XDIV.TO vs. ICAE.TO

Last updated Jul 14, 2026

XDIV.TO (iShares Core MSCI Canadian Quality Dividend Index ETF) and ICAE.TO (Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF) are both Dividend funds - XDIV.TO tracks the MSCI Canada High Dividend Yield 10% Security Capped Index while ICAE.TO tracks the S&P/TSX Canadian Dividend Aristocrats ESG Index. Both are passively managed. Over the past 3 years, XDIV.TO returned 25.16%/yr vs 16.16%/yr for ICAE.TO. At a 0.33 correlation, their price movements are largely independent. XDIV.TO charges 0.11%/yr vs 0.23%/yr for ICAE.TO.

Performance

XDIV.TO vs. ICAE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) and Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XDIV.TO achieves a 25.10% return, which is significantly higher than ICAE.TO's 17.91% return.

XDIV.TO

• 1D: 0.64%
• 1M: 2.67%
• 6M: 23.69%
• YTD: 25.10%
• 1Y: 42.77%
• 3Y*: 25.16%
• 5Y*: 18.09%
• 10Y*: —

ICAE.TO

• 1D: 0.25%
• 1M: 4.07%
• 6M: 16.71%
• YTD: 17.91%
• 1Y: 17.47%
• 3Y*: 16.16%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XDIV.TO vs. ICAE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XDIV.TO iShares Core MSCI Canadian Quality Dividend Index ETF	25.10%	25.04%	19.84%	9.46%
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	17.91%	10.02%	17.62%	5.84%

Correlation

The correlation between XDIV.TO and ICAE.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Mar 13, 2023	0.33

XDIV.TO vs. ICAE.TO - Sectors Allocation Comparison

Sectors	XDIV.TO	ICAE.TO
Financial Services	46.4%	45.7%
Energy	29.5%	17.2%
Utilities	9.7%	3.7%
Consumer Cyclical	9.4%	4.5%
Communication Services	2.8%	1.4%
Industrials	2.3%	10.4%
Technology	1.3%	0.4%
Basic Materials	-	9.9%
Consumer Defensive	-	6.4%
Healthcare	-	-
Real Estate	-	0.6%

Return for Risk

XDIV.TO vs. ICAE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XDIV.TO

XDIV.TO Risk / Return Rank: 98
XDIV.TO Sharpe Ratio Rank: 98
XDIV.TO Sortino Ratio Rank: 98
XDIV.TO Omega Ratio Rank: 98
XDIV.TO Calmar Ratio Rank: 99
XDIV.TO Martin Ratio Rank: 98

ICAE.TO

ICAE.TO Risk / Return Rank: 32
ICAE.TO Sharpe Ratio Rank: 30
ICAE.TO Sortino Ratio Rank: 25
ICAE.TO Omega Ratio Rank: 57
ICAE.TO Calmar Ratio Rank: 27
ICAE.TO Martin Ratio Rank: 22

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.

XDIV.TO vs. ICAE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) and Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	XDIV.TO	ICAE.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.06	0.89	+4.17
Sortino ratio: Return per unit of downside risk	7.25	1.15	+6.10
Omega ratio: Gain probability vs. loss probability	2.05	1.28	+0.77
Calmar ratio: Return relative to maximum drawdown	15.47	1.06	+14.41
Martin ratio: Return relative to average drawdown	50.32	2.13	+48.19

XDIV.TO vs. ICAE.TO - Sharpe Ratio Comparison

The current XDIV.TO Sharpe Ratio is 5.06, which is higher than the ICAE.TO Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of XDIV.TO and ICAE.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.

Drawdowns

XDIV.TO vs. ICAE.TO - Drawdown Comparison

The maximum XDIV.TO drawdown since its inception was -41.29%, which is greater than ICAE.TO's maximum drawdown of -16.49%. Use the drawdown chart below to compare losses from any high point for XDIV.TO and ICAE.TO.

Drawdown Indicators

	XDIV.TO	ICAE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-41.29%	-16.49%	-24.80%
Max Drawdown (1Y) Largest decline over 1 year	-2.78%	-16.49%	+13.71%
Max Drawdown (3Y) Largest decline over 3 years	-10.53%	-16.49%	+5.96%
Max Drawdown (5Y) Largest decline over 5 years	-17.33%	—	—
Current Drawdown Current decline from peak	0.00%	-1.42%	+1.42%
Average Drawdown Average peak-to-trough decline	-4.37%	-3.53%	-0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	8.23%	-7.38%

Volatility

XDIV.TO vs. ICAE.TO - Volatility Comparison

iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) has a higher volatility of 3.37% compared to Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF (ICAE.TO) at 2.14%. This indicates that XDIV.TO's price experiences larger fluctuations and is considered to be riskier than ICAE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XDIV.TO	ICAE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.37%	2.14%	+1.23%
Volatility (6M) Calculated over the trailing 6-month period	6.63%	7.94%	-1.31%
Volatility (1Y) Calculated over the trailing 1-year period	8.51%	19.78%	-11.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.56%	15.99%	-5.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.30%	15.99%	+0.31%

XDIV.TO vs. ICAE.TO - Expense Ratio Comparison

XDIV.TO has a 0.11% expense ratio, which is lower than ICAE.TO's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XDIV.TO vs. ICAE.TO - Dividend Comparison

XDIV.TO's dividend yield for the trailing twelve months is around 3.17%, more than ICAE.TO's 2.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICAE.TO Invesco S&P/TSX Canadian Dividend Aristocrats ESG Index ETF	2.72%	3.29%	3.33%	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XDIV.TO iShares Core MSCI Canadian Quality Dividend Index ETF	3.17%	3.90%	4.50%	4.42%	4.15%	3.76%	4.85%	4.24%	5.13%	1.92%

Frequently Asked Questions

Can I hold both XDIV.TO and ICAE.TO in my portfolio?

XDIV.TO and ICAE.TO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XDIV.TO or ICAE.TO?

On fees, XDIV.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XDIV.TO or ICAE.TO?

XDIV.TO is cheaper with a 0.11% expense ratio, compared with 0.23% for ICAE.TO.

What is the main difference between XDIV.TO and ICAE.TO?

XDIV.TO tracks MSCI Canada High Dividend Yield 10% Security Capped Index, while ICAE.TO tracks S&P/TSX Canadian Dividend Aristocrats ESG Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.11% for XDIV.TO and 0.23% for ICAE.TO.