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XMC.TO vs. EQL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMC.TO vs. EQL.TO

Last updated Jun 4, 2026

XMC.TO (iShares S&P U.S. Mid-Cap Index ETF) and EQL.TO (Invesco S&P 500 Equal Weight Index ETF CAD) are both exchange-traded funds - XMC.TO is a Mid Cap Blend Equities fund tracking the Morningstar US SMID TR CAD, while EQL.TO is a S&P 500 fund tracking the S&P 500 Equal Weight Index. Both are passively managed. Over the past 5 years, XMC.TO returned 10.91%/yr vs 16.55%/yr for EQL.TO. Their correlation of 0.86 suggests significant overlap in exposure. XMC.TO charges 0.16%/yr vs 0.25%/yr for EQL.TO.

Performance

XMC.TO vs. EQL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P U.S. Mid-Cap Index ETF (XMC.TO) and Invesco S&P 500 Equal Weight Index ETF CAD (EQL.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, XMC.TO achieves a 15.43% return, which is significantly higher than EQL.TO's 10.79% return.

XMC.TO

1D
0.48%
1M
6.14%
YTD
15.43%
6M
13.83%
1Y
26.54%
3Y*
17.13%
5Y*
10.91%
10Y*
11.71%

EQL.TO

1D
0.02%
1M
5.96%
YTD
10.79%
6M
9.50%
1Y
20.53%
3Y*
20.00%
5Y*
16.55%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMC.TO vs. EQL.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
XMC.TO
iShares S&P U.S. Mid-Cap Index ETF		15.43%2.37%22.99%13.65%-7.61%23.39%11.11%20.87%-10.72%
EQL.TO
Invesco S&P 500 Equal Weight Index ETF CAD		10.79%5.94%27.38%19.69%1.21%37.03%21.67%31.63%-4.48%

Correlation

The correlation between XMC.TO and EQL.TO is 0.89, 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

0.89

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

0.88

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

0.88

Correlation (All Time)
Calculated using the full available price history since May 31, 2018

0.86

The correlation between XMC.TO and EQL.TO has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

XMC.TO vs. EQL.TO - Sectors Allocation Comparison

Sectors
XMC.TO
EQL.TO

Industrials

25.0%
14.7%

Technology

16.6%
18.3%

Financial Services

13.7%
14.4%

Consumer Cyclical

9.5%
10.3%

Healthcare

8.9%
10.9%

Real Estate

7.5%
6.2%

Energy

5.4%
4.6%

Basic Materials

4.8%
4.1%

Consumer Defensive

4.1%
6.5%

Utilities

3.0%
6.1%

Communication Services

1.0%
4.0%

Industrials

XMC.TO
25.0%
EQL.TO
14.7%

Technology

XMC.TO
16.6%
EQL.TO
18.3%

Financial Services

XMC.TO
13.7%
EQL.TO
14.4%

Consumer Cyclical

XMC.TO
9.5%
EQL.TO
10.3%

Healthcare

XMC.TO
8.9%
EQL.TO
10.9%

Real Estate

XMC.TO
7.5%
EQL.TO
6.2%

Energy

XMC.TO
5.4%
EQL.TO
4.6%

Basic Materials

XMC.TO
4.8%
EQL.TO
4.1%

Consumer Defensive

XMC.TO
4.1%
EQL.TO
6.5%

Utilities

XMC.TO
3.0%
EQL.TO
6.1%

Communication Services

XMC.TO
1.0%
EQL.TO
4.0%

Compare stocks, funds, or ETFs

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iShares S&P U.S. Mid-Cap Index ETF

Invesco S&P 500 Equal Weight Index ETF CAD

Often compared with XMC.TO:
XMC.TO vs. XSMC.TOXMC.TO vs. ZEB.TOXMC.TO vs. XSP.TOXMC.TO vs. XSMOXMC.TO vs. IMCGXMC.TO vs. FMDEXMC.TO vs. VOE
Often compared with EQL.TO:
EQL.TO vs. VFV.TOEQL.TO vs. ZDJ.TOEQL.TO vs. ZSP.TOEQL.TO vs. XMAGEQL.TO vs. SPXTEQL.TO vs. VIU.TOEQL.TO vs. XGI.TO

Return for Risk

XMC.TO vs. EQL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMC.TO
XMC.TO Risk / Return Rank: 5656
Overall Rank
XMC.TO Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
XMC.TO Sortino Ratio Rank: 5252
Sortino Ratio Rank
XMC.TO Omega Ratio Rank: 4747
Omega Ratio Rank
XMC.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
XMC.TO Martin Ratio Rank: 6565
Martin Ratio Rank
EQL.TO
EQL.TO Risk / Return Rank: 5454
Overall Rank
EQL.TO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
EQL.TO Sortino Ratio Rank: 5151
Sortino Ratio Rank
EQL.TO Omega Ratio Rank: 4848
Omega Ratio Rank
EQL.TO Calmar Ratio Rank: 6262
Calmar Ratio Rank
EQL.TO Martin Ratio Rank: 6161
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.

XMC.TO vs. EQL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P U.S. Mid-Cap Index ETF (XMC.TO) and Invesco S&P 500 Equal Weight Index ETF CAD (EQL.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.

XMC.TOEQL.TODifference
Sharpe ratioReturn per unit of total volatility
1.70
1.73

-0.03

Sortino ratioReturn per unit of downside risk
2.52
2.51

+0.01

Omega ratioGain probability vs. loss probability

1.30

1.30

0.00

Calmar ratioReturn relative to maximum drawdown

3.22

3.06

+0.16

Martin ratioReturn relative to average drawdown

11.84

10.94

+0.90

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

XMC.TO vs. EQL.TO - Sharpe Ratio Comparison

The current XMC.TO Sharpe Ratio is 1.70, which is comparable to the EQL.TO Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of XMC.TO and EQL.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

XMC.TOEQL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.70

1.73

-0.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.62

1.14

-0.52

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.59

1.05

-0.47

Drawdowns

XMC.TO vs. EQL.TO - Drawdown Comparison

The maximum XMC.TO drawdown since its inception was -36.38%, which is greater than EQL.TO's maximum drawdown of -30.47%. Use the drawdown chart below to compare losses from any high point for XMC.TO and EQL.TO.

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Drawdown Indicators

XMC.TOEQL.TODifference

Max Drawdown

Largest peak-to-trough decline

-36.38%

-30.47%

-5.91%

Max Drawdown (1Y)

Largest decline over 1 year

-8.28%

-6.73%

-1.55%

Max Drawdown (3Y)

Largest decline over 3 years

-22.70%

-17.25%

-5.45%

Max Drawdown (5Y)

Largest decline over 5 years

-22.70%

-17.60%

-5.10%

Max Drawdown (10Y)

Largest decline over 10 years

-36.38%

—

—

Current Drawdown

Current decline from peak

0.00%

-0.45%

+0.45%

Average Drawdown

Average peak-to-trough decline

-5.05%

-3.19%

-1.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.25%

1.88%

+0.37%

Volatility

XMC.TO vs. EQL.TO - Volatility Comparison

iShares S&P U.S. Mid-Cap Index ETF (XMC.TO) has a higher volatility of 4.57% compared to Invesco S&P 500 Equal Weight Index ETF CAD (EQL.TO) at 3.86%. This indicates that XMC.TO's price experiences larger fluctuations and is considered to be riskier than EQL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMC.TOEQL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.57%

3.86%

+0.71%

Volatility (6M)

Calculated over the trailing 6-month period

11.57%

8.98%

+2.59%

Volatility (1Y)

Calculated over the trailing 1-year period

15.76%

11.99%

+3.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.62%

14.54%

+3.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.65%

17.35%

+1.30%

XMC.TO vs. EQL.TO - Expense Ratio Comparison

XMC.TO has a 0.16% expense ratio, which is lower than EQL.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

XMC.TO vs. EQL.TO - Dividend Comparison

XMC.TO's dividend yield for the trailing twelve months is around 0.96%, less than EQL.TO's 1.26% yield.

PositionTTM20252024202320222021202020192018201720162015
EQL.TO
Invesco S&P 500 Equal Weight Index ETF CAD		1.26%1.38%5.37%8.14%8.91%7.19%9.96%8.29%1.35%0.00%0.00%0.00%
XMC.TO
iShares S&P U.S. Mid-Cap Index ETF		0.96%1.10%0.94%1.17%1.27%0.99%1.07%1.40%1.56%0.96%1.09%0.51%

Frequently Asked Questions

XMC.TO and EQL.TO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XMC.TO is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMC.TO is cheaper with a 0.16% expense ratio, compared with 0.25% for EQL.TO.

XMC.TO is categorized as Mid Cap Blend Equities, while EQL.TO is S&P 500. XMC.TO tracks Morningstar US SMID TR CAD, while EQL.TO tracks S&P 500 Equal Weight Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.16% for XMC.TO and 0.25% for EQL.TO.

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