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XHD.TO vs. TULV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XHD.TO vs. TULV.TO

Last updated Jun 4, 2026

XHD.TO (iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)) and TULV.TO (TD Q U.S. Low Volatility ETF) are both Large Cap Blend Equities funds. XHD.TO is passively managed, while TULV.TO is actively managed. Over the past 5 years, XHD.TO returned 6.55%/yr vs 8.91%/yr for TULV.TO. At a 0.38 correlation, their price movements are largely independent. XHD.TO charges 0.33%/yr vs 0.35%/yr for TULV.TO.

Performance

XHD.TO vs. TULV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.TO) and TD Q U.S. Low Volatility ETF (TULV.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, XHD.TO achieves a 11.94% return, which is significantly higher than TULV.TO's 1.51% return.

XHD.TO

1D
0.83%
1M
0.69%
YTD
11.94%
6M
5.51%
1Y
11.69%
3Y*
9.73%
5Y*
6.55%
10Y*
6.22%

TULV.TO

1D
0.00%
1M
-0.04%
YTD
1.51%
6M
-0.18%
1Y
5.14%
3Y*
9.27%
5Y*
8.91%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XHD.TO vs. TULV.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
XHD.TO
iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)		11.94%3.92%9.50%-0.07%4.22%17.88%3.41%
TULV.TO
TD Q U.S. Low Volatility ETF		1.51%3.62%23.74%-3.31%2.02%23.84%0.90%

Correlation

The correlation between XHD.TO and TULV.TO is 0.61, 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

0.61

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

0.52

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

0.44

Correlation (All Time)
Calculated using the full available price history since Jun 4, 2020

0.38

Over the past year, XHD.TO and TULV.TO have become more correlated (0.61) than their long-term average of 0.38, meaning their price movements have been converging.

XHD.TO vs. TULV.TO - Sectors Allocation Comparison

Sectors
XHD.TO
TULV.TO

Consumer Defensive

24.1%
24.9%

Energy

22.3%

-

Healthcare

16.5%
20.4%

Financial Services

11.1%
12.6%

Utilities

9.2%
17.7%

Technology

8.2%
8.8%

Consumer Cyclical

6.1%
0.6%

Industrials

1.4%
3.4%

Basic Materials

1.2%

-

Communication Services

0.1%
11.6%

Real Estate

-

0.1%

Consumer Defensive

XHD.TO
24.1%
TULV.TO
24.9%

Energy

XHD.TO
22.3%
TULV.TO

-

Healthcare

XHD.TO
16.5%
TULV.TO
20.4%

Financial Services

XHD.TO
11.1%
TULV.TO
12.6%

Utilities

XHD.TO
9.2%
TULV.TO
17.7%

Technology

XHD.TO
8.2%
TULV.TO
8.8%

Consumer Cyclical

XHD.TO
6.1%
TULV.TO
0.6%

Industrials

XHD.TO
1.4%
TULV.TO
3.4%

Basic Materials

XHD.TO
1.2%
TULV.TO

-

Communication Services

XHD.TO
0.1%
TULV.TO
11.6%

Real Estate

XHD.TO

-

TULV.TO
0.1%

Compare stocks, funds, or ETFs

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iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)

TD Q U.S. Low Volatility ETF

Often compared with XHD.TO:
XHD.TO vs. SCHDXHD.TO vs. XDIV.TOXHD.TO vs. VDY.TOXHD.TO vs. XEQT.TOXHD.TO vs. XDGH.TOXHD.TO vs. XDU.TOXHD.TO vs. HDIVX
Often compared with TULV.TO:
TULV.TO vs. TCLV.TOTULV.TO vs. KNGC.TOTULV.TO vs. ZSP-U.TOTULV.TO vs. JEPI.TOTULV.TO vs. XUU.TOTULV.TO vs. HULC.TOTULV.TO vs. ETSX.TO

Return for Risk

XHD.TO vs. TULV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XHD.TO
XHD.TO Risk / Return Rank: 3030
Overall Rank
XHD.TO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
XHD.TO Sortino Ratio Rank: 2626
Sortino Ratio Rank
XHD.TO Omega Ratio Rank: 2828
Omega Ratio Rank
XHD.TO Calmar Ratio Rank: 3636
Calmar Ratio Rank
XHD.TO Martin Ratio Rank: 3333
Martin Ratio Rank
TULV.TO
TULV.TO Risk / Return Rank: 1717
Overall Rank
TULV.TO Sharpe Ratio Rank: 1717
Sharpe Ratio Rank
TULV.TO Sortino Ratio Rank: 1616
Sortino Ratio Rank
TULV.TO Omega Ratio Rank: 1616
Omega Ratio Rank
TULV.TO Calmar Ratio Rank: 1919
Calmar Ratio Rank
TULV.TO Martin Ratio Rank: 1818
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.

XHD.TO vs. TULV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.TO) and TD Q U.S. Low Volatility ETF (TULV.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.

XHD.TOTULV.TODifference
Sharpe ratioReturn per unit of total volatility
1.04
0.49

+0.55

Sortino ratioReturn per unit of downside risk
1.45
0.78

+0.67

Omega ratioGain probability vs. loss probability

1.20

1.09

+0.10

Calmar ratioReturn relative to maximum drawdown

1.80

0.79

+1.02

Martin ratioReturn relative to average drawdown

5.11

1.85

+3.27

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

XHD.TO vs. TULV.TO - Sharpe Ratio Comparison

The current XHD.TO Sharpe Ratio is 1.04, which is higher than the TULV.TO Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of XHD.TO and TULV.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

XHD.TOTULV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.04

0.49

+0.55

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.51

0.75

-0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.40

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.53

0.71

-0.18

Drawdowns

XHD.TO vs. TULV.TO - Drawdown Comparison

The maximum XHD.TO drawdown since its inception was -38.71%, which is greater than TULV.TO's maximum drawdown of -11.78%. Use the drawdown chart below to compare losses from any high point for XHD.TO and TULV.TO.

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Drawdown Indicators

XHD.TOTULV.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.71%

-11.78%

-26.93%

Max Drawdown (1Y)

Largest decline over 1 year

-6.51%

-6.56%

+0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-12.75%

-11.39%

-1.36%

Max Drawdown (5Y)

Largest decline over 5 years

-16.38%

-11.78%

-4.60%

Max Drawdown (10Y)

Largest decline over 10 years

-38.71%

—

—

Current Drawdown

Current decline from peak

-2.45%

-5.64%

+3.19%

Average Drawdown

Average peak-to-trough decline

-3.93%

-3.61%

-0.32%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

2.83%

-0.54%

Volatility

XHD.TO vs. TULV.TO - Volatility Comparison

The current volatility for iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.TO) is 3.78%, while TD Q U.S. Low Volatility ETF (TULV.TO) has a volatility of 4.79%. This indicates that XHD.TO experiences smaller price fluctuations and is considered to be less risky than TULV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XHD.TOTULV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.78%

4.79%

-1.01%

Volatility (6M)

Calculated over the trailing 6-month period

9.40%

7.91%

+1.49%

Volatility (1Y)

Calculated over the trailing 1-year period

11.28%

10.44%

+0.84%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.03%

11.89%

+1.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.53%

11.62%

+3.91%

XHD.TO vs. TULV.TO - Expense Ratio Comparison

XHD.TO has a 0.33% expense ratio, which is lower than TULV.TO's 0.35% expense ratio.

Dividends

XHD.TO vs. TULV.TO - Dividend Comparison

XHD.TO's dividend yield for the trailing twelve months is around 2.38%, more than TULV.TO's 1.80% yield.

PositionTTM20252024202320222021202020192018201720162015
TULV.TO
TD Q U.S. Low Volatility ETF		1.80%1.80%1.48%1.96%1.57%1.37%0.83%0.00%0.00%0.00%0.00%0.00%
XHD.TO
iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)		2.38%2.61%2.99%3.09%2.69%2.81%3.44%2.46%2.81%2.36%2.48%3.00%

Frequently Asked Questions

XHD.TO and TULV.TO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XHD.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XHD.TO is cheaper with a 0.33% expense ratio, compared with 0.35% for TULV.TO.

They also come from different issuers: iShares and TD. Their fees differ too: 0.33% for XHD.TO and 0.35% for TULV.TO.

Portfolio Optimizer

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