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XMV.TO vs. ^GSPC
Performance
Return for Risk
Drawdowns
Volatility

XMV.TO vs. ^GSPC

Last updated Jun 5, 2026

XMV.TO (iShares MSCI Min Vol Canada Index ETF) is Canada Equities fund tracking the Morningstar Canada GR CAD, while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, XMV.TO returned 9.57%/yr vs 14.59%/yr for ^GSPC. At a 0.43 correlation, their price movements are largely independent.

Performance

XMV.TO vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares MSCI Min Vol Canada Index ETF (XMV.TO) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XMV.TO is traded in CAD, while ^GSPC is traded in USD. To make them comparable, the ^GSPC values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XMV.TO achieves a 8.91% return, which is significantly lower than ^GSPC's 12.32% return. Over the past 10 years, XMV.TO has underperformed ^GSPC with an annualized return of 9.57%, while ^GSPC has yielded a comparatively higher 14.59% annualized return.

XMV.TO

1D
1.11%
1M
2.85%
YTD
8.91%
6M
5.85%
1Y
16.70%
3Y*
16.05%
5Y*
11.25%
10Y*
9.57%

^GSPC

1D
0.51%
1M
6.71%
YTD
12.32%
6M
10.23%
1Y
29.18%
3Y*
22.45%
5Y*
15.62%
10Y*
14.59%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMV.TO vs. ^GSPC - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XMV.TO
iShares MSCI Min Vol Canada Index ETF		8.91%17.87%15.63%10.94%-1.64%21.41%-1.75%23.41%-7.65%6.85%
^GSPC
S&P 500 Index		12.32%11.05%33.90%21.49%-13.70%25.75%14.29%22.54%1.71%11.82%

Correlation

The correlation between XMV.TO and ^GSPC is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.38

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

0.45

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

0.48

Correlation (10Y)
Calculated over the trailing 10-year period

0.49

Correlation (All Time)
Calculated using the full available price history since Aug 1, 2012

0.43

The correlation between XMV.TO and ^GSPC shifts across timeframes, from 0.38 (1 year) to 0.49 (10 years), reflecting how their relationship changes across market environments.

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iShares MSCI Min Vol Canada Index ETF

S&P 500 Index

Often compared with XMV.TO:
XMV.TO vs. XIC.TOXMV.TO vs. VEQT.TOXMV.TO vs. XMU.TOXMV.TO vs. XMW.TOXMV.TO vs. XMI.TOXMV.TO vs. XEQT.TOXMV.TO vs. VCE.TO
Often compared with ^GSPC:
^GSPC vs. ^IBEX^GSPC vs. AVGO^GSPC vs. SCHD^GSPC vs. GC=F^GSPC vs. TSMU^GSPC vs. QQQ^GSPC vs. ACWI

Return for Risk

XMV.TO vs. ^GSPC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XMV.TO
XMV.TO Risk / Return Rank: 5656
Overall Rank
XMV.TO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
XMV.TO Sortino Ratio Rank: 5252
Sortino Ratio Rank
XMV.TO Omega Ratio Rank: 5858
Omega Ratio Rank
XMV.TO Calmar Ratio Rank: 5858
Calmar Ratio Rank
XMV.TO Martin Ratio Rank: 5858
Martin Ratio Rank
^GSPC
^GSPC Risk / Return Rank: 8080
Overall Rank
^GSPC Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
^GSPC Sortino Ratio Rank: 7979
Sortino Ratio Rank
^GSPC Omega Ratio Rank: 7979
Omega Ratio Rank
^GSPC Calmar Ratio Rank: 7676
Calmar Ratio Rank
^GSPC Martin Ratio Rank: 8686
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.

XMV.TO vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Min Vol Canada Index ETF (XMV.TO) and S&P 500 Index (^GSPC). 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.

XMV.TO^GSPCDifference
Sharpe ratioReturn per unit of total volatility
1.80
2.51

-0.71

Sortino ratioReturn per unit of downside risk
2.46
3.38

-0.92

Omega ratioGain probability vs. loss probability

1.35

1.48

-0.13

Calmar ratioReturn relative to maximum drawdown

2.85

3.31

-0.46

Martin ratioReturn relative to average drawdown

10.08

12.49

-2.41

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XMV.TO vs. ^GSPC - Sharpe Ratio Comparison

The current XMV.TO Sharpe Ratio is 1.80, which is comparable to the ^GSPC Sharpe Ratio of 2.51. The chart below compares the historical Sharpe Ratios of XMV.TO and ^GSPC, 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

XMV.TO^GSPCDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.80

2.51

-0.71

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.09

1.05

+0.04

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.74

0.90

-0.15

Sharpe Ratio (All Time)

Calculated using the full available price history

0.87

0.99

-0.12

Drawdowns

XMV.TO vs. ^GSPC - Drawdown Comparison

The maximum XMV.TO drawdown since its inception was -35.58%, which is greater than ^GSPC's maximum drawdown of -27.59%. Use the drawdown chart below to compare losses from any high point for XMV.TO and ^GSPC.

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Drawdown Indicators

XMV.TO^GSPCDifference

Max Drawdown

Largest peak-to-trough decline

-35.58%

-27.59%

-7.99%

Max Drawdown (1Y)

Largest decline over 1 year

-5.88%

-8.86%

+2.98%

Max Drawdown (3Y)

Largest decline over 3 years

-9.77%

-19.23%

+9.46%

Max Drawdown (5Y)

Largest decline over 5 years

-15.57%

-22.60%

+7.03%

Max Drawdown (10Y)

Largest decline over 10 years

-35.58%

-27.59%

-7.99%

Current Drawdown

Current decline from peak

-0.17%

0.00%

-0.17%

Average Drawdown

Average peak-to-trough decline

-3.13%

-3.51%

+0.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.66%

2.34%

-0.68%

Volatility

XMV.TO vs. ^GSPC - Volatility Comparison

The current volatility for iShares MSCI Min Vol Canada Index ETF (XMV.TO) is 2.41%, while S&P 500 Index (^GSPC) has a volatility of 2.72%. This indicates that XMV.TO experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XMV.TO^GSPCDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.41%

2.72%

-0.31%

Volatility (6M)

Calculated over the trailing 6-month period

7.73%

8.87%

-1.14%

Volatility (1Y)

Calculated over the trailing 1-year period

9.34%

11.70%

-2.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.41%

14.99%

-4.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.94%

16.33%

-3.39%

Frequently Asked Questions

XMV.TO and ^GSPC have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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