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XMV.TO vs. HVOI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMV.TO vs. HVOI.TO

Last updated Jun 5, 2026

XMV.TO (iShares MSCI Min Vol Canada Index ETF) and HVOI.TO (Harvest Low Volatility Canadian Equity Income ETF Class A) are both Canada Equities funds. XMV.TO is passively managed, while HVOI.TO is actively managed. Over the past year, XMV.TO returned 16.70% vs 15.85% for HVOI.TO. Their correlation of 0.87 suggests significant overlap in exposure.

Performance

XMV.TO vs. HVOI.TO - 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 Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XMV.TO achieves a 8.91% return, which is significantly higher than HVOI.TO's 6.96% 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%

HVOI.TO

1D
1.38%
1M
2.71%
YTD
6.96%
6M
8.24%
1Y
15.85%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XMV.TO vs. HVOI.TO - Yearly Performance Comparison

2026 (YTD)2025
XMV.TO
iShares MSCI Min Vol Canada Index ETF		8.91%14.59%
HVOI.TO
Harvest Low Volatility Canadian Equity Income ETF Class A		6.96%15.20%

Correlation

The correlation between XMV.TO and HVOI.TO is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.89

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2025

0.87

The correlation between XMV.TO and HVOI.TO has been stable across timeframes, ranging from 0.87 to 0.89 - a consistent structural relationship.

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 Canada Index ETF

Harvest Low Volatility Canadian Equity Income ETF Class A

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 HVOI.TO:
HVOI.TO vs. FCCV.TOHVOI.TO vs. TQCD.TOHVOI.TO vs. VCE.TOHVOI.TO vs. CANY.TOHVOI.TO vs. HHIC.TOHVOI.TO vs. XDV.TOHVOI.TO vs. XIC.TO

Return for Risk

XMV.TO vs. HVOI.TO — 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
HVOI.TO
HVOI.TO Risk / Return Rank: 5555
Overall Rank
HVOI.TO Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
HVOI.TO Sortino Ratio Rank: 5959
Sortino Ratio Rank
HVOI.TO Omega Ratio Rank: 5858
Omega Ratio Rank
HVOI.TO Calmar Ratio Rank: 4848
Calmar Ratio Rank
HVOI.TO Martin Ratio Rank: 5555
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. HVOI.TO - 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 Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.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.

XMV.TOHVOI.TODifference
Sharpe ratioReturn per unit of total volatility
1.80
1.86

-0.06

Sortino ratioReturn per unit of downside risk
2.46
2.75

-0.29

Omega ratioGain probability vs. loss probability

1.35

1.35

0.00

Calmar ratioReturn relative to maximum drawdown

2.85

2.37

+0.48

Martin ratioReturn relative to average drawdown

10.08

9.50

+0.58

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. HVOI.TO - Sharpe Ratio Comparison

The current XMV.TO Sharpe Ratio is 1.80, which is comparable to the HVOI.TO Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of XMV.TO and HVOI.TO, 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.TOHVOI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.80

1.86

-0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.09

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.74

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.87

2.40

-1.53

Drawdowns

XMV.TO vs. HVOI.TO - Drawdown Comparison

The maximum XMV.TO drawdown since its inception was -35.58%, which is greater than HVOI.TO's maximum drawdown of -6.72%. Use the drawdown chart below to compare losses from any high point for XMV.TO and HVOI.TO.

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Drawdown Indicators

XMV.TOHVOI.TODifference

Max Drawdown

Largest peak-to-trough decline

-35.58%

-6.72%

-28.86%

Max Drawdown (1Y)

Largest decline over 1 year

-5.88%

-6.72%

+0.84%

Max Drawdown (3Y)

Largest decline over 3 years

-9.77%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-15.57%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-35.58%

—

—

Current Drawdown

Current decline from peak

-0.17%

0.00%

-0.17%

Average Drawdown

Average peak-to-trough decline

-3.13%

-0.96%

-2.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.66%

1.68%

-0.02%

Volatility

XMV.TO vs. HVOI.TO - Volatility Comparison

iShares MSCI Min Vol Canada Index ETF (XMV.TO) and Harvest Low Volatility Canadian Equity Income ETF Class A (HVOI.TO) have volatilities of 2.41% and 2.53%, 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.

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Volatility by Period

XMV.TOHVOI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.41%

2.53%

-0.12%

Volatility (6M)

Calculated over the trailing 6-month period

7.73%

6.89%

+0.84%

Volatility (1Y)

Calculated over the trailing 1-year period

9.34%

8.58%

+0.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.41%

8.46%

+1.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.94%

8.46%

+4.48%

Dividends

XMV.TO vs. HVOI.TO - Dividend Comparison

XMV.TO's dividend yield for the trailing twelve months is around 2.09%, less than HVOI.TO's 6.87% yield.

PositionTTM20252024202320222021202020192018201720162015
HVOI.TO
Harvest Low Volatility Canadian Equity Income ETF Class A		6.87%4.76%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XMV.TO
iShares MSCI Min Vol Canada Index ETF		2.09%2.21%2.33%2.62%2.41%2.04%2.73%2.44%2.93%2.49%2.11%2.47%

Frequently Asked Questions

XMV.TO and HVOI.TO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: iShares and Harvest.

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