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

XMC.TO vs. IMCB

Last updated Jun 4, 2026

XMC.TO (iShares S&P U.S. Mid-Cap Index ETF) and IMCB (iShares Morningstar Mid-Cap ETF) are both Mid Cap Blend Equities funds from iShares - XMC.TO tracks the Morningstar US SMID TR CAD while IMCB tracks the IMCB-US - Morningstar U.S. Mid Cap Index. Both are passively managed. Over the past 10 years, XMC.TO returned 11.71%/yr vs 12.13%/yr for IMCB. Their correlation of 0.83 suggests significant overlap in exposure. XMC.TO charges 0.16%/yr vs 0.04%/yr for IMCB.

Performance

XMC.TO vs. IMCB - 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 iShares Morningstar Mid-Cap ETF (IMCB). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

The year-to-date returns for both investments are quite close, with XMC.TO having a 15.43% return and IMCB slightly higher at 16.18%. Both investments have delivered pretty close results over the past 10 years, with XMC.TO having a 11.71% annualized return and IMCB not far ahead at 12.13%.

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%

IMCB

1D
0.17%
1M
6.22%
YTD
16.18%
6M
13.91%
1Y
25.50%
3Y*
19.21%
5Y*
11.92%
10Y*
12.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMC.TO vs. IMCB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%-4.83%8.74%
IMCB
iShares Morningstar Mid-Cap ETF		16.18%5.19%24.99%13.81%-10.11%21.70%11.44%25.03%-4.02%12.07%

Correlation

The correlation between XMC.TO and IMCB is 0.87, 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

0.87

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

0.89

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

0.90

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

0.85

Correlation (All Time)
Calculated using the full available price history since Aug 11, 2015

0.83

The correlation between XMC.TO and IMCB has been stable across timeframes, ranging from 0.83 to 0.90 - a consistent structural relationship.

XMC.TO vs. IMCB - Sectors Allocation Comparison

Sectors
XMC.TO
IMCB

Industrials

25.0%
19.0%

Technology

16.6%
21.3%

Financial Services

13.7%
12.0%

Consumer Cyclical

9.5%
9.0%

Healthcare

8.9%
7.9%

Real Estate

7.5%
4.3%

Energy

5.4%
7.4%

Basic Materials

4.8%
5.3%

Consumer Defensive

4.1%
5.1%

Utilities

3.0%
6.2%

Communication Services

1.0%
2.3%

Industrials

XMC.TO
25.0%
IMCB
19.0%

Technology

XMC.TO
16.6%
IMCB
21.3%

Financial Services

XMC.TO
13.7%
IMCB
12.0%

Consumer Cyclical

XMC.TO
9.5%
IMCB
9.0%

Healthcare

XMC.TO
8.9%
IMCB
7.9%

Real Estate

XMC.TO
7.5%
IMCB
4.3%

Energy

XMC.TO
5.4%
IMCB
7.4%

Basic Materials

XMC.TO
4.8%
IMCB
5.3%

Consumer Defensive

XMC.TO
4.1%
IMCB
5.1%

Utilities

XMC.TO
3.0%
IMCB
6.2%

Communication Services

XMC.TO
1.0%
IMCB
2.3%

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 U.S. Mid-Cap Index ETF

iShares Morningstar Mid-Cap ETF

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 IMCB:
IMCB vs. IMCGIMCB vs. FSMDXIMCB vs. SPMDIMCB vs. BKMCIMCB vs. IJHIMCB vs. ISCBIMCB vs. BBMC

Return for Risk

XMC.TO vs. IMCB — 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
IMCB
IMCB Risk / Return Rank: 5656
Overall Rank
IMCB Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
IMCB Sortino Ratio Rank: 5353
Sortino Ratio Rank
IMCB Omega Ratio Rank: 5151
Omega Ratio Rank
IMCB Calmar Ratio Rank: 5858
Calmar Ratio Rank
IMCB Martin Ratio Rank: 6363
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. IMCB - 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 iShares Morningstar Mid-Cap ETF (IMCB). 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.TOIMCBDifference
Sharpe ratioReturn per unit of total volatility
1.70
2.00

-0.30

Sortino ratioReturn per unit of downside risk
2.52
2.82

-0.30

Omega ratioGain probability vs. loss probability

1.30

1.36

-0.06

Calmar ratioReturn relative to maximum drawdown

3.22

3.66

-0.44

Martin ratioReturn relative to average drawdown

11.84

13.04

-1.20

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. IMCB - Sharpe Ratio Comparison

The current XMC.TO Sharpe Ratio is 1.70, which is comparable to the IMCB Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of XMC.TO and IMCB, 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.TOIMCBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.70

2.00

-0.30

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.62

0.78

-0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

0.68

-0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

0.59

0.94

-0.35

Drawdowns

XMC.TO vs. IMCB - Drawdown Comparison

The maximum XMC.TO drawdown since its inception was -36.38%, roughly equal to the maximum IMCB drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for XMC.TO and IMCB.

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Drawdown Indicators

XMC.TOIMCBDifference

Max Drawdown

Largest peak-to-trough decline

-36.38%

-35.49%

-0.89%

Max Drawdown (1Y)

Largest decline over 1 year

-8.28%

-6.81%

-1.47%

Max Drawdown (3Y)

Largest decline over 3 years

-22.70%

-19.05%

-3.65%

Max Drawdown (5Y)

Largest decline over 5 years

-22.70%

-22.04%

-0.66%

Max Drawdown (10Y)

Largest decline over 10 years

-36.38%

-35.49%

-0.89%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-5.05%

-3.78%

-1.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.25%

1.91%

+0.34%

Volatility

XMC.TO vs. IMCB - Volatility Comparison

iShares S&P U.S. Mid-Cap Index ETF (XMC.TO) has a higher volatility of 4.57% compared to iShares Morningstar Mid-Cap ETF (IMCB) at 3.31%. This indicates that XMC.TO's price experiences larger fluctuations and is considered to be riskier than IMCB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMC.TOIMCBDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.57%

3.31%

+1.26%

Volatility (6M)

Calculated over the trailing 6-month period

11.57%

9.56%

+2.01%

Volatility (1Y)

Calculated over the trailing 1-year period

15.76%

12.52%

+3.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.62%

15.30%

+2.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.65%

17.77%

+0.88%

XMC.TO vs. IMCB - Expense Ratio Comparison

XMC.TO has a 0.16% expense ratio, which is higher than IMCB's 0.04% 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

XMC.TO vs. IMCB - Dividend Comparison

XMC.TO's dividend yield for the trailing twelve months is around 0.96%, less than IMCB's 1.21% yield.

PositionTTM20252024202320222021202020192018201720162015
IMCB
iShares Morningstar Mid-Cap ETF		1.21%1.42%1.43%1.55%1.70%1.08%1.12%1.32%1.80%1.31%1.79%1.47%
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 IMCB have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, IMCB is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

IMCB is cheaper with a 0.04% expense ratio, compared with 0.16% for XMC.TO.

XMC.TO tracks Morningstar US SMID TR CAD, while IMCB tracks IMCB-US - Morningstar U.S. Mid Cap Index. Their fees differ too: 0.16% for XMC.TO and 0.04% for IMCB.

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