XMU.TO vs. XHD.TO
XMU.TO (iShares MSCI Min Vol USA Index ETF) and XHD.TO (iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)) are both Large Cap Blend Equities funds from iShares - XMU.TO tracks the MSCI USA Minimum Volatility Index while XHD.TO tracks the Morningstar US Market TR CAD. Both are passively managed. Over the past 10 years, XMU.TO returned 9.17%/yr vs 6.22%/yr for XHD.TO. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.33% expense ratio.
Performance
XMU.TO vs. XHD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XMU.TO achieves a 3.85% return, which is significantly lower than XHD.TO's 11.94% return. Over the past 10 years, XMU.TO has outperformed XHD.TO with an annualized return of 9.17%, while XHD.TO has yielded a comparatively lower 6.22% 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%
XHD.TO
- 1D
- 0.83%
- 1M
- 0.69%
- YTD
- 11.94%
- 6M
- 5.51%
- 1Y
- 11.69%
- 3Y*
- 9.73%
- 5Y*
- 6.55%
- 10Y*
- 6.22%
XMU.TO vs. XHD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
XHD.TO iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) | 11.94% | 3.92% | 9.50% | -0.07% | 4.22% | 17.88% | -9.51% | 17.96% | -5.62% | 11.73% |
Correlation
The correlation between XMU.TO and XHD.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Aug 21, 2012 | 0.49 |
The correlation between XMU.TO and XHD.TO has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.
XMU.TO vs. XHD.TO - Sectors Allocation Comparison
Sectors
XMU.TO
XHD.TO
Technology
Financial Services
Healthcare
Consumer Defensive
Utilities
Communication Services
Consumer Cyclical
Industrials
Energy
Real Estate
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Basic Materials
Technology
XMU.TO
XHD.TO
Financial Services
XMU.TO
XHD.TO
Healthcare
XMU.TO
XHD.TO
Consumer Defensive
XMU.TO
XHD.TO
Utilities
XMU.TO
XHD.TO
Communication Services
XMU.TO
XHD.TO
Consumer Cyclical
XMU.TO
XHD.TO
Industrials
XMU.TO
XHD.TO
Energy
XMU.TO
XHD.TO
Real Estate
XMU.TO
XHD.TO
-
Basic Materials
XMU.TO
XHD.TO
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Return for Risk
XMU.TO vs. XHD.TO — Risk / Return Rank
XMU.TO
XHD.TO
XMU.TO vs. XHD.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 iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.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.
| XMU.TO | XHD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.20 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.26 | 1.80 | -1.54 |
| Martin ratioReturn relative to average drawdown | 0.56 | 5.11 | -4.56 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XMU.TO | XHD.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.22 | 1.04 | -0.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.51 | +0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | 0.40 | +0.26 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.98 | 0.53 | +0.45 |
Drawdowns
XMU.TO vs. XHD.TO - Drawdown Comparison
The maximum XMU.TO drawdown since its inception was -27.31%, smaller than the maximum XHD.TO drawdown of -38.71%. Use the drawdown chart below to compare losses from any high point for XMU.TO and XHD.TO.
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Drawdown Indicators
| XMU.TO | XHD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.31% | -38.71% | +11.40% |
Max Drawdown (1Y)Largest decline over 1 year | -7.71% | -6.51% | -1.20% |
Max Drawdown (3Y)Largest decline over 3 years | -10.98% | -12.75% | +1.77% |
Max Drawdown (5Y)Largest decline over 5 years | -18.16% | -16.38% | -1.78% |
Max Drawdown (10Y)Largest decline over 10 years | -27.31% | -38.71% | +11.40% |
Current DrawdownCurrent decline from peak | -3.95% | -2.45% | -1.50% |
Average DrawdownAverage peak-to-trough decline | -3.44% | -3.93% | +0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.57% | 2.29% | +1.28% |
Volatility
XMU.TO vs. XHD.TO - Volatility Comparison
The current volatility for iShares MSCI Min Vol USA Index ETF (XMU.TO) is 2.18%, while iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) (XHD.TO) has a volatility of 3.78%. This indicates that XMU.TO experiences smaller price fluctuations and is considered to be less risky than XHD.TO 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 | XHD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.18% | 3.78% | -1.60% |
Volatility (6M)Calculated over the trailing 6-month period | 6.86% | 9.40% | -2.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.20% | 11.28% | -2.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.15% | 13.03% | -1.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.97% | 15.53% | -1.56% |
XMU.TO vs. XHD.TO - Expense Ratio Comparison
Both XMU.TO and XHD.TO have an expense ratio of 0.33%.
Dividends
XMU.TO vs. XHD.TO - Dividend Comparison
XMU.TO's dividend yield for the trailing twelve months is around 1.12%, less than XHD.TO's 2.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XHD.TO iShares U.S. High Dividend Equity Index ETF (CAD-Hedged) | 2.38% | 2.61% | 2.99% | 3.09% | 2.69% | 2.81% | 3.44% | 2.46% | 2.81% | 2.36% | 2.48% | 3.00% |
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 XHD.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.33% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
XMU.TO and XHD.TO have the same expense ratio: 0.33% per year.
XMU.TO tracks MSCI USA Minimum Volatility Index, while XHD.TO tracks Morningstar US Market TR CAD.
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