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XRE.TO vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XRE.TO vs. USMV

Last updated Jun 13, 2026

XRE.TO (iShares S&P/TSX Capped REIT Index ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - XRE.TO is a REIT fund tracking the Morningstar DM REIT NR CAD, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, XRE.TO returned 5.10%/yr vs 10.85%/yr for USMV. At a 0.36 correlation, their price movements are largely independent. XRE.TO charges 0.61%/yr vs 0.15%/yr for USMV.

Performance

XRE.TO vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Capped REIT Index ETF (XRE.TO) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, XRE.TO achieves a 13.45% return, which is significantly higher than USMV's 4.61% return. Over the past 10 years, XRE.TO has underperformed USMV with an annualized return of 5.10%, while USMV has yielded a comparatively higher 10.85% annualized return.

XRE.TO

1D
1.00%
1M
6.08%
YTD
13.45%
6M
16.21%
1Y
13.57%
3Y*
6.64%
5Y*
2.18%
10Y*
5.10%

USMV

1D
0.72%
1M
4.00%
YTD
4.61%
6M
3.91%
1Y
6.44%
3Y*
13.06%
5Y*
10.41%
10Y*
10.85%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XRE.TO vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XRE.TO
iShares S&P/TSX Capped REIT Index ETF		13.45%8.89%-2.52%1.88%-17.34%32.54%-13.58%21.98%5.72%9.33%
USMV
iShares MSCI USA Min Vol Factor ETF		4.61%2.73%25.54%7.70%-3.69%20.79%3.13%22.42%9.85%10.86%

Correlation

The correlation between XRE.TO and USMV is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.35

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

0.37

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

0.41

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

0.40

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2011

0.37

XRE.TO vs. USMV - Sectors Allocation Comparison

Sectors
XRE.TO
USMV

Real Estate

100.0%
2.2%

Basic Materials

-

2.2%

Communication Services

-

5.9%

Consumer Cyclical

-

5.7%

Consumer Defensive

-

10.0%

Energy

-

3.6%

Financial Services

-

12.4%

Healthcare

-

12.5%

Industrials

-

5.7%

Technology

-

30.8%

Utilities

-

7.5%

Real Estate

XRE.TO
100.0%
USMV
2.2%

Basic Materials

XRE.TO

-

USMV
2.2%

Communication Services

XRE.TO

-

USMV
5.9%

Consumer Cyclical

XRE.TO

-

USMV
5.7%

Consumer Defensive

XRE.TO

-

USMV
10.0%

Energy

XRE.TO

-

USMV
3.6%

Financial Services

XRE.TO

-

USMV
12.4%

Healthcare

XRE.TO

-

USMV
12.5%

Industrials

XRE.TO

-

USMV
5.7%

Technology

XRE.TO

-

USMV
30.8%

Utilities

XRE.TO

-

USMV
7.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P/TSX Capped REIT Index ETF

iShares MSCI USA Min Vol Factor ETF

Often compared with XRE.TO:
XRE.TO vs. ZRE.TOXRE.TO vs. VRE.TOXRE.TO vs. CGR.TOXRE.TO vs. XIC.TOXRE.TO vs. XDIV.TOXRE.TO vs. XBB.TOXRE.TO vs. VOO
Often compared with USMV:
USMV vs. SPLVUSMV vs. SPYUSMV vs. VOOUSMV vs. VFMVUSMV vs. ACWVUSMV vs. QUALUSMV vs. VTI

Return for Risk

XRE.TO vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XRE.TO
XRE.TO Risk / Return Rank: 3636
Overall Rank
XRE.TO Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
XRE.TO Sortino Ratio Rank: 3737
Sortino Ratio Rank
XRE.TO Omega Ratio Rank: 3333
Omega Ratio Rank
XRE.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
XRE.TO Martin Ratio Rank: 3434
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 1717
Overall Rank
USMV Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 1616
Sortino Ratio Rank
USMV Omega Ratio Rank: 1515
Omega Ratio Rank
USMV Calmar Ratio Rank: 1818
Calmar Ratio Rank
USMV Martin Ratio Rank: 2020
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.

XRE.TO vs. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Capped REIT Index ETF (XRE.TO) and iShares MSCI USA Min Vol Factor ETF (USMV). 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.

XRE.TOUSMVDifference
Sharpe ratioReturn per unit of total volatility
1.17
0.67

+0.50

Sortino ratioReturn per unit of downside risk
1.73
1.01

+0.72

Omega ratioGain probability vs. loss probability

1.20

1.12

+0.08

Calmar ratioReturn relative to maximum drawdown

1.82

1.23

+0.58

Martin ratioReturn relative to average drawdown

4.56

3.22

+1.35

XRE.TO vs. USMV - Sharpe Ratio Comparison

The current XRE.TO Sharpe Ratio is 1.17, which is higher than the USMV Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of XRE.TO and USMV, 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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Drawdowns

XRE.TO vs. USMV - Drawdown Comparison

The maximum XRE.TO drawdown since its inception was -57.01%, which is greater than USMV's maximum drawdown of -27.07%. Use the drawdown chart below to compare losses from any high point for XRE.TO and USMV.

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Drawdown Indicators

XRE.TOUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-57.01%

-27.07%

-29.94%

Max Drawdown (1Y)

Largest decline over 1 year

-7.51%

-5.25%

-2.26%

Max Drawdown (3Y)

Largest decline over 3 years

-20.91%

-10.65%

-10.26%

Max Drawdown (5Y)

Largest decline over 5 years

-30.53%

-16.72%

-13.81%

Max Drawdown (10Y)

Largest decline over 10 years

-46.58%

-27.07%

-19.51%

Current Drawdown

Current decline from peak

-0.55%

0.00%

-0.55%

Average Drawdown

Average peak-to-trough decline

-10.78%

-2.88%

-7.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.00%

2.02%

+0.98%

Volatility

XRE.TO vs. USMV - Volatility Comparison

iShares S&P/TSX Capped REIT Index ETF (XRE.TO) and iShares MSCI USA Min Vol Factor ETF (USMV) have volatilities of 3.08% and 2.94%, 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

XRE.TOUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.08%

2.94%

+0.14%

Volatility (6M)

Calculated over the trailing 6-month period

8.74%

6.98%

+1.76%

Volatility (1Y)

Calculated over the trailing 1-year period

11.75%

9.72%

+2.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.18%

13.86%

+2.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.58%

15.86%

+1.72%

XRE.TO vs. USMV - Expense Ratio Comparison

XRE.TO has a 0.61% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

XRE.TO vs. USMV - Dividend Comparison

XRE.TO's dividend yield for the trailing twelve months is around 4.34%, more than USMV's 1.53% yield.

PositionTTM20252024202320222021202020192018201720162015
USMV
iShares MSCI USA Min Vol Factor ETF		1.53%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%
XRE.TO
iShares S&P/TSX Capped REIT Index ETF		4.34%5.00%5.55%4.52%4.85%2.62%4.50%4.88%4.86%4.77%5.27%5.66%

Frequently Asked Questions

XRE.TO and USMV have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, USMV is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

USMV is cheaper with a 0.15% expense ratio, compared with 0.61% for XRE.TO.

XRE.TO is categorized as REIT, while USMV is Large Cap Blend Equities. XRE.TO tracks Morningstar DM REIT NR CAD, while USMV tracks MSCI USA Minimum Volatility Index. Their fees differ too: 0.61% for XRE.TO and 0.15% for USMV.

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