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XMD.TO vs. PXC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMD.TO vs. PXC.TO

Last updated Jun 25, 2026

XMD.TO (iShares S&P/TSX Completion Index ETF) and PXC.TO (Invesco RAFI Canadian Index ETF) are both Canada Equities funds - XMD.TO tracks the Morningstar Canada Sml GR CAD while PXC.TO tracks the RAFI Canada Index. Both are passively managed. Over the past 10 years, XMD.TO returned 11.48%/yr vs 13.41%/yr for PXC.TO. A 0.62 correlation means they provide meaningful diversification when combined.

Performance

XMD.TO vs. PXC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Completion Index ETF (XMD.TO) and Invesco RAFI Canadian Index ETF (PXC.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, XMD.TO achieves a 7.40% return, which is significantly lower than PXC.TO's 17.12% return. Over the past 10 years, XMD.TO has underperformed PXC.TO with an annualized return of 11.48%, while PXC.TO has yielded a comparatively higher 13.41% annualized return.

XMD.TO

1D
-1.60%
1M
-4.39%
YTD
7.40%
6M
6.01%
1Y
35.90%
3Y*
26.72%
5Y*
14.79%
10Y*
11.48%

PXC.TO

1D
-0.64%
1M
-0.22%
YTD
17.12%
6M
12.82%
1Y
36.76%
3Y*
25.64%
5Y*
16.75%
10Y*
13.41%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMD.TO vs. PXC.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMD.TO
iShares S&P/TSX Completion Index ETF		7.40%41.38%23.55%10.01%-4.94%13.78%6.05%26.03%-13.07%6.17%
PXC.TO
Invesco RAFI Canadian Index ETF		17.12%26.50%19.57%9.28%1.37%34.11%-1.11%19.11%-9.11%7.15%

Correlation

The correlation between XMD.TO and PXC.TO is 0.55, 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

0.55

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

0.65

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

0.69

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

0.65

Correlation (All Time)
Calculated using the full available price history since Jan 27, 2012

0.62

The correlation between XMD.TO and PXC.TO shifts across timeframes, from 0.55 (1 year) to 0.69 (5 years), reflecting how their relationship changes across market environments.

XMD.TO vs. PXC.TO - Sectors Allocation Comparison

Sectors
XMD.TO
PXC.TO

Basic Materials

35.4%
13.0%

Industrials

19.7%
7.2%

Energy

16.3%
26.6%

Financial Services

8.0%
34.7%

Real Estate

6.5%
0.8%

Utilities

5.5%
3.1%

Consumer Cyclical

3.1%
6.6%

Technology

2.1%
2.2%

Consumer Defensive

1.6%
2.9%

Communication Services

1.2%
2.7%

Healthcare

0.6%
0.2%

Basic Materials

XMD.TO
35.4%
PXC.TO
13.0%

Industrials

XMD.TO
19.7%
PXC.TO
7.2%

Energy

XMD.TO
16.3%
PXC.TO
26.6%

Financial Services

XMD.TO
8.0%
PXC.TO
34.7%

Real Estate

XMD.TO
6.5%
PXC.TO
0.8%

Utilities

XMD.TO
5.5%
PXC.TO
3.1%

Consumer Cyclical

XMD.TO
3.1%
PXC.TO
6.6%

Technology

XMD.TO
2.1%
PXC.TO
2.2%

Consumer Defensive

XMD.TO
1.6%
PXC.TO
2.9%

Communication Services

XMD.TO
1.2%
PXC.TO
2.7%

Healthcare

XMD.TO
0.6%
PXC.TO
0.2%

Compare stocks, funds, or ETFs

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iShares S&P/TSX Completion Index ETF

Invesco RAFI Canadian Index ETF

Often compared with XMD.TO:
XMD.TO vs. XCS.TOXMD.TO vs. XIU.TOXMD.TO vs. CGL-C.TOXMD.TO vs. VFV.TOXMD.TO vs. XCSR.TOXMD.TO vs. XCG.TOXMD.TO vs. VUN.TO
Often compared with PXC.TO:
PXC.TO vs. PXS.TOPXC.TO vs. INOC.TOPXC.TO vs. XCV.TOPXC.TO vs. EQL.TOPXC.TO vs. QQCE.TOPXC.TO vs. ESGC.TOPXC.TO vs. HXCN.TO

Return for Risk

XMD.TO vs. PXC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMD.TO
XMD.TO Risk / Return Rank: 5656
Overall Rank
XMD.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
XMD.TO Sortino Ratio Rank: 5151
Sortino Ratio Rank
XMD.TO Omega Ratio Rank: 6060
Omega Ratio Rank
XMD.TO Calmar Ratio Rank: 5555
Calmar Ratio Rank
XMD.TO Martin Ratio Rank: 5353
Martin Ratio Rank
PXC.TO
PXC.TO Risk / Return Rank: 9696
Overall Rank
PXC.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
PXC.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
PXC.TO Omega Ratio Rank: 9696
Omega Ratio Rank
PXC.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
PXC.TO Martin Ratio Rank: 9696
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.

XMD.TO vs. PXC.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 Invesco RAFI Canadian Index ETF (PXC.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.

XMD.TOPXC.TODifference
Sharpe ratioReturn per unit of total volatility
1.78
3.55

-1.77

Sortino ratioReturn per unit of downside risk
2.22
4.65

-2.43

Omega ratioGain probability vs. loss probability

1.32

1.69

-0.37

Calmar ratioReturn relative to maximum drawdown

2.38

7.95

-5.57

Martin ratioReturn relative to average drawdown

8.21

31.61

-23.40

XMD.TO vs. PXC.TO - Sharpe Ratio Comparison

The current XMD.TO Sharpe Ratio is 1.78, which is lower than the PXC.TO Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of XMD.TO and PXC.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

XMD.TO vs. PXC.TO - Drawdown Comparison

The maximum XMD.TO drawdown since its inception was -49.61%, which is greater than PXC.TO's maximum drawdown of -41.78%. Use the drawdown chart below to compare losses from any high point for XMD.TO and PXC.TO.

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Drawdown Indicators

XMD.TOPXC.TODifference

Max Drawdown

Largest peak-to-trough decline

-49.61%

-41.78%

-7.83%

Max Drawdown (1Y)

Largest decline over 1 year

-15.12%

-4.64%

-10.48%

Max Drawdown (3Y)

Largest decline over 3 years

-15.12%

-10.99%

-4.13%

Max Drawdown (5Y)

Largest decline over 5 years

-18.18%

-15.75%

-2.43%

Max Drawdown (10Y)

Largest decline over 10 years

-43.40%

-41.78%

-1.62%

Current Drawdown

Current decline from peak

-8.78%

-1.30%

-7.48%

Average Drawdown

Average peak-to-trough decline

-7.40%

-5.05%

-2.35%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.38%

1.17%

+3.21%

Volatility

XMD.TO vs. PXC.TO - Volatility Comparison

iShares S&P/TSX Completion Index ETF (XMD.TO) has a higher volatility of 7.56% compared to Invesco RAFI Canadian Index ETF (PXC.TO) at 3.14%. This indicates that XMD.TO's price experiences larger fluctuations and is considered to be riskier than PXC.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.TOPXC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.56%

3.14%

+4.42%

Volatility (6M)

Calculated over the trailing 6-month period

17.37%

8.56%

+8.81%

Volatility (1Y)

Calculated over the trailing 1-year period

20.27%

10.39%

+9.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.86%

13.27%

+3.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.05%

16.41%

+0.64%

Dividends

XMD.TO vs. PXC.TO - Dividend Comparison

XMD.TO's dividend yield for the trailing twelve months is around 0.87%, less than PXC.TO's 2.27% yield.

PositionTTM20252024202320222021202020192018201720162015
PXC.TO
Invesco RAFI Canadian Index ETF		2.27%2.65%3.17%3.48%3.42%2.58%3.10%2.92%2.86%2.23%2.57%3.13%
XMD.TO
iShares S&P/TSX Completion Index ETF		0.87%0.97%1.58%1.91%2.20%1.17%1.91%2.55%2.44%1.76%1.97%2.35%

Frequently Asked Questions

XMD.TO and PXC.TO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XMD.TO tracks Morningstar Canada Sml GR CAD, while PXC.TO tracks RAFI Canada Index. They also come from different issuers: iShares and Invesco.

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