XETM.TO vs. CCO.TO

Last updated Jun 4, 2026

XETM.TO (iShares S&P/TSX Energy Transition Materials Index ETF) is Materials fund tracking the S&P/TSX Energy Transition Materials Index, while CCO.TO (Cameco Corporation) is a stock. Over the past year, XETM.TO returned 132.04% vs 95.25% for CCO.TO. At a 0.33 correlation, their price movements are largely independent.

Performance

XETM.TO vs. CCO.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Energy Transition Materials Index ETF (XETM.TO) and Cameco Corporation (CCO.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with XETM.TO having a 27.20% return and CCO.TO slightly lower at 26.93%.

XETM.TO

• 1D: -4.12%
• 1M: 14.61%
• YTD: 27.20%
• 6M: 37.88%
• 1Y: 132.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CCO.TO

• 1D: -4.40%
• 1M: -1.05%
• YTD: 26.93%
• 6M: 27.80%
• 1Y: 95.25%
• 3Y*: 58.39%
• 5Y*: 44.28%
• 10Y*: 27.60%

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

XETM.TO vs. CCO.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XETM.TO iShares S&P/TSX Energy Transition Materials Index ETF	27.20%	74.97%	5.16%	-2.24%
CCO.TO Cameco Corporation	26.93%	70.37%	29.62%	10.66%

Correlation

The correlation between XETM.TO and CCO.TO is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.33

Over the past year, XETM.TO and CCO.TO have become more correlated (0.55) than their long-term average of 0.33, meaning their price movements have been converging.

Return for Risk

XETM.TO vs. CCO.TO — Risk / Return Rank

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

XETM.TO

XETM.TO Risk / Return Rank: 87
XETM.TO Sharpe Ratio Rank: 92
XETM.TO Sortino Ratio Rank: 80
XETM.TO Omega Ratio Rank: 87
XETM.TO Calmar Ratio Rank: 89
XETM.TO Martin Ratio Rank: 86

CCO.TO

CCO.TO Risk / Return Rank: 84
CCO.TO Sharpe Ratio Rank: 85
CCO.TO Sortino Ratio Rank: 83
CCO.TO Omega Ratio Rank: 80
CCO.TO Calmar Ratio Rank: 86
CCO.TO Martin Ratio Rank: 85

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.

XETM.TO vs. CCO.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Energy Transition Materials Index ETF (XETM.TO) and Cameco Corporation (CCO.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.

	XETM.TO	CCO.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.35	1.78	+1.57
Sortino ratio: Return per unit of downside risk	3.62	2.57	+1.05
Omega ratio: Gain probability vs. loss probability	1.54	1.31	+0.23
Calmar ratio: Return relative to maximum drawdown	5.29	3.85	+1.43
Martin ratio: Return relative to average drawdown	18.31	8.84	+9.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XETM.TO vs. CCO.TO - Sharpe Ratio Comparison

The current XETM.TO Sharpe Ratio is 3.35, which is higher than the CCO.TO Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of XETM.TO and CCO.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.

Sharpe Ratios by Period

	XETM.TO	CCO.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.35	1.78	+1.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.93	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.62	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	0.37	+0.64

Drawdowns

XETM.TO vs. CCO.TO - Drawdown Comparison

The maximum XETM.TO drawdown since its inception was -33.71%, smaller than the maximum CCO.TO drawdown of -83.63%. Use the drawdown chart below to compare losses from any high point for XETM.TO and CCO.TO.

Drawdown Indicators

	XETM.TO	CCO.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.71%	-83.63%	+49.92%
Max Drawdown (1Y) Largest decline over 1 year	-25.13%	-24.86%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	—	-39.52%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-39.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-52.84%	—
Current Drawdown Current decline from peak	-4.12%	-12.19%	+8.07%
Average Drawdown Average peak-to-trough decline	-8.19%	-39.05%	+30.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.24%	10.81%	-3.57%

Volatility

XETM.TO vs. CCO.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Energy Transition Materials Index ETF (XETM.TO) is 13.89%, while Cameco Corporation (CCO.TO) has a volatility of 15.48%. This indicates that XETM.TO experiences smaller price fluctuations and is considered to be less risky than CCO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XETM.TO	CCO.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.89%	15.48%	-1.59%
Volatility (6M) Calculated over the trailing 6-month period	31.22%	36.84%	-5.62%
Volatility (1Y) Calculated over the trailing 1-year period	39.67%	53.75%	-14.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.24%	47.74%	-12.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.24%	44.95%	-9.71%

Dividends

XETM.TO vs. CCO.TO - Dividend Comparison

XETM.TO's dividend yield for the trailing twelve months is around 0.52%, more than CCO.TO's 0.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCO.TO Cameco Corporation	0.15%	0.19%	0.22%	0.21%	0.39%	0.29%	0.47%	0.69%	0.52%	3.45%	2.85%	2.34%
XETM.TO iShares S&P/TSX Energy Transition Materials Index ETF	0.52%	0.66%	0.69%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XETM.TO and CCO.TO in my portfolio?

XETM.TO and CCO.TO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.