XSMH.TO vs. XEI.TO

Last updated Apr 2, 2026

Compare and contrast key facts about iShares S&P U.S. Small-Cap Index ETF (CAD-Hedged) (XSMH.TO) and iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO).

XSMH.TO and XEI.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XSMH.TO is a passively managed fund by iShares that tracks the performance of the S&P SmallCap 600 Index (CAD Hedged). It was launched on Sep 4, 2019. XEI.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Canada GR CAD. It was launched on Apr 12, 2011. Both XSMH.TO and XEI.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XSMH.TO vs. XEI.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 (CAD-Hedged) (XSMH.TO) and iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO). The values are adjusted to include any dividend payments, if applicable.

XSMH.TO vs. XEI.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XSMH.TO iShares S&P U.S. Small-Cap Index ETF (CAD-Hedged)	2.16%	3.85%	6.79%	14.36%	-17.98%	26.43%	7.18%	5.17%
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF	13.57%	23.32%	15.29%	6.58%	0.32%	35.78%	-7.63%	5.41%

Returns By Period

In the year-to-date period, XSMH.TO achieves a 2.16% return, which is significantly lower than XEI.TO's 13.57% return.

XSMH.TO

• 1D: -0.70%
• 1M: -5.62%
• YTD: 2.16%
• 6M: 2.69%
• 1Y: 16.71%
• 3Y*: 8.11%
• 5Y*: 2.25%
• 10Y*: —

XEI.TO

• 1D: -0.30%
• 1M: 1.00%
• YTD: 13.57%
• 6M: 16.77%
• 1Y: 35.87%
• 3Y*: 18.57%
• 5Y*: 15.17%
• 10Y*: 11.89%

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

XSMH.TO vs. XEI.TO - Expense Ratio Comparison

Both XSMH.TO and XEI.TO have an expense ratio of 0.22%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

XSMH.TO

iShares S&P U.S. Small-Cap Index ETF (CAD-Hedged)

XEI.TO

iShares S&P/TSX Composite High Dividend Index ETF

Return for Risk

XSMH.TO vs. XEI.TO — Risk / Return Rank

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

XSMH.TO

XSMH.TO Risk / Return Rank: 40
XSMH.TO Sharpe Ratio Rank: 37
XSMH.TO Sortino Ratio Rank: 41
XSMH.TO Omega Ratio Rank: 36
XSMH.TO Calmar Ratio Rank: 40
XSMH.TO Martin Ratio Rank: 44

XEI.TO

XEI.TO Risk / Return Rank: 97
XEI.TO Sharpe Ratio Rank: 98
XEI.TO Sortino Ratio Rank: 98
XEI.TO Omega Ratio Rank: 98
XEI.TO Calmar Ratio Rank: 93
XEI.TO Martin Ratio Rank: 97

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.

XSMH.TO vs. XEI.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 (CAD-Hedged) (XSMH.TO) and iShares S&P/TSX Composite High Dividend Index ETF (XEI.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.

	XSMH.TO	XEI.TO	Difference
Sharpe ratio Return per unit of total volatility	0.74	3.50	-2.76
Sortino ratio Return per unit of downside risk	1.22	4.23	-3.01
Omega ratio Gain probability vs. loss probability	1.16	1.79	-0.64
Calmar ratio Return relative to maximum drawdown	1.15	3.67	-2.53
Martin ratio Return relative to average drawdown	4.53	21.46	-16.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSMH.TO vs. XEI.TO - Sharpe Ratio Comparison

The current XSMH.TO Sharpe Ratio is 0.74, which is lower than the XEI.TO Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of XSMH.TO and XEI.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XSMH.TO	XEI.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.74	3.50	-2.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	1.36	-1.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.63	-0.37

Correlation

The correlation between XSMH.TO and XEI.TO is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

XSMH.TO vs. XEI.TO - Dividend Comparison

XSMH.TO's dividend yield for the trailing twelve months is around 1.12%, less than XEI.TO's 3.91% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XSMH.TO iShares S&P U.S. Small-Cap Index ETF (CAD-Hedged)	1.12%	1.14%	1.72%	0.81%	0.93%	1.07%	0.43%	1.59%	0.00%	0.00%	0.00%	0.00%
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF	3.91%	4.39%	5.45%	4.98%	4.68%	3.58%	5.03%	4.62%	5.42%	4.29%	4.42%	5.64%

Drawdowns

XSMH.TO vs. XEI.TO - Drawdown Comparison

The maximum XSMH.TO drawdown since its inception was -45.43%, roughly equal to the maximum XEI.TO drawdown of -45.52%. Use the drawdown chart below to compare losses from any high point for XSMH.TO and XEI.TO.

Drawdown Indicators

	XSMH.TO	XEI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-45.43%	-45.52%	+0.09%
Max Drawdown (1Y) Largest decline over 1 year	-14.83%	-9.85%	-4.98%
Max Drawdown (5Y) Largest decline over 5 years	-28.90%	-17.36%	-11.54%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.52%	—
Current Drawdown Current decline from peak	-6.89%	-0.30%	-6.59%
Average Drawdown Average peak-to-trough decline	-11.68%	-5.14%	-6.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.75%	1.68%	+2.07%

Volatility

XSMH.TO vs. XEI.TO - Volatility Comparison

iShares S&P U.S. Small-Cap Index ETF (CAD-Hedged) (XSMH.TO) has a higher volatility of 5.81% compared to iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) at 2.58%. This indicates that XSMH.TO's price experiences larger fluctuations and is considered to be riskier than XEI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSMH.TO	XEI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	2.58%	+3.23%
Volatility (6M) Calculated over the trailing 6-month period	13.27%	5.92%	+7.35%
Volatility (1Y) Calculated over the trailing 1-year period	22.61%	10.30%	+12.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.41%	11.23%	+10.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.28%	16.02%	+9.26%