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XME vs. XMA.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XME vs. XMA.TO

Last updated Jun 14, 2026

XME (SPDR S&P Metals & Mining ETF) and XMA.TO (iShares S&P/TSX Capped Materials Index ETF) are both Materials funds - XME tracks the S&P Metals & Mining Select Industry Index while XMA.TO tracks the S&P/TSX Capped Materials TR. Both are passively managed. Over the past 10 years, XME returned 19.60%/yr vs 12.52%/yr for XMA.TO. A 0.62 correlation means they provide meaningful diversification when combined. XME charges 0.35%/yr vs 0.60%/yr for XMA.TO.

Performance

XME vs. XMA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Metals & Mining ETF (XME) and iShares S&P/TSX Capped Materials Index ETF (XMA.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, XME achieves a 16.32% return, which is significantly higher than XMA.TO's -0.05% return. Over the past 10 years, XME has outperformed XMA.TO with an annualized return of 19.60%, while XMA.TO has yielded a comparatively lower 12.52% annualized return.

XME

1D
1.77%
1M
-0.44%
YTD
16.32%
6M
18.13%
1Y
85.07%
3Y*
35.23%
5Y*
21.78%
10Y*
19.60%

XMA.TO

1D
2.84%
1M
-6.22%
YTD
-0.05%
6M
1.92%
1Y
49.51%
3Y*
31.32%
5Y*
15.40%
10Y*
12.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XME vs. XMA.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XME
SPDR S&P Metals & Mining ETF		16.32%83.47%-4.54%21.51%13.13%34.92%15.95%14.69%-26.78%21.17%
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		-0.05%108.74%11.29%0.35%-4.69%3.37%22.64%30.00%-17.38%14.90%

Correlation

The correlation between XME and XMA.TO is 0.64, 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

0.64

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

0.61

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

0.63

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

0.55

Correlation (All Time)
Calculated using the full available price history since Jul 12, 2006

0.62

The correlation between XME and XMA.TO has been stable across timeframes, ranging from 0.55 to 0.64 - a consistent structural relationship.

XME vs. XMA.TO - Sectors Allocation Comparison

Sectors
XME
XMA.TO

Basic Materials

74.9%
98.1%

Energy

23.8%

-

Technology

2.2%

-

Consumer Defensive

0.8%

-

Industrials

0.4%
0.0%

Communication Services

-

-

Consumer Cyclical

-

1.6%

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Utilities

-

-

Basic Materials

XME
74.9%
XMA.TO
98.1%

Energy

XME
23.8%
XMA.TO

-

Technology

XME
2.2%
XMA.TO

-

Consumer Defensive

XME
0.8%
XMA.TO

-

Industrials

XME
0.4%
XMA.TO
0.0%

Communication Services

XME

-

XMA.TO

-

Consumer Cyclical

XME

-

XMA.TO
1.6%

Financial Services

XME

-

XMA.TO

-

Healthcare

XME

-

XMA.TO

-

Real Estate

XME

-

XMA.TO

-

Utilities

XME

-

XMA.TO

-

Compare stocks, funds, or ETFs

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SPDR S&P Metals & Mining ETF

iShares S&P/TSX Capped Materials Index ETF

Often compared with XME:
XME vs. PICKXME vs. SETMXME vs. SLXXME vs. XBM.TOXME vs. VAWXME vs. VOOXME vs. QQQ
Often compared with XMA.TO:
XMA.TO vs. XGD.TOXMA.TO vs. XETM.TOXMA.TO vs. XIC.TOXMA.TO vs. ZUT.TOXMA.TO vs. XIT.TOXMA.TO vs. XEQT.TOXMA.TO vs. XBM.TO

Return for Risk

XME vs. XMA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XME
XME Risk / Return Rank: 7575
Overall Rank
XME Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
XME Sortino Ratio Rank: 7474
Sortino Ratio Rank
XME Omega Ratio Rank: 7373
Omega Ratio Rank
XME Calmar Ratio Rank: 8282
Calmar Ratio Rank
XME Martin Ratio Rank: 6161
Martin Ratio Rank
XMA.TO
XMA.TO Risk / Return Rank: 4444
Overall Rank
XMA.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
XMA.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
XMA.TO Omega Ratio Rank: 4747
Omega Ratio Rank
XMA.TO Calmar Ratio Rank: 4545
Calmar Ratio Rank
XMA.TO Martin Ratio Rank: 3838
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.

XME vs. XMA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Metals & Mining ETF (XME) and iShares S&P/TSX Capped Materials Index ETF (XMA.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.

XMEXMA.TODifference
Sharpe ratioReturn per unit of total volatility
2.41
1.35

+1.05

Sortino ratioReturn per unit of downside risk
2.86
1.74

+1.12

Omega ratioGain probability vs. loss probability

1.37

1.25

+0.12

Calmar ratioReturn relative to maximum drawdown

3.84

1.76

+2.08

Martin ratioReturn relative to average drawdown

9.58

4.94

+4.64

XME vs. XMA.TO - Sharpe Ratio Comparison

The current XME Sharpe Ratio is 2.41, which is higher than the XMA.TO Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of XME and XMA.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

XME vs. XMA.TO - Drawdown Comparison

The maximum XME drawdown since its inception was -85.89%, which is greater than XMA.TO's maximum drawdown of -76.39%. Use the drawdown chart below to compare losses from any high point for XME and XMA.TO.

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Drawdown Indicators

XMEXMA.TODifference

Max Drawdown

Largest peak-to-trough decline

-85.89%

-76.39%

-9.50%

Max Drawdown (1Y)

Largest decline over 1 year

-22.60%

-29.93%

+7.33%

Max Drawdown (3Y)

Largest decline over 3 years

-30.47%

-29.93%

-0.54%

Max Drawdown (5Y)

Largest decline over 5 years

-37.27%

-37.18%

-0.09%

Max Drawdown (10Y)

Largest decline over 10 years

-61.69%

-37.18%

-24.51%

Current Drawdown

Current decline from peak

-9.33%

-24.63%

+15.30%

Average Drawdown

Average peak-to-trough decline

-44.09%

-37.72%

-6.37%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.05%

10.66%

-1.61%

Volatility

XME vs. XMA.TO - Volatility Comparison

SPDR S&P Metals & Mining ETF (XME) and iShares S&P/TSX Capped Materials Index ETF (XMA.TO) have volatilities of 15.26% and 15.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMEXMA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

15.26%

15.40%

-0.14%

Volatility (6M)

Calculated over the trailing 6-month period

28.51%

32.78%

-4.27%

Volatility (1Y)

Calculated over the trailing 1-year period

36.11%

38.99%

-2.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

32.84%

28.82%

+4.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.96%

27.56%

+5.40%

XME vs. XMA.TO - Expense Ratio Comparison

XME has a 0.35% expense ratio, which is lower than XMA.TO's 0.60% expense ratio.

Dividends

XME vs. XMA.TO - Dividend Comparison

XME's dividend yield for the trailing twelve months is around 0.32%, less than XMA.TO's 0.39% yield.

PositionTTM20252024202320222021202020192018201720162015
XMA.TO
iShares S&P/TSX Capped Materials Index ETF		0.39%0.41%0.83%1.26%1.24%0.87%0.63%0.64%0.75%0.47%0.82%1.87%
XME
SPDR S&P Metals & Mining ETF		0.32%0.38%0.65%1.00%1.64%0.70%0.99%2.43%2.23%1.15%1.02%2.61%

Frequently Asked Questions

XME and XMA.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XME is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XME is cheaper with a 0.35% expense ratio, compared with 0.60% for XMA.TO.

XME tracks S&P Metals & Mining Select Industry Index, while XMA.TO tracks S&P/TSX Capped Materials TR. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for XME and 0.60% for XMA.TO.

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