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XIC.TO vs. XMA.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XIC.TO vs. XMA.TO

Last updated Jun 4, 2026

XIC.TO (iShares Core S&P/TSX Capped Composite Index ETF) and XMA.TO (iShares S&P/TSX Capped Materials Index ETF) are both exchange-traded funds - XIC.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index, while XMA.TO is a Materials fund tracking the S&P/TSX Capped Materials TR. Both are passively managed. Over the past 10 years, XIC.TO returned 12.48%/yr vs 14.00%/yr for XMA.TO. A 0.61 correlation means they provide meaningful diversification when combined. XIC.TO charges 0.06%/yr vs 0.60%/yr for XMA.TO.

Performance

XIC.TO vs. XMA.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 S&P/TSX Capped Materials Index ETF (XMA.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, XIC.TO achieves a 10.75% return, which is significantly higher than XMA.TO's 7.60% return. Over the past 10 years, XIC.TO has underperformed XMA.TO with an annualized return of 12.48%, while XMA.TO has yielded a comparatively higher 14.00% annualized return.

XIC.TO

1D
-1.05%
1M
3.59%
YTD
10.75%
6M
12.90%
1Y
34.79%
3Y*
23.62%
5Y*
14.60%
10Y*
12.48%

XMA.TO

1D
-3.13%
1M
5.70%
YTD
7.60%
6M
12.34%
1Y
64.71%
3Y*
35.49%
5Y*
20.09%
10Y*
14.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		10.75%31.51%21.48%11.73%-5.82%23.42%5.61%22.76%-8.72%8.99%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		7.60%99.21%20.72%-2.04%1.35%3.31%19.73%24.63%-10.46%7.07%

Correlation

The correlation between XIC.TO and XMA.TO is 0.71, 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

0.71

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

0.65

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

0.63

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

0.53

Correlation (All Time)
Calculated using the full available price history since Dec 29, 2005

0.61

The correlation between XIC.TO and XMA.TO shifts across timeframes, from 0.53 (10 years) to 0.71 (1 year), reflecting how their relationship changes across market environments.

XIC.TO vs. XMA.TO - Sectors Allocation Comparison

Sectors
XIC.TO
XMA.TO

Financial Services

34.0%

-

Energy

18.1%

-

Basic Materials

17.2%
98.4%

Industrials

10.0%
0.0%

Technology

6.7%

-

Consumer Cyclical

3.7%
1.6%

Utilities

2.9%

-

Consumer Defensive

2.9%

-

Communication Services

1.8%

-

Real Estate

1.5%

-

Healthcare

0.1%

-

Financial Services

XIC.TO
34.0%
XMA.TO

-

Energy

XIC.TO
18.1%
XMA.TO

-

Basic Materials

XIC.TO
17.2%
XMA.TO
98.4%

Industrials

XIC.TO
10.0%
XMA.TO
0.0%

Technology

XIC.TO
6.7%
XMA.TO

-

Consumer Cyclical

XIC.TO
3.7%
XMA.TO
1.6%

Utilities

XIC.TO
2.9%
XMA.TO

-

Consumer Defensive

XIC.TO
2.9%
XMA.TO

-

Communication Services

XIC.TO
1.8%
XMA.TO

-

Real Estate

XIC.TO
1.5%
XMA.TO

-

Healthcare

XIC.TO
0.1%
XMA.TO

-

Compare stocks, funds, or ETFs

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iShares Core S&P/TSX Capped Composite Index ETF

iShares S&P/TSX Capped Materials Index ETF

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Often compared with XMA.TO:
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Return for Risk

XIC.TO vs. XMA.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: 8080
Overall Rank
XIC.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
XIC.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
XIC.TO Omega Ratio Rank: 8181
Omega Ratio Rank
XIC.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
XIC.TO Martin Ratio Rank: 8383
Martin Ratio Rank
XMA.TO
XMA.TO Risk / Return Rank: 4646
Overall Rank
XMA.TO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
XMA.TO Sortino Ratio Rank: 4141
Sortino Ratio Rank
XMA.TO Omega Ratio Rank: 4848
Omega Ratio Rank
XMA.TO Calmar Ratio Rank: 4848
Calmar Ratio Rank
XMA.TO Martin Ratio Rank: 4242
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.

XIC.TO vs. XMA.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 S&P/TSX Capped Materials Index ETF (XMA.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.

XIC.TOXMA.TODifference
Sharpe ratioReturn per unit of total volatility
2.76
1.75

+1.00

Sortino ratioReturn per unit of downside risk
3.57
2.11

+1.46

Omega ratioGain probability vs. loss probability

1.50

1.31

+0.19

Calmar ratioReturn relative to maximum drawdown

3.76

2.41

+1.35

Martin ratioReturn relative to average drawdown

17.44

6.76

+10.68

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

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

The current XIC.TO Sharpe Ratio is 2.76, which is higher than the XMA.TO Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of XIC.TO and XMA.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

XIC.TOXMA.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.76

1.75

+1.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.12

0.73

+0.38

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.84

0.53

+0.31

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.28

+0.26

Drawdowns

XIC.TO vs. XMA.TO - Drawdown Comparison

The maximum XIC.TO drawdown since its inception was -48.21%, smaller than the maximum XMA.TO drawdown of -64.13%. Use the drawdown chart below to compare losses from any high point for XIC.TO and XMA.TO.

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Drawdown Indicators

XIC.TOXMA.TODifference

Max Drawdown

Largest peak-to-trough decline

-48.21%

-64.13%

+15.92%

Max Drawdown (1Y)

Largest decline over 1 year

-9.29%

-26.96%

+17.67%

Max Drawdown (3Y)

Largest decline over 3 years

-12.27%

-26.96%

+14.69%

Max Drawdown (5Y)

Largest decline over 5 years

-16.24%

-33.06%

+16.82%

Max Drawdown (10Y)

Largest decline over 10 years

-37.21%

-33.06%

-4.15%

Current Drawdown

Current decline from peak

-1.05%

-18.76%

+17.71%

Average Drawdown

Average peak-to-trough decline

-7.04%

-26.31%

+19.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.00%

9.60%

-7.60%

Volatility

XIC.TO vs. XMA.TO - Volatility Comparison

The current volatility for iShares Core S&P/TSX Capped Composite Index ETF (XIC.TO) is 3.48%, while iShares S&P/TSX Capped Materials Index ETF (XMA.TO) has a volatility of 13.42%. This indicates that XIC.TO experiences smaller price fluctuations and is considered to be less risky than XMA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XIC.TOXMA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.48%

13.42%

-9.94%

Volatility (6M)

Calculated over the trailing 6-month period

10.33%

30.86%

-20.53%

Volatility (1Y)

Calculated over the trailing 1-year period

12.67%

37.08%

-24.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.13%

27.55%

-14.42%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.96%

26.56%

-11.60%

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

XIC.TO has a 0.06% expense ratio, which is lower than XMA.TO's 0.60% expense ratio.

Dividends

XIC.TO vs. XMA.TO - Dividend Comparison

XIC.TO's dividend yield for the trailing twelve months is around 2.02%, more than XMA.TO's 0.37% yield.

PositionTTM20252024202320222021202020192018201720162015
XIC.TO
iShares Core S&P/TSX Capped Composite Index ETF		2.02%2.23%2.64%2.95%3.10%2.44%3.03%3.01%3.19%2.49%2.72%3.21%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		0.37%0.41%0.83%1.26%1.24%0.87%0.63%0.62%0.72%0.42%0.82%1.90%

Frequently Asked Questions

XIC.TO and XMA.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

XIC.TO is cheaper with a 0.06% expense ratio, compared with 0.60% for XMA.TO.

XIC.TO is categorized as Canada Equities, while XMA.TO is Materials. XIC.TO tracks S&P/TSX Capped Composite Index, while XMA.TO tracks S&P/TSX Capped Materials TR. Their fees differ too: 0.06% for XIC.TO and 0.60% for XMA.TO.

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