PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XSP.TO vs. DXJ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSP.TO vs. DXJ

Last updated Jun 9, 2026

XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) and DXJ (WisdomTree Japan Hedged Equity Fund) are both exchange-traded funds - XSP.TO is a S&P 500 fund tracking the S&P 500 Index, while DXJ is a Japan Equities fund tracking the WisdomTree Japan Hedged Equity Index. Both are passively managed. Over the past 10 years, XSP.TO returned 13.25%/yr vs 19.32%/yr for DXJ. A 0.53 correlation means they provide meaningful diversification when combined. XSP.TO charges 0.09%/yr vs 0.48%/yr for DXJ.

Performance

XSP.TO vs. DXJ - 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 WisdomTree Japan Hedged Equity Fund (DXJ). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Different Trading Currencies

XSP.TO is traded in CAD, while DXJ is traded in USD. To make them comparable, the DXJ values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XSP.TO achieves a 7.46% return, which is significantly lower than DXJ's 20.01% return. Over the past 10 years, XSP.TO has underperformed DXJ with an annualized return of 13.25%, while DXJ has yielded a comparatively higher 19.32% annualized return.

XSP.TO

1D
0.25%
1M
0.19%
YTD
7.46%
6M
7.38%
1Y
22.08%
3Y*
19.32%
5Y*
11.15%
10Y*
13.25%

DXJ

1D
0.67%
1M
4.12%
YTD
20.01%
6M
21.97%
1Y
54.44%
3Y*
33.66%
5Y*
29.53%
10Y*
19.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSP.TO vs. DXJ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		7.46%15.68%23.39%24.33%-19.32%24.27%15.16%29.37%-6.25%20.69%
DXJ
WisdomTree Japan Hedged Equity Fund		20.01%26.72%40.82%38.66%12.68%17.93%1.47%14.04%-13.04%14.49%

Correlation

The correlation between XSP.TO and DXJ is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.46

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

0.45

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

0.51

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

0.55

Correlation (All Time)
Calculated using the full available price history since Jul 7, 2006

0.53

The correlation between XSP.TO and DXJ has been stable across timeframes, ranging from 0.45 to 0.55 - a consistent structural relationship.

XSP.TO vs. DXJ - Sectors Allocation Comparison

Sectors
XSP.TO
DXJ

Technology

36.2%
12.9%

Financial Services

11.9%
18.3%

Communication Services

10.9%
2.7%

Consumer Cyclical

10.1%
15.6%

Healthcare

8.4%
6.8%

Industrials

8.1%
27.4%

Consumer Defensive

4.9%
4.7%

Energy

3.5%
1.7%

Utilities

2.3%
0.1%

Real Estate

1.9%

-

Basic Materials

1.8%
8.5%

Technology

XSP.TO
36.2%
DXJ
12.9%

Financial Services

XSP.TO
11.9%
DXJ
18.3%

Communication Services

XSP.TO
10.9%
DXJ
2.7%

Consumer Cyclical

XSP.TO
10.1%
DXJ
15.6%

Healthcare

XSP.TO
8.4%
DXJ
6.8%

Industrials

XSP.TO
8.1%
DXJ
27.4%

Consumer Defensive

XSP.TO
4.9%
DXJ
4.7%

Energy

XSP.TO
3.5%
DXJ
1.7%

Utilities

XSP.TO
2.3%
DXJ
0.1%

Real Estate

XSP.TO
1.9%
DXJ

-

Basic Materials

XSP.TO
1.8%
DXJ
8.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

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

WisdomTree Japan Hedged Equity Fund

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. VFVAXSP.TO vs. XQQ.TO
Often compared with DXJ:
DXJ vs. EWJDXJ vs. EWJVDXJ vs. DXJSDXJ vs. FLJPDXJ vs. BBJPDXJ vs. VOODXJ vs. DBJP

Return for Risk

XSP.TO vs. DXJ — 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: 5353
Calmar Ratio Rank
XSP.TO Martin Ratio Rank: 6565
Martin Ratio Rank
DXJ
DXJ Risk / Return Rank: 9090
Overall Rank
DXJ Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
DXJ Sortino Ratio Rank: 9191
Sortino Ratio Rank
DXJ Omega Ratio Rank: 9090
Omega Ratio Rank
DXJ Calmar Ratio Rank: 8888
Calmar Ratio Rank
DXJ Martin Ratio Rank: 8989
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. DXJ - 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 WisdomTree Japan Hedged Equity Fund (DXJ). 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.

XSP.TODXJDifference
Sharpe ratioReturn per unit of total volatility
1.85
3.05

-1.21

Sortino ratioReturn per unit of downside risk
2.52
4.06

-1.54

Omega ratioGain probability vs. loss probability

1.33

1.53

-0.20

Calmar ratioReturn relative to maximum drawdown

2.36

5.09

-2.73

Martin ratioReturn relative to average drawdown

10.81

19.22

-8.41

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

XSP.TO vs. DXJ - Sharpe Ratio Comparison

The current XSP.TO Sharpe Ratio is 1.85, which is lower than the DXJ Sharpe Ratio of 3.05. The chart below compares the historical Sharpe Ratios of XSP.TO and DXJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

XSP.TODXJDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.85

3.05

-1.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.67

1.48

-0.82

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

0.91

-0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.49

0.47

+0.02

Drawdowns

XSP.TO vs. DXJ - Drawdown Comparison

The maximum XSP.TO drawdown since its inception was -57.71%, which is greater than DXJ's maximum drawdown of -51.50%. Use the drawdown chart below to compare losses from any high point for XSP.TO and DXJ.

Loading charts...

Drawdown Indicators

XSP.TODXJDifference

Max Drawdown

Largest peak-to-trough decline

-57.71%

-51.50%

-6.21%

Max Drawdown (1Y)

Largest decline over 1 year

-9.41%

-10.75%

+1.34%

Max Drawdown (3Y)

Largest decline over 3 years

-18.77%

-20.75%

+1.98%

Max Drawdown (5Y)

Largest decline over 5 years

-27.51%

-20.75%

-6.76%

Max Drawdown (10Y)

Largest decline over 10 years

-36.05%

-32.56%

-3.49%

Current Drawdown

Current decline from peak

-2.71%

-1.70%

-1.01%

Average Drawdown

Average peak-to-trough decline

-9.46%

-15.96%

+6.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.05%

2.84%

-0.79%

Volatility

XSP.TO vs. DXJ - Volatility Comparison

The current volatility for iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) is 4.07%, while WisdomTree Japan Hedged Equity Fund (DXJ) has a volatility of 4.44%. This indicates that XSP.TO experiences smaller price fluctuations and is considered to be less risky than DXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XSP.TODXJDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.07%

4.44%

-0.37%

Volatility (6M)

Calculated over the trailing 6-month period

9.40%

13.85%

-4.45%

Volatility (1Y)

Calculated over the trailing 1-year period

12.04%

17.95%

-5.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.85%

20.04%

-3.19%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.24%

21.26%

-3.02%

XSP.TO vs. DXJ - Expense Ratio Comparison

XSP.TO has a 0.09% expense ratio, which is lower than DXJ's 0.48% expense ratio.

Dividends

XSP.TO vs. DXJ - Dividend Comparison

XSP.TO's dividend yield for the trailing twelve months is around 1.14%, more than DXJ's 1.10% yield.

PositionTTM20252024202320222021202020192018201720162015
DXJ
WisdomTree Japan Hedged Equity Fund		1.10%1.29%3.48%3.44%3.02%2.64%2.53%2.47%2.92%2.30%1.98%5.95%
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 DXJ have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.48% for DXJ.

XSP.TO is categorized as S&P 500, while DXJ is Japan Equities. XSP.TO tracks S&P 500 Index, while DXJ tracks WisdomTree Japan Hedged Equity Index. They also come from different issuers: iShares and WisdomTree. Their fees differ too: 0.09% for XSP.TO and 0.48% for DXJ.

Portfolio Optimizer

Find the right allocation for XSP.TO and DXJ

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer