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XSC.TO vs. XAW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSC.TO vs. XAW.TO

Last updated Jun 5, 2026

XSC.TO (iShares Conservative Short Term Strategic Fixed Income ETF) and XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) are both exchange-traded funds - XSC.TO is a Intermediate Core Bond fund actively managed by iShares, while XAW.TO is a Global Equities fund tracking the MSCI ACWI ex Canada IMI Index. XSC.TO is actively managed, while XAW.TO is passively managed. Over the past 10 years, XSC.TO returned 1.94%/yr vs 13.26%/yr for XAW.TO. At a 0.19 correlation, their price movements are largely independent. XSC.TO charges 0.44%/yr vs 0.22%/yr for XAW.TO.

Performance

XSC.TO vs. XAW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Conservative Short Term Strategic Fixed Income ETF (XSC.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.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, XSC.TO achieves a 0.20% return, which is significantly lower than XAW.TO's 14.15% return. Over the past 10 years, XSC.TO has underperformed XAW.TO with an annualized return of 1.94%, while XAW.TO has yielded a comparatively higher 13.26% annualized return.

XSC.TO

1D
-0.06%
1M
0.53%
YTD
0.20%
6M
0.28%
1Y
2.50%
3Y*
4.42%
5Y*
1.42%
10Y*
1.94%

XAW.TO

1D
0.40%
1M
6.30%
YTD
14.15%
6M
12.98%
1Y
31.14%
3Y*
21.98%
5Y*
14.05%
10Y*
13.26%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSC.TO vs. XAW.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XSC.TO
iShares Conservative Short Term Strategic Fixed Income ETF		0.20%3.92%4.78%6.48%-7.77%-0.58%4.01%5.39%0.22%2.12%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		14.15%15.87%26.31%18.45%-11.84%18.38%12.37%19.82%-2.28%16.10%

Correlation

The correlation between XSC.TO and XAW.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.33

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

0.20

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

0.24

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

0.20

Correlation (All Time)
Calculated using the full available price history since Sep 23, 2015

0.19

The correlation between XSC.TO and XAW.TO shifts across timeframes, from 0.19 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.

XSC.TO vs. XAW.TO - Sectors Allocation Comparison

Sectors
XSC.TO
XAW.TO

Utilities

93.8%
2.2%

Real Estate

6.2%
1.4%

Basic Materials

-

2.8%

Communication Services

-

8.7%

Consumer Cyclical

-

8.8%

Consumer Defensive

-

4.6%

Energy

-

3.3%

Financial Services

-

13.7%

Healthcare

-

7.8%

Industrials

-

9.1%

Technology

-

32.6%

Utilities

XSC.TO
93.8%
XAW.TO
2.2%

Real Estate

XSC.TO
6.2%
XAW.TO
1.4%

Basic Materials

XSC.TO

-

XAW.TO
2.8%

Communication Services

XSC.TO

-

XAW.TO
8.7%

Consumer Cyclical

XSC.TO

-

XAW.TO
8.8%

Consumer Defensive

XSC.TO

-

XAW.TO
4.6%

Energy

XSC.TO

-

XAW.TO
3.3%

Financial Services

XSC.TO

-

XAW.TO
13.7%

Healthcare

XSC.TO

-

XAW.TO
7.8%

Industrials

XSC.TO

-

XAW.TO
9.1%

Technology

XSC.TO

-

XAW.TO
32.6%

Compare stocks, funds, or ETFs

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iShares Conservative Short Term Strategic Fixed Income ETF

iShares Core MSCI All Country World ex Canada Index ETF

Often compared with XSC.TO:
XSC.TO vs. XSE.TOXSC.TO vs. XEI.TOXSC.TO vs. XSB.TOXSC.TO vs. XGRO.TOXSC.TO vs. XIC.TOXSC.TO vs. XDIV.TOXSC.TO vs. XEQT.TO
Often compared with XAW.TO:
XAW.TO vs. XEQT.TOXAW.TO vs. VXC.TOXAW.TO vs. VEQT.TOXAW.TO vs. XUU.TOXAW.TO vs. XIC.TOXAW.TO vs. XGRO.TOXAW.TO vs. VT

Return for Risk

XSC.TO vs. XAW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XSC.TO
XSC.TO Risk / Return Rank: 3131
Overall Rank
XSC.TO Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
XSC.TO Sortino Ratio Rank: 3030
Sortino Ratio Rank
XSC.TO Omega Ratio Rank: 3131
Omega Ratio Rank
XSC.TO Calmar Ratio Rank: 3131
Calmar Ratio Rank
XSC.TO Martin Ratio Rank: 3232
Martin Ratio Rank
XAW.TO
XAW.TO Risk / Return Rank: 8080
Overall Rank
XAW.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
XAW.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
XAW.TO Omega Ratio Rank: 8282
Omega Ratio Rank
XAW.TO Calmar Ratio Rank: 7777
Calmar Ratio Rank
XAW.TO Martin Ratio Rank: 7979
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.

XSC.TO vs. XAW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Conservative Short Term Strategic Fixed Income ETF (XSC.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.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.

XSC.TOXAW.TODifference
Sharpe ratioReturn per unit of total volatility
1.07
2.55

-1.48

Sortino ratioReturn per unit of downside risk
1.58
3.55

-1.97

Omega ratioGain probability vs. loss probability

1.20

1.49

-0.29

Calmar ratioReturn relative to maximum drawdown

1.49

3.84

-2.35

Martin ratioReturn relative to average drawdown

4.56

15.47

-10.91

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

XSC.TO vs. XAW.TO - Sharpe Ratio Comparison

The current XSC.TO Sharpe Ratio is 1.07, which is lower than the XAW.TO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of XSC.TO and XAW.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

XSC.TOXAW.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.07

2.55

-1.48

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.42

1.04

-0.63

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.43

0.88

-0.45

Sharpe Ratio (All Time)

Calculated using the full available price history

0.46

0.79

-0.32

Drawdowns

XSC.TO vs. XAW.TO - Drawdown Comparison

The maximum XSC.TO drawdown since its inception was -13.52%, smaller than the maximum XAW.TO drawdown of -27.32%. Use the drawdown chart below to compare losses from any high point for XSC.TO and XAW.TO.

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Drawdown Indicators

XSC.TOXAW.TODifference

Max Drawdown

Largest peak-to-trough decline

-13.52%

-27.32%

+13.80%

Max Drawdown (1Y)

Largest decline over 1 year

-1.80%

-8.16%

+6.36%

Max Drawdown (3Y)

Largest decline over 3 years

-2.29%

-16.66%

+14.37%

Max Drawdown (5Y)

Largest decline over 5 years

-11.28%

-21.02%

+9.74%

Max Drawdown (10Y)

Largest decline over 10 years

-13.52%

-27.32%

+13.80%

Current Drawdown

Current decline from peak

-0.67%

0.00%

-0.67%

Average Drawdown

Average peak-to-trough decline

-1.91%

-3.91%

+2.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.59%

2.02%

-1.43%

Volatility

XSC.TO vs. XAW.TO - Volatility Comparison

The current volatility for iShares Conservative Short Term Strategic Fixed Income ETF (XSC.TO) is 1.11%, while iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a volatility of 4.12%. This indicates that XSC.TO experiences smaller price fluctuations and is considered to be less risky than XAW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XSC.TOXAW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.11%

4.12%

-3.01%

Volatility (6M)

Calculated over the trailing 6-month period

1.94%

9.86%

-7.92%

Volatility (1Y)

Calculated over the trailing 1-year period

2.50%

12.25%

-9.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.43%

13.56%

-10.13%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.56%

15.12%

-10.56%

XSC.TO vs. XAW.TO - Expense Ratio Comparison

XSC.TO has a 0.44% expense ratio, which is higher than XAW.TO's 0.22% expense ratio.

Dividends

XSC.TO vs. XAW.TO - Dividend Comparison

XSC.TO's dividend yield for the trailing twelve months is around 4.16%, more than XAW.TO's 1.16% yield.

PositionTTM20252024202320222021202020192018201720162015
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		1.16%1.33%1.61%1.71%1.79%1.77%1.49%2.02%2.29%1.92%1.80%1.83%
XSC.TO
iShares Conservative Short Term Strategic Fixed Income ETF		4.16%4.21%4.14%4.05%3.17%2.63%2.56%2.74%2.69%2.82%3.15%1.14%

Frequently Asked Questions

XSC.TO and XAW.TO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XAW.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XAW.TO is cheaper with a 0.22% expense ratio, compared with 0.44% for XSC.TO.

XSC.TO is categorized as Intermediate Core Bond, while XAW.TO is Global Equities. Their fees differ too: 0.44% for XSC.TO and 0.22% for XAW.TO.

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