XMD.TO vs. HEWB.TO
XMD.TO (iShares S&P/TSX Completion Index ETF) and HEWB.TO (Global X Equal Weight Canadian Banks Index Corporate Class ETF) are both Canada Equities funds - XMD.TO tracks the Morningstar Canada Sml GR CAD while HEWB.TO tracks the Solactive Equal Weight Canada Banks Index. Both are passively managed. Over the past 5 years, XMD.TO returned 16.03%/yr vs 18.20%/yr for HEWB.TO. A 0.53 correlation means they provide meaningful diversification when combined. XMD.TO charges 0.60%/yr vs 0.28%/yr for HEWB.TO.
Performance
XMD.TO vs. HEWB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XMD.TO achieves a 12.81% return, which is significantly lower than HEWB.TO's 19.10% return.
XMD.TO
- 1D
- -1.61%
- 1M
- 4.02%
- YTD
- 12.81%
- 6M
- 15.57%
- 1Y
- 46.80%
- 3Y*
- 27.16%
- 5Y*
- 16.03%
- 10Y*
- 11.90%
HEWB.TO
- 1D
- -0.42%
- 1M
- 5.52%
- YTD
- 19.10%
- 6M
- 24.68%
- 1Y
- 59.97%
- 3Y*
- 32.65%
- 5Y*
- 18.20%
- 10Y*
- —
XMD.TO vs. HEWB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XMD.TO iShares S&P/TSX Completion Index ETF | 12.81% | 41.38% | 23.55% | 10.01% | -4.90% | 13.78% | 6.05% | 9.90% |
HEWB.TO Global X Equal Weight Canadian Banks Index Corporate Class ETF | 19.10% | 43.48% | 24.54% | 11.00% | -10.46% | 39.19% | 4.74% | 3.66% |
Correlation
The correlation between XMD.TO and HEWB.TO 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 | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Mar 5, 2019 | 0.53 |
The correlation between XMD.TO and HEWB.TO shifts across timeframes, from 0.45 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.
XMD.TO vs. HEWB.TO - Sectors Allocation Comparison
Sectors
XMD.TO
HEWB.TO
Basic Materials
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Industrials
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Energy
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Financial Services
Real Estate
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Utilities
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Consumer Cyclical
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Technology
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Consumer Defensive
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Communication Services
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Healthcare
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Basic Materials
XMD.TO
HEWB.TO
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Industrials
XMD.TO
HEWB.TO
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Energy
XMD.TO
HEWB.TO
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Financial Services
XMD.TO
HEWB.TO
Real Estate
XMD.TO
HEWB.TO
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Utilities
XMD.TO
HEWB.TO
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Consumer Cyclical
XMD.TO
HEWB.TO
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Technology
XMD.TO
HEWB.TO
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Consumer Defensive
XMD.TO
HEWB.TO
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Communication Services
XMD.TO
HEWB.TO
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Healthcare
XMD.TO
HEWB.TO
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Return for Risk
XMD.TO vs. HEWB.TO — Risk / Return Rank
XMD.TO
HEWB.TO
XMD.TO vs. HEWB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Completion Index ETF (XMD.TO) and Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.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.
| XMD.TO | HEWB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.39 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.87 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | 3.11 | 6.72 | -3.61 |
| Martin ratioReturn relative to average drawdown | 11.51 | 30.62 | -19.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XMD.TO | HEWB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.47 | 4.70 | -2.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.97 | 1.31 | -0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.71 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.91 | -0.36 |
Drawdowns
XMD.TO vs. HEWB.TO - Drawdown Comparison
The maximum XMD.TO drawdown since its inception was -53.42%, which is greater than HEWB.TO's maximum drawdown of -39.43%. Use the drawdown chart below to compare losses from any high point for XMD.TO and HEWB.TO.
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Drawdown Indicators
| XMD.TO | HEWB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.42% | -39.43% | -13.99% |
Max Drawdown (1Y)Largest decline over 1 year | -15.12% | -8.97% | -6.15% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -14.84% | -0.28% |
Max Drawdown (5Y)Largest decline over 5 years | -18.16% | -25.89% | +7.73% |
Max Drawdown (10Y)Largest decline over 10 years | -43.40% | — | — |
Current DrawdownCurrent decline from peak | -4.17% | -1.98% | -2.19% |
Average DrawdownAverage peak-to-trough decline | -8.20% | -7.27% | -0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.08% | 1.96% | +2.12% |
Volatility
XMD.TO vs. HEWB.TO - Volatility Comparison
iShares S&P/TSX Completion Index ETF (XMD.TO) has a higher volatility of 5.74% compared to Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB.TO) at 4.88%. This indicates that XMD.TO's price experiences larger fluctuations and is considered to be riskier than HEWB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XMD.TO | HEWB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.74% | 4.88% | +0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 16.26% | 11.40% | +4.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.08% | 12.83% | +6.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.59% | 13.99% | +2.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.93% | 19.29% | -2.36% |
XMD.TO vs. HEWB.TO - Expense Ratio Comparison
XMD.TO has a 0.60% expense ratio, which is higher than HEWB.TO's 0.28% expense ratio.
Dividends
XMD.TO vs. HEWB.TO - Dividend Comparison
XMD.TO's dividend yield for the trailing twelve months is around 0.83%, while HEWB.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HEWB.TO Global X Equal Weight Canadian Banks Index Corporate Class ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XMD.TO iShares S&P/TSX Completion Index ETF | 0.83% | 0.97% | 1.58% | 1.91% | 2.24% | 1.17% | 1.91% | 2.55% | 2.44% | 1.76% | 1.97% | 2.34% |
Frequently Asked Questions
XMD.TO and HEWB.TO 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, HEWB.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEWB.TO is cheaper with a 0.28% expense ratio, compared with 0.60% for XMD.TO.
XMD.TO tracks Morningstar Canada Sml GR CAD, while HEWB.TO tracks Solactive Equal Weight Canada Banks Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.60% for XMD.TO and 0.28% for HEWB.TO.
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