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

XSP.TO vs. FEZ

Last updated Jun 9, 2026

XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) and FEZ (SPDR EURO STOXX 50 ETF) are both exchange-traded funds - XSP.TO is a S&P 500 fund tracking the S&P 500 Index, while FEZ is a Europe Equities fund tracking the EURO STOXX 50 Index. Both are passively managed. Over the past 10 years, XSP.TO returned 13.25%/yr vs 11.68%/yr for FEZ. A 0.69 correlation means they provide meaningful diversification when combined. XSP.TO charges 0.09%/yr vs 0.29%/yr for FEZ.

Performance

XSP.TO vs. FEZ - 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 SPDR EURO STOXX 50 ETF (FEZ). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

XSP.TO is traded in CAD, while FEZ is traded in USD. To make them comparable, the FEZ 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 higher than FEZ's 6.59% return. Over the past 10 years, XSP.TO has outperformed FEZ with an annualized return of 13.25%, while FEZ has yielded a comparatively lower 11.68% 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%

FEZ

1D
0.91%
1M
2.41%
YTD
6.59%
6M
7.34%
1Y
17.54%
3Y*
19.45%
5Y*
12.92%
10Y*
11.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSP.TO vs. FEZ - 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%
FEZ
SPDR EURO STOXX 50 ETF		6.59%31.52%12.34%24.14%-8.84%14.79%2.35%20.85%-8.78%16.35%

Correlation

The correlation between XSP.TO and FEZ is 0.70, 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

0.70

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

0.60

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

0.66

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

0.65

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

0.69

The correlation between XSP.TO and FEZ has been stable across timeframes, ranging from 0.60 to 0.70 - a consistent structural relationship.

XSP.TO vs. FEZ - Sectors Allocation Comparison

Sectors
XSP.TO
FEZ

Technology

36.2%
16.1%

Financial Services

11.9%
25.1%

Communication Services

10.9%
2.3%

Consumer Cyclical

10.1%
9.8%

Healthcare

8.4%
5.4%

Industrials

8.1%
22.1%

Consumer Defensive

4.9%
5.5%

Energy

3.5%
5.2%

Utilities

2.3%
4.8%

Real Estate

1.9%

-

Basic Materials

1.8%
3.7%

Technology

XSP.TO
36.2%
FEZ
16.1%

Financial Services

XSP.TO
11.9%
FEZ
25.1%

Communication Services

XSP.TO
10.9%
FEZ
2.3%

Consumer Cyclical

XSP.TO
10.1%
FEZ
9.8%

Healthcare

XSP.TO
8.4%
FEZ
5.4%

Industrials

XSP.TO
8.1%
FEZ
22.1%

Consumer Defensive

XSP.TO
4.9%
FEZ
5.5%

Energy

XSP.TO
3.5%
FEZ
5.2%

Utilities

XSP.TO
2.3%
FEZ
4.8%

Real Estate

XSP.TO
1.9%
FEZ

-

Basic Materials

XSP.TO
1.8%
FEZ
3.7%

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)

SPDR EURO STOXX 50 ETF

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 FEZ:
FEZ vs. VGKFEZ vs. IEURFEZ vs. EZUFEZ vs. IEVFEZ vs. VOOFEZ vs. EWQFEZ vs. EWN

Return for Risk

XSP.TO vs. FEZ — 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
FEZ
FEZ Risk / Return Rank: 2626
Overall Rank
FEZ Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
FEZ Sortino Ratio Rank: 2525
Sortino Ratio Rank
FEZ Omega Ratio Rank: 2525
Omega Ratio Rank
FEZ Calmar Ratio Rank: 2626
Calmar Ratio Rank
FEZ Martin Ratio Rank: 2929
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. FEZ - 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 SPDR EURO STOXX 50 ETF (FEZ). 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.TOFEZDifference
Sharpe ratioReturn per unit of total volatility
1.85
0.95

+0.89

Sortino ratioReturn per unit of downside risk
2.52
1.44

+1.08

Omega ratioGain probability vs. loss probability

1.33

1.17

+0.16

Calmar ratioReturn relative to maximum drawdown

2.36

1.33

+1.03

Martin ratioReturn relative to average drawdown

10.81

4.49

+6.33

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

XSP.TO vs. FEZ - Sharpe Ratio Comparison

The current XSP.TO Sharpe Ratio is 1.85, which is higher than the FEZ Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of XSP.TO and FEZ, 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

XSP.TOFEZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.85

0.95

+0.89

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.67

0.60

+0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

0.53

+0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.49

0.29

+0.20

Drawdowns

XSP.TO vs. FEZ - Drawdown Comparison

The maximum XSP.TO drawdown since its inception was -57.71%, which is greater than FEZ's maximum drawdown of -53.81%. Use the drawdown chart below to compare losses from any high point for XSP.TO and FEZ.

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Drawdown Indicators

XSP.TOFEZDifference

Max Drawdown

Largest peak-to-trough decline

-57.71%

-53.81%

-3.90%

Max Drawdown (1Y)

Largest decline over 1 year

-9.41%

-13.25%

+3.84%

Max Drawdown (3Y)

Largest decline over 3 years

-18.77%

-16.21%

-2.56%

Max Drawdown (5Y)

Largest decline over 5 years

-27.51%

-28.89%

+1.38%

Max Drawdown (10Y)

Largest decline over 10 years

-36.05%

-33.95%

-2.10%

Current Drawdown

Current decline from peak

-2.71%

-1.27%

-1.44%

Average Drawdown

Average peak-to-trough decline

-9.46%

-13.55%

+4.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.05%

3.92%

-1.87%

Volatility

XSP.TO vs. FEZ - Volatility Comparison

The current volatility for iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) is 4.07%, while SPDR EURO STOXX 50 ETF (FEZ) has a volatility of 5.93%. This indicates that XSP.TO experiences smaller price fluctuations and is considered to be less risky than FEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XSP.TOFEZDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.07%

5.93%

-1.86%

Volatility (6M)

Calculated over the trailing 6-month period

9.40%

15.44%

-6.04%

Volatility (1Y)

Calculated over the trailing 1-year period

12.04%

18.51%

-6.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.85%

21.52%

-4.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.24%

22.00%

-3.76%

XSP.TO vs. FEZ - Expense Ratio Comparison

XSP.TO has a 0.09% expense ratio, which is lower than FEZ's 0.29% expense ratio.

Dividends

XSP.TO vs. FEZ - Dividend Comparison

XSP.TO's dividend yield for the trailing twelve months is around 1.14%, less than FEZ's 2.58% yield.

PositionTTM20252024202320222021202020192018201720162015
FEZ
SPDR EURO STOXX 50 ETF		2.58%2.78%2.94%2.75%3.06%2.61%2.13%2.61%3.45%2.44%3.35%3.03%
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 FEZ have a correlation of 0.70, 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 0.29% for FEZ.

XSP.TO is categorized as S&P 500, while FEZ is Europe Equities. XSP.TO tracks S&P 500 Index, while FEZ tracks EURO STOXX 50 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.09% for XSP.TO and 0.29% for FEZ.

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