XIC.TO vs. XEMC.TO

Last updated Jul 12, 2026

XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) and XEMC.TO (iShares MSCI Emerging Markets ex China Index ETF) are both exchange-traded funds - XIC.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index, while XEMC.TO is a Emerging Markets Equities fund tracking the MSCI Emerging Markets ex China Index (Net). Both are passively managed. Over the past 3 years, XIC.TO returned 24.43%/yr vs 29.35%/yr for XEMC.TO. At a 0.48 correlation, their price movements are largely independent. XIC.TO charges 0.06%/yr vs 0.25%/yr for XEMC.TO.

Performance

XIC.TO vs. XEMC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) and iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XIC.TO achieves a 12.63% return, which is significantly lower than XEMC.TO's 40.50% return.

XIC.TO

• 1D: 0.27%
• 1M: 2.03%
• 6M: 9.38%
• YTD: 12.63%
• 1Y: 33.58%
• 3Y*: 24.43%
• 5Y*: 14.66%
• 10Y*: 12.42%

XEMC.TO

• 1D: 0.28%
• 1M: 1.24%
• 6M: 32.33%
• YTD: 40.50%
• 1Y: 64.15%
• 3Y*: 29.35%
• 5Y*: —
• 10Y*: —

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

XIC.TO vs. XEMC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XIC.TO iShares Core S&P/TSX Capped Composite Index ETF	12.63%	31.51%	21.48%	4.26%
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF	40.50%	28.28%	10.87%	12.07%

Correlation

The correlation between XIC.TO and XEMC.TO is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (All Time) Calculated using the full available price history since Feb 15, 2023	0.48

The correlation between XIC.TO and XEMC.TO has been stable across timeframes, ranging from 0.48 to 0.51 - a consistent structural relationship.

Return for Risk

XIC.TO vs. XEMC.TO — Risk / Return Rank

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

XIC.TO

XIC.TO Risk / Return Rank: 89
XIC.TO Sharpe Ratio Rank: 92
XIC.TO Sortino Ratio Rank: 89
XIC.TO Omega Ratio Rank: 89
XIC.TO Calmar Ratio Rank: 83
XIC.TO Martin Ratio Rank: 90

XEMC.TO

XEMC.TO Risk / Return Rank: 90
XEMC.TO Sharpe Ratio Rank: 92
XEMC.TO Sortino Ratio Rank: 85
XEMC.TO Omega Ratio Rank: 91
XEMC.TO Calmar Ratio Rank: 92
XEMC.TO 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.

XIC.TO vs. XEMC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) and iShares MSCI Emerging Markets ex China Index ETF (XEMC.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.

	XIC.TO	XEMC.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.55	-0.01
Sortino ratio: Return per unit of downside risk	3.28	3.04	+0.23
Omega ratio: Gain probability vs. loss probability	1.45	1.47	-0.02
Calmar ratio: Return relative to maximum drawdown	3.60	4.88	-1.28
Martin ratio: Return relative to average drawdown	16.29	16.38	-0.10

XIC.TO vs. XEMC.TO - Sharpe Ratio Comparison

The current XIC.TO Sharpe Ratio is 2.53, which is comparable to the XEMC.TO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of XIC.TO and XEMC.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

XIC.TO vs. XEMC.TO - Drawdown Comparison

The maximum XIC.TO drawdown since its inception was -47.27%, which is greater than XEMC.TO's maximum drawdown of -14.55%. Use the drawdown chart below to compare losses from any high point for XIC.TO and XEMC.TO.

Drawdown Indicators

	XIC.TO	XEMC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-47.27%	-14.55%	-32.72%
Max Drawdown (1Y) Largest decline over 1 year	-9.29%	-13.12%	+3.83%
Max Drawdown (3Y) Largest decline over 3 years	-12.27%	-14.55%	+2.28%
Max Drawdown (5Y) Largest decline over 5 years	-16.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.21%	—	—
Current Drawdown Current decline from peak	-0.11%	-7.60%	+7.49%
Average Drawdown Average peak-to-trough decline	-6.72%	-2.27%	-4.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	3.90%	-1.85%

Volatility

XIC.TO vs. XEMC.TO - Volatility Comparison

The current volatility for iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) is 2.88%, while iShares MSCI Emerging Markets ex China Index ETF (XEMC.TO) has a volatility of 12.67%. This indicates that XIC.TO experiences smaller price fluctuations and is considered to be less risky than XEMC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XIC.TO	XEMC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.88%	12.67%	-9.79%
Volatility (6M) Calculated over the trailing 6-month period	10.69%	23.45%	-12.76%
Volatility (1Y) Calculated over the trailing 1-year period	13.18%	25.13%	-11.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.22%	17.47%	-4.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.95%	17.47%	-2.52%

XIC.TO vs. XEMC.TO - Expense Ratio Comparison

XIC.TO has a 0.06% expense ratio, which is lower than XEMC.TO's 0.25% 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

XIC.TO vs. XEMC.TO - Dividend Comparison

XIC.TO's dividend yield for the trailing twelve months is around 2.00%, more than XEMC.TO's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XEMC.TO iShares MSCI Emerging Markets ex China Index ETF	1.68%	2.48%	2.28%	1.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XIC.TO iShares Core S&P/TSX Capped Composite Index ETF	2.00%	2.23%	2.64%	2.96%	3.10%	2.45%	3.03%	3.01%	3.19%	2.49%	2.72%	3.21%

Frequently Asked Questions

Can I hold both XIC.TO and XEMC.TO in my portfolio?

XIC.TO and XEMC.TO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XIC.TO or XEMC.TO?

On fees, XIC.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XIC.TO or XEMC.TO?

XIC.TO is cheaper with a 0.06% expense ratio, compared with 0.25% for XEMC.TO.

What is the main difference between XIC.TO and XEMC.TO?

XIC.TO is categorized as Canada Equities, while XEMC.TO is Emerging Markets Equities. XIC.TO tracks S&P/TSX Capped Composite Index, while XEMC.TO tracks MSCI Emerging Markets ex China Index (Net). Their fees differ too: 0.06% for XIC.TO and 0.25% for XEMC.TO.