XSMC.TO vs. ^GSPC

Last updated Jun 4, 2026

XSMC.TO (iShares S&P U.S. Small-Cap Index ETF) is Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while ^GSPC (S&P 500 Index) is an index. Over the past 5 years, XSMC.TO returned 8.32%/yr vs 15.58%/yr for ^GSPC. A 0.58 correlation means they provide meaningful diversification when combined.

Performance

XSMC.TO vs. ^GSPC - Performance Comparison

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

Different Trading Currencies

XSMC.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, XSMC.TO achieves a 16.67% return, which is significantly higher than ^GSPC's 12.12% return.

XSMC.TO

• 1D: -0.44%
• 1M: 3.55%
• YTD: 16.67%
• 6M: 13.55%
• 1Y: 32.62%
• 3Y*: 15.37%
• 5Y*: 8.32%
• 10Y*: —

^GSPC

• 1D: 0.00%
• 1M: 7.35%
• YTD: 12.12%
• 6M: 10.22%
• 1Y: 28.58%
• 3Y*: 22.37%
• 5Y*: 15.58%
• 10Y*: 14.52%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XSMC.TO vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XSMC.TO iShares S&P U.S. Small-Cap Index ETF	16.67%	0.80%	17.06%	13.24%	-10.56%	25.12%	8.66%	3.84%
^GSPC S&P 500 Index	11.75%	11.05%	33.90%	21.49%	-13.70%	25.75%	14.29%	5.45%

Correlation

The correlation between XSMC.TO and ^GSPC is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since Sep 13, 2019	0.58

The correlation between XSMC.TO and ^GSPC has been stable across timeframes, ranging from 0.58 to 0.68 - a consistent structural relationship.

Return for Risk

XSMC.TO vs. ^GSPC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XSMC.TO

XSMC.TO Risk / Return Rank: 62
XSMC.TO Sharpe Ratio Rank: 54
XSMC.TO Sortino Ratio Rank: 57
XSMC.TO Omega Ratio Rank: 50
XSMC.TO Calmar Ratio Rank: 77
XSMC.TO Martin Ratio Rank: 73

^GSPC

^GSPC Risk / Return Rank: 73
^GSPC Sharpe Ratio Rank: 71
^GSPC Sortino Ratio Rank: 71
^GSPC Omega Ratio Rank: 72
^GSPC Calmar Ratio Rank: 67
^GSPC Martin Ratio Rank: 81

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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares S&P U.S. Small-Cap Index ETF (XSMC.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.

	XSMC.TO	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	1.84	2.46	-0.62
Sortino ratio Return per unit of downside risk	2.73	3.32	-0.59
Omega ratio Gain probability vs. loss probability	1.32	1.47	-0.15
Calmar ratio Return relative to maximum drawdown	3.86	3.24	+0.62
Martin ratio Return relative to average drawdown	13.56	12.23	+1.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSMC.TO vs. ^GSPC - Sharpe Ratio Comparison

The current XSMC.TO Sharpe Ratio is 1.84, which is comparable to the ^GSPC Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of XSMC.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.

Sharpe Ratios by Period

	XSMC.TO	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	2.46	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	1.05	-0.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.99	-0.53

Drawdowns

XSMC.TO vs. ^GSPC - Drawdown Comparison

The maximum XSMC.TO drawdown since its inception was -37.30%, which is greater than ^GSPC's maximum drawdown of -27.59%. Use the drawdown chart below to compare losses from any high point for XSMC.TO and ^GSPC.

Drawdown Indicators

	XSMC.TO	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-37.30%	-27.59%	-9.71%
Max Drawdown (1Y) Largest decline over 1 year	-8.48%	-8.86%	+0.38%
Max Drawdown (3Y) Largest decline over 3 years	-27.05%	-19.23%	-7.82%
Max Drawdown (5Y) Largest decline over 5 years	-27.05%	-22.60%	-4.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.59%	—
Current Drawdown Current decline from peak	-0.44%	0.00%	-0.44%
Average Drawdown Average peak-to-trough decline	-8.09%	-3.51%	-4.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.41%	2.34%	+0.07%

Volatility

XSMC.TO vs. ^GSPC - Volatility Comparison

iShares S&P U.S. Small-Cap Index ETF (XSMC.TO) has a higher volatility of 4.12% compared to S&P 500 Index (^GSPC) at 2.69%. This indicates that XSMC.TO's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSMC.TO	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	2.69%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	11.75%	8.85%	+2.90%
Volatility (1Y) Calculated over the trailing 1-year period	17.89%	11.70%	+6.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.58%	14.99%	+4.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.30%	16.33%	+6.97%

Frequently Asked Questions

Can I hold both XSMC.TO and ^GSPC in my portfolio?

XSMC.TO and ^GSPC have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.