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XMH.TO vs. VUN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMH.TO vs. VUN.TO

Last updated Jun 5, 2026

XMH.TO (iShares S&P U.S. Mid-Cap Index ETF (CAD-Hedged)) and VUN.TO (Vanguard U.S. Total Market Index 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 VUN.TO is a Large Cap Blend Equities fund tracking the CRSP US Total Market Index CAD. Both are passively managed. Over the past 10 years, XMH.TO returned 9.19%/yr vs 15.54%/yr for VUN.TO. A 0.67 correlation means they provide meaningful diversification when combined. XMH.TO charges 0.16%/yr vs 0.17%/yr for VUN.TO.

Performance

XMH.TO vs. VUN.TO - 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 Vanguard U.S. Total Market Index ETF (VUN.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with XMH.TO having a 13.31% return and VUN.TO slightly lower at 13.00%. Over the past 10 years, XMH.TO has underperformed VUN.TO with an annualized return of 9.19%, while VUN.TO has yielded a comparatively higher 15.54% annualized return.

XMH.TO

1D
0.40%
1M
2.82%
YTD
13.31%
6M
12.73%
1Y
23.11%
3Y*
14.43%
5Y*
6.17%
10Y*
9.19%

VUN.TO

1D
0.51%
1M
6.61%
YTD
13.00%
6M
10.91%
1Y
30.37%
3Y*
23.24%
5Y*
15.62%
10Y*
15.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMH.TO vs. VUN.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMH.TO
iShares S&P U.S. Mid-Cap Index ETF (CAD-Hedged)		13.31%5.45%12.05%15.06%-14.93%21.83%10.06%24.77%-13.79%15.70%
VUN.TO
Vanguard U.S. Total Market Index ETF		13.00%11.43%33.76%23.00%-14.20%24.54%18.22%23.99%2.35%13.01%

Correlation

The correlation between XMH.TO and VUN.TO is 0.72, 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

0.72

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

0.69

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

0.73

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

0.69

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

0.67

The correlation between XMH.TO and VUN.TO has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.

XMH.TO vs. VUN.TO - Sectors Allocation Comparison

Sectors
XMH.TO
VUN.TO

Industrials

25.6%
9.9%

Technology

17.1%
31.5%

Financial Services

13.8%
12.5%

Consumer Cyclical

9.7%
10.0%

Healthcare

8.9%
10.2%

Real Estate

7.5%
2.5%

Energy

5.2%
4.2%

Basic Materials

5.0%
2.2%

Consumer Defensive

4.1%
5.0%

Utilities

3.0%
2.5%

Communication Services

1.0%
9.7%

Industrials

XMH.TO
25.6%
VUN.TO
9.9%

Technology

XMH.TO
17.1%
VUN.TO
31.5%

Financial Services

XMH.TO
13.8%
VUN.TO
12.5%

Consumer Cyclical

XMH.TO
9.7%
VUN.TO
10.0%

Healthcare

XMH.TO
8.9%
VUN.TO
10.2%

Real Estate

XMH.TO
7.5%
VUN.TO
2.5%

Energy

XMH.TO
5.2%
VUN.TO
4.2%

Basic Materials

XMH.TO
5.0%
VUN.TO
2.2%

Consumer Defensive

XMH.TO
4.1%
VUN.TO
5.0%

Utilities

XMH.TO
3.0%
VUN.TO
2.5%

Communication Services

XMH.TO
1.0%
VUN.TO
9.7%

Compare stocks, funds, or ETFs

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

Vanguard U.S. Total Market Index ETF

Often compared with XMH.TO:
XMH.TO vs. XMHQXMH.TO vs. VOTXMH.TO vs. VFV.TOXMH.TO vs. XEF.TOXMH.TO vs. USMVXMH.TO vs. XMD.TOXMH.TO vs. XSU.TO
Often compared with VUN.TO:
VUN.TO vs. XUU.TOVUN.TO vs. VCN.TOVUN.TO vs. VOOVUN.TO vs. VTIVUN.TO vs. VEQT.TOVUN.TO vs. TPU.TOVUN.TO vs. SPY

Return for Risk

XMH.TO vs. VUN.TO — 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: 4646
Overall Rank
XMH.TO Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
XMH.TO Sortino Ratio Rank: 4444
Sortino Ratio Rank
XMH.TO Omega Ratio Rank: 4040
Omega Ratio Rank
XMH.TO Calmar Ratio Rank: 5252
Calmar Ratio Rank
XMH.TO Martin Ratio Rank: 5454
Martin Ratio Rank
VUN.TO
VUN.TO Risk / Return Rank: 7777
Overall Rank
VUN.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
VUN.TO Sortino Ratio Rank: 7979
Sortino Ratio Rank
VUN.TO Omega Ratio Rank: 7979
Omega Ratio Rank
VUN.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
VUN.TO Martin Ratio Rank: 7373
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. VUN.TO - 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 Vanguard U.S. Total Market Index ETF (VUN.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.

XMH.TOVUN.TODifference
Sharpe ratioReturn per unit of total volatility
1.46
2.55

-1.09

Sortino ratioReturn per unit of downside risk
2.18
3.50

-1.32

Omega ratioGain probability vs. loss probability

1.26

1.47

-0.21

Calmar ratioReturn relative to maximum drawdown

2.51

3.58

-1.07

Martin ratioReturn relative to average drawdown

9.15

13.42

-4.27

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. VUN.TO - Sharpe Ratio Comparison

The current XMH.TO Sharpe Ratio is 1.46, which is lower than the VUN.TO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of XMH.TO and VUN.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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Sharpe Ratios by Period

XMH.TOVUN.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.46

2.55

-1.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.32

1.02

-0.70

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.44

0.94

-0.49

Sharpe Ratio (All Time)

Calculated using the full available price history

0.42

1.01

-0.59

Drawdowns

XMH.TO vs. VUN.TO - Drawdown Comparison

The maximum XMH.TO drawdown since its inception was -44.82%, which is greater than VUN.TO's maximum drawdown of -28.19%. Use the drawdown chart below to compare losses from any high point for XMH.TO and VUN.TO.

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Drawdown Indicators

XMH.TOVUN.TODifference

Max Drawdown

Largest peak-to-trough decline

-44.82%

-28.19%

-16.63%

Max Drawdown (1Y)

Largest decline over 1 year

-9.24%

-8.51%

-0.73%

Max Drawdown (3Y)

Largest decline over 3 years

-24.81%

-19.88%

-4.93%

Max Drawdown (5Y)

Largest decline over 5 years

-25.86%

-23.67%

-2.19%

Max Drawdown (10Y)

Largest decline over 10 years

-44.82%

-28.19%

-16.63%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-7.03%

-3.80%

-3.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.53%

2.27%

+0.26%

Volatility

XMH.TO vs. VUN.TO - Volatility Comparison

iShares S&P U.S. Mid-Cap Index ETF (CAD-Hedged) (XMH.TO) has a higher volatility of 3.98% compared to Vanguard U.S. Total Market Index ETF (VUN.TO) at 2.96%. This indicates that XMH.TO's price experiences larger fluctuations and is considered to be riskier than VUN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMH.TOVUN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.98%

2.96%

+1.02%

Volatility (6M)

Calculated over the trailing 6-month period

11.57%

8.82%

+2.75%

Volatility (1Y)

Calculated over the trailing 1-year period

15.90%

11.95%

+3.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.65%

15.43%

+4.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.95%

16.70%

+4.25%

XMH.TO vs. VUN.TO - Expense Ratio Comparison

XMH.TO has a 0.16% expense ratio, which is lower than VUN.TO's 0.17% expense ratio. Despite the difference, 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. VUN.TO - Dividend Comparison

XMH.TO's dividend yield for the trailing twelve months is around 0.97%, more than VUN.TO's 0.74% yield.

PositionTTM20252024202320222021202020192018201720162015
VUN.TO
Vanguard U.S. Total Market Index ETF		0.74%0.84%0.93%1.10%1.21%0.97%1.15%1.45%1.52%1.39%1.49%1.49%
XMH.TO
iShares S&P U.S. Mid-Cap Index ETF (CAD-Hedged)		0.97%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 VUN.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XMH.TO is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMH.TO is cheaper with a 0.16% expense ratio, compared with 0.17% for VUN.TO.

XMH.TO is categorized as Small Cap Blend Equities, while VUN.TO is Large Cap Blend Equities. XMH.TO tracks S&P MidCap 400® CAD Hedged Index, while VUN.TO tracks CRSP US Total Market Index CAD. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.16% for XMH.TO and 0.17% for VUN.TO.

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