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XMU.TO vs. ^GSPC
Performance
Return for Risk
Drawdowns
Volatility

XMU.TO vs. ^GSPC

Last updated Jun 4, 2026

XMU.TO (iShares MSCI Min Vol USA Index ETF) is Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, XMU.TO returned 9.17%/yr vs 14.52%/yr for ^GSPC. A 0.69 correlation means they provide meaningful diversification when combined.

Performance

XMU.TO vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Min Vol USA Index ETF (XMU.TO) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XMU.TO is traded in CAD, while ^GSPC is traded in USD. To make them comparable, the ^GSPC values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XMU.TO achieves a 3.85% return, which is significantly lower than ^GSPC's 12.12% return. Over the past 10 years, XMU.TO has underperformed ^GSPC with an annualized return of 9.17%, while ^GSPC has yielded a comparatively higher 14.52% annualized return.

XMU.TO

1D
-0.09%
1M
4.37%
YTD
3.85%
6M
-1.16%
1Y
1.98%
3Y*
10.21%
5Y*
8.15%
10Y*
9.17%

^GSPC

1D
0.00%
1M
7.35%
YTD
12.12%
6M
10.22%
1Y
28.58%
3Y*
22.37%
5Y*
15.58%
10Y*
14.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMU.TO vs. ^GSPC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMU.TO
iShares MSCI Min Vol USA Index ETF		3.85%-0.84%21.99%6.59%-3.64%16.99%2.99%20.78%9.07%10.80%
^GSPC
S&P 500 Index		11.75%11.05%33.90%21.49%-13.70%25.75%14.29%22.54%1.71%11.82%

Correlation

The correlation between XMU.TO and ^GSPC is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.40

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

0.51

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

0.62

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

0.68

Correlation (All Time)
Calculated using the full available price history since Aug 1, 2012

0.69

Over the past year, the correlation between XMU.TO and ^GSPC has dropped to 0.40 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.

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iShares MSCI Min Vol USA Index ETF

S&P 500 Index

Often compared with XMU.TO:
XMU.TO vs. ZLU.TOXMU.TO vs. XMV.TOXMU.TO vs. XMS.TOXMU.TO vs. VFV.TOXMU.TO vs. XIT.TOXMU.TO vs. SMMVXMU.TO vs. XST.TO
Often compared with ^GSPC:
^GSPC vs. ^IBEX^GSPC vs. AVGO^GSPC vs. SCHD^GSPC vs. GC=F^GSPC vs. TSMU^GSPC vs. QQQ^GSPC vs. ACWI

Return for Risk

XMU.TO vs. ^GSPC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMU.TO
XMU.TO Risk / Return Rank: 1111
Overall Rank
XMU.TO Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
XMU.TO Sortino Ratio Rank: 1010
Sortino Ratio Rank
XMU.TO Omega Ratio Rank: 1111
Omega Ratio Rank
XMU.TO Calmar Ratio Rank: 1212
Calmar Ratio Rank
XMU.TO Martin Ratio Rank: 1111
Martin Ratio Rank
^GSPC
^GSPC Risk / Return Rank: 7373
Overall Rank
^GSPC Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
^GSPC Sortino Ratio Rank: 7171
Sortino Ratio Rank
^GSPC Omega Ratio Rank: 7272
Omega Ratio Rank
^GSPC Calmar Ratio Rank: 6767
Calmar Ratio Rank
^GSPC Martin Ratio Rank: 8181
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.

XMU.TO vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol USA Index ETF (XMU.TO) and S&P 500 Index (^GSPC). 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.

XMU.TO^GSPCDifference
Sharpe ratioReturn per unit of total volatility
0.22
2.46

-2.24

Sortino ratioReturn per unit of downside risk
0.35
3.32

-2.96

Omega ratioGain probability vs. loss probability

1.04

1.47

-0.42

Calmar ratioReturn relative to maximum drawdown

0.26

3.24

-2.98

Martin ratioReturn relative to average drawdown

0.56

12.23

-11.67

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMU.TO vs. ^GSPC - Sharpe Ratio Comparison

The current XMU.TO Sharpe Ratio is 0.22, which is lower than the ^GSPC Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of XMU.TO and ^GSPC, 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

XMU.TO^GSPCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.22

2.46

-2.24

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

1.05

-0.31

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

0.89

-0.23

Sharpe Ratio (All Time)

Calculated using the full available price history

0.98

0.99

-0.01

Drawdowns

XMU.TO vs. ^GSPC - Drawdown Comparison

The maximum XMU.TO drawdown since its inception was -27.31%, roughly equal to the maximum ^GSPC drawdown of -27.59%. Use the drawdown chart below to compare losses from any high point for XMU.TO and ^GSPC.

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Drawdown Indicators

XMU.TO^GSPCDifference

Max Drawdown

Largest peak-to-trough decline

-27.31%

-27.59%

+0.28%

Max Drawdown (1Y)

Largest decline over 1 year

-7.71%

-8.86%

+1.15%

Max Drawdown (3Y)

Largest decline over 3 years

-10.98%

-19.23%

+8.25%

Max Drawdown (5Y)

Largest decline over 5 years

-18.16%

-22.60%

+4.44%

Max Drawdown (10Y)

Largest decline over 10 years

-27.31%

-27.59%

+0.28%

Current Drawdown

Current decline from peak

-3.95%

0.00%

-3.95%

Average Drawdown

Average peak-to-trough decline

-3.44%

-3.51%

+0.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.57%

2.34%

+1.23%

Volatility

XMU.TO vs. ^GSPC - Volatility Comparison

The current volatility for iShares MSCI Min Vol USA Index ETF (XMU.TO) is 2.18%, while S&P 500 Index (^GSPC) has a volatility of 2.69%. This indicates that XMU.TO experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMU.TO^GSPCDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.18%

2.69%

-0.51%

Volatility (6M)

Calculated over the trailing 6-month period

6.86%

8.85%

-1.99%

Volatility (1Y)

Calculated over the trailing 1-year period

9.20%

11.70%

-2.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.15%

14.99%

-3.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.97%

16.33%

-2.36%

Frequently Asked Questions

XMU.TO and ^GSPC have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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