XMTM.TO vs. XUSC.TO

Last updated Jun 4, 2026

XMTM.TO (iShares MSCI USA Momentum Factor Index ETF) and XUSC.TO (iShares S&P 500 3% Capped Index ETF (CAD Units)) are both exchange-traded funds - XMTM.TO is a Momentum fund tracking the MSCI USA Momentum SR Variant Index, while XUSC.TO is a Large Cap Blend Equities fund tracking the S&P 500 3% Capped Index. Both are passively managed. Over the past year, XMTM.TO returned 40.58% vs 27.68% for XUSC.TO. A 0.72 correlation means they provide meaningful diversification when combined. XMTM.TO charges 0.31%/yr vs 0.12%/yr for XUSC.TO.

Performance

XMTM.TO vs. XUSC.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 500 3% Capped Index ETF (CAD Units) (XUSC.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 33.39% return, which is significantly higher than XUSC.TO's 12.69% return.

XMTM.TO

• 1D: 4.00%
• 1M: 19.00%
• YTD: 33.39%
• 6M: 29.32%
• 1Y: 40.58%
• 3Y*: 35.55%
• 5Y*: 17.92%
• 10Y*: —

XUSC.TO

• 1D: 0.23%
• 1M: 7.55%
• YTD: 12.69%
• 6M: 10.97%
• 1Y: 27.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024
XMTM.TO iShares MSCI USA Momentum Factor Index ETF	33.39%	14.02%	14.19%
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units)	12.69%	11.40%	11.76%

Correlation

The correlation between XMTM.TO and XUSC.TO is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since Jul 19, 2024	0.72

The correlation between XMTM.TO and XUSC.TO has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

Return for Risk

XMTM.TO vs. XUSC.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: 65
XMTM.TO Sharpe Ratio Rank: 65
XMTM.TO Sortino Ratio Rank: 66
XMTM.TO Omega Ratio Rank: 64
XMTM.TO Calmar Ratio Rank: 71
XMTM.TO Martin Ratio Rank: 58

XUSC.TO

XUSC.TO Risk / Return Rank: 75
XUSC.TO Sharpe Ratio Rank: 75
XUSC.TO Sortino Ratio Rank: 76
XUSC.TO Omega Ratio Rank: 75
XUSC.TO Calmar Ratio Rank: 74
XUSC.TO Martin Ratio Rank: 72

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. XUSC.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 500 3% Capped Index ETF (CAD Units) (XUSC.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.

	XMTM.TO	XUSC.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.20	2.43	-0.24
Sortino ratio: Return per unit of downside risk	3.07	3.39	-0.31
Omega ratio: Gain probability vs. loss probability	1.39	1.44	-0.05
Calmar ratio: Return relative to maximum drawdown	3.57	3.66	-0.09
Martin ratio: Return relative to average drawdown	10.21	13.42	-3.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XMTM.TO Sharpe Ratio is 2.20, which is comparable to the XUSC.TO Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of XMTM.TO and XUSC.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.

Sharpe Ratios by Period

	XMTM.TO	XUSC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	2.43	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.96	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.88	1.27	-0.38

Drawdowns

XMTM.TO vs. XUSC.TO - Drawdown Comparison

The maximum XMTM.TO drawdown since its inception was -29.01%, which is greater than XUSC.TO's maximum drawdown of -18.31%. Use the drawdown chart below to compare losses from any high point for XMTM.TO and XUSC.TO.

Drawdown Indicators

	XMTM.TO	XUSC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-29.01%	-18.31%	-10.70%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-7.60%	-3.82%
Max Drawdown (3Y) Largest decline over 3 years	-20.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.01%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-7.96%	-2.67%	-5.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.99%	2.07%	+1.92%

Volatility

XMTM.TO vs. XUSC.TO - Volatility Comparison

iShares MSCI USA Momentum Factor Index ETF (XMTM.TO) has a higher volatility of 7.86% compared to iShares S&P 500 3% Capped Index ETF (CAD Units) (XUSC.TO) at 2.61%. This indicates that XMTM.TO's price experiences larger fluctuations and is considered to be riskier than XUSC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMTM.TO	XUSC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.86%	2.61%	+5.25%
Volatility (6M) Calculated over the trailing 6-month period	16.02%	8.51%	+7.51%
Volatility (1Y) Calculated over the trailing 1-year period	18.57%	11.46%	+7.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.79%	15.72%	+3.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	15.72%	+4.35%

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

XMTM.TO has a 0.31% expense ratio, which is higher than XUSC.TO's 0.12% expense ratio.

Dividends

XMTM.TO vs. XUSC.TO - Dividend Comparison

XMTM.TO's dividend yield for the trailing twelve months is around 0.46%, less than XUSC.TO's 0.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
XMTM.TO iShares MSCI USA Momentum Factor Index ETF	0.46%	0.70%	0.62%	0.84%	1.66%	0.33%	0.64%	1.24%
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units)	0.84%	0.94%	0.24%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

XMTM.TO and XUSC.TO have a correlation of 0.71, 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 XUSC.TO?

On fees, XUSC.TO is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XUSC.TO is cheaper with a 0.12% expense ratio, compared with 0.31% for XMTM.TO.

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

XMTM.TO is categorized as Momentum, while XUSC.TO is Large Cap Blend Equities. XMTM.TO tracks MSCI USA Momentum SR Variant Index, while XUSC.TO tracks S&P 500 3% Capped Index. Their fees differ too: 0.31% for XMTM.TO and 0.12% for XUSC.TO.