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

XMU.TO vs. UOCT

Last updated Jul 1, 2026
See Documentation

XMU.TO (iShares MSCI Min Vol USA Index ETF) and UOCT (Innovator U.S. Equity Ultra Buffer ETF October) are both exchange-traded funds - XMU.TO is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index, while UOCT is a Defined Outcome fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, XMU.TO returned 7.85%/yr vs 11.21%/yr for UOCT. At a 0.36 correlation, their price movements are largely independent. XMU.TO charges 0.33%/yr vs 0.79%/yr for UOCT.

Performance

XMU.TO vs. UOCT - 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 Innovator U.S. Equity Ultra Buffer ETF October (UOCT). 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 UOCT is traded in USD. To make them comparable, the UOCT 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 6.19% return, which is significantly lower than UOCT's 9.25% return.

XMU.TO

1D
0.01%
1M
3.00%
YTD
6.19%
6M
5.54%
1Y
4.62%
3Y*
10.60%
5Y*
7.85%
10Y*
9.16%

UOCT

1D
0.37%
1M
3.22%
YTD
9.25%
6M
8.97%
1Y
16.08%
3Y*
13.86%
5Y*
11.21%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMU.TO vs. UOCT - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
XMU.TO
iShares MSCI Min Vol USA Index ETF		6.19%-0.80%22.08%6.68%-3.58%17.10%3.13%20.92%-2.64%
UOCT
Innovator U.S. Equity Ultra Buffer ETF October		9.25%5.62%18.21%15.83%1.73%5.77%5.43%6.32%-0.69%

Correlation

The correlation between XMU.TO and UOCT is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.26

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

0.25

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

0.30

Correlation (All Time)
Calculated using the full available price history since Oct 1, 2018

0.36

The correlation between XMU.TO and UOCT shifts across timeframes, from 0.25 (3 years) to 0.36 (all time), reflecting how their relationship changes across market environments.

XMU.TO vs. UOCT - Sectors Allocation Comparison

Sectors
XMU.TO
UOCT

Technology

33.9%
38.4%

Healthcare

12.6%
8.4%

Financial Services

11.7%
11.0%

Consumer Defensive

9.4%
4.6%

Utilities

6.9%
2.1%

Communication Services

6.2%
10.8%

Industrials

6.1%
7.9%

Consumer Cyclical

5.7%
10.0%

Energy

2.7%
3.2%

Real Estate

2.5%
1.8%

Basic Materials

2.4%
1.7%

Technology

XMU.TO
33.9%
UOCT
38.4%

Healthcare

XMU.TO
12.6%
UOCT
8.4%

Financial Services

XMU.TO
11.7%
UOCT
11.0%

Consumer Defensive

XMU.TO
9.4%
UOCT
4.6%

Utilities

XMU.TO
6.9%
UOCT
2.1%

Communication Services

XMU.TO
6.2%
UOCT
10.8%

Industrials

XMU.TO
6.1%
UOCT
7.9%

Consumer Cyclical

XMU.TO
5.7%
UOCT
10.0%

Energy

XMU.TO
2.7%
UOCT
3.2%

Real Estate

XMU.TO
2.5%
UOCT
1.8%

Basic Materials

XMU.TO
2.4%
UOCT
1.7%

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

Innovator U.S. Equity Ultra Buffer ETF October

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 UOCT:
UOCT vs. POCTUOCT vs. PSFDUOCT vs. VOOUOCT vs. GLDIUOCT vs. SCHDUOCT vs. KAPRUOCT vs. PJAN

Return for Risk

XMU.TO vs. UOCT — 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: 1515
Overall Rank
XMU.TO Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
XMU.TO Sortino Ratio Rank: 1414
Sortino Ratio Rank
XMU.TO Omega Ratio Rank: 1515
Omega Ratio Rank
XMU.TO Calmar Ratio Rank: 1616
Calmar Ratio Rank
XMU.TO Martin Ratio Rank: 1414
Martin Ratio Rank
UOCT
UOCT Risk / Return Rank: 7676
Overall Rank
UOCT Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
UOCT Sortino Ratio Rank: 7777
Sortino Ratio Rank
UOCT Omega Ratio Rank: 8080
Omega Ratio Rank
UOCT Calmar Ratio Rank: 6666
Calmar Ratio Rank
UOCT 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. UOCT - 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 Innovator U.S. Equity Ultra Buffer ETF October (UOCT). 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.TOUOCTDifference
Sharpe ratioReturn per unit of total volatility
0.45
2.39

-1.94

Sortino ratioReturn per unit of downside risk
0.69
3.43

-2.73

Omega ratioGain probability vs. loss probability

1.09

1.41

-0.32

Calmar ratioReturn relative to maximum drawdown

0.55

3.74

-3.19

Martin ratioReturn relative to average drawdown

1.13

11.20

-10.07

XMU.TO vs. UOCT - Sharpe Ratio Comparison

The current XMU.TO Sharpe Ratio is 0.45, which is lower than the UOCT Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of XMU.TO and UOCT, 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. UOCT - Drawdown Comparison

The maximum XMU.TO drawdown since its inception was -27.31%, which is greater than UOCT's maximum drawdown of -11.59%. Use the drawdown chart below to compare losses from any high point for XMU.TO and UOCT.

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Drawdown Indicators

XMU.TOUOCTDifference

Max Drawdown

Largest peak-to-trough decline

-27.31%

-11.59%

-15.72%

Max Drawdown (1Y)

Largest decline over 1 year

-8.45%

-4.31%

-4.14%

Max Drawdown (3Y)

Largest decline over 3 years

-10.97%

-11.59%

+0.62%

Max Drawdown (5Y)

Largest decline over 5 years

-20.59%

-11.59%

-9.00%

Max Drawdown (10Y)

Largest decline over 10 years

-27.31%

—

—

Current Drawdown

Current decline from peak

-1.75%

0.00%

-1.75%

Average Drawdown

Average peak-to-trough decline

-4.54%

-1.75%

-2.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.10%

1.44%

+2.66%

Volatility

XMU.TO vs. UOCT - Volatility Comparison

iShares MSCI Min Vol USA Index ETF (XMU.TO) has a higher volatility of 2.66% compared to Innovator U.S. Equity Ultra Buffer ETF October (UOCT) at 2.12%. This indicates that XMU.TO's price experiences larger fluctuations and is considered to be riskier than UOCT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMU.TOUOCTDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.66%

2.12%

+0.54%

Volatility (6M)

Calculated over the trailing 6-month period

6.36%

5.40%

+0.96%

Volatility (1Y)

Calculated over the trailing 1-year period

10.24%

6.77%

+3.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.67%

9.01%

+5.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.08%

9.78%

+7.30%

XMU.TO vs. UOCT - Expense Ratio Comparison

XMU.TO has a 0.33% expense ratio, which is lower than UOCT's 0.79% expense ratio.

Dividends

XMU.TO vs. UOCT - Dividend Comparison

XMU.TO's dividend yield for the trailing twelve months is around 1.14%, while UOCT has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
UOCT
Innovator U.S. Equity Ultra Buffer ETF October		0.00%0.00%0.00%0.00%0.00%0.00%0.00%2.33%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 UOCT have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XMU.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XMU.TO is cheaper with a 0.33% expense ratio, compared with 0.79% for UOCT.

XMU.TO is categorized as Large Cap Blend Equities, while UOCT is Defined Outcome. XMU.TO tracks MSCI USA Minimum Volatility Index, while UOCT tracks S&P 500 Index. They also come from different issuers: iShares and Innovator. Their fees differ too: 0.33% for XMU.TO and 0.79% for UOCT.

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