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XEI.TO vs. XCS.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XEI.TO vs. XCS.TO

Last updated Jun 5, 2026

XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) and XCS.TO (iShares S&P/TSX SmallCap Index ETF) are both Canada Equities funds from iShares - XEI.TO tracks the S&P/TSX Composite High Dividend Index while XCS.TO tracks the Morningstar Canada Sml GR CAD. Both are passively managed. Over the past 10 years, XEI.TO returned 12.30%/yr vs 9.98%/yr for XCS.TO. A 0.65 correlation means they provide meaningful diversification when combined. XEI.TO charges 0.22%/yr vs 0.60%/yr for XCS.TO.

Performance

XEI.TO vs. XCS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) and iShares S&P/TSX SmallCap Index ETF (XCS.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, XEI.TO achieves a 23.25% return, which is significantly lower than XCS.TO's 24.60% return. Over the past 10 years, XEI.TO has outperformed XCS.TO with an annualized return of 12.30%, while XCS.TO has yielded a comparatively lower 9.98% annualized return.

XEI.TO

1D
0.85%
1M
3.41%
YTD
23.25%
6M
23.82%
1Y
45.53%
3Y*
22.82%
5Y*
15.75%
10Y*
12.30%

XCS.TO

1D
0.87%
1M
5.01%
YTD
24.60%
6M
21.86%
1Y
63.46%
3Y*
29.60%
5Y*
12.50%
10Y*
9.98%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEI.TO vs. XCS.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		23.25%25.96%15.42%6.69%0.41%35.88%-7.53%25.44%-10.85%7.24%
XCS.TO
iShares S&P/TSX SmallCap Index ETF		24.60%43.37%18.11%4.17%-8.95%7.46%13.10%17.62%-19.51%2.27%

Correlation

The correlation between XEI.TO and XCS.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.39

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

0.59

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

0.67

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

0.63

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2011

0.65

Over the past year, the correlation between XEI.TO and XCS.TO has dropped to 0.39 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

XEI.TO vs. XCS.TO - Sectors Allocation Comparison

Sectors
XEI.TO
XCS.TO

Energy

32.1%
24.5%

Financial Services

31.4%
5.0%

Utilities

11.2%
1.7%

Communication Services

7.6%
1.0%

Consumer Cyclical

6.2%
3.7%

Real Estate

4.8%
9.7%

Basic Materials

4.6%
30.3%

Technology

0.7%
4.3%

Industrials

0.7%
12.3%

Consumer Defensive

0.5%
2.7%

Healthcare

0.2%
4.8%

Energy

XEI.TO
32.1%
XCS.TO
24.5%

Financial Services

XEI.TO
31.4%
XCS.TO
5.0%

Utilities

XEI.TO
11.2%
XCS.TO
1.7%

Communication Services

XEI.TO
7.6%
XCS.TO
1.0%

Consumer Cyclical

XEI.TO
6.2%
XCS.TO
3.7%

Real Estate

XEI.TO
4.8%
XCS.TO
9.7%

Basic Materials

XEI.TO
4.6%
XCS.TO
30.3%

Technology

XEI.TO
0.7%
XCS.TO
4.3%

Industrials

XEI.TO
0.7%
XCS.TO
12.3%

Consumer Defensive

XEI.TO
0.5%
XCS.TO
2.7%

Healthcare

XEI.TO
0.2%
XCS.TO
4.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P/TSX Composite High Dividend Index ETF

iShares S&P/TSX SmallCap Index ETF

Often compared with XEI.TO:
XEI.TO vs. VDY.TOXEI.TO vs. XDIV.TOXEI.TO vs. XEQT.TOXEI.TO vs. VFV.TOXEI.TO vs. ZDV.TOXEI.TO vs. CDZ.TOXEI.TO vs. XDV.TO
Often compared with XCS.TO:
XCS.TO vs. XCV.TOXCS.TO vs. XMD.TOXCS.TO vs. XCSR.TOXCS.TO vs. VBRXCS.TO vs. XUS.TOXCS.TO vs. VEQT.TOXCS.TO vs. XIC.TO

Return for Risk

XEI.TO vs. XCS.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEI.TO
XEI.TO Risk / Return Rank: 9898
Overall Rank
XEI.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XEI.TO Sortino Ratio Rank: 9999
Sortino Ratio Rank
XEI.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XEI.TO Calmar Ratio Rank: 9999
Calmar Ratio Rank
XEI.TO Martin Ratio Rank: 9898
Martin Ratio Rank
XCS.TO
XCS.TO Risk / Return Rank: 8282
Overall Rank
XCS.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
XCS.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
XCS.TO Omega Ratio Rank: 8585
Omega Ratio Rank
XCS.TO Calmar Ratio Rank: 8383
Calmar Ratio Rank
XCS.TO Martin Ratio Rank: 7979
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.

XEI.TO vs. XCS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) and iShares S&P/TSX SmallCap Index ETF (XCS.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.

XEI.TOXCS.TODifference
Sharpe ratioReturn per unit of total volatility
6.34
2.95

+3.39

Sortino ratioReturn per unit of downside risk
9.47
3.35

+6.12

Omega ratioGain probability vs. loss probability

2.34

1.51

+0.83

Calmar ratioReturn relative to maximum drawdown

20.39

4.37

+16.02

Martin ratioReturn relative to average drawdown

69.23

14.97

+54.26

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

XEI.TO vs. XCS.TO - Sharpe Ratio Comparison

The current XEI.TO Sharpe Ratio is 6.34, which is higher than the XCS.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of XEI.TO and XCS.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

XEI.TOXCS.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

6.34

2.95

+3.39

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.41

0.62

+0.79

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.77

0.49

+0.28

Sharpe Ratio (All Time)

Calculated using the full available price history

0.67

0.24

+0.43

Drawdowns

XEI.TO vs. XCS.TO - Drawdown Comparison

The maximum XEI.TO drawdown since its inception was -45.51%, smaller than the maximum XCS.TO drawdown of -61.18%. Use the drawdown chart below to compare losses from any high point for XEI.TO and XCS.TO.

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Drawdown Indicators

XEI.TOXCS.TODifference

Max Drawdown

Largest peak-to-trough decline

-45.51%

-61.18%

+15.67%

Max Drawdown (1Y)

Largest decline over 1 year

-2.24%

-14.58%

+12.34%

Max Drawdown (3Y)

Largest decline over 3 years

-9.92%

-15.54%

+5.62%

Max Drawdown (5Y)

Largest decline over 5 years

-17.32%

-34.63%

+17.31%

Max Drawdown (10Y)

Largest decline over 10 years

-45.51%

-50.44%

+4.93%

Current Drawdown

Current decline from peak

0.00%

-0.44%

+0.44%

Average Drawdown

Average peak-to-trough decline

-5.05%

-16.95%

+11.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.66%

4.25%

-3.59%

Volatility

XEI.TO vs. XCS.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) is 2.89%, while iShares S&P/TSX SmallCap Index ETF (XCS.TO) has a volatility of 4.59%. This indicates that XEI.TO experiences smaller price fluctuations and is considered to be less risky than XCS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEI.TOXCS.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.89%

4.59%

-1.70%

Volatility (6M)

Calculated over the trailing 6-month period

6.03%

17.36%

-11.33%

Volatility (1Y)

Calculated over the trailing 1-year period

7.24%

21.62%

-14.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.24%

20.42%

-9.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.01%

20.41%

-4.40%

XEI.TO vs. XCS.TO - Expense Ratio Comparison

XEI.TO has a 0.22% expense ratio, which is lower than XCS.TO's 0.60% expense ratio.

Dividends

XEI.TO vs. XCS.TO - Dividend Comparison

XEI.TO's dividend yield for the trailing twelve months is around 3.53%, more than XCS.TO's 1.02% yield.

PositionTTM20252024202320222021202020192018201720162015
XCS.TO
iShares S&P/TSX SmallCap Index ETF		1.02%1.36%1.73%2.59%2.07%1.51%1.78%2.27%2.12%1.81%1.46%2.34%
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF		3.53%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

XEI.TO and XCS.TO have a correlation of 0.39, 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 0.60% for XCS.TO.

XEI.TO tracks S&P/TSX Composite High Dividend Index, while XCS.TO tracks Morningstar Canada Sml GR CAD. Their fees differ too: 0.22% for XEI.TO and 0.60% for XCS.TO.

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