XMS.TO vs. HVOI.TO
XMS.TO (iShares MSCI Min Vol USA Index ETF (CAD-Hedged)) and HVOI.TO (Harvest Low Volatility Canadian Equity Income ETF Class A) are both exchange-traded funds - XMS.TO is a Low Volatility fund tracking the MSCI USA Minimum Volatility (USD) 100% Hedged to CAD Index, while HVOI.TO is a Derivative Income fund actively managed by Harvest. XMS.TO is passively managed, while HVOI.TO is actively managed. Over the past year, XMS.TO returned 4.16% vs 20.16% for HVOI.TO. Their 0.32 correlation means their historical movements had little consistent relationship. XMS.TO charges 0.33%/yr vs 0.89%/yr for HVOI.TO.
Performance
XMS.TO vs. HVOI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XMS.TO achieves a 3.79% return, which is significantly lower than HVOI.TO's 11.03% return.
XMS.TO
- 1D
- 1.45%
- 1M
- 1.17%
- 6M
- 3.55%
- YTD
- 3.79%
- 1Y
- 4.16%
- 3Y*
- 8.49%
- 5Y*
- 4.51%
- 10Y*
- 7.66%
- ALL TIME*
- 8.16%
HVOI.TO
- 1D
- 0.28%
- 1M
- 1.05%
- 6M
- 11.45%
- YTD
- 11.03%
- 1Y
- 20.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 21.02%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$34.24K | CA$36.50K | CA$47.47K | |
| CA$6.72K | CA$12.98K | CA$19.38K |
XMS.TO vs. HVOI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
XMS.TO iShares MSCI Min Vol USA Index ETF (CAD-Hedged) | 3.79% | 1.39% |
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A | 11.03% | 15.49% |
Correlation
The correlation between XMS.TO and HVOI.TO is 0.31, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.31 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025 | 0.32 |
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Return for Risk
XMS.TO vs. HVOI.TO — Risk / Return Rank
XMS.TO
HVOI.TO
XMS.TO vs. HVOI.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO) and Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.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.
| XMS.TO | HVOI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.91 | ||
| Sortino ratioReturn per unit of downside risk | -2.73 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.43 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | 0.50 | 3.01 | -2.51 |
| Martin ratioReturn relative to average drawdown | 1.15 | 12.03 | -10.87 |
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Drawdowns
XMS.TO vs. HVOI.TO - Drawdown Comparison
The maximum XMS.TO drawdown since its inception was -36.87%, which is greater than HVOI.TO's maximum drawdown of -6.72%. Use the drawdown chart below to compare losses from any high point for XMS.TO and HVOI.TO.
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Drawdown Indicators
| XMS.TO | HVOI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.87% | -6.72% | -30.15% |
Max Drawdown (1Y)Largest decline over 1 year | -8.32% | -6.72% | -1.60% |
Max Drawdown (3Y)Largest decline over 3 years | -9.80% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -19.06% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -36.87% | — | — |
Current DrawdownCurrent decline from peak | -0.71% | -1.03% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -4.42% | -0.89% | -3.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.62% | 1.68% | +1.94% |
Volatility
XMS.TO vs. HVOI.TO - Volatility Comparison
iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO) has a higher volatility of 3.68% compared to Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) at 2.18%. This indicates that XMS.TO's price experiences larger fluctuations and is considered to be riskier than HVOI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XMS.TO | HVOI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.68% | 2.18% | +1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 7.00% | 6.92% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.58% | 8.81% | +1.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.44% | 8.31% | +4.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.25% | 8.31% | +6.94% |
XMS.TO vs. HVOI.TO - Expense Ratio Comparison
XMS.TO has a 0.33% expense ratio, which is lower than HVOI.TO's 0.89% expense ratio.
Dividends
XMS.TO vs. HVOI.TO - Dividend Comparison
XMS.TO's dividend yield for the trailing twelve months is around 1.18%, less than HVOI.TO's 6.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
HVOI.TO Harvest Low Volatility Canadian Equity Income ETF Class A | 6.69% | 4.76% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XMS.TO iShares MSCI Min Vol USA Index ETF (CAD-Hedged) | 1.18% | 1.10% | 1.24% | 1.41% | 1.22% | 1.02% | 1.71% | 1.44% | 1.58% | 2.02% | 0.94% |
Frequently Asked Questions
XMS.TO and HVOI.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XMS.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XMS.TO is cheaper with a 0.33% expense ratio, compared with 0.89% for HVOI.TO.
XMS.TO is categorized as Low Volatility, while HVOI.TO is Derivative Income. They also come from different issuers: iShares and Harvest. Their fees differ too: 0.33% for XMS.TO and 0.89% for HVOI.TO.
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