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XMU.TO vs. SMMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMU.TO vs. SMMV

Last updated Jul 25, 2026
Documentation

XMU.TO (iShares MSCI Min Vol USA Index ETF) and SMMV (iShares MSCI USA Small-Cap Min Vol Factor ETF) are both exchange-traded funds - XMU.TO is a Low Volatility fund tracking the MSCI USA Minimum Volatility Index, while SMMV is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Minimum Volatility (USD) Index. Both are passively managed. Over the past 5 years, XMU.TO returned 6.81%/yr vs 8.75%/yr for SMMV. At a 0.47 correlation, their price movements are largely independent. XMU.TO charges 0.33%/yr vs 0.20%/yr for SMMV.

Performance

XMU.TO vs. SMMV - 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 iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV). 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 SMMV is traded in USD. To make them comparable, the SMMV 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 6.08% return, which is significantly lower than SMMV's 11.82% 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%

SMMV

1D
0.84%
1M
2.79%
6M
8.11%
YTD
11.82%
1Y
17.17%
3Y*
14.47%
5Y*
8.75%
10Y*
—
ALL TIME*
9.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

SMMV

iShares MSCI USA Small-Cap Min Vol Factor ETF
CA$419.92KCA$511.48KCA$627.34K

XMU.TO

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

XMU.TO vs. SMMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMU.TO
iShares MSCI Min Vol USA Index ETF		6.08%-0.80%22.08%6.68%-3.58%17.10%3.13%20.92%9.19%10.94%
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		11.82%1.56%28.30%3.11%-4.29%16.59%-5.18%19.09%9.65%6.57%

Correlation

The correlation between XMU.TO and SMMV is 0.50, 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

0.50

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

0.46

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

0.46

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2016

0.47

The correlation between XMU.TO and SMMV has been stable across timeframes, ranging from 0.46 to 0.50 - a consistent structural relationship.

XMU.TO vs. SMMV - Sectors Allocation Comparison

Sectors
XMU.TO
SMMV

Technology

33.0%
13.7%

Healthcare

13.4%
18.7%

Financial Services

11.8%
9.2%

Consumer Defensive

9.3%
7.6%

Utilities

7.2%
7.5%

Industrials

6.4%
13.6%

Consumer Cyclical

5.8%
5.3%

Communication Services

5.7%
5.1%

Energy

2.6%
5.2%

Real Estate

2.6%
12.5%

Basic Materials

2.2%
1.6%

Technology

XMU.TO
33.0%
SMMV
13.7%

Healthcare

XMU.TO
13.4%
SMMV
18.7%

Financial Services

XMU.TO
11.8%
SMMV
9.2%

Consumer Defensive

XMU.TO
9.3%
SMMV
7.6%

Utilities

XMU.TO
7.2%
SMMV
7.5%

Industrials

XMU.TO
6.4%
SMMV
13.6%

Consumer Cyclical

XMU.TO
5.8%
SMMV
5.3%

Communication Services

XMU.TO
5.7%
SMMV
5.1%

Energy

XMU.TO
2.6%
SMMV
5.2%

Real Estate

XMU.TO
2.6%
SMMV
12.5%

Basic Materials

XMU.TO
2.2%
SMMV
1.6%

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

iShares MSCI USA Small-Cap Min Vol Factor ETF

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. XST.TOXMU.TO vs. IDLV
Often compared with SMMV:
SMMV vs. SMLFSMMV vs. SMLVSMMV vs. USMVSMMV vs. VBSMMV vs. IWMSMMV vs. IVVSMMV vs. vbr

Return for Risk

XMU.TO vs. SMMV — 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
SMMV
SMMV Risk / Return Rank: 5656
Overall Rank
SMMV Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
SMMV Sortino Ratio Rank: 6363
Sortino Ratio Rank
SMMV Omega Ratio Rank: 5555
Omega Ratio Rank
SMMV Calmar Ratio Rank: 5353
Calmar Ratio Rank
SMMV Martin Ratio Rank: 5050
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. SMMV - 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 iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV). 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.TOSMMVDifference
Sharpe ratioReturn per unit of total volatility
0.40
1.59

-1.19

Sortino ratioReturn per unit of downside risk
0.62
2.36

-1.73

Omega ratioGain probability vs. loss probability

1.08

1.28

-0.20

Calmar ratioReturn relative to maximum drawdown

0.49

2.63

-2.14

Martin ratioReturn relative to average drawdown

1.01

8.34

-7.33

XMU.TO vs. SMMV - Sharpe Ratio Comparison

The current XMU.TO Sharpe Ratio is 0.40, which is lower than the SMMV Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of XMU.TO and SMMV, 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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Drawdowns

XMU.TO vs. SMMV - Drawdown Comparison

The maximum XMU.TO drawdown since its inception was -27.31%, smaller than the maximum SMMV drawdown of -33.09%. Use the drawdown chart below to compare losses from any high point for XMU.TO and SMMV.

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Drawdown Indicators

XMU.TOSMMVDifference

Max Drawdown

Largest peak-to-trough decline

-27.31%

-33.09%

+5.78%

Max Drawdown (1Y)

Largest decline over 1 year

-8.45%

-6.56%

-1.89%

Max Drawdown (3Y)

Largest decline over 3 years

-10.97%

-12.71%

+1.74%

Max Drawdown (5Y)

Largest decline over 5 years

-20.59%

-16.60%

-3.99%

Max Drawdown (10Y)

Largest decline over 10 years

-27.31%

—

—

Current Drawdown

Current decline from peak

-2.39%

-0.93%

-1.46%

Average Drawdown

Average peak-to-trough decline

-4.53%

-4.52%

-0.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.14%

2.06%

+2.08%

Volatility

XMU.TO vs. SMMV - Volatility Comparison

iShares MSCI Min Vol USA Index ETF (XMU.TO) has a higher volatility of 3.73% compared to iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) at 3.16%. This indicates that XMU.TO's price experiences larger fluctuations and is considered to be riskier than SMMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMU.TOSMMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.73%

3.16%

+0.57%

Volatility (6M)

Calculated over the trailing 6-month period

6.65%

7.74%

-1.09%

Volatility (1Y)

Calculated over the trailing 1-year period

10.45%

10.87%

-0.42%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.70%

14.74%

-0.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.08%

16.73%

+0.35%

XMU.TO vs. SMMV - Expense Ratio Comparison

XMU.TO has a 0.33% expense ratio, which is higher than SMMV's 0.20% expense ratio.

Dividends

XMU.TO vs. SMMV - Dividend Comparison

XMU.TO's dividend yield for the trailing twelve months is around 1.14%, less than SMMV's 1.67% yield.

PositionTTM20252024202320222021202020192018201720162015
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		1.67%1.77%1.76%2.30%1.67%1.08%1.39%1.64%1.72%1.63%0.79%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 SMMV have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SMMV is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SMMV is cheaper with a 0.20% expense ratio, compared with 0.33% for XMU.TO.

XMU.TO is categorized as Low Volatility, while SMMV is Small Cap Blend Equities. XMU.TO tracks MSCI USA Minimum Volatility Index, while SMMV tracks MSCI USA Small Cap Minimum Volatility (USD) Index. Their fees differ too: 0.33% for XMU.TO and 0.20% for SMMV.

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