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

XCV.TO vs. XIC.TO

Last updated Jun 4, 2026

XCV.TO (iShares Canadian Value Index ETF) and XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) are both Canada Equities funds from iShares - XCV.TO tracks the Morningstar Canada GR CAD while XIC.TO tracks the S&P/TSX Capped Composite Index. Both are passively managed. Over the past 10 years, XCV.TO returned 13.20%/yr vs 12.48%/yr for XIC.TO. A 0.77 correlation means they provide meaningful diversification when combined. XCV.TO charges 0.55%/yr vs 0.06%/yr for XIC.TO.

Performance

XCV.TO vs. XIC.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 iShares Core S&P/TSX Capped Composite Index ETF (XIC.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 19.17% return, which is significantly higher than XIC.TO's 10.75% return. Over the past 10 years, XCV.TO has outperformed XIC.TO with an annualized return of 13.20%, while XIC.TO has yielded a comparatively lower 12.48% 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%

XIC.TO

1D
-1.05%
1M
3.59%
YTD
10.75%
6M
12.90%
1Y
34.79%
3Y*
23.62%
5Y*
14.60%
10Y*
12.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		10.75%31.51%21.48%11.73%-5.82%23.42%5.61%22.76%-8.72%8.99%

Correlation

The correlation between XCV.TO and XIC.TO is 0.67, 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

0.67

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

0.79

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

0.82

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

0.76

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2006

0.77

The correlation between XCV.TO and XIC.TO shifts across timeframes, from 0.67 (1 year) to 0.82 (5 years), reflecting how their relationship changes across market environments.

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iShares Canadian Value Index ETF

iShares Core S&P/TSX Capped Composite 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 XIC.TO:
XIC.TO vs. XIU.TOXIC.TO vs. VDY.TOXIC.TO vs. ZCN.TOXIC.TO vs. VCE.TOXIC.TO vs. XEF.TOXIC.TO vs. VEQT.TOXIC.TO vs. VO

Return for Risk

XCV.TO vs. XIC.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: 9797
Overall Rank
XCV.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
XCV.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
XCV.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XCV.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
XCV.TO Martin Ratio Rank: 9797
Martin Ratio Rank
XIC.TO
XIC.TO Risk / Return Rank: 8080
Overall Rank
XIC.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
XIC.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
XIC.TO Omega Ratio Rank: 8181
Omega Ratio Rank
XIC.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
XIC.TO Martin Ratio Rank: 8383
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. XIC.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 S&P/TSX Capped Composite Index ETF (XIC.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.TOXIC.TODifference
Sharpe ratioReturn per unit of total volatility
4.97
2.76

+2.21

Sortino ratioReturn per unit of downside risk
6.62
3.57

+3.06

Omega ratioGain probability vs. loss probability

2.03

1.50

+0.53

Calmar ratioReturn relative to maximum drawdown

11.53

3.76

+7.77

Martin ratioReturn relative to average drawdown

43.47

17.44

+26.03

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XCV.TO Sharpe Ratio is 4.97, which is higher than the XIC.TO Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of XCV.TO and XIC.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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Sharpe Ratios by Period

XCV.TOXIC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.97

2.76

+2.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.39

1.12

+0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.85

0.84

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.54

0.00

Drawdowns

XCV.TO vs. XIC.TO - Drawdown Comparison

The maximum XCV.TO drawdown since its inception was -52.49%, which is greater than XIC.TO's maximum drawdown of -48.21%. Use the drawdown chart below to compare losses from any high point for XCV.TO and XIC.TO.

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Drawdown Indicators

XCV.TOXIC.TODifference

Max Drawdown

Largest peak-to-trough decline

-52.49%

-48.21%

-4.28%

Max Drawdown (1Y)

Largest decline over 1 year

-3.86%

-9.29%

+5.43%

Max Drawdown (3Y)

Largest decline over 3 years

-9.71%

-12.27%

+2.56%

Max Drawdown (5Y)

Largest decline over 5 years

-18.08%

-16.24%

-1.84%

Max Drawdown (10Y)

Largest decline over 10 years

-41.18%

-37.21%

-3.97%

Current Drawdown

Current decline from peak

-0.89%

-1.05%

+0.16%

Average Drawdown

Average peak-to-trough decline

-6.67%

-7.04%

+0.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.02%

2.00%

-0.98%

Volatility

XCV.TO vs. XIC.TO - Volatility Comparison

The current volatility for iShares Canadian Value Index ETF (XCV.TO) is 3.27%, while iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) has a volatility of 3.48%. This indicates that XCV.TO experiences smaller price fluctuations and is considered to be less risky than XIC.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.TOXIC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.27%

3.48%

-0.21%

Volatility (6M)

Calculated over the trailing 6-month period

7.65%

10.33%

-2.68%

Volatility (1Y)

Calculated over the trailing 1-year period

8.96%

12.67%

-3.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.87%

13.13%

-0.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.54%

14.96%

+0.58%

XCV.TO vs. XIC.TO - Expense Ratio Comparison

XCV.TO has a 0.55% expense ratio, which is higher than XIC.TO's 0.06% expense ratio.

Dividends

XCV.TO vs. XIC.TO - Dividend Comparison

XCV.TO's dividend yield for the trailing twelve months is around 2.29%, more than XIC.TO's 2.02% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		2.02%2.23%2.64%2.95%3.10%2.44%3.03%3.01%3.19%2.49%2.72%3.21%

Frequently Asked Questions

XCV.TO and XIC.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XIC.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XIC.TO is cheaper with a 0.06% expense ratio, compared with 0.55% for XCV.TO.

XCV.TO tracks Morningstar Canada GR CAD, while XIC.TO tracks S&P/TSX Capped Composite Index. Their fees differ too: 0.55% for XCV.TO and 0.06% for XIC.TO.

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