XSP.TO vs. USCC.TO
XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) and USCC.TO (Global X S&P 500 Covered Call ETF) are both exchange-traded funds - XSP.TO is a S&P 500 fund tracking the S&P 500 Index, while USCC.TO is a Derivative Income fund actively managed by Global X. XSP.TO is passively managed, while USCC.TO is actively managed. Over the past 10 years, XSP.TO returned 13.79%/yr vs 11.31%/yr for USCC.TO. At a 0.43 correlation, their price movements are largely independent. XSP.TO charges 0.09%/yr vs 0.49%/yr for USCC.TO.
Performance
XSP.TO vs. USCC.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with XSP.TO having a 9.64% return and USCC.TO slightly higher at 9.71%. Over the past 10 years, XSP.TO has outperformed USCC.TO with an annualized return of 13.79%, while USCC.TO has yielded a comparatively lower 11.31% annualized return.
XSP.TO
- 1D
- -0.73%
- 1M
- 4.98%
- YTD
- 9.64%
- 6M
- 9.50%
- 1Y
- 25.13%
- 3Y*
- 20.28%
- 5Y*
- 12.18%
- 10Y*
- 13.79%
USCC.TO
- 1D
- 0.10%
- 1M
- 6.39%
- YTD
- 9.71%
- 6M
- 8.43%
- 1Y
- 24.60%
- 3Y*
- 17.81%
- 5Y*
- 11.38%
- 10Y*
- 11.31%
XSP.TO vs. USCC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 9.64% | 15.68% | 23.39% | 24.33% | -19.32% | 27.85% | 15.17% | 29.35% | -6.26% | 20.71% |
USCC.TO Global X S&P 500 Covered Call ETF | 9.71% | 9.20% | 31.13% | 13.91% | -10.22% | 20.61% | 9.31% | 15.08% | 0.57% | 6.31% |
Correlation
The correlation between XSP.TO and USCC.TO is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 21, 2014 | 0.43 |
Over the past year, XSP.TO and USCC.TO have become more correlated (0.78) than their long-term average of 0.43, meaning their price movements have been converging.
XSP.TO vs. USCC.TO - Sectors Allocation Comparison
Sectors
XSP.TO
USCC.TO
Technology
Financial Services
Communication Services
Consumer Cyclical
Healthcare
Industrials
Consumer Defensive
Energy
Utilities
Real Estate
Basic Materials
Technology
XSP.TO
USCC.TO
Financial Services
XSP.TO
USCC.TO
Communication Services
XSP.TO
USCC.TO
Consumer Cyclical
XSP.TO
USCC.TO
Healthcare
XSP.TO
USCC.TO
Industrials
XSP.TO
USCC.TO
Consumer Defensive
XSP.TO
USCC.TO
Energy
XSP.TO
USCC.TO
Utilities
XSP.TO
USCC.TO
Real Estate
XSP.TO
USCC.TO
Basic Materials
XSP.TO
USCC.TO
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Return for Risk
XSP.TO vs. USCC.TO — Risk / Return Rank
XSP.TO
USCC.TO
XSP.TO vs. USCC.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.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.
| XSP.TO | USCC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.53 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | 3.68 | -1.00 |
| Martin ratioReturn relative to average drawdown | 12.40 | 15.14 | -2.74 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XSP.TO | USCC.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.15 | 2.65 | -0.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 0.93 | -0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.76 | 0.96 | -0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.37 | 0.95 | -0.58 |
Drawdowns
XSP.TO vs. USCC.TO - Drawdown Comparison
The maximum XSP.TO drawdown since its inception was -57.82%, which is greater than USCC.TO's maximum drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for XSP.TO and USCC.TO.
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Drawdown Indicators
| XSP.TO | USCC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.82% | -28.48% | -29.34% |
Max Drawdown (1Y)Largest decline over 1 year | -9.41% | -6.71% | -2.70% |
Max Drawdown (3Y)Largest decline over 3 years | -18.77% | -17.55% | -1.22% |
Max Drawdown (5Y)Largest decline over 5 years | -25.44% | -17.55% | -7.89% |
Max Drawdown (10Y)Largest decline over 10 years | -36.05% | -28.48% | -7.57% |
Current DrawdownCurrent decline from peak | -0.73% | 0.00% | -0.73% |
Average DrawdownAverage peak-to-trough decline | -12.11% | -3.46% | -8.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.03% | 1.63% | +0.40% |
Volatility
XSP.TO vs. USCC.TO - Volatility Comparison
iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) has a higher volatility of 3.25% compared to Global X S&P 500 Covered Call ETF (USCC.TO) at 2.12%. This indicates that XSP.TO's price experiences larger fluctuations and is considered to be riskier than USCC.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.TO | USCC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.25% | 2.12% | +1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 8.99% | 7.45% | +1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.75% | 9.32% | +2.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.75% | 14.97% | +1.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.19% | 17.36% | +0.83% |
XSP.TO vs. USCC.TO - Expense Ratio Comparison
XSP.TO has a 0.09% expense ratio, which is lower than USCC.TO's 0.49% expense ratio.
Dividends
XSP.TO vs. USCC.TO - Dividend Comparison
XSP.TO's dividend yield for the trailing twelve months is around 1.12%, less than USCC.TO's 9.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USCC.TO Global X S&P 500 Covered Call ETF | 9.56% | 10.20% | 9.65% | 8.50% | 7.94% | 4.02% | 3.85% | 3.89% | 4.76% | 4.29% | 4.68% | 4.78% |
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 1.12% | 1.23% | 1.09% | 1.18% | 1.37% | 1.00% | 1.31% | 1.73% | 1.84% | 1.47% | 1.75% | 1.86% |
Frequently Asked Questions
XSP.TO and USCC.TO have a correlation of 0.78, 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 0.49% for USCC.TO.
XSP.TO is categorized as S&P 500, while USCC.TO is Derivative Income. They also come from different issuers: iShares and Global X. Their fees differ too: 0.09% for XSP.TO and 0.49% for USCC.TO.
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