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

XMA.TO vs. AEM.TO

Last updated Jun 14, 2026

XMA.TO (iShares S&P/TSX Capped Materials Index ETF) is Materials fund tracking the S&P/TSX Capped Materials TR, while AEM.TO (Agnico Eagle Mines Limited) is a stock. Over the past 10 years, XMA.TO returned 13.48%/yr vs 15.41%/yr for AEM.TO. Their correlation of 0.80 suggests significant overlap in exposure.

Performance

XMA.TO vs. AEM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Capped Materials Index ETF (XMA.TO) and Agnico Eagle Mines Limited (AEM.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, XMA.TO achieves a 1.98% return, which is significantly higher than AEM.TO's -1.88% return. Over the past 10 years, XMA.TO has underperformed AEM.TO with an annualized return of 13.48%, while AEM.TO has yielded a comparatively higher 15.41% annualized return.

XMA.TO

1D
3.03%
1M
-10.24%
YTD
1.98%
6M
3.38%
1Y
53.64%
3Y*
33.28%
5Y*
18.78%
10Y*
13.48%

AEM.TO

1D
3.40%
1M
-8.01%
YTD
-1.88%
6M
-1.40%
1Y
35.72%
3Y*
53.43%
5Y*
24.09%
10Y*
15.41%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		1.98%99.21%20.72%-2.04%1.35%3.32%19.73%24.64%-10.44%7.12%
AEM.TO
Agnico Eagle Mines Limited		-1.88%109.63%58.54%6.65%8.01%-23.56%13.64%46.58%-4.22%3.57%

Correlation

The correlation between XMA.TO and AEM.TO is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.91

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

0.88

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

0.84

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

0.81

Correlation (All Time)
Calculated using the full available price history since Jul 12, 2006

0.80

The correlation between XMA.TO and AEM.TO shifts across timeframes, from 0.80 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.

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iShares S&P/TSX Capped Materials Index ETF

Agnico Eagle Mines Limited

Often compared with XMA.TO:
XMA.TO vs. XGD.TOXMA.TO vs. XETM.TOXMA.TO vs. XIC.TOXMA.TO vs. ZUT.TOXMA.TO vs. XIT.TOXMA.TO vs. XEQT.TOXMA.TO vs. XBM.TO
Often compared with AEM.TO:
AEM.TO vs. ABX.TOAEM.TO vs. AGIAEM.TO vs. GOLD.TOAEM.TO vs. XAUUSD=XAEM.TO vs. HBMAEM.TO vs. BTO.TOAEM.TO vs. WDO.TO

Return for Risk

XMA.TO vs. AEM.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMA.TO
XMA.TO Risk / Return Rank: 4444
Overall Rank
XMA.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
XMA.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
XMA.TO Omega Ratio Rank: 4747
Omega Ratio Rank
XMA.TO Calmar Ratio Rank: 4545
Calmar Ratio Rank
XMA.TO Martin Ratio Rank: 3838
Martin Ratio Rank
AEM.TO
AEM.TO Risk / Return Rank: 6666
Overall Rank
AEM.TO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
AEM.TO Sortino Ratio Rank: 6464
Sortino Ratio Rank
AEM.TO Omega Ratio Rank: 6565
Omega Ratio Rank
AEM.TO Calmar Ratio Rank: 6363
Calmar Ratio Rank
AEM.TO Martin Ratio Rank: 6767
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.

XMA.TO vs. AEM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Capped Materials Index ETF (XMA.TO) and Agnico Eagle Mines Limited (AEM.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.

XMA.TOAEM.TODifference
Sharpe ratioReturn per unit of total volatility
1.46
0.88

+0.57

Sortino ratioReturn per unit of downside risk
1.83
1.33

+0.50

Omega ratioGain probability vs. loss probability

1.27

1.18

+0.09

Calmar ratioReturn relative to maximum drawdown

1.97

1.00

+0.97

Martin ratioReturn relative to average drawdown

5.39

2.79

+2.60

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

The current XMA.TO Sharpe Ratio is 1.46, which is higher than the AEM.TO Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of XMA.TO and AEM.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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Drawdowns

XMA.TO vs. AEM.TO - Drawdown Comparison

The maximum XMA.TO drawdown since its inception was -64.42%, smaller than the maximum AEM.TO drawdown of -70.33%. Use the drawdown chart below to compare losses from any high point for XMA.TO and AEM.TO.

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Drawdown Indicators

XMA.TOAEM.TODifference

Max Drawdown

Largest peak-to-trough decline

-64.42%

-70.33%

+5.91%

Max Drawdown (1Y)

Largest decline over 1 year

-28.51%

-38.24%

+9.73%

Max Drawdown (3Y)

Largest decline over 3 years

-28.51%

-38.24%

+9.73%

Max Drawdown (5Y)

Largest decline over 5 years

-33.06%

-40.24%

+7.18%

Max Drawdown (10Y)

Largest decline over 10 years

-33.06%

-55.07%

+22.01%

Current Drawdown

Current decline from peak

-23.00%

-33.88%

+10.88%

Average Drawdown

Average peak-to-trough decline

-27.07%

-29.18%

+2.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.41%

13.73%

-3.32%

Volatility

XMA.TO vs. AEM.TO - Volatility Comparison

iShares S&P/TSX Capped Materials Index ETF (XMA.TO) and Agnico Eagle Mines Limited (AEM.TO) have volatilities of 15.41% and 15.84%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMA.TOAEM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

15.41%

15.84%

-0.43%

Volatility (6M)

Calculated over the trailing 6-month period

32.63%

35.38%

-2.75%

Volatility (1Y)

Calculated over the trailing 1-year period

38.59%

43.51%

-4.92%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.96%

35.15%

-7.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.78%

36.00%

-9.22%

Dividends

XMA.TO vs. AEM.TO - Dividend Comparison

XMA.TO's dividend yield for the trailing twelve months is around 0.39%, less than AEM.TO's 1.03% yield.

PositionTTM20252024202320222021202020192018201720162015
AEM.TO
Agnico Eagle Mines Limited		1.03%0.97%1.95%2.98%2.81%2.08%1.34%0.81%0.80%0.77%0.75%0.95%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		0.39%0.41%0.83%1.26%1.24%0.87%0.63%0.64%0.75%0.47%0.82%1.87%

Frequently Asked Questions

With a correlation of 0.91, XMA.TO and AEM.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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