PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XMH.TO vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMH.TO vs. USMV

Last updated Jun 4, 2026

XMH.TO (iShares S&P U.S. Mid-Cap Index ETF (CAD-Hedged)) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - XMH.TO is a Small Cap Blend Equities fund tracking the S&P MidCap 400® CAD Hedged Index, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, XMH.TO returned 9.24%/yr vs 10.72%/yr for USMV. At a 0.43 correlation, their price movements are largely independent. XMH.TO charges 0.16%/yr vs 0.15%/yr for USMV.

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 Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

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 12.86% return, which is significantly higher than USMV's 3.96% return. Over the past 10 years, XMH.TO has underperformed USMV with an annualized return of 9.24%, while USMV has yielded a comparatively higher 10.72% annualized return.

XMH.TO

1D
-0.06%
1M
3.81%
YTD
12.86%
6M
12.86%
1Y
22.40%
3Y*
13.91%
5Y*
6.09%
10Y*
9.24%

USMV

1D
-0.28%
1M
4.05%
YTD
3.96%
6M
2.21%
1Y
5.72%
3Y*
13.09%
5Y*
10.52%
10Y*
10.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMH.TO vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMH.TO
iShares S&P U.S. Mid-Cap Index ETF (CAD-Hedged)		12.86%5.45%12.05%15.06%-14.93%21.83%10.06%24.77%-13.79%15.70%
USMV
iShares MSCI USA Min Vol Factor ETF		3.96%2.71%25.69%7.90%-2.97%19.76%3.85%21.41%9.93%11.34%

Correlation

The correlation between XMH.TO and USMV is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.38

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

0.43

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

0.46

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

0.43

Correlation (All Time)
Calculated using the full available price history since Aug 12, 2015

0.43

XMH.TO vs. USMV - Sectors Allocation Comparison

Sectors
XMH.TO
USMV

Industrials

25.6%
5.7%

Technology

17.1%
30.8%

Financial Services

13.8%
12.4%

Consumer Cyclical

9.7%
5.7%

Healthcare

8.9%
12.5%

Real Estate

7.5%
2.2%

Energy

5.2%
3.6%

Basic Materials

5.0%
2.2%

Consumer Defensive

4.1%
10.0%

Utilities

3.0%
7.5%

Communication Services

1.0%
5.9%

Industrials

XMH.TO
25.6%
USMV
5.7%

Technology

XMH.TO
17.1%
USMV
30.8%

Financial Services

XMH.TO
13.8%
USMV
12.4%

Consumer Cyclical

XMH.TO
9.7%
USMV
5.7%

Healthcare

XMH.TO
8.9%
USMV
12.5%

Real Estate

XMH.TO
7.5%
USMV
2.2%

Energy

XMH.TO
5.2%
USMV
3.6%

Basic Materials

XMH.TO
5.0%
USMV
2.2%

Consumer Defensive

XMH.TO
4.1%
USMV
10.0%

Utilities

XMH.TO
3.0%
USMV
7.5%

Communication Services

XMH.TO
1.0%
USMV
5.9%

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

iShares MSCI USA Min Vol Factor ETF

Often compared with XMH.TO:
XMH.TO vs. XMHQXMH.TO vs. VOTXMH.TO vs. VFV.TOXMH.TO vs. XEF.TOXMH.TO vs. XMD.TOXMH.TO vs. XSU.TOXMH.TO vs. CCO.TO
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. VFMVUSMV vs. ACWVUSMV vs. QUALUSMV vs. VTI

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: 4444
Overall Rank
XMH.TO Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
XMH.TO Sortino Ratio Rank: 4141
Sortino Ratio Rank
XMH.TO Omega Ratio Rank: 3838
Omega Ratio Rank
XMH.TO Calmar Ratio Rank: 4949
Calmar Ratio Rank
XMH.TO Martin Ratio Rank: 5252
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 1717
Overall Rank
USMV Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 1616
Sortino Ratio Rank
USMV Omega Ratio Rank: 1515
Omega Ratio Rank
USMV Calmar Ratio Rank: 1717
Calmar Ratio Rank
USMV Martin Ratio Rank: 1919
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.

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 Min Vol 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.TOUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.42
0.64

+0.77

Sortino ratioReturn per unit of downside risk
2.12
0.96

+1.16

Omega ratioGain probability vs. loss probability

1.25

1.11

+0.14

Calmar ratioReturn relative to maximum drawdown

2.44

1.19

+1.25

Martin ratioReturn relative to average drawdown

8.87

3.04

+5.83

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 1.42, which is higher than the USMV Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of XMH.TO and USMV, 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

XMH.TOUSMVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.42

0.64

+0.77

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.31

0.95

-0.64

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

0.81

-0.36

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

1.12

-0.71

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.

Loading charts...

Drawdown Indicators

XMH.TOUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-44.82%

-26.82%

-18.00%

Max Drawdown (1Y)

Largest decline over 1 year

-9.24%

-4.84%

-4.40%

Max Drawdown (3Y)

Largest decline over 3 years

-24.81%

-10.58%

-14.23%

Max Drawdown (5Y)

Largest decline over 5 years

-25.86%

-16.08%

-9.78%

Max Drawdown (10Y)

Largest decline over 10 years

-44.82%

-26.82%

-18.00%

Current Drawdown

Current decline from peak

-0.06%

-0.29%

+0.23%

Average Drawdown

Average peak-to-trough decline

-7.04%

-2.77%

-4.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.53%

1.89%

+0.64%

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 4.16% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.42%. 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.

Loading charts...

Volatility by Period

XMH.TOUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.16%

2.42%

+1.74%

Volatility (6M)

Calculated over the trailing 6-month period

11.57%

6.51%

+5.06%

Volatility (1Y)

Calculated over the trailing 1-year period

15.94%

8.93%

+7.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.65%

11.08%

+8.57%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.96%

13.35%

+7.61%

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%.

Dividends

XMH.TO vs. USMV - Dividend Comparison

XMH.TO's dividend yield for the trailing twelve months is around 0.98%, less than USMV's 1.53% yield.

PositionTTM20252024202320222021202020192018201720162015
USMV
iShares MSCI USA Min Vol Factor ETF		1.53%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%
XMH.TO
iShares S&P U.S. Mid-Cap Index ETF (CAD-Hedged)		0.98%1.10%1.03%1.16%1.30%0.91%1.02%1.35%1.39%0.88%1.52%0.63%

Frequently Asked Questions

XMH.TO and USMV have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, USMV is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

USMV is cheaper with a 0.15% expense ratio, compared with 0.16% for XMH.TO.

XMH.TO is categorized as Small Cap Blend Equities, while USMV is Large Cap Blend Equities. XMH.TO tracks S&P MidCap 400® CAD Hedged Index, while USMV tracks MSCI USA Minimum Volatility Index. Their fees differ too: 0.16% for XMH.TO and 0.15% for USMV.

Portfolio Optimizer

Find the right allocation for XMH.TO and USMV

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