PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XMV.TO vs. PXC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XMV.TO vs. PXC.TO

Last updated Jun 25, 2026

XMV.TO (iShares MSCI Min Vol Canada Index ETF) and PXC.TO (Invesco RAFI Canadian Index ETF) are both Canada Equities funds - XMV.TO tracks the Morningstar Canada GR CAD while PXC.TO tracks the RAFI Canada Index. Both are passively managed. Over the past 10 years, XMV.TO returned 10.17%/yr vs 13.41%/yr for PXC.TO. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

XMV.TO vs. PXC.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 Invesco RAFI Canadian Index ETF (PXC.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XMV.TO achieves a 10.55% return, which is significantly lower than PXC.TO's 17.12% return. Over the past 10 years, XMV.TO has underperformed PXC.TO with an annualized return of 10.17%, while PXC.TO has yielded a comparatively higher 13.41% annualized return.

XMV.TO

1D
0.15%
1M
1.34%
YTD
10.55%
6M
6.19%
1Y
17.80%
3Y*
17.68%
5Y*
11.76%
10Y*
10.17%

PXC.TO

1D
-0.64%
1M
-0.22%
YTD
17.12%
6M
12.82%
1Y
36.76%
3Y*
25.64%
5Y*
16.75%
10Y*
13.41%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XMV.TO
iShares MSCI Min Vol Canada Index ETF		10.55%17.98%15.85%11.14%-1.46%21.73%-1.41%23.69%-7.37%7.14%
PXC.TO
Invesco RAFI Canadian Index ETF		17.12%26.50%19.57%9.28%1.37%34.11%-1.11%19.11%-9.11%7.15%

Correlation

The correlation between XMV.TO and PXC.TO is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.63

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

0.69

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

0.66

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

0.61

Correlation (All Time)
Calculated using the full available price history since Jul 31, 2012

0.51

The correlation between XMV.TO and PXC.TO shifts across timeframes, from 0.51 (all time) to 0.69 (3 years), reflecting how their relationship changes across market environments.

XMV.TO vs. PXC.TO - Sectors Allocation Comparison

Sectors
XMV.TO
PXC.TO

Financial Services

34.1%
34.7%

Energy

14.3%
26.6%

Industrials

11.9%
7.2%

Consumer Defensive

8.9%
2.9%

Basic Materials

8.6%
13.0%

Utilities

7.3%
3.1%

Communication Services

5.6%
2.7%

Consumer Cyclical

5.1%
6.6%

Technology

3.9%
2.2%

Real Estate

0.4%
0.8%

Healthcare

-

0.2%

Financial Services

XMV.TO
34.1%
PXC.TO
34.7%

Energy

XMV.TO
14.3%
PXC.TO
26.6%

Industrials

XMV.TO
11.9%
PXC.TO
7.2%

Consumer Defensive

XMV.TO
8.9%
PXC.TO
2.9%

Basic Materials

XMV.TO
8.6%
PXC.TO
13.0%

Utilities

XMV.TO
7.3%
PXC.TO
3.1%

Communication Services

XMV.TO
5.6%
PXC.TO
2.7%

Consumer Cyclical

XMV.TO
5.1%
PXC.TO
6.6%

Technology

XMV.TO
3.9%
PXC.TO
2.2%

Real Estate

XMV.TO
0.4%
PXC.TO
0.8%

Healthcare

XMV.TO

-

PXC.TO
0.2%

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

Invesco RAFI Canadian Index ETF

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 PXC.TO:
PXC.TO vs. PXS.TOPXC.TO vs. INOC.TOPXC.TO vs. XCV.TOPXC.TO vs. EQL.TOPXC.TO vs. QQCE.TOPXC.TO vs. ESGC.TOPXC.TO vs. HXCN.TO

Return for Risk

XMV.TO vs. PXC.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: 6767
Overall Rank
XMV.TO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
XMV.TO Sortino Ratio Rank: 6464
Sortino Ratio Rank
XMV.TO Omega Ratio Rank: 7070
Omega Ratio Rank
XMV.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
XMV.TO Martin Ratio Rank: 6666
Martin Ratio Rank
PXC.TO
PXC.TO Risk / Return Rank: 9696
Overall Rank
PXC.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
PXC.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
PXC.TO Omega Ratio Rank: 9696
Omega Ratio Rank
PXC.TO Calmar Ratio Rank: 9696
Calmar Ratio Rank
PXC.TO Martin Ratio Rank: 9696
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. PXC.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 Invesco RAFI Canadian Index ETF (PXC.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.

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.

XMV.TOPXC.TODifference
Sharpe ratioReturn per unit of total volatility
1.91
3.55

-1.64

Sortino ratioReturn per unit of downside risk
2.60
4.65

-2.05

Omega ratioGain probability vs. loss probability

1.37

1.69

-0.33

Calmar ratioReturn relative to maximum drawdown

3.04

7.95

-4.91

Martin ratioReturn relative to average drawdown

10.77

31.61

-20.84

XMV.TO vs. PXC.TO - Sharpe Ratio Comparison

The current XMV.TO Sharpe Ratio is 1.91, which is lower than the PXC.TO Sharpe Ratio of 3.55. The chart below compares the historical Sharpe Ratios of XMV.TO and PXC.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.

Loading charts...

Drawdowns

XMV.TO vs. PXC.TO - Drawdown Comparison

The maximum XMV.TO drawdown since its inception was -38.65%, smaller than the maximum PXC.TO drawdown of -41.78%. Use the drawdown chart below to compare losses from any high point for XMV.TO and PXC.TO.

Loading charts...

Drawdown Indicators

XMV.TOPXC.TODifference

Max Drawdown

Largest peak-to-trough decline

-38.65%

-41.78%

+3.13%

Max Drawdown (1Y)

Largest decline over 1 year

-5.88%

-4.64%

-1.24%

Max Drawdown (3Y)

Largest decline over 3 years

-9.72%

-10.99%

+1.27%

Max Drawdown (5Y)

Largest decline over 5 years

-17.56%

-15.75%

-1.81%

Max Drawdown (10Y)

Largest decline over 10 years

-38.65%

-41.78%

+3.13%

Current Drawdown

Current decline from peak

0.00%

-1.30%

+1.30%

Average Drawdown

Average peak-to-trough decline

-6.59%

-5.05%

-1.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.66%

1.17%

+0.49%

Volatility

XMV.TO vs. PXC.TO - Volatility Comparison

The current volatility for iShares MSCI Min Vol Canada Index ETF (XMV.TO) is 2.10%, while Invesco RAFI Canadian Index ETF (PXC.TO) has a volatility of 3.14%. This indicates that XMV.TO experiences smaller price fluctuations and is considered to be less risky than PXC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XMV.TOPXC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.10%

3.14%

-1.04%

Volatility (6M)

Calculated over the trailing 6-month period

7.71%

8.56%

-0.85%

Volatility (1Y)

Calculated over the trailing 1-year period

9.37%

10.39%

-1.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.11%

13.27%

+4.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

27.70%

16.41%

+11.29%

Dividends

XMV.TO vs. PXC.TO - Dividend Comparison

XMV.TO's dividend yield for the trailing twelve months is around 2.11%, less than PXC.TO's 2.27% yield.

PositionTTM20252024202320222021202020192018201720162015
PXC.TO
Invesco RAFI Canadian Index ETF		2.27%2.65%3.17%3.48%3.42%2.58%3.10%2.92%2.86%2.23%2.57%3.13%
XMV.TO
iShares MSCI Min Vol Canada Index ETF		2.11%2.28%2.49%2.83%2.59%2.28%3.04%2.72%3.25%2.79%2.38%2.72%

Frequently Asked Questions

XMV.TO and PXC.TO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XMV.TO tracks Morningstar Canada GR CAD, while PXC.TO tracks RAFI Canada Index. They also come from different issuers: iShares and Invesco.

Portfolio Optimizer

Find the right allocation for XMV.TO and PXC.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer