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

XSP.TO vs. XBAL.TO

Last updated Jun 9, 2026

XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) and XBAL.TO (iShares Core Balanced ETF Portfolio) are both exchange-traded funds - XSP.TO is a S&P 500 fund tracking the S&P 500 Index, while XBAL.TO is a Diversified Portfolio fund actively managed by iShares. XSP.TO is passively managed, while XBAL.TO is actively managed. Over the past 10 years, XSP.TO returned 13.25%/yr vs 7.64%/yr for XBAL.TO. A 0.55 correlation means they provide meaningful diversification when combined. XSP.TO charges 0.09%/yr vs 0.20%/yr for XBAL.TO.

Performance

XSP.TO vs. XBAL.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 iShares Core Balanced ETF Portfolio (XBAL.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XSP.TO achieves a 7.46% return, which is significantly higher than XBAL.TO's 7.00% return. Over the past 10 years, XSP.TO has outperformed XBAL.TO with an annualized return of 13.25%, while XBAL.TO has yielded a comparatively lower 7.64% 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%

XBAL.TO

1D
-1.00%
1M
1.25%
YTD
7.00%
6M
5.87%
1Y
16.40%
3Y*
14.11%
5Y*
7.96%
10Y*
7.64%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSP.TO vs. XBAL.TO - 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%
XBAL.TO
iShares Core Balanced ETF Portfolio		7.00%11.90%15.80%13.05%-11.16%10.16%10.73%15.34%-2.73%5.55%

Correlation

The correlation between XSP.TO and XBAL.TO is 0.80, 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

0.80

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

0.83

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

0.84

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

0.72

Correlation (All Time)
Calculated using the full available price history since Jun 21, 2007

0.55

Over the past year, XSP.TO and XBAL.TO have become more correlated (0.80) than their long-term average of 0.55, meaning their price movements have been converging.

XSP.TO vs. XBAL.TO - Sectors Allocation Comparison

Sectors
XSP.TO
XBAL.TO

Technology

36.2%
21.6%

Financial Services

11.9%
20.5%

Communication Services

10.9%
6.4%

Consumer Cyclical

10.1%
8.0%

Healthcare

8.4%
6.6%

Industrials

8.1%
12.4%

Consumer Defensive

4.9%
4.6%

Energy

3.5%
7.5%

Utilities

2.3%
2.9%

Real Estate

1.9%
2.3%

Basic Materials

1.8%
7.4%

Technology

XSP.TO
36.2%
XBAL.TO
21.6%

Financial Services

XSP.TO
11.9%
XBAL.TO
20.5%

Communication Services

XSP.TO
10.9%
XBAL.TO
6.4%

Consumer Cyclical

XSP.TO
10.1%
XBAL.TO
8.0%

Healthcare

XSP.TO
8.4%
XBAL.TO
6.6%

Industrials

XSP.TO
8.1%
XBAL.TO
12.4%

Consumer Defensive

XSP.TO
4.9%
XBAL.TO
4.6%

Energy

XSP.TO
3.5%
XBAL.TO
7.5%

Utilities

XSP.TO
2.3%
XBAL.TO
2.9%

Real Estate

XSP.TO
1.9%
XBAL.TO
2.3%

Basic Materials

XSP.TO
1.8%
XBAL.TO
7.4%

Compare stocks, funds, or ETFs

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

iShares Core Balanced ETF Portfolio

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 XBAL.TO:
XBAL.TO vs. XEQT.TOXBAL.TO vs. VBAL.TOXBAL.TO vs. XCNS.TOXBAL.TO vs. XEI.TOXBAL.TO vs. ZBAL.TOXBAL.TO vs. ZLB.TOXBAL.TO vs. GBAL.TO

Return for Risk

XSP.TO vs. XBAL.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: 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
XBAL.TO
XBAL.TO Risk / Return Rank: 6464
Overall Rank
XBAL.TO Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
XBAL.TO Sortino Ratio Rank: 6464
Sortino Ratio Rank
XBAL.TO Omega Ratio Rank: 6666
Omega Ratio Rank
XBAL.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
XBAL.TO Martin Ratio Rank: 6868
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. XBAL.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 iShares Core Balanced ETF Portfolio (XBAL.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.TOXBAL.TODifference
Sharpe ratioReturn per unit of total volatility
1.85
1.92

-0.07

Sortino ratioReturn per unit of downside risk
2.52
2.67

-0.15

Omega ratioGain probability vs. loss probability

1.33

1.36

-0.02

Calmar ratioReturn relative to maximum drawdown

2.36

2.72

-0.36

Martin ratioReturn relative to average drawdown

10.81

11.39

-0.58

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. XBAL.TO - Sharpe Ratio Comparison

The current XSP.TO Sharpe Ratio is 1.85, which is comparable to the XBAL.TO Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of XSP.TO and XBAL.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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Sharpe Ratios by Period

XSP.TOXBAL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.85

1.92

-0.07

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.67

0.91

-0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.73

0.79

-0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.49

0.65

-0.16

Drawdowns

XSP.TO vs. XBAL.TO - Drawdown Comparison

The maximum XSP.TO drawdown since its inception was -57.71%, which is greater than XBAL.TO's maximum drawdown of -28.55%. Use the drawdown chart below to compare losses from any high point for XSP.TO and XBAL.TO.

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Drawdown Indicators

XSP.TOXBAL.TODifference

Max Drawdown

Largest peak-to-trough decline

-57.71%

-28.55%

-29.16%

Max Drawdown (1Y)

Largest decline over 1 year

-9.41%

-6.06%

-3.35%

Max Drawdown (3Y)

Largest decline over 3 years

-18.77%

-9.34%

-9.43%

Max Drawdown (5Y)

Largest decline over 5 years

-27.51%

-17.10%

-10.41%

Max Drawdown (10Y)

Largest decline over 10 years

-36.05%

-20.93%

-15.12%

Current Drawdown

Current decline from peak

-2.71%

-1.20%

-1.51%

Average Drawdown

Average peak-to-trough decline

-9.46%

-3.36%

-6.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.05%

1.44%

+0.61%

Volatility

XSP.TO vs. XBAL.TO - Volatility Comparison

iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) has a higher volatility of 4.07% compared to iShares Core Balanced ETF Portfolio (XBAL.TO) at 3.07%. This indicates that XSP.TO's price experiences larger fluctuations and is considered to be riskier than XBAL.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.TOXBAL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.07%

3.07%

+1.00%

Volatility (6M)

Calculated over the trailing 6-month period

9.40%

7.30%

+2.10%

Volatility (1Y)

Calculated over the trailing 1-year period

12.04%

8.59%

+3.45%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.85%

8.81%

+8.04%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.24%

9.77%

+8.47%

XSP.TO vs. XBAL.TO - Expense Ratio Comparison

XSP.TO has a 0.09% expense ratio, which is lower than XBAL.TO's 0.20% 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. XBAL.TO - Dividend Comparison

XSP.TO's dividend yield for the trailing twelve months is around 1.14%, less than XBAL.TO's 2.13% yield.

PositionTTM20252024202320222021202020192018201720162015
XBAL.TO
iShares Core Balanced ETF Portfolio		2.13%2.27%2.72%2.43%2.12%1.78%2.04%2.31%3.47%3.00%3.72%3.38%
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 XBAL.TO have a correlation of 0.80, 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 0.20% for XBAL.TO.

XSP.TO is categorized as S&P 500, while XBAL.TO is Diversified Portfolio. Their fees differ too: 0.09% for XSP.TO and 0.20% for XBAL.TO.

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