XSP.TO vs. VFVA

Last updated Jun 4, 2026

XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) and VFVA (Vanguard U.S. Value Factor ETF) are both exchange-traded funds - XSP.TO is a S&P 500 fund tracking the S&P 500 Index, while VFVA is a Mid Cap Value Equities fund actively managed by Vanguard. XSP.TO is passively managed, while VFVA is actively managed. Over the past 5 years, XSP.TO returned 12.18%/yr vs 12.61%/yr for VFVA. A 0.64 correlation means they provide meaningful diversification when combined. XSP.TO charges 0.09%/yr vs 0.13%/yr for VFVA.

Performance

XSP.TO vs. VFVA - 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 Vanguard U.S. Value Factor ETF (VFVA). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XSP.TO is traded in CAD, while VFVA is traded in USD. To make them comparable, the VFVA 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 9.64% return, which is significantly lower than VFVA's 10.90% 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%

VFVA

• 1D: -0.92%
• 1M: 2.95%
• YTD: 10.90%
• 6M: 9.97%
• 1Y: 30.16%
• 3Y*: 18.70%
• 5Y*: 12.61%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XSP.TO vs. VFVA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
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%	-8.02%
VFVA Vanguard U.S. Value Factor ETF	10.90%	9.51%	16.92%	14.78%	2.88%	35.70%	0.55%	19.26%	-7.72%

Correlation

The correlation between XSP.TO and VFVA is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Feb 16, 2018	0.64

The correlation between XSP.TO and VFVA shifts across timeframes, from 0.54 (1 year) to 0.65 (5 years), reflecting how their relationship changes across market environments.

XSP.TO vs. VFVA - Sectors Allocation Comparison

Sectors	XSP.TO	VFVA
Technology	36.2%	14.5%
Financial Services	11.9%	25.7%
Communication Services	10.9%	6.2%
Consumer Cyclical	10.1%	13.1%
Healthcare	8.4%	14.9%
Industrials	8.1%	7.6%
Consumer Defensive	4.9%	7.1%
Energy	3.5%	7.3%
Utilities	2.3%	-
Real Estate	1.9%	0.4%
Basic Materials	1.8%	3.3%

Return for Risk

XSP.TO vs. VFVA — 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: 61
XSP.TO Sharpe Ratio Rank: 63
XSP.TO Sortino Ratio Rank: 62
XSP.TO Omega Ratio Rank: 62
XSP.TO Calmar Ratio Rank: 53
XSP.TO Martin Ratio Rank: 66

VFVA

VFVA Risk / Return Rank: 58
VFVA Sharpe Ratio Rank: 54
VFVA Sortino Ratio Rank: 57
VFVA Omega Ratio Rank: 52
VFVA Calmar Ratio Rank: 66
VFVA Martin Ratio Rank: 59

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. VFVA - 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 Vanguard U.S. Value Factor ETF (VFVA). 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	VFVA	Difference
Sharpe ratio Return per unit of total volatility	2.15	2.01	+0.14
Sortino ratio Return per unit of downside risk	2.96	2.89	+0.07
Omega ratio Gain probability vs. loss probability	1.39	1.35	+0.03
Calmar ratio Return relative to maximum drawdown	2.68	3.68	-1.00
Martin ratio Return relative to average drawdown	12.40	12.51	-0.11
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. VFVA - Sharpe Ratio Comparison

The current XSP.TO Sharpe Ratio is 2.15, which is comparable to the VFVA Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of XSP.TO and VFVA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XSP.TO	VFVA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.01	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.71	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.54	-0.17

Drawdowns

XSP.TO vs. VFVA - Drawdown Comparison

The maximum XSP.TO drawdown since its inception was -57.82%, which is greater than VFVA's maximum drawdown of -42.82%. Use the drawdown chart below to compare losses from any high point for XSP.TO and VFVA.

Drawdown Indicators

	XSP.TO	VFVA	Difference
Max Drawdown Largest peak-to-trough decline	-57.82%	-42.82%	-15.00%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-8.22%	-1.19%
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	-22.56%	+3.79%
Max Drawdown (5Y) Largest decline over 5 years	-25.44%	-22.56%	-2.88%
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	—	—
Current Drawdown Current decline from peak	-0.73%	-0.92%	+0.19%
Average Drawdown Average peak-to-trough decline	-12.11%	-6.15%	-5.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	2.42%	-0.39%

Volatility

XSP.TO vs. VFVA - Volatility Comparison

iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) and Vanguard U.S. Value Factor ETF (VFVA) have volatilities of 3.25% and 3.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSP.TO	VFVA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.25%	3.25%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	8.99%	10.04%	-1.05%
Volatility (1Y) Calculated over the trailing 1-year period	11.75%	15.15%	-3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.75%	17.96%	-1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.19%	21.89%	-3.70%

XSP.TO vs. VFVA - Expense Ratio Comparison

XSP.TO has a 0.09% expense ratio, which is lower than VFVA's 0.13% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XSP.TO vs. VFVA - Dividend Comparison

XSP.TO's dividend yield for the trailing twelve months is around 1.12%, less than VFVA's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VFVA Vanguard U.S. Value Factor ETF	1.95%	2.13%	2.40%	2.45%	2.21%	1.68%	2.04%	2.08%	1.65%	0.00%	0.00%	0.00%
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

Can I hold both XSP.TO and VFVA in my portfolio?

XSP.TO and VFVA have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XSP.TO or VFVA?

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.

Which ETF is cheaper, XSP.TO or VFVA?

XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.13% for VFVA.

What is the main difference between XSP.TO and VFVA?

XSP.TO is categorized as S&P 500, while VFVA is Mid Cap Value Equities. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.09% for XSP.TO and 0.13% for VFVA.