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

XMA.TO vs. XME

Last updated Jun 4, 2026

XMA.TO (iShares S&P/TSX Capped Materials Index ETF) and XME (SPDR S&P Metals & Mining ETF) are both Materials funds - XMA.TO tracks the S&P/TSX Capped Materials TR while XME tracks the S&P Metals & Mining Select Industry Index. Both are passively managed. Over the past 10 years, XMA.TO returned 14.00%/yr vs 21.08%/yr for XME. A 0.60 correlation means they provide meaningful diversification when combined. XMA.TO charges 0.60%/yr vs 0.35%/yr for XME.

Performance

XMA.TO vs. XME - 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 SPDR S&P Metals & Mining ETF (XME). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, XMA.TO achieves a 7.60% return, which is significantly lower than XME's 25.71% return. Over the past 10 years, XMA.TO has underperformed XME with an annualized return of 14.00%, while XME has yielded a comparatively higher 21.08% annualized return.

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%

XME

1D
-2.84%
1M
12.09%
YTD
25.71%
6M
28.69%
1Y
106.47%
3Y*
41.89%
5Y*
27.12%
10Y*
21.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMA.TO vs. XME - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
XME
SPDR S&P Metals & Mining ETF		25.71%75.06%3.66%18.84%21.20%33.71%13.99%9.05%-20.57%13.46%

Correlation

The correlation between XMA.TO and XME is 0.62, 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

0.62

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

0.60

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

0.62

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

0.54

Correlation (All Time)
Calculated using the full available price history since Jun 23, 2009

0.60

The correlation between XMA.TO and XME has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.

XMA.TO vs. XME - Sectors Allocation Comparison

Sectors
XMA.TO
XME

Basic Materials

98.4%
75.3%

Consumer Cyclical

1.6%

-

Industrials

0.0%
0.4%

Communication Services

-

-

Consumer Defensive

-

0.8%

Energy

-

23.4%

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

2.2%

Utilities

-

-

Basic Materials

XMA.TO
98.4%
XME
75.3%

Consumer Cyclical

XMA.TO
1.6%
XME

-

Industrials

XMA.TO
0.0%
XME
0.4%

Communication Services

XMA.TO

-

XME

-

Consumer Defensive

XMA.TO

-

XME
0.8%

Energy

XMA.TO

-

XME
23.4%

Financial Services

XMA.TO

-

XME

-

Healthcare

XMA.TO

-

XME

-

Real Estate

XMA.TO

-

XME

-

Technology

XMA.TO

-

XME
2.2%

Utilities

XMA.TO

-

XME

-

Compare stocks, funds, or ETFs

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iShares S&P/TSX Capped Materials Index ETF

SPDR S&P Metals & Mining ETF

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 XME:
XME vs. PICKXME vs. SETMXME vs. SLXXME vs. XBM.TOXME vs. VAWXME vs. VOOXME vs. QQQ

Return for Risk

XMA.TO vs. XME — 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: 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
XME
XME Risk / Return Rank: 7777
Overall Rank
XME Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
XME Sortino Ratio Rank: 7474
Sortino Ratio Rank
XME Omega Ratio Rank: 7373
Omega Ratio Rank
XME Calmar Ratio Rank: 8484
Calmar Ratio Rank
XME Martin Ratio Rank: 6464
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. XME - 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 SPDR S&P Metals & Mining ETF (XME). 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.

XMA.TOXMEDifference
Sharpe ratioReturn per unit of total volatility
1.75
3.19

-1.43

Sortino ratioReturn per unit of downside risk
2.11
3.64

-1.53

Omega ratioGain probability vs. loss probability

1.31

1.47

-0.16

Calmar ratioReturn relative to maximum drawdown

2.41

4.75

-2.34

Martin ratioReturn relative to average drawdown

6.76

12.00

-5.24

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

XMA.TO vs. XME - Sharpe Ratio Comparison

The current XMA.TO Sharpe Ratio is 1.75, which is lower than the XME Sharpe Ratio of 3.19. The chart below compares the historical Sharpe Ratios of XMA.TO and XME, 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

XMA.TOXMEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.75

3.19

-1.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

0.92

-0.18

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.53

0.70

-0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.28

0.36

-0.08

Drawdowns

XMA.TO vs. XME - Drawdown Comparison

The maximum XMA.TO drawdown since its inception was -64.13%, smaller than the maximum XME drawdown of -74.53%. Use the drawdown chart below to compare losses from any high point for XMA.TO and XME.

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Drawdown Indicators

XMA.TOXMEDifference

Max Drawdown

Largest peak-to-trough decline

-64.13%

-74.53%

+10.40%

Max Drawdown (1Y)

Largest decline over 1 year

-26.96%

-22.53%

-4.43%

Max Drawdown (3Y)

Largest decline over 3 years

-26.96%

-29.04%

+2.08%

Max Drawdown (5Y)

Largest decline over 5 years

-33.06%

-34.98%

+1.92%

Max Drawdown (10Y)

Largest decline over 10 years

-33.06%

-56.68%

+23.62%

Current Drawdown

Current decline from peak

-18.76%

-2.84%

-15.92%

Average Drawdown

Average peak-to-trough decline

-26.31%

-28.87%

+2.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.60%

8.91%

+0.69%

Volatility

XMA.TO vs. XME - Volatility Comparison

iShares S&P/TSX Capped Materials Index ETF (XMA.TO) has a higher volatility of 13.42% compared to SPDR S&P Metals & Mining ETF (XME) at 12.43%. This indicates that XMA.TO's price experiences larger fluctuations and is considered to be riskier than XME based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMA.TOXMEDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.42%

12.43%

+0.99%

Volatility (6M)

Calculated over the trailing 6-month period

30.86%

25.95%

+4.91%

Volatility (1Y)

Calculated over the trailing 1-year period

37.08%

33.64%

+3.44%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.55%

29.77%

-2.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

26.56%

30.29%

-3.73%

XMA.TO vs. XME - Expense Ratio Comparison

XMA.TO has a 0.60% expense ratio, which is higher than XME's 0.35% expense ratio.

Dividends

XMA.TO vs. XME - Dividend Comparison

XMA.TO's dividend yield for the trailing twelve months is around 0.37%, more than XME's 0.30% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XME
SPDR S&P Metals & Mining ETF		0.30%0.38%0.65%1.00%1.64%0.70%0.99%2.43%2.23%1.15%1.02%2.61%

Frequently Asked Questions

XMA.TO and XME have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XME is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XME is cheaper with a 0.35% expense ratio, compared with 0.60% for XMA.TO.

XMA.TO tracks S&P/TSX Capped Materials TR, while XME tracks S&P Metals & Mining Select Industry Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.60% for XMA.TO and 0.35% for XME.

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