XMTM.TO vs. XEG.TO

Last updated Jul 16, 2026

XMTM.TO (iShares MSCI USA Momentum Factor Index ETF) and XEG.TO (iShares S&P/TSX Capped Energy Index ETF) are both exchange-traded funds - XMTM.TO is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. Both are passively managed. Over the past 5 years, XMTM.TO returned 15.54%/yr vs 30.32%/yr for XEG.TO. At a 0.07 correlation, their price movements are largely independent. XMTM.TO charges 0.31%/yr vs 0.60%/yr for XEG.TO.

Performance

XMTM.TO vs. XEG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI USA Momentum Factor Index ETF (XMTM.TO) and iShares S&P/TSX Capped Energy Index ETF (XEG.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XMTM.TO achieves a 27.67% return, which is significantly lower than XEG.TO's 35.02% return.

XMTM.TO

• 1D: -2.50%
• 1M: -5.97%
• 6M: 24.28%
• YTD: 27.67%
• 1Y: 32.55%
• 3Y*: 31.61%
• 5Y*: 15.54%
• 10Y*: —

XEG.TO

• 1D: -0.47%
• 1M: 0.08%
• 6M: 28.16%
• YTD: 35.02%
• 1Y: 53.08%
• 3Y*: 24.73%
• 5Y*: 30.32%
• 10Y*: 10.85%

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

XMTM.TO vs. XEG.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XMTM.TO iShares MSCI USA Momentum Factor Index ETF	27.67%	14.03%	43.59%	6.48%	-14.53%	15.00%	25.77%	3.26%
XEG.TO iShares S&P/TSX Capped Energy Index ETF	35.02%	16.72%	14.04%	3.55%	53.25%	83.71%	-34.44%	-0.42%

Correlation

The correlation between XMTM.TO and XEG.TO is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (5Y) Calculated over the trailing 5-year period	0.11
Correlation (All Time) Calculated using the full available price history since Sep 17, 2019	0.07

The correlation between XMTM.TO and XEG.TO shifts across timeframes, from -0.11 (1 year) to 0.11 (5 years), reflecting how their relationship changes across market environments.

XMTM.TO vs. XEG.TO - Sectors Allocation Comparison

Sectors	XMTM.TO	XEG.TO
Technology	50.0%	-
Industrials	11.9%	-
Energy	9.9%	100.0%
Financial Services	5.1%	-
Communication Services	4.8%	-
Healthcare	4.1%	-
Utilities	3.9%	-
Consumer Defensive	3.6%	-
Consumer Cyclical	2.8%	-
Basic Materials	2.5%	-
Real Estate	1.4%	-

Return for Risk

XMTM.TO vs. XEG.TO — Risk / Return Rank

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

XMTM.TO

XMTM.TO Risk / Return Rank: 53
XMTM.TO Sharpe Ratio Rank: 48
XMTM.TO Sortino Ratio Rank: 44
XMTM.TO Omega Ratio Rank: 50
XMTM.TO Calmar Ratio Rank: 71
XMTM.TO Martin Ratio Rank: 54

XEG.TO

XEG.TO Risk / Return Rank: 78
XEG.TO Sharpe Ratio Rank: 87
XEG.TO Sortino Ratio Rank: 77
XEG.TO Omega Ratio Rank: 78
XEG.TO Calmar Ratio Rank: 78
XEG.TO Martin Ratio Rank: 69

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.

XMTM.TO vs. XEG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Momentum Factor Index ETF (XMTM.TO) and iShares S&P/TSX Capped Energy Index ETF (XEG.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.

	XMTM.TO	XEG.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.23	-0.87
Sortino ratio: Return per unit of downside risk	1.84	2.75	-0.91
Omega ratio: Gain probability vs. loss probability	1.26	1.36	-0.10
Calmar ratio: Return relative to maximum drawdown	2.86	3.24	-0.37
Martin ratio: Return relative to average drawdown	7.49	10.01	-2.52

XMTM.TO vs. XEG.TO - Sharpe Ratio Comparison

The current XMTM.TO Sharpe Ratio is 1.36, which is lower than the XEG.TO Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of XMTM.TO and XEG.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.

Drawdowns

XMTM.TO vs. XEG.TO - Drawdown Comparison

The maximum XMTM.TO drawdown since its inception was -29.01%, smaller than the maximum XEG.TO drawdown of -87.51%. Use the drawdown chart below to compare losses from any high point for XMTM.TO and XEG.TO.

Drawdown Indicators

	XMTM.TO	XEG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-29.01%	-87.51%	+58.50%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-16.47%	+5.05%
Max Drawdown (3Y) Largest decline over 3 years	-20.64%	-25.67%	+5.03%
Max Drawdown (5Y) Largest decline over 5 years	-29.01%	-28.42%	-0.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-79.66%	—
Current Drawdown Current decline from peak	-9.93%	-10.20%	+0.27%
Average Drawdown Average peak-to-trough decline	-7.90%	-34.52%	+26.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.36%	5.32%	-0.96%

Volatility

XMTM.TO vs. XEG.TO - Volatility Comparison

iShares MSCI USA Momentum Factor Index ETF (XMTM.TO) has a higher volatility of 13.24% compared to iShares S&P/TSX Capped Energy Index ETF (XEG.TO) at 8.00%. This indicates that XMTM.TO's price experiences larger fluctuations and is considered to be riskier than XEG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMTM.TO	XEG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.24%	8.00%	+5.24%
Volatility (6M) Calculated over the trailing 6-month period	21.63%	19.83%	+1.80%
Volatility (1Y) Calculated over the trailing 1-year period	23.99%	23.95%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.02%	28.67%	-8.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.80%	33.41%	-12.61%

XMTM.TO vs. XEG.TO - Expense Ratio Comparison

XMTM.TO has a 0.31% expense ratio, which is lower than XEG.TO's 0.60% expense ratio.

Dividends

XMTM.TO vs. XEG.TO - Dividend Comparison

XMTM.TO's dividend yield for the trailing twelve months is around 0.50%, less than XEG.TO's 2.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XEG.TO iShares S&P/TSX Capped Energy Index ETF	2.73%	3.63%	3.46%	4.26%	3.31%	1.64%	2.96%	2.70%	2.25%	1.41%	1.40%	3.58%
XMTM.TO iShares MSCI USA Momentum Factor Index ETF	0.50%	0.71%	0.62%	0.84%	1.66%	0.32%	0.64%	1.24%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XMTM.TO and XEG.TO in my portfolio?

XMTM.TO and XEG.TO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XMTM.TO or XEG.TO?

On fees, XMTM.TO is cheaper at 0.31% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XMTM.TO or XEG.TO?

XMTM.TO is cheaper with a 0.31% expense ratio, compared with 0.60% for XEG.TO.

What is the main difference between XMTM.TO and XEG.TO?

XMTM.TO is categorized as Momentum, while XEG.TO is Energy Equities. XMTM.TO tracks MSCI USA Momentum SR Variant Index, while XEG.TO tracks S&P/TSX Capped Energy Index. Their fees differ too: 0.31% for XMTM.TO and 0.60% for XEG.TO.