XEG.TO vs. HAP

Last updated Jun 14, 2026

XEG.TO (iShares S&P/TSX Capped Energy Index ETF) and HAP (VanEck Natural Resources ETF) are both Energy Equities funds - XEG.TO tracks the S&P/TSX Capped Energy Index while HAP tracks the MarketVector Global Natural Resources Index. Both are passively managed. Over the past 10 years, XEG.TO returned 11.69%/yr vs 12.91%/yr for HAP. A 0.63 correlation means they provide meaningful diversification when combined. XEG.TO charges 0.60%/yr vs 0.42%/yr for HAP.

Performance

XEG.TO vs. HAP - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Capped Energy Index ETF (XEG.TO) and VanEck Natural Resources ETF (HAP). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XEG.TO is traded in CAD, while HAP is traded in USD. To make them comparable, the HAP values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XEG.TO achieves a 38.53% return, which is significantly higher than HAP's 20.84% return. Over the past 10 years, XEG.TO has underperformed HAP with an annualized return of 11.69%, while HAP has yielded a comparatively higher 12.91% annualized return.

XEG.TO

• 1D: -0.41%
• 1M: -3.89%
• YTD: 38.53%
• 6M: 37.54%
• 1Y: 51.12%
• 3Y*: 26.37%
• 5Y*: 28.03%
• 10Y*: 11.69%

HAP

• 1D: 1.39%
• 1M: -0.45%
• YTD: 20.84%
• 6M: 20.95%
• 1Y: 42.22%
• 3Y*: 18.80%
• 5Y*: 14.48%
• 10Y*: 12.91%

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

XEG.TO vs. HAP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XEG.TO iShares S&P/TSX Capped Energy Index ETF	38.53%	16.72%	14.04%	3.55%	53.25%	83.71%	-34.44%	9.04%	-27.05%	-11.17%
HAP VanEck Natural Resources ETF	20.84%	28.75%	4.04%	0.03%	14.67%	24.98%	3.77%	13.71%	-3.17%	9.19%

Correlation

The correlation between XEG.TO and HAP is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Sep 3, 2008	0.63

Over the past year, the correlation between XEG.TO and HAP has dropped to 0.33 - well below their long-term average of 0.63, suggesting their price drivers have been diverging.

XEG.TO vs. HAP - Sectors Allocation Comparison

Sectors	XEG.TO	HAP
Energy	100.0%	30.7%
Basic Materials	-	38.6%
Communication Services	-	-
Consumer Cyclical	-	0.2%
Consumer Defensive	-	6.4%
Financial Services	-	-
Healthcare	-	2.8%
Industrials	-	10.1%
Real Estate	-	0.4%
Technology	-	1.4%
Utilities	-	9.3%

Return for Risk

XEG.TO vs. HAP — Risk / Return Rank

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

XEG.TO

XEG.TO Risk / Return Rank: 82
XEG.TO Sharpe Ratio Rank: 86
XEG.TO Sortino Ratio Rank: 76
XEG.TO Omega Ratio Rank: 76
XEG.TO Calmar Ratio Rank: 91
XEG.TO Martin Ratio Rank: 83

HAP

HAP Risk / Return Rank: 87
HAP Sharpe Ratio Rank: 88
HAP Sortino Ratio Rank: 84
HAP Omega Ratio Rank: 86
HAP Calmar Ratio Rank: 89
HAP Martin Ratio Rank: 90

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.

XEG.TO vs. HAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Capped Energy Index ETF (XEG.TO) and VanEck Natural Resources ETF (HAP). 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.

	XEG.TO	HAP	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.68	-0.27
Sortino ratio: Return per unit of downside risk	2.93	3.47	-0.54
Omega ratio: Gain probability vs. loss probability	1.39	1.47	-0.08
Calmar ratio: Return relative to maximum drawdown	5.04	5.41	-0.37
Martin ratio: Return relative to average drawdown	14.38	20.72	-6.34

XEG.TO vs. HAP - Sharpe Ratio Comparison

The current XEG.TO Sharpe Ratio is 2.41, which is comparable to the HAP Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of XEG.TO and HAP, 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

XEG.TO vs. HAP - Drawdown Comparison

The maximum XEG.TO drawdown since its inception was -87.51%, which is greater than HAP's maximum drawdown of -40.28%. Use the drawdown chart below to compare losses from any high point for XEG.TO and HAP.

Drawdown Indicators

	XEG.TO	HAP	Difference
Max Drawdown Largest peak-to-trough decline	-87.51%	-40.28%	-47.23%
Max Drawdown (1Y) Largest decline over 1 year	-11.12%	-7.85%	-3.27%
Max Drawdown (3Y) Largest decline over 3 years	-25.67%	-14.67%	-11.00%
Max Drawdown (5Y) Largest decline over 5 years	-28.42%	-22.99%	-5.43%
Max Drawdown (10Y) Largest decline over 10 years	-79.66%	-38.93%	-40.73%
Current Drawdown Current decline from peak	-7.87%	-2.79%	-5.08%
Average Drawdown Average peak-to-trough decline	-34.55%	-7.79%	-26.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.89%	2.05%	+1.84%

Volatility

XEG.TO vs. HAP - Volatility Comparison

iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a higher volatility of 9.11% compared to VanEck Natural Resources ETF (HAP) at 5.41%. This indicates that XEG.TO's price experiences larger fluctuations and is considered to be riskier than HAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XEG.TO	HAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.11%	5.41%	+3.70%
Volatility (6M) Calculated over the trailing 6-month period	19.65%	13.25%	+6.40%
Volatility (1Y) Calculated over the trailing 1-year period	23.30%	15.87%	+7.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.72%	19.12%	+9.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.40%	20.59%	+12.81%

XEG.TO vs. HAP - Expense Ratio Comparison

XEG.TO has a 0.60% expense ratio, which is higher than HAP's 0.42% expense ratio.

Dividends

XEG.TO vs. HAP - Dividend Comparison

XEG.TO's dividend yield for the trailing twelve months is around 2.76%, more than HAP's 1.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAP VanEck Natural Resources ETF	1.91%	2.27%	2.65%	3.27%	3.28%	2.16%	2.45%	2.80%	2.85%	2.02%	1.99%	3.00%
XEG.TO iShares S&P/TSX Capped Energy Index ETF	2.76%	3.63%	3.46%	4.26%	3.31%	1.64%	2.96%	2.70%	2.25%	1.41%	1.40%	3.58%

Frequently Asked Questions

Can I hold both XEG.TO and HAP in my portfolio?

XEG.TO and HAP have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XEG.TO or HAP?

On fees, HAP is cheaper at 0.42% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XEG.TO or HAP?

HAP is cheaper with a 0.42% expense ratio, compared with 0.60% for XEG.TO.

What is the main difference between XEG.TO and HAP?

XEG.TO tracks S&P/TSX Capped Energy Index, while HAP tracks MarketVector Global Natural Resources Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.60% for XEG.TO and 0.42% for HAP.