TO and 0.22% for XEI.TO.
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