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XIU.TO vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XIU.TO vs. USMV

Last updated Jun 13, 2026

XIU.TO (iShares S&P/TSX 60 Index ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - XIU.TO is a Canada Equities fund tracking the S&P/TSX 60 Index, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, XIU.TO returned 13.04%/yr vs 10.85%/yr for USMV. At a 0.50 correlation, their price movements are largely independent. XIU.TO charges 0.18%/yr vs 0.15%/yr for USMV.

Performance

XIU.TO vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX 60 Index ETF (XIU.TO) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XIU.TO is traded in CAD, while USMV is traded in USD. To make them comparable, the USMV values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XIU.TO achieves a 11.35% return, which is significantly higher than USMV's 4.61% return. Over the past 10 years, XIU.TO has outperformed USMV with an annualized return of 13.04%, while USMV has yielded a comparatively lower 10.85% annualized return.

XIU.TO

1D
0.62%
1M
4.37%
YTD
11.35%
6M
12.04%
1Y
32.43%
3Y*
22.94%
5Y*
14.53%
10Y*
13.04%

USMV

1D
0.72%
1M
4.00%
YTD
4.61%
6M
3.91%
1Y
6.44%
3Y*
13.06%
5Y*
10.41%
10Y*
10.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XIU.TO vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XIU.TO
iShares S&P/TSX 60 Index ETF		11.35%28.89%20.73%11.85%-6.35%28.06%5.27%21.81%-7.82%9.58%
USMV
iShares MSCI USA Min Vol Factor ETF		4.61%2.73%25.54%7.70%-3.69%20.79%3.13%22.42%9.85%10.86%

Correlation

The correlation between XIU.TO and USMV is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.45

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

0.50

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

0.54

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

0.52

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2011

0.50

The correlation between XIU.TO and USMV has been stable across timeframes, ranging from 0.45 to 0.54 - a consistent structural relationship.

XIU.TO vs. USMV - Sectors Allocation Comparison

Sectors
XIU.TO
USMV

Financial Services

39.4%
12.4%

Energy

18.6%
3.6%

Basic Materials

13.3%
2.2%

Technology

8.8%
30.8%

Industrials

7.9%
5.7%

Consumer Cyclical

4.1%
5.7%

Consumer Defensive

3.2%
10.0%

Utilities

2.6%
7.5%

Communication Services

2.0%
5.9%

Real Estate

0.2%
2.2%

Healthcare

-

12.5%

Financial Services

XIU.TO
39.4%
USMV
12.4%

Energy

XIU.TO
18.6%
USMV
3.6%

Basic Materials

XIU.TO
13.3%
USMV
2.2%

Technology

XIU.TO
8.8%
USMV
30.8%

Industrials

XIU.TO
7.9%
USMV
5.7%

Consumer Cyclical

XIU.TO
4.1%
USMV
5.7%

Consumer Defensive

XIU.TO
3.2%
USMV
10.0%

Utilities

XIU.TO
2.6%
USMV
7.5%

Communication Services

XIU.TO
2.0%
USMV
5.9%

Real Estate

XIU.TO
0.2%
USMV
2.2%

Healthcare

XIU.TO

-

USMV
12.5%

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 60 Index ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with XIU.TO:
XIU.TO vs. XIC.TOXIU.TO vs. ZCN.TOXIU.TO vs. XDIV.TOXIU.TO vs. XSP.TOXIU.TO vs. HXT.TOXIU.TO vs. SPYXIU.TO vs. XIT.TO
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. VFMVUSMV vs. ACWVUSMV vs. QUALUSMV vs. VTI

Return for Risk

XIU.TO vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XIU.TO
XIU.TO Risk / Return Rank: 8989
Overall Rank
XIU.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
XIU.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
XIU.TO Omega Ratio Rank: 8989
Omega Ratio Rank
XIU.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
XIU.TO Martin Ratio Rank: 9292
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 1717
Overall Rank
USMV Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 1616
Sortino Ratio Rank
USMV Omega Ratio Rank: 1515
Omega Ratio Rank
USMV Calmar Ratio Rank: 1818
Calmar Ratio Rank
USMV Martin Ratio Rank: 2020
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.

XIU.TO vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX 60 Index ETF (XIU.TO) and iShares MSCI USA Min Vol Factor ETF (USMV). 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.

XIU.TOUSMVDifference
Sharpe ratioReturn per unit of total volatility
2.71
0.67

+2.04

Sortino ratioReturn per unit of downside risk
3.61
1.01

+2.60

Omega ratioGain probability vs. loss probability

1.49

1.12

+0.37

Calmar ratioReturn relative to maximum drawdown

4.26

1.23

+3.03

Martin ratioReturn relative to average drawdown

19.57

3.22

+16.35

XIU.TO vs. USMV - Sharpe Ratio Comparison

The current XIU.TO Sharpe Ratio is 2.71, which is higher than the USMV Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of XIU.TO and USMV, 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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Drawdowns

XIU.TO vs. USMV - Drawdown Comparison

The maximum XIU.TO drawdown since its inception was -46.98%, which is greater than USMV's maximum drawdown of -27.07%. Use the drawdown chart below to compare losses from any high point for XIU.TO and USMV.

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Drawdown Indicators

XIU.TOUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-46.98%

-27.07%

-19.91%

Max Drawdown (1Y)

Largest decline over 1 year

-7.65%

-5.25%

-2.40%

Max Drawdown (3Y)

Largest decline over 3 years

-12.36%

-10.65%

-1.71%

Max Drawdown (5Y)

Largest decline over 5 years

-16.36%

-16.72%

+0.36%

Max Drawdown (10Y)

Largest decline over 10 years

-35.46%

-27.07%

-8.39%

Current Drawdown

Current decline from peak

-0.19%

0.00%

-0.19%

Average Drawdown

Average peak-to-trough decline

-6.85%

-2.88%

-3.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.66%

2.02%

-0.36%

Volatility

XIU.TO vs. USMV - Volatility Comparison

iShares S&P/TSX 60 Index ETF (XIU.TO) has a higher volatility of 4.06% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.94%. This indicates that XIU.TO's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XIU.TOUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.06%

2.94%

+1.12%

Volatility (6M)

Calculated over the trailing 6-month period

9.62%

6.98%

+2.64%

Volatility (1Y)

Calculated over the trailing 1-year period

12.03%

9.72%

+2.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.83%

13.86%

-1.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.02%

15.86%

-0.84%

XIU.TO vs. USMV - Expense Ratio Comparison

XIU.TO has a 0.18% expense ratio, which is higher than USMV's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XIU.TO vs. USMV - Dividend Comparison

XIU.TO's dividend yield for the trailing twelve months is around 2.18%, more than USMV's 1.53% yield.

PositionTTM20252024202320222021202020192018201720162015
USMV
iShares MSCI USA Min Vol Factor ETF		1.53%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%
XIU.TO
iShares S&P/TSX 60 Index ETF		2.18%2.39%2.92%3.16%3.02%2.43%3.03%2.87%3.18%2.58%2.65%3.19%

Frequently Asked Questions

XIU.TO and USMV have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, USMV is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

USMV is cheaper with a 0.15% expense ratio, compared with 0.18% for XIU.TO.

XIU.TO is categorized as Canada Equities, while USMV is Large Cap Blend Equities. XIU.TO tracks S&P/TSX 60 Index, while USMV tracks MSCI USA Minimum Volatility Index. Their fees differ too: 0.18% for XIU.TO and 0.15% for USMV.

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