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XSP.TO vs. USCC-U.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSP.TO vs. USCC-U.TO

Last updated Jul 16, 2026
Documentation

XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) and USCC-U.TO (Global X S&P 500 Covered Call ETF) are both S&P 500 funds. XSP.TO is passively managed, while USCC-U.TO is actively managed. Over the past 10 years, XSP.TO returned 13.14%/yr vs 12.77%/yr for USCC-U.TO. At a 0.35 correlation, their price movements are largely independent.

Performance

XSP.TO vs. USCC-U.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 Global X S&P 500 Covered Call ETF (USCC-U.TO). 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 USCC-U.TO is traded in USD. To make them comparable, the USCC-U.TO 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 9.73% return, which is significantly lower than USCC-U.TO's 10.38% return. Both investments have delivered pretty close results over the past 10 years, with XSP.TO having a 13.14% annualized return and USCC-U.TO not far behind at 12.77%.

XSP.TO

1D
0.34%
1M
0.15%
6M
8.50%
YTD
9.73%
1Y
19.88%
3Y*
18.35%
5Y*
11.02%
10Y*
13.14%

USCC-U.TO

1D
-0.56%
1M
2.62%
6M
8.86%
YTD
10.38%
1Y
22.03%
3Y*
18.72%
5Y*
12.20%
10Y*
12.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSP.TO vs. USCC-U.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		9.73%15.68%23.39%24.33%-19.32%24.27%15.16%29.37%-6.25%20.69%
USCC-U.TO
Global X S&P 500 Covered Call ETF		10.38%9.23%32.70%17.66%-9.19%24.09%10.14%16.78%0.90%7.48%

Correlation

The correlation between XSP.TO and USCC-U.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.45

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

0.45

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

0.37

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

0.25

Correlation (All Time)
Calculated using the full available price history since Sep 13, 2011

0.35

The correlation between XSP.TO and USCC-U.TO shifts across timeframes, from 0.25 (10 years) to 0.45 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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

Global X S&P 500 Covered Call ETF

Often compared with XSP.TO:
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Return for Risk

XSP.TO vs. USCC-U.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: 5959
Overall Rank
XSP.TO Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
XSP.TO Sortino Ratio Rank: 5858
Sortino Ratio Rank
XSP.TO Omega Ratio Rank: 5959
Omega Ratio Rank
XSP.TO Calmar Ratio Rank: 5252
Calmar Ratio Rank
XSP.TO Martin Ratio Rank: 6565
Martin Ratio Rank
USCC-U.TO
USCC-U.TO Risk / Return Rank: 7171
Overall Rank
USCC-U.TO Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
USCC-U.TO Sortino Ratio Rank: 7070
Sortino Ratio Rank
USCC-U.TO Omega Ratio Rank: 7979
Omega Ratio Rank
USCC-U.TO Calmar Ratio Rank: 6161
Calmar Ratio Rank
USCC-U.TO Martin Ratio Rank: 7474
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. USCC-U.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 Global X S&P 500 Covered Call ETF (USCC-U.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.TOUSCC-U.TODifference
Sharpe ratioReturn per unit of total volatility
1.61
2.16

-0.55

Sortino ratioReturn per unit of downside risk
2.23
3.02

-0.80

Omega ratioGain probability vs. loss probability

1.29

1.40

-0.11

Calmar ratioReturn relative to maximum drawdown

2.12

3.26

-1.13

Martin ratioReturn relative to average drawdown

9.19

12.68

-3.48

XSP.TO vs. USCC-U.TO - Sharpe Ratio Comparison

The current XSP.TO Sharpe Ratio is 1.61, which is comparable to the USCC-U.TO Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of XSP.TO and USCC-U.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. USCC-U.TO - Drawdown Comparison

The maximum XSP.TO drawdown since its inception was -57.71%, which is greater than USCC-U.TO's maximum drawdown of -36.21%. Use the drawdown chart below to compare losses from any high point for XSP.TO and USCC-U.TO.

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Drawdown Indicators

XSP.TOUSCC-U.TODifference

Max Drawdown

Largest peak-to-trough decline

-57.71%

-36.21%

-21.50%

Max Drawdown (1Y)

Largest decline over 1 year

-9.41%

-6.80%

-2.61%

Max Drawdown (3Y)

Largest decline over 3 years

-18.77%

-18.22%

-0.55%

Max Drawdown (5Y)

Largest decline over 5 years

-27.51%

-18.22%

-9.29%

Max Drawdown (10Y)

Largest decline over 10 years

-36.05%

-36.21%

+0.16%

Current Drawdown

Current decline from peak

-0.65%

-0.92%

+0.27%

Average Drawdown

Average peak-to-trough decline

-9.47%

-4.87%

-4.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.17%

1.74%

+0.43%

Volatility

XSP.TO vs. USCC-U.TO - Volatility Comparison

iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) has a higher volatility of 3.28% compared to Global X S&P 500 Covered Call ETF (USCC-U.TO) at 2.98%. This indicates that XSP.TO's price experiences larger fluctuations and is considered to be riskier than USCC-U.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.TOUSCC-U.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.28%

2.98%

+0.30%

Volatility (6M)

Calculated over the trailing 6-month period

9.96%

8.11%

+1.85%

Volatility (1Y)

Calculated over the trailing 1-year period

12.44%

10.27%

+2.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.90%

14.20%

+2.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.20%

24.71%

-6.51%

Dividends

XSP.TO vs. USCC-U.TO - Dividend Comparison

XSP.TO's dividend yield for the trailing twelve months is around 1.13%, less than USCC-U.TO's 9.66% yield.

PositionTTM20252024202320222021202020192018201720162015
USCC-U.TO
Global X S&P 500 Covered Call ETF		9.66%9.88%10.20%11.22%10.76%5.11%4.95%5.09%6.49%5.36%5.62%6.13%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		1.13%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 USCC-U.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: iShares and Global X.

Portfolio Optimizer

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