PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XMD.TO vs. XEG.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMD.TO vs. XEG.TO

Last updated Jun 4, 2026

XMD.TO (iShares S&P/TSX Completion Index ETF) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - XMD.TO is a Canada Equities fund tracking the Morningstar Canada Sml GR CAD, while XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. Both are passively managed. Over the past 10 years, XMD.TO returned 11.90%/yr vs 11.85%/yr for XEG.TO. A 0.61 correlation means they provide meaningful diversification when combined. XMD.TO charges 0.60%/yr vs 0.61%/yr for XEG.TO.

Performance

XMD.TO vs. XEG.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 iShares S&P/TSX Capped Energy Index ETF (XEG.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XMD.TO achieves a 12.81% return, which is significantly lower than XEG.TO's 44.34% return. Both investments have delivered pretty close results over the past 10 years, with XMD.TO having a 11.90% annualized return and XEG.TO not far behind at 11.85%.

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%

XEG.TO

1D
1.17%
1M
-0.04%
YTD
44.34%
6M
39.73%
1Y
70.40%
3Y*
28.08%
5Y*
29.48%
10Y*
11.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XMD.TO
iShares S&P/TSX Completion Index ETF		12.81%41.38%23.55%10.01%-4.90%13.78%6.05%26.03%-13.07%6.17%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		44.34%16.72%14.08%3.52%53.25%83.71%-34.41%8.98%-27.05%-11.18%

Correlation

The correlation between XMD.TO and XEG.TO is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.04

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

0.35

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

0.48

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

0.52

Correlation (All Time)
Calculated using the full available price history since Mar 26, 2001

0.61

Over the past year, the correlation between XMD.TO and XEG.TO has dropped to 0.04 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

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

Sectors
XMD.TO
XEG.TO

Basic Materials

33.9%

-

Industrials

20.1%

-

Energy

17.3%
100.0%

Financial Services

8.3%

-

Real Estate

6.8%

-

Utilities

5.4%

-

Consumer Cyclical

3.1%

-

Technology

1.8%

-

Consumer Defensive

1.6%

-

Communication Services

1.1%

-

Healthcare

0.7%

-

Basic Materials

XMD.TO
33.9%
XEG.TO

-

Industrials

XMD.TO
20.1%
XEG.TO

-

Energy

XMD.TO
17.3%
XEG.TO
100.0%

Financial Services

XMD.TO
8.3%
XEG.TO

-

Real Estate

XMD.TO
6.8%
XEG.TO

-

Utilities

XMD.TO
5.4%
XEG.TO

-

Consumer Cyclical

XMD.TO
3.1%
XEG.TO

-

Technology

XMD.TO
1.8%
XEG.TO

-

Consumer Defensive

XMD.TO
1.6%
XEG.TO

-

Communication Services

XMD.TO
1.1%
XEG.TO

-

Healthcare

XMD.TO
0.7%
XEG.TO

-

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/TSX Completion Index ETF

iShares S&P/TSX Capped Energy 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 XEG.TO:
XEG.TO vs. XLEXEG.TO vs. XEQT.TOXEG.TO vs. CNQ.TOXEG.TO vs. HXE.TOXEG.TO vs. ZEO.TOXEG.TO vs. XDIV.TOXEG.TO vs. XCG.TO

Return for Risk

XMD.TO vs. XEG.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: 6868
Overall Rank
XMD.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
XMD.TO Sortino Ratio Rank: 6363
Sortino Ratio Rank
XMD.TO Omega Ratio Rank: 7676
Omega Ratio Rank
XMD.TO Calmar Ratio Rank: 6262
Calmar Ratio Rank
XMD.TO Martin Ratio Rank: 6464
Martin Ratio Rank
XEG.TO
XEG.TO Risk / Return Rank: 8686
Overall Rank
XEG.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
XEG.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
XEG.TO Omega Ratio Rank: 8080
Omega Ratio Rank
XEG.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
XEG.TO Martin Ratio Rank: 8787
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. XEG.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 iShares S&P/TSX Capped Energy Index ETF (XEG.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.TOXEG.TODifference
Sharpe ratioReturn per unit of total volatility
2.47
3.11

-0.65

Sortino ratioReturn per unit of downside risk
2.96
3.66

-0.71

Omega ratioGain probability vs. loss probability

1.46

1.49

-0.03

Calmar ratioReturn relative to maximum drawdown

3.11

6.36

-3.25

Martin ratioReturn relative to average drawdown

11.51

19.02

-7.51

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

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

The current XMD.TO Sharpe Ratio is 2.47, which is comparable to the XEG.TO Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of XMD.TO and XEG.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.

Loading charts...

Sharpe Ratios by Period

XMD.TOXEG.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.47

3.11

-0.65

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.97

1.04

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.71

0.36

+0.35

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

0.28

+0.27

Drawdowns

XMD.TO vs. XEG.TO - Drawdown Comparison

The maximum XMD.TO drawdown since its inception was -53.42%, smaller than the maximum XEG.TO drawdown of -87.74%. Use the drawdown chart below to compare losses from any high point for XMD.TO and XEG.TO.

Loading charts...

Drawdown Indicators

XMD.TOXEG.TODifference

Max Drawdown

Largest peak-to-trough decline

-53.42%

-87.74%

+34.32%

Max Drawdown (1Y)

Largest decline over 1 year

-15.12%

-11.12%

-4.00%

Max Drawdown (3Y)

Largest decline over 3 years

-15.12%

-25.67%

+10.55%

Max Drawdown (5Y)

Largest decline over 5 years

-18.16%

-28.42%

+10.26%

Max Drawdown (10Y)

Largest decline over 10 years

-43.40%

-79.66%

+36.26%

Current Drawdown

Current decline from peak

-4.17%

-4.00%

-0.17%

Average Drawdown

Average peak-to-trough decline

-8.20%

-29.19%

+20.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.08%

3.71%

+0.37%

Volatility

XMD.TO vs. XEG.TO - Volatility Comparison

The current volatility for iShares S&P/TSX Completion Index ETF (XMD.TO) is 5.74%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 9.31%. This indicates that XMD.TO experiences smaller price fluctuations and is considered to be less risky than XEG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XMD.TOXEG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.74%

9.31%

-3.57%

Volatility (6M)

Calculated over the trailing 6-month period

16.26%

18.99%

-2.73%

Volatility (1Y)

Calculated over the trailing 1-year period

19.08%

22.76%

-3.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.59%

28.62%

-12.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.93%

33.41%

-16.48%

XMD.TO vs. XEG.TO - Expense Ratio Comparison

XMD.TO has a 0.60% expense ratio, which is lower than XEG.TO's 0.61% expense ratio.

Dividends

XMD.TO vs. XEG.TO - Dividend Comparison

XMD.TO's dividend yield for the trailing twelve months is around 0.83%, less than XEG.TO's 2.65% yield.

PositionTTM20252024202320222021202020192018201720162015
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		2.65%3.63%3.46%4.26%3.31%1.64%2.96%2.70%2.25%1.41%1.40%3.58%
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 XEG.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XMD.TO is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMD.TO is cheaper with a 0.60% expense ratio, compared with 0.61% for XEG.TO.

XMD.TO is categorized as Canada Equities, while XEG.TO is Energy Equities. XMD.TO tracks Morningstar Canada Sml GR CAD, while XEG.TO tracks S&P/TSX Capped Energy Index. Their fees differ too: 0.60% for XMD.TO and 0.61% for XEG.TO.

Portfolio Optimizer

Find the right allocation for XMD.TO and XEG.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer