PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XSP.TO vs. XEC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSP.TO vs. XEC.TO

Last updated Jul 18, 2026
Documentation

XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) and XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) are both exchange-traded funds - XSP.TO is a S&P 500 fund tracking the S&P 500 Index, while XEC.TO is a Emerging Markets Equities fund tracking the MSCI Emerging Markets IMI Index. Both are passively managed. Over the past 10 years, XSP.TO returned 12.95%/yr vs 9.13%/yr for XEC.TO. A 0.60 correlation means they provide meaningful diversification when combined. XSP.TO charges 0.09%/yr vs 0.28%/yr for XEC.TO.

Performance

XSP.TO vs. XEC.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 MSCI Emerging Markets IMI Index ETF (XEC.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XSP.TO achieves a 8.11% return, which is significantly lower than XEC.TO's 17.71% return. Over the past 10 years, XSP.TO has outperformed XEC.TO with an annualized return of 12.95%, while XEC.TO has yielded a comparatively lower 9.13% annualized return.

XSP.TO

1D
-1.00%
1M
0.48%
6M
6.72%
YTD
8.11%
1Y
17.18%
3Y*
17.30%
5Y*
10.69%
10Y*
12.95%

XEC.TO

1D
-1.85%
1M
-8.10%
6M
10.20%
YTD
17.71%
1Y
30.89%
3Y*
20.44%
5Y*
8.19%
10Y*
9.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSP.TO vs. XEC.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		8.11%15.68%23.39%24.33%-19.32%24.27%15.16%29.37%-6.25%20.69%
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		17.71%25.78%16.14%7.92%-14.76%-1.75%15.08%11.54%-8.26%27.93%

Correlation

The correlation between XSP.TO and XEC.TO 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

0.55

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

0.58

Correlation (All Time)
Calculated using the full available price history since Apr 15, 2013

0.60

The correlation between XSP.TO and XEC.TO shifts across timeframes, from 0.55 (5 years) to 0.70 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
XSP.TO
XEC.TO

Technology

38.4%
27.5%

Financial Services

11.0%
14.3%

Communication Services

10.8%
4.5%

Consumer Cyclical

10.0%
5.6%

Healthcare

8.4%
2.3%

Industrials

7.9%
4.7%

Consumer Defensive

4.6%
2.2%

Energy

3.2%
2.4%

Utilities

2.1%
1.6%

Real Estate

1.8%
1.1%

Basic Materials

1.7%
4.7%

Technology

XSP.TO
38.4%
XEC.TO
27.5%

Financial Services

XSP.TO
11.0%
XEC.TO
14.3%

Communication Services

XSP.TO
10.8%
XEC.TO
4.5%

Consumer Cyclical

XSP.TO
10.0%
XEC.TO
5.6%

Healthcare

XSP.TO
8.4%
XEC.TO
2.3%

Industrials

XSP.TO
7.9%
XEC.TO
4.7%

Consumer Defensive

XSP.TO
4.6%
XEC.TO
2.2%

Energy

XSP.TO
3.2%
XEC.TO
2.4%

Utilities

XSP.TO
2.1%
XEC.TO
1.6%

Real Estate

XSP.TO
1.8%
XEC.TO
1.1%

Basic Materials

XSP.TO
1.7%
XEC.TO
4.7%

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)

iShares Core MSCI Emerging Markets IMI Index 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. XQQ.TOXSP.TO vs. VFVA
Often compared with XEC.TO:
XEC.TO vs. XEF.TOXEC.TO vs. VEE.TOXEC.TO vs. ZEM.TOXEC.TO vs. XEM.TOXEC.TO vs. XEQT.TOXEC.TO vs. VFV.TOXEC.TO vs. XIC.TO

Return for Risk

XSP.TO vs. XEC.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: 4949
Overall Rank
XSP.TO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
XSP.TO Sortino Ratio Rank: 4747
Sortino Ratio Rank
XSP.TO Omega Ratio Rank: 4848
Omega Ratio Rank
XSP.TO Calmar Ratio Rank: 4444
Calmar Ratio Rank
XSP.TO Martin Ratio Rank: 5858
Martin Ratio Rank
XEC.TO
XEC.TO Risk / Return Rank: 5555
Overall Rank
XEC.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
XEC.TO Sortino Ratio Rank: 4646
Sortino Ratio Rank
XEC.TO Omega Ratio Rank: 5555
Omega Ratio Rank
XEC.TO Calmar Ratio Rank: 6767
Calmar Ratio Rank
XEC.TO Martin Ratio Rank: 5959
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. XEC.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 MSCI Emerging Markets IMI Index ETF (XEC.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.TOXEC.TODifference
Sharpe ratioReturn per unit of total volatility
1.38
1.40

-0.02

Sortino ratioReturn per unit of downside risk
1.94
1.89

+0.05

Omega ratioGain probability vs. loss probability

1.25

1.27

-0.03

Calmar ratioReturn relative to maximum drawdown

1.83

2.67

-0.84

Martin ratioReturn relative to average drawdown

7.93

8.13

-0.20

XSP.TO vs. XEC.TO - Sharpe Ratio Comparison

The current XSP.TO Sharpe Ratio is 1.38, which is comparable to the XEC.TO Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of XSP.TO and XEC.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.

Loading charts...

Drawdowns

XSP.TO vs. XEC.TO - Drawdown Comparison

The maximum XSP.TO drawdown since its inception was -57.71%, which is greater than XEC.TO's maximum drawdown of -32.54%. Use the drawdown chart below to compare losses from any high point for XSP.TO and XEC.TO.

Loading charts...

Drawdown Indicators

XSP.TOXEC.TODifference

Max Drawdown

Largest peak-to-trough decline

-57.71%

-32.54%

-25.17%

Max Drawdown (1Y)

Largest decline over 1 year

-9.41%

-11.61%

+2.20%

Max Drawdown (3Y)

Largest decline over 3 years

-18.77%

-15.07%

-3.70%

Max Drawdown (5Y)

Largest decline over 5 years

-27.51%

-28.30%

+0.79%

Max Drawdown (10Y)

Largest decline over 10 years

-36.05%

-32.54%

-3.51%

Current Drawdown

Current decline from peak

-2.11%

-11.61%

+9.50%

Average Drawdown

Average peak-to-trough decline

-9.47%

-9.53%

+0.06%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.17%

3.81%

-1.64%

Volatility

XSP.TO vs. XEC.TO - Volatility Comparison

The current volatility for iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) is 3.17%, while iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) has a volatility of 9.72%. This indicates that XSP.TO experiences smaller price fluctuations and is considered to be less risky than XEC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XSP.TOXEC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.17%

9.72%

-6.55%

Volatility (6M)

Calculated over the trailing 6-month period

10.03%

20.29%

-10.26%

Volatility (1Y)

Calculated over the trailing 1-year period

12.49%

22.13%

-9.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.90%

16.87%

+0.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.20%

17.93%

+0.27%

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

XSP.TO has a 0.09% expense ratio, which is lower than XEC.TO's 0.28% expense ratio.

Dividends

XSP.TO vs. XEC.TO - Dividend Comparison

XSP.TO's dividend yield for the trailing twelve months is around 1.14%, less than XEC.TO's 1.67% yield.

PositionTTM20252024202320222021202020192018201720162015
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		1.67%1.92%2.03%2.15%2.19%2.78%1.64%2.87%2.66%2.13%1.80%2.19%
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 XEC.TO 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 0.28% for XEC.TO.

XSP.TO is categorized as S&P 500, while XEC.TO is Emerging Markets Equities. XSP.TO tracks S&P 500 Index, while XEC.TO tracks MSCI Emerging Markets IMI Index. Their fees differ too: 0.09% for XSP.TO and 0.28% for XEC.TO.

Portfolio Optimizer

Find the right allocation for XSP.TO and XEC.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer