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

XMU.TO vs. SMMV

Last updated Jun 4, 2026

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 Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index, while SMMV is a Small Cap Growth Equities fund tracking the MSCI USA Small Cap Minimum Volatility (USD) Index. Both are passively managed. Over the past 5 years, XMU.TO returned 8.15%/yr vs 7.87%/yr for SMMV. A 0.67 correlation means they provide meaningful diversification when combined. 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 3.85% return, which is significantly higher than SMMV's 3.34% 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%

SMMV

1D
0.14%
1M
0.50%
YTD
3.34%
6M
2.50%
1Y
7.57%
3Y*
12.11%
5Y*
7.87%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMU.TO vs. SMMV - 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%
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		3.34%1.54%28.45%3.30%-3.58%15.59%-4.52%18.10%9.73%7.03%

Correlation

The correlation between XMU.TO and SMMV is 0.64, 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

0.64

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

0.63

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

0.67

Correlation (All Time)
Calculated using the full available price history since Sep 12, 2016

0.67

The correlation between XMU.TO and SMMV has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.

XMU.TO vs. SMMV - Sectors Allocation Comparison

Sectors
XMU.TO
SMMV

Technology

31.2%
10.9%

Financial Services

13.7%
10.9%

Healthcare

12.6%
17.1%

Consumer Defensive

9.9%
8.1%

Utilities

7.4%
7.7%

Communication Services

5.9%
5.4%

Consumer Cyclical

5.7%
5.6%

Industrials

5.6%
13.8%

Energy

3.7%
4.5%

Real Estate

2.2%
13.4%

Basic Materials

2.1%
2.0%

Technology

XMU.TO
31.2%
SMMV
10.9%

Financial Services

XMU.TO
13.7%
SMMV
10.9%

Healthcare

XMU.TO
12.6%
SMMV
17.1%

Consumer Defensive

XMU.TO
9.9%
SMMV
8.1%

Utilities

XMU.TO
7.4%
SMMV
7.7%

Communication Services

XMU.TO
5.9%
SMMV
5.4%

Consumer Cyclical

XMU.TO
5.7%
SMMV
5.6%

Industrials

XMU.TO
5.6%
SMMV
13.8%

Energy

XMU.TO
3.7%
SMMV
4.5%

Real Estate

XMU.TO
2.2%
SMMV
13.4%

Basic Materials

XMU.TO
2.1%
SMMV
2.0%

Compare stocks, funds, or ETFs

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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. IWMSMMV vs. VBSMMV 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: 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
SMMV
SMMV Risk / Return Rank: 2020
Overall Rank
SMMV Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
SMMV Sortino Ratio Rank: 1919
Sortino Ratio Rank
SMMV Omega Ratio Rank: 1818
Omega Ratio Rank
SMMV Calmar Ratio Rank: 2020
Calmar Ratio Rank
SMMV Martin Ratio Rank: 2222
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.

XMU.TOSMMVDifference
Sharpe ratioReturn per unit of total volatility
0.22
0.76

-0.55

Sortino ratioReturn per unit of downside risk
0.35
1.14

-0.78

Omega ratioGain probability vs. loss probability

1.04

1.13

-0.09

Calmar ratioReturn relative to maximum drawdown

0.26

1.13

-0.88

Martin ratioReturn relative to average drawdown

0.56

3.82

-3.26

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. SMMV - Sharpe Ratio Comparison

The current XMU.TO Sharpe Ratio is 0.22, which is lower than the SMMV Sharpe Ratio of 0.76. 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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Sharpe Ratios by Period

XMU.TOSMMVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.22

0.76

-0.55

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.73

0.66

+0.07

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.98

0.62

+0.36

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 -33.06%. 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%

-33.06%

+5.75%

Max Drawdown (1Y)

Largest decline over 1 year

-7.71%

-6.71%

-1.00%

Max Drawdown (3Y)

Largest decline over 3 years

-10.98%

-12.27%

+1.29%

Max Drawdown (5Y)

Largest decline over 5 years

-18.16%

-15.96%

-2.20%

Max Drawdown (10Y)

Largest decline over 10 years

-27.31%

—

—

Current Drawdown

Current decline from peak

-3.95%

-2.88%

-1.07%

Average Drawdown

Average peak-to-trough decline

-3.44%

-4.49%

+1.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.57%

1.99%

+1.58%

Volatility

XMU.TO vs. SMMV - Volatility Comparison

The current volatility for iShares MSCI Min Vol USA Index ETF (XMU.TO) is 2.18%, while iShares MSCI USA Small-Cap Min Vol Factor ETF (SMMV) has a volatility of 2.30%. This indicates that XMU.TO experiences smaller price fluctuations and is considered to be less risky 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

2.18%

2.30%

-0.12%

Volatility (6M)

Calculated over the trailing 6-month period

6.86%

6.94%

-0.08%

Volatility (1Y)

Calculated over the trailing 1-year period

9.20%

9.99%

-0.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.15%

11.92%

-0.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.97%

14.25%

-0.28%

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 1.12%, less than SMMV's 1.75% yield.

PositionTTM20252024202320222021202020192018201720162015
SMMV
iShares MSCI USA Small-Cap Min Vol Factor ETF		1.75%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		1.12%1.10%1.14%1.33%1.10%1.00%1.59%1.36%1.39%1.51%1.73%1.35%

Frequently Asked Questions

XMU.TO and SMMV have a correlation of 0.64, 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 Large Cap Blend Equities, while SMMV is Small Cap Growth 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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