XMU.TO vs. XMS.TO

Last updated Apr 2, 2026

Compare and contrast key facts about iShares MSCI Min Vol USA Index ETF (XMU.TO) and iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO).

XMU.TO and XMS.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XMU.TO is a passively managed fund by iShares that tracks the performance of the MSCI USA Minimum Volatility Index. It was launched on Jul 24, 2012. XMS.TO is a passively managed fund by iShares that tracks the performance of the MSCI USA Minimum Volatility (USD) 100% Hedged to CAD Index. It was launched on Apr 5, 2016. Both XMU.TO and XMS.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XMU.TO vs. XMS.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 iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XMU.TO iShares MSCI Min Vol USA Index ETF	-0.16%	-0.84%	21.99%	6.59%	-3.64%	16.99%	2.99%	20.78%	9.07%	10.80%
XMS.TO iShares MSCI Min Vol USA Index ETF (CAD-Hedged)	-4.17%	3.71%	14.23%	7.84%	-11.15%	21.02%	1.81%	26.70%	-1.63%	16.85%

Returns By Period

In the year-to-date period, XMU.TO achieves a -0.16% return, which is significantly higher than XMS.TO's -4.17% return.

XMU.TO

• 1D: -0.21%
• 1M: -3.44%
• YTD: -0.16%
• 6M: -5.37%
• 1Y: -5.96%
• 3Y*: 8.43%
• 5Y*: 7.40%
• 10Y*: 8.80%

XMS.TO

• 1D: -0.22%
• 1M: -6.59%
• YTD: -4.17%
• 6M: -6.72%
• 1Y: -5.37%
• 3Y*: 6.69%
• 5Y*: 4.92%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XMU.TO vs. XMS.TO - Expense Ratio Comparison

Both XMU.TO and XMS.TO have an expense ratio of 0.33%.

XMU.TO

iShares MSCI Min Vol USA Index ETF

XMS.TO

iShares MSCI Min Vol USA Index ETF (CAD-Hedged)

Return for Risk

XMU.TO vs. XMS.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: 3
XMU.TO Sharpe Ratio Rank: 4
XMU.TO Sortino Ratio Rank: 4
XMU.TO Omega Ratio Rank: 3
XMU.TO Calmar Ratio Rank: 2
XMU.TO Martin Ratio Rank: 1

XMS.TO

XMS.TO Risk / Return Rank: 3
XMS.TO Sharpe Ratio Rank: 5
XMS.TO Sortino Ratio Rank: 4
XMS.TO Omega Ratio Rank: 4
XMS.TO Calmar Ratio Rank: 2
XMS.TO Martin Ratio Rank: 0

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. XMS.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 MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.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	XMS.TO	Difference
Sharpe ratio Return per unit of total volatility	-0.48	-0.40	-0.08
Sortino ratio Return per unit of downside risk	-0.56	-0.46	-0.10
Omega ratio Gain probability vs. loss probability	0.92	0.93	-0.01
Calmar ratio Return relative to maximum drawdown	-0.70	-0.65	-0.05
Martin ratio Return relative to average drawdown	-1.54	-2.33	+0.79
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. XMS.TO - Sharpe Ratio Comparison

The current XMU.TO Sharpe Ratio is -0.48, which is comparable to the XMS.TO Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of XMU.TO and XMS.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XMU.TO	XMS.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	-0.40	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.41	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	0.51	+0.46

Correlation

The correlation between XMU.TO and XMS.TO is 0.51, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

XMU.TO vs. XMS.TO - Dividend Comparison

XMU.TO's dividend yield for the trailing twelve months is around 1.17%, less than XMS.TO's 1.25% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XMU.TO iShares MSCI Min Vol USA Index ETF	1.17%	1.10%	1.14%	1.33%	1.10%	1.00%	1.59%	1.36%	1.39%	1.51%	1.73%	1.35%
XMS.TO iShares MSCI Min Vol USA Index ETF (CAD-Hedged)	1.25%	1.08%	1.21%	1.38%	1.20%	0.99%	1.66%	1.40%	1.54%	1.53%	1.43%	0.00%

Drawdowns

XMU.TO vs. XMS.TO - Drawdown Comparison

The maximum XMU.TO drawdown since its inception was -27.31%, smaller than the maximum XMS.TO drawdown of -36.48%. Use the drawdown chart below to compare losses from any high point for XMU.TO and XMS.TO.

Drawdown Indicators

	XMU.TO	XMS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.31%	-36.48%	+9.17%
Max Drawdown (1Y) Largest decline over 1 year	-9.30%	-8.50%	-0.80%
Max Drawdown (5Y) Largest decline over 5 years	-18.16%	-19.23%	+1.07%
Max Drawdown (10Y) Largest decline over 10 years	-27.31%	—	—
Current Drawdown Current decline from peak	-7.66%	-6.91%	-0.75%
Average Drawdown Average peak-to-trough decline	-3.40%	-4.28%	+0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	2.35%	+1.90%

Volatility

XMU.TO vs. XMS.TO - Volatility Comparison

iShares MSCI Min Vol USA Index ETF (XMU.TO) and iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS.TO) have volatilities of 3.08% and 3.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XMU.TO	XMS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	3.08%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	7.24%	6.77%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	12.50%	12.14%	+0.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.23%	12.12%	-0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.00%	14.76%	-0.76%