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XSMC.TO vs. XQQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSMC.TO vs. XQQ.TO

Last updated Jun 4, 2026

XSMC.TO (iShares S&P U.S. Small-Cap Index ETF) and XQQ.TO (iShares NASDAQ 100 Index ETF (CAD-Hedged)) are both exchange-traded funds - XSMC.TO is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while XQQ.TO is a Nasdaq-100 fund tracking the Morningstar US Market TR CAD. Both are passively managed. Over the past 5 years, XSMC.TO returned 8.32%/yr vs 15.31%/yr for XQQ.TO. At a 0.49 correlation, their price movements are largely independent. XSMC.TO charges 0.22%/yr vs 0.39%/yr for XQQ.TO.

Performance

XSMC.TO vs. XQQ.TO - 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 iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.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, XSMC.TO achieves a 16.67% return, which is significantly lower than XQQ.TO's 19.81% 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*
—

XQQ.TO

1D
-0.27%
1M
10.58%
YTD
19.81%
6M
18.06%
1Y
38.49%
3Y*
26.43%
5Y*
15.31%
10Y*
19.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSMC.TO vs. XQQ.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
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%
XQQ.TO
iShares NASDAQ 100 Index ETF (CAD-Hedged)		19.81%18.38%24.23%52.23%-33.67%22.29%45.23%10.24%

Correlation

The correlation between XSMC.TO and XQQ.TO is 0.56, 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

0.56

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

0.53

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

0.57

Correlation (All Time)
Calculated using the full available price history since Sep 13, 2019

0.49

The correlation between XSMC.TO and XQQ.TO has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.

XSMC.TO vs. XQQ.TO - Sectors Allocation Comparison

Sectors
XSMC.TO
XQQ.TO

Financial Services

16.4%
0.2%

Industrials

16.1%
3.1%

Technology

16.0%
53.7%

Consumer Cyclical

12.9%
12.2%

Healthcare

10.8%
4.2%

Real Estate

7.4%
0.1%

Energy

7.0%
0.6%

Basic Materials

4.6%
1.1%

Consumer Defensive

3.4%
7.7%

Communication Services

3.2%
15.8%

Utilities

1.8%
1.4%

Financial Services

XSMC.TO
16.4%
XQQ.TO
0.2%

Industrials

XSMC.TO
16.1%
XQQ.TO
3.1%

Technology

XSMC.TO
16.0%
XQQ.TO
53.7%

Consumer Cyclical

XSMC.TO
12.9%
XQQ.TO
12.2%

Healthcare

XSMC.TO
10.8%
XQQ.TO
4.2%

Real Estate

XSMC.TO
7.4%
XQQ.TO
0.1%

Energy

XSMC.TO
7.0%
XQQ.TO
0.6%

Basic Materials

XSMC.TO
4.6%
XQQ.TO
1.1%

Consumer Defensive

XSMC.TO
3.4%
XQQ.TO
7.7%

Communication Services

XSMC.TO
3.2%
XQQ.TO
15.8%

Utilities

XSMC.TO
1.8%
XQQ.TO
1.4%

Compare stocks, funds, or ETFs

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iShares S&P U.S. Small-Cap Index ETF

iShares NASDAQ 100 Index ETF (CAD-Hedged)

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Return for Risk

XSMC.TO vs. XQQ.TO — 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: 6262
Overall Rank
XSMC.TO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
XSMC.TO Sortino Ratio Rank: 5757
Sortino Ratio Rank
XSMC.TO Omega Ratio Rank: 5050
Omega Ratio Rank
XSMC.TO Calmar Ratio Rank: 7777
Calmar Ratio Rank
XSMC.TO Martin Ratio Rank: 7373
Martin Ratio Rank
XQQ.TO
XQQ.TO Risk / Return Rank: 6666
Overall Rank
XQQ.TO Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
XQQ.TO Sortino Ratio Rank: 6969
Sortino Ratio Rank
XQQ.TO Omega Ratio Rank: 6868
Omega Ratio Rank
XQQ.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
XQQ.TO Martin Ratio Rank: 6262
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.

XSMC.TO vs. XQQ.TO - 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 iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.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.

XSMC.TOXQQ.TODifference
Sharpe ratioReturn per unit of total volatility
1.84
2.45

-0.61

Sortino ratioReturn per unit of downside risk
2.73
3.20

-0.47

Omega ratioGain probability vs. loss probability

1.32

1.42

-0.10

Calmar ratioReturn relative to maximum drawdown

3.86

3.03

+0.83

Martin ratioReturn relative to average drawdown

13.56

11.31

+2.25

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. XQQ.TO - Sharpe Ratio Comparison

The current XSMC.TO Sharpe Ratio is 1.84, which is comparable to the XQQ.TO Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of XSMC.TO and XQQ.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

XSMC.TOXQQ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.84

2.45

-0.61

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.43

0.68

-0.26

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

0.86

-0.40

Drawdowns

XSMC.TO vs. XQQ.TO - Drawdown Comparison

The maximum XSMC.TO drawdown since its inception was -37.30%, roughly equal to the maximum XQQ.TO drawdown of -38.55%. Use the drawdown chart below to compare losses from any high point for XSMC.TO and XQQ.TO.

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Drawdown Indicators

XSMC.TOXQQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-37.30%

-38.55%

+1.25%

Max Drawdown (1Y)

Largest decline over 1 year

-8.48%

-12.76%

+4.28%

Max Drawdown (3Y)

Largest decline over 3 years

-27.05%

-22.72%

-4.33%

Max Drawdown (5Y)

Largest decline over 5 years

-27.05%

-38.55%

+11.50%

Max Drawdown (10Y)

Largest decline over 10 years

—

-38.55%

—

Current Drawdown

Current decline from peak

-0.44%

-0.27%

-0.17%

Average Drawdown

Average peak-to-trough decline

-8.09%

-5.92%

-2.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.41%

3.41%

-1.00%

Volatility

XSMC.TO vs. XQQ.TO - Volatility Comparison

The current volatility for iShares S&P U.S. Small-Cap Index ETF (XSMC.TO) is 4.12%, while iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ.TO) has a volatility of 4.48%. This indicates that XSMC.TO experiences smaller price fluctuations and is considered to be less risky than XQQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XSMC.TOXQQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.12%

4.48%

-0.36%

Volatility (6M)

Calculated over the trailing 6-month period

11.75%

12.00%

-0.25%

Volatility (1Y)

Calculated over the trailing 1-year period

17.89%

15.82%

+2.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.58%

22.52%

-2.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.30%

22.34%

+0.96%

XSMC.TO vs. XQQ.TO - Expense Ratio Comparison

XSMC.TO has a 0.22% expense ratio, which is lower than XQQ.TO's 0.39% expense ratio.

Dividends

XSMC.TO vs. XQQ.TO - Dividend Comparison

XSMC.TO's dividend yield for the trailing twelve months is around 0.99%, more than XQQ.TO's 0.21% yield.

PositionTTM20252024202320222021202020192018201720162015
XQQ.TO
iShares NASDAQ 100 Index ETF (CAD-Hedged)		0.21%0.25%0.32%0.31%0.43%0.17%0.26%0.46%0.52%0.53%0.76%0.62%
XSMC.TO
iShares S&P U.S. Small-Cap Index ETF		0.99%1.16%1.74%1.00%1.09%1.19%0.78%0.60%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XSMC.TO and XQQ.TO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

XSMC.TO is cheaper with a 0.22% expense ratio, compared with 0.39% for XQQ.TO.

XSMC.TO is categorized as Small Cap Blend Equities, while XQQ.TO is Nasdaq-100. XSMC.TO tracks S&P SmallCap 600 Index, while XQQ.TO tracks Morningstar US Market TR CAD. Their fees differ too: 0.22% for XSMC.TO and 0.39% for XQQ.TO.

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