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XSP.TO vs. CNQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSP.TO vs. CNQ.TO

Last updated Jun 14, 2026

XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) is S&P 500 fund tracking the S&P 500 Index, while CNQ.TO (Canadian Natural Resources Limited) is a stock. Over the past 10 years, XSP.TO returned 13.40%/yr vs 23.43%/yr for CNQ.TO. At a 0.42 correlation, their price movements are largely independent.

Performance

XSP.TO vs. CNQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) and Canadian Natural Resources Limited (CNQ.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, XSP.TO achieves a 7.74% return, which is significantly lower than CNQ.TO's 37.61% return. Over the past 10 years, XSP.TO has underperformed CNQ.TO with an annualized return of 13.40%, while CNQ.TO has yielded a comparatively higher 23.43% annualized return.

XSP.TO

1D
0.50%
1M
-1.00%
YTD
7.74%
6M
7.98%
1Y
23.01%
3Y*
18.82%
5Y*
11.07%
10Y*
13.40%

CNQ.TO

1D
-0.19%
1M
-4.06%
YTD
37.61%
6M
40.79%
1Y
43.07%
3Y*
27.02%
5Y*
33.86%
10Y*
23.43%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSP.TO vs. CNQ.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		7.74%15.68%23.39%24.33%-19.32%24.27%15.16%29.37%-6.25%20.69%
CNQ.TO
Canadian Natural Resources Limited		37.61%10.42%8.27%26.98%63.10%91.26%-12.94%38.84%-21.36%10.89%

Correlation

The correlation between XSP.TO and CNQ.TO is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.16

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

0.12

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

0.24

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

0.33

Correlation (All Time)
Calculated using the full available price history since Jul 12, 2006

0.42

The correlation between XSP.TO and CNQ.TO shifts across timeframes, from -0.16 (1 year) to 0.42 (all time), reflecting how their relationship changes across market environments.

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iShares Core S&P 500 Index ETF (CAD-Hedged)

Canadian Natural Resources Limited

Often compared with XSP.TO:
XSP.TO vs. XUS.TOXSP.TO vs. XEQT.TOXSP.TO vs. ZSP.TOXSP.TO vs. VSP.TOXSP.TO vs. XIU.TOXSP.TO vs. XQQ.TOXSP.TO vs. VFVA
Often compared with CNQ.TO:
CNQ.TO vs. ENB.TOCNQ.TO vs. SU.TOCNQ.TO vs. TOU.TOCNQ.TO vs. WCP.TOCNQ.TO vs. ARX.TOCNQ.TO vs. XEG.TOCNQ.TO vs. PPL.TO

Return for Risk

XSP.TO vs. CNQ.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XSP.TO
XSP.TO Risk / Return Rank: 6060
Overall Rank
XSP.TO Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
XSP.TO Sortino Ratio Rank: 5959
Sortino Ratio Rank
XSP.TO Omega Ratio Rank: 6060
Omega Ratio Rank
XSP.TO Calmar Ratio Rank: 5252
Calmar Ratio Rank
XSP.TO Martin Ratio Rank: 6565
Martin Ratio Rank
CNQ.TO
CNQ.TO Risk / Return Rank: 8383
Overall Rank
CNQ.TO Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
CNQ.TO Sortino Ratio Rank: 7979
Sortino Ratio Rank
CNQ.TO Omega Ratio Rank: 7979
Omega Ratio Rank
CNQ.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
CNQ.TO Martin Ratio Rank: 8585
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.

XSP.TO vs. CNQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) and Canadian Natural Resources Limited (CNQ.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.

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.

XSP.TOCNQ.TODifference
Sharpe ratioReturn per unit of total volatility
1.77
1.65

+0.12

Sortino ratioReturn per unit of downside risk
2.42
2.12

+0.30

Omega ratioGain probability vs. loss probability

1.32

1.28

+0.04

Calmar ratioReturn relative to maximum drawdown

2.30

3.12

-0.82

Martin ratioReturn relative to average drawdown

10.35

7.98

+2.36

XSP.TO vs. CNQ.TO - Sharpe Ratio Comparison

The current XSP.TO Sharpe Ratio is 1.77, which is comparable to the CNQ.TO Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of XSP.TO and CNQ.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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Drawdowns

XSP.TO vs. CNQ.TO - Drawdown Comparison

The maximum XSP.TO drawdown since its inception was -57.71%, smaller than the maximum CNQ.TO drawdown of -74.63%. Use the drawdown chart below to compare losses from any high point for XSP.TO and CNQ.TO.

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Drawdown Indicators

XSP.TOCNQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-57.71%

-74.63%

+16.92%

Max Drawdown (1Y)

Largest decline over 1 year

-9.41%

-15.33%

+5.92%

Max Drawdown (3Y)

Largest decline over 3 years

-18.77%

-33.12%

+14.35%

Max Drawdown (5Y)

Largest decline over 5 years

-27.51%

-33.12%

+5.61%

Max Drawdown (10Y)

Largest decline over 10 years

-36.05%

-74.63%

+38.58%

Current Drawdown

Current decline from peak

-2.45%

-8.72%

+6.27%

Average Drawdown

Average peak-to-trough decline

-9.46%

-17.63%

+8.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.09%

5.98%

-3.89%

Volatility

XSP.TO vs. CNQ.TO - Volatility Comparison

The current volatility for iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) is 4.61%, while Canadian Natural Resources Limited (CNQ.TO) has a volatility of 8.91%. This indicates that XSP.TO experiences smaller price fluctuations and is considered to be less risky than CNQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XSP.TOCNQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.61%

8.91%

-4.30%

Volatility (6M)

Calculated over the trailing 6-month period

9.66%

24.23%

-14.57%

Volatility (1Y)

Calculated over the trailing 1-year period

12.22%

28.98%

-16.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.87%

30.61%

-13.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.24%

38.12%

-19.88%

Dividends

XSP.TO vs. CNQ.TO - Dividend Comparison

XSP.TO's dividend yield for the trailing twelve months is around 1.14%, less than CNQ.TO's 3.77% yield.

PositionTTM20252024202320222021202020192018201720162015
CNQ.TO
Canadian Natural Resources Limited		2.84%5.05%6.00%8.53%12.23%7.63%11.35%7.29%8.31%5.00%4.49%6.22%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		1.14%1.23%1.09%1.18%1.37%1.01%1.31%1.73%1.86%1.45%1.76%1.88%

Frequently Asked Questions

XSP.TO and CNQ.TO have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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