XMH.TO vs. USMV

Last updated Apr 1, 2026

Compare and contrast key facts about iShares S&P U.S. Mid-Cap Index ETF (CAD-Hedged) (XMH.TO) and iShares MSCI USA Minimum Volatility Factor ETF (USMV).

XMH.TO and USMV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XMH.TO is a passively managed fund by iShares that tracks the performance of the S&P MidCap 400® CAD Hedged Index. It was launched on Aug 4, 2015. USMV is a passively managed fund by iShares that tracks the performance of the MSCI USA Minimum Volatility Index. It was launched on Oct 18, 2011. Both XMH.TO and USMV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XMH.TO vs. USMV - 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 (CAD-Hedged) (XMH.TO) and iShares MSCI USA Minimum Volatility Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

XMH.TO vs. USMV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMH.TO iShares S&P U.S. Mid-Cap Index ETF (CAD-Hedged)	1.83%	5.45%	12.05%	15.06%	-14.93%	21.83%	10.06%	24.77%	-13.79%	15.70%
USMV iShares MSCI USA Minimum Volatility Factor ETF	0.23%	2.71%	25.69%	7.90%	-2.97%	19.76%	3.85%	21.41%	9.93%	11.34%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, XMH.TO achieves a 1.83% return, which is significantly higher than USMV's 0.23% return. Over the past 10 years, XMH.TO has underperformed USMV with an annualized return of 8.51%, while USMV has yielded a comparatively higher 10.38% annualized return.

XMH.TO

• 1D: 2.93%
• 1M: -5.69%
• YTD: 1.83%
• 6M: 3.06%
• 1Y: 14.54%
• 3Y*: 10.04%
• 5Y*: 4.64%
• 10Y*: 8.51%

USMV

• 1D: 1.03%
• 1M: -2.91%
• YTD: 0.23%
• 6M: -1.81%
• 1Y: -2.78%
• 3Y*: 11.34%
• 5Y*: 9.85%
• 10Y*: 10.38%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XMH.TO vs. USMV - Expense Ratio Comparison

XMH.TO has a 0.16% expense ratio, which is higher than USMV's 0.15% 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%.

XMH.TO

iShares S&P U.S. Mid-Cap Index ETF (CAD-Hedged)

USMV

iShares MSCI USA Minimum Volatility Factor ETF

Return for Risk

XMH.TO vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XMH.TO

XMH.TO Risk / Return Rank: 42
XMH.TO Sharpe Ratio Rank: 37
XMH.TO Sortino Ratio Rank: 41
XMH.TO Omega Ratio Rank: 38
XMH.TO Calmar Ratio Rank: 43
XMH.TO Martin Ratio Rank: 49

USMV

USMV Risk / Return Rank: 15
USMV Sharpe Ratio Rank: 14
USMV Sortino Ratio Rank: 12
USMV Omega Ratio Rank: 13
USMV Calmar Ratio Rank: 17
USMV Martin Ratio Rank: 19

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.

XMH.TO vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P U.S. Mid-Cap Index ETF (CAD-Hedged) (XMH.TO) and iShares MSCI USA Minimum Volatility Factor ETF (USMV). 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.

	XMH.TO	USMV	Difference
Sharpe ratio Return per unit of total volatility	0.69	-0.23	+0.92
Sortino ratio Return per unit of downside risk	1.14	-0.22	+1.36
Omega ratio Gain probability vs. loss probability	1.15	0.97	+0.18
Calmar ratio Return relative to maximum drawdown	1.11	-0.14	+1.24
Martin ratio Return relative to average drawdown	4.65	-0.34	+4.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMH.TO vs. USMV - Sharpe Ratio Comparison

The current XMH.TO Sharpe Ratio is 0.69, which is higher than the USMV Sharpe Ratio of -0.23. The chart below compares the historical Sharpe Ratios of XMH.TO and USMV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XMH.TO	USMV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.69	-0.23	+0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.24	0.89	-0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.78	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	1.11	-0.74

Correlation

The correlation between XMH.TO and USMV is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

XMH.TO vs. USMV - Dividend Comparison

XMH.TO's dividend yield for the trailing twelve months is around 1.08%, less than USMV's 1.58% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XMH.TO iShares S&P U.S. Mid-Cap Index ETF (CAD-Hedged)	1.08%	1.10%	1.03%	1.16%	1.30%	0.91%	1.02%	1.35%	1.39%	0.88%	1.52%	0.63%
USMV iShares MSCI USA Minimum Volatility Factor ETF	1.58%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Drawdowns

XMH.TO vs. USMV - Drawdown Comparison

The maximum XMH.TO drawdown since its inception was -44.82%, which is greater than USMV's maximum drawdown of -26.82%. Use the drawdown chart below to compare losses from any high point for XMH.TO and USMV.

Drawdown Indicators

	XMH.TO	USMV	Difference
Max Drawdown Largest peak-to-trough decline	-44.82%	-33.10%	-11.72%
Max Drawdown (1Y) Largest decline over 1 year	-13.68%	-8.91%	-4.77%
Max Drawdown (5Y) Largest decline over 5 years	-25.86%	-17.93%	-7.93%
Max Drawdown (10Y) Largest decline over 10 years	-44.82%	-33.10%	-11.72%
Current Drawdown Current decline from peak	-6.58%	-4.79%	-1.79%
Average Drawdown Average peak-to-trough decline	-7.13%	-2.88%	-4.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.00%	+1.26%

Volatility

XMH.TO vs. USMV - Volatility Comparison

iShares S&P U.S. Mid-Cap Index ETF (CAD-Hedged) (XMH.TO) has a higher volatility of 6.64% compared to iShares MSCI USA Minimum Volatility Factor ETF (USMV) at 3.11%. This indicates that XMH.TO's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMH.TO	USMV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.64%	3.11%	+3.53%
Volatility (6M) Calculated over the trailing 6-month period	12.23%	6.53%	+5.70%
Volatility (1Y) Calculated over the trailing 1-year period	21.24%	12.33%	+8.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.66%	11.11%	+8.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.93%	13.37%	+7.56%