PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XMU.TO vs. HVOI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMU.TO vs. HVOI.TO

Last updated Jul 25, 2026
Documentation

XMU.TO (iShares MSCI Min Vol USA Index ETF) and HVOI.TO (Harvest Low Volatility Canadian Equity Income ETF Class A) are both exchange-traded funds - XMU.TO is a Low Volatility fund tracking the MSCI USA Minimum Volatility Index, while HVOI.TO is a Derivative Income fund actively managed by Harvest. XMU.TO is passively managed, while HVOI.TO is actively managed. Over the past year, XMU.TO returned 4.16% vs 19.07% for HVOI.TO. At a 0.44 correlation, their price movements are largely independent.

Performance

XMU.TO vs. HVOI.TO - 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 Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XMU.TO achieves a 6.08% return, which is significantly lower than HVOI.TO's 10.87% return.

XMU.TO

1D
0.78%
1M
1.26%
6M
5.67%
YTD
6.08%
1Y
4.16%
3Y*
9.90%
5Y*
6.81%
10Y*
8.75%
ALL TIME*
12.73%

HVOI.TO

1D
0.07%
1M
1.48%
6M
9.21%
YTD
10.87%
1Y
19.07%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
21.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

HVOI.TO

Harvest Low Volatility Canadian Equity Income ETF Class A
CA$27.19KCA$38.03KCA$48.11K

XMU.TO

iShares MSCI Min Vol USA Index ETF
CA$203.61KCA$146.99KCA$731.35K

XMU.TO vs. HVOI.TO - Yearly Performance Comparison

2026 (YTD)2025
XMU.TO
iShares MSCI Min Vol USA Index ETF		6.08%-0.46%
HVOI.TO
Harvest Low Volatility Canadian Equity Income ETF Class A		10.87%15.49%

Correlation

The correlation between XMU.TO and HVOI.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.46

Correlation (All Time)
Calculated using the full available price history since Apr 15, 2025

0.44

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Min Vol USA Index ETF

Harvest Low Volatility Canadian Equity Income ETF Class A

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 HVOI.TO:
HVOI.TO vs. HUTE.TOHVOI.TO vs. FCCV.TOHVOI.TO vs. TQCD.TOHVOI.TO vs. CANY.TOHVOI.TO vs. HHIC.TOHVOI.TO vs. VCE.TOHVOI.TO vs. XDV.TO

Return for Risk

XMU.TO vs. HVOI.TO — 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: 2020
Overall Rank
XMU.TO Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
XMU.TO Sortino Ratio Rank: 1919
Sortino Ratio Rank
XMU.TO Omega Ratio Rank: 2020
Omega Ratio Rank
XMU.TO Calmar Ratio Rank: 2020
Calmar Ratio Rank
XMU.TO Martin Ratio Rank: 1919
Martin Ratio Rank
HVOI.TO
HVOI.TO Risk / Return Rank: 8686
Overall Rank
HVOI.TO Sharpe Ratio Rank: 9090
Sharpe Ratio Rank
HVOI.TO Sortino Ratio Rank: 9191
Sortino Ratio Rank
HVOI.TO Omega Ratio Rank: 9090
Omega Ratio Rank
HVOI.TO Calmar Ratio Rank: 7878
Calmar Ratio Rank
HVOI.TO Martin Ratio Rank: 8383
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. HVOI.TO - 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 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.

XMU.TOHVOI.TODifference
Sharpe ratioReturn per unit of total volatility
0.40
2.19

-1.79

Sortino ratioReturn per unit of downside risk
0.62
3.22

-2.60

Omega ratioGain probability vs. loss probability

1.08

1.41

-0.33

Calmar ratioReturn relative to maximum drawdown

0.49

2.85

-2.35

Martin ratioReturn relative to average drawdown

1.01

11.40

-10.39

XMU.TO vs. HVOI.TO - Sharpe Ratio Comparison

The current XMU.TO Sharpe Ratio is 0.40, which is lower than the HVOI.TO Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of XMU.TO and HVOI.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.

Loading charts...

Drawdowns

XMU.TO vs. HVOI.TO - Drawdown Comparison

The maximum XMU.TO drawdown since its inception was -27.31%, 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 XMU.TO and HVOI.TO.

Loading charts...

Drawdown Indicators

XMU.TOHVOI.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.31%

-6.72%

-20.59%

Max Drawdown (1Y)

Largest decline over 1 year

-8.45%

-6.72%

-1.73%

Max Drawdown (3Y)

Largest decline over 3 years

-10.97%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-20.59%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-27.31%

—

—

Current Drawdown

Current decline from peak

-2.39%

-0.48%

-1.91%

Average Drawdown

Average peak-to-trough decline

-4.53%

-0.89%

-3.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.14%

1.68%

+2.46%

Volatility

XMU.TO vs. HVOI.TO - Volatility Comparison

iShares MSCI Min Vol USA Index ETF (XMU.TO) has a higher volatility of 3.73% compared to Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) at 1.95%. This indicates that XMU.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.

Loading charts...

Volatility by Period

XMU.TOHVOI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.73%

1.95%

+1.78%

Volatility (6M)

Calculated over the trailing 6-month period

6.65%

7.06%

-0.41%

Volatility (1Y)

Calculated over the trailing 1-year period

10.45%

8.73%

+1.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.70%

8.29%

+6.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.08%

8.29%

+8.79%

Dividends

XMU.TO vs. HVOI.TO - Dividend Comparison

XMU.TO's dividend yield for the trailing twelve months is around 1.14%, less than HVOI.TO's 6.67% yield.

PositionTTM20252024202320222021202020192018201720162015
HVOI.TO
Harvest Low Volatility Canadian Equity Income ETF Class A		6.67%4.76%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XMU.TO
iShares MSCI Min Vol USA Index ETF		1.14%1.13%1.19%1.41%1.17%1.09%1.72%1.47%1.51%1.63%1.87%1.46%

Frequently Asked Questions

XMU.TO and HVOI.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XMU.TO is categorized as Low Volatility, while HVOI.TO is Derivative Income. They also come from different issuers: iShares and Harvest.

Portfolio Optimizer

Find the right allocation for XMU.TO and HVOI.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer