XCV.TO vs. XSP.TO
XCV.TO (iShares Canadian Value Index ETF) and XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) are both exchange-traded funds - XCV.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while XSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, XCV.TO returned 13.20%/yr vs 13.79%/yr for XSP.TO. A 0.56 correlation means they provide meaningful diversification when combined. XCV.TO charges 0.55%/yr vs 0.09%/yr for XSP.TO.
Performance
XCV.TO vs. XSP.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 XSP.TO's 9.64% return. Both investments have delivered pretty close results over the past 10 years, with XCV.TO having a 13.20% annualized return and XSP.TO not far ahead at 13.79%.
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%
XSP.TO
- 1D
- -0.73%
- 1M
- 4.98%
- YTD
- 9.64%
- 6M
- 9.50%
- 1Y
- 25.13%
- 3Y*
- 20.28%
- 5Y*
- 12.18%
- 10Y*
- 13.79%
XCV.TO vs. XSP.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% |
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 9.64% | 15.68% | 23.39% | 24.33% | -19.32% | 27.85% | 15.17% | 29.35% | -6.26% | 20.71% |
Correlation
The correlation between XCV.TO and XSP.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2006 | 0.56 |
The correlation between XCV.TO and XSP.TO shifts across timeframes, from 0.43 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XCV.TO vs. XSP.TO — Risk / Return Rank
XCV.TO
XSP.TO
XCV.TO vs. XSP.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 500 Index ETF (CAD-Hedged) (XSP.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 | XSP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.82 | ||
| Sortino ratioReturn per unit of downside risk | +3.66 | ||
| Omega ratioGain probability vs. loss probability | 2.03 | 1.39 | +0.64 |
| Calmar ratioReturn relative to maximum drawdown | 11.53 | 2.68 | +8.85 |
| Martin ratioReturn relative to average drawdown | 43.47 | 12.40 | +31.07 |
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 | XSP.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.97 | 2.15 | +2.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.39 | 0.73 | +0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.85 | 0.76 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.37 | +0.17 |
Drawdowns
XCV.TO vs. XSP.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.49%, smaller than the maximum XSP.TO drawdown of -57.82%. Use the drawdown chart below to compare losses from any high point for XCV.TO and XSP.TO.
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Drawdown Indicators
| XCV.TO | XSP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.49% | -57.82% | +5.33% |
Max Drawdown (1Y)Largest decline over 1 year | -3.86% | -9.41% | +5.55% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -18.77% | +9.06% |
Max Drawdown (5Y)Largest decline over 5 years | -18.08% | -25.44% | +7.36% |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | -36.05% | -5.13% |
Current DrawdownCurrent decline from peak | -0.89% | -0.73% | -0.16% |
Average DrawdownAverage peak-to-trough decline | -6.67% | -12.11% | +5.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 2.03% | -1.01% |
Volatility
XCV.TO vs. XSP.TO - Volatility Comparison
iShares Canadian Value Index ETF (XCV.TO) and iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) have volatilities of 3.27% and 3.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XCV.TO | XSP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.27% | 3.25% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 7.65% | 8.99% | -1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.96% | 11.75% | -2.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.87% | 16.75% | -3.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.54% | 18.19% | -2.65% |
XCV.TO vs. XSP.TO - Expense Ratio Comparison
XCV.TO has a 0.55% expense ratio, which is higher than XSP.TO's 0.09% expense ratio.
Dividends
XCV.TO vs. XSP.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.29%, more than XSP.TO's 1.12% 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% |
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 1.12% | 1.23% | 1.09% | 1.18% | 1.37% | 1.00% | 1.31% | 1.73% | 1.84% | 1.47% | 1.75% | 1.86% |
Frequently Asked Questions
XCV.TO and XSP.TO have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.55% for XCV.TO.
XCV.TO is categorized as Canada Equities, while XSP.TO is S&P 500. XCV.TO tracks Morningstar Canada GR CAD, while XSP.TO tracks S&P 500 Index. Their fees differ too: 0.55% for XCV.TO and 0.09% for XSP.TO.
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