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

XSP.TO vs. XEU.TO

Last updated Jun 14, 2026

XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) and XEU.TO (iShares MSCI Europe IMI Index ETF) are both exchange-traded funds - XSP.TO is a S&P 500 fund tracking the S&P 500 Index, while XEU.TO is a Europe Equities fund tracking the Morningstar Eur GR CAD. Both are passively managed. Over the past 10 years, XSP.TO returned 13.40%/yr vs 10.87%/yr for XEU.TO. A 0.61 correlation means they provide meaningful diversification when combined. XSP.TO charges 0.09%/yr vs 0.28%/yr for XEU.TO.

Performance

XSP.TO vs. XEU.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 MSCI Europe IMI Index ETF (XEU.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 7.74% return, which is significantly lower than XEU.TO's 9.50% return. Over the past 10 years, XSP.TO has outperformed XEU.TO with an annualized return of 13.40%, while XEU.TO has yielded a comparatively lower 10.87% annualized return.

XSP.TO

1D
0.50%
1M
0.23%
YTD
7.74%
6M
7.98%
1Y
23.01%
3Y*
18.82%
5Y*
11.07%
10Y*
13.40%

XEU.TO

1D
0.56%
1M
6.01%
YTD
9.50%
6M
11.49%
1Y
22.18%
3Y*
18.05%
5Y*
11.14%
10Y*
10.87%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		7.74%15.68%23.39%24.33%-19.32%24.27%15.16%29.37%-6.25%20.69%
XEU.TO
iShares MSCI Europe IMI Index ETF		9.50%29.40%9.34%17.38%-10.49%16.36%3.16%18.30%-8.11%18.47%

Correlation

The correlation between XSP.TO and XEU.TO is 0.69, 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

0.69

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

0.59

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

0.60

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

0.60

Correlation (All Time)
Calculated using the full available price history since Apr 22, 2014

0.61

The correlation between XSP.TO and XEU.TO has been stable across timeframes, ranging from 0.59 to 0.69 - a consistent structural relationship.

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

Sectors
XSP.TO
XEU.TO

Technology

36.2%
8.8%

Financial Services

11.9%
22.4%

Communication Services

10.9%
3.2%

Consumer Cyclical

10.1%
6.5%

Healthcare

8.4%
10.7%

Industrials

8.1%
15.6%

Consumer Defensive

4.9%
7.8%

Energy

3.5%
4.1%

Utilities

2.3%
3.6%

Real Estate

1.9%
1.3%

Basic Materials

1.8%
5.2%

Technology

XSP.TO
36.2%
XEU.TO
8.8%

Financial Services

XSP.TO
11.9%
XEU.TO
22.4%

Communication Services

XSP.TO
10.9%
XEU.TO
3.2%

Consumer Cyclical

XSP.TO
10.1%
XEU.TO
6.5%

Healthcare

XSP.TO
8.4%
XEU.TO
10.7%

Industrials

XSP.TO
8.1%
XEU.TO
15.6%

Consumer Defensive

XSP.TO
4.9%
XEU.TO
7.8%

Energy

XSP.TO
3.5%
XEU.TO
4.1%

Utilities

XSP.TO
2.3%
XEU.TO
3.6%

Real Estate

XSP.TO
1.9%
XEU.TO
1.3%

Basic Materials

XSP.TO
1.8%
XEU.TO
5.2%

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 MSCI Europe 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 XEU.TO:
XEU.TO vs. XEH.TOXEU.TO vs. XEF.TOXEU.TO vs. VE.TOXEU.TO vs. VEAXEU.TO vs. HXS.TOXEU.TO vs. XUS.TOXEU.TO vs. XDIV.TO

Return for Risk

XSP.TO vs. XEU.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: 5252
Calmar Ratio Rank
XSP.TO Martin Ratio Rank: 6565
Martin Ratio Rank
XEU.TO
XEU.TO Risk / Return Rank: 4444
Overall Rank
XEU.TO Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
XEU.TO Sortino Ratio Rank: 4545
Sortino Ratio Rank
XEU.TO Omega Ratio Rank: 4444
Omega Ratio Rank
XEU.TO Calmar Ratio Rank: 3939
Calmar Ratio Rank
XEU.TO Martin Ratio Rank: 4545
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. XEU.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 MSCI Europe IMI Index ETF (XEU.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.TOXEU.TODifference
Sharpe ratioReturn per unit of total volatility
1.77
1.38

+0.39

Sortino ratioReturn per unit of downside risk
2.42
2.00

+0.42

Omega ratioGain probability vs. loss probability

1.32

1.25

+0.07

Calmar ratioReturn relative to maximum drawdown

2.30

1.70

+0.59

Martin ratioReturn relative to average drawdown

10.35

6.57

+3.78

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

The current XSP.TO Sharpe Ratio is 1.77, which is comparable to the XEU.TO Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of XSP.TO and XEU.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. XEU.TO - Drawdown Comparison

The maximum XSP.TO drawdown since its inception was -57.71%, which is greater than XEU.TO's maximum drawdown of -32.02%. Use the drawdown chart below to compare losses from any high point for XSP.TO and XEU.TO.

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Drawdown Indicators

XSP.TOXEU.TODifference

Max Drawdown

Largest peak-to-trough decline

-57.71%

-32.02%

-25.69%

Max Drawdown (1Y)

Largest decline over 1 year

-9.41%

-11.94%

+2.53%

Max Drawdown (3Y)

Largest decline over 3 years

-18.77%

-14.62%

-4.15%

Max Drawdown (5Y)

Largest decline over 5 years

-27.51%

-26.96%

-0.55%

Max Drawdown (10Y)

Largest decline over 10 years

-36.05%

-32.02%

-4.03%

Current Drawdown

Current decline from peak

-2.45%

0.00%

-2.45%

Average Drawdown

Average peak-to-trough decline

-9.46%

-5.45%

-4.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.09%

3.10%

-1.01%

Volatility

XSP.TO vs. XEU.TO - Volatility Comparison

The current volatility for iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) is 4.61%, while iShares MSCI Europe IMI Index ETF (XEU.TO) has a volatility of 5.29%. This indicates that XSP.TO experiences smaller price fluctuations and is considered to be less risky than XEU.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.TOXEU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.61%

5.29%

-0.68%

Volatility (6M)

Calculated over the trailing 6-month period

9.66%

12.40%

-2.74%

Volatility (1Y)

Calculated over the trailing 1-year period

12.22%

14.72%

-2.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.87%

14.80%

+2.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.24%

16.09%

+2.15%

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

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

Dividends

XSP.TO vs. XEU.TO - Dividend Comparison

XSP.TO's dividend yield for the trailing twelve months is around 1.14%, less than XEU.TO's 2.25% yield.

PositionTTM20252024202320222021202020192018201720162015
XEU.TO
iShares MSCI Europe IMI Index ETF		2.25%2.47%2.68%2.96%3.02%2.42%1.98%3.56%3.28%2.26%2.91%2.33%
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 XEU.TO have a correlation of 0.69, 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 XEU.TO.

XSP.TO is categorized as S&P 500, while XEU.TO is Europe Equities. XSP.TO tracks S&P 500 Index, while XEU.TO tracks Morningstar Eur GR CAD. Their fees differ too: 0.09% for XSP.TO and 0.28% for XEU.TO.

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