XSP.TO vs. XUS-U.TO

Last updated Jul 16, 2026

XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) and XUS-U.TO (iShares Core S&P 500 Index ETF) are both S&P 500 funds from iShares tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, XSP.TO returned 11.02%/yr vs 15.35%/yr for XUS-U.TO. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.09% expense ratio.

Performance

XSP.TO vs. XUS-U.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 S&P 500 Index ETF (XUS-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XSP.TO is traded in CAD, while XUS-U.TO is traded in USD. To make them comparable, the XUS-U.TO 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 9.73% return, which is significantly lower than XUS-U.TO's 13.28% return.

XSP.TO

• 1D: 0.34%
• 1M: 0.15%
• 6M: 8.50%
• YTD: 9.73%
• 1Y: 19.88%
• 3Y*: 18.35%
• 5Y*: 11.02%
• 10Y*: 13.14%

XUS-U.TO

• 1D: -0.48%
• 1M: 0.85%
• 6M: 11.15%
• YTD: 13.28%
• 1Y: 24.89%
• 3Y*: 22.95%
• 5Y*: 15.35%
• 10Y*: —

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

XSP.TO vs. XUS-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged)	9.73%	15.68%	23.39%	24.33%	-19.32%	24.27%	15.16%	9.04%
XUS-U.TO iShares Core S&P 500 Index ETF	13.28%	12.68%	35.30%	23.54%	-13.58%	27.66%	15.58%	6.80%

Correlation

The correlation between XSP.TO and XUS-U.TO is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (All Time) Calculated using the full available price history since Oct 15, 2019	0.77

The correlation between XSP.TO and XUS-U.TO shifts across timeframes, from 0.77 (all time) to 0.89 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

XSP.TO vs. XUS-U.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: 59
XSP.TO Sharpe Ratio Rank: 60
XSP.TO Sortino Ratio Rank: 58
XSP.TO Omega Ratio Rank: 59
XSP.TO Calmar Ratio Rank: 52
XSP.TO Martin Ratio Rank: 65

XUS-U.TO

XUS-U.TO Risk / Return Rank: 66
XUS-U.TO Sharpe Ratio Rank: 67
XUS-U.TO Sortino Ratio Rank: 67
XUS-U.TO Omega Ratio Rank: 66
XUS-U.TO Calmar Ratio Rank: 58
XUS-U.TO Martin Ratio Rank: 72

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. XUS-U.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 S&P 500 Index ETF (XUS-U.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.TO	XUS-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.61	1.95	-0.34
Sortino ratio: Return per unit of downside risk	2.23	2.80	-0.58
Omega ratio: Gain probability vs. loss probability	1.29	1.34	-0.05
Calmar ratio: Return relative to maximum drawdown	2.12	2.71	-0.59
Martin ratio: Return relative to average drawdown	9.19	10.45	-1.26

XSP.TO vs. XUS-U.TO - Sharpe Ratio Comparison

The current XSP.TO Sharpe Ratio is 1.61, which is comparable to the XUS-U.TO Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of XSP.TO and XUS-U.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.

Drawdowns

XSP.TO vs. XUS-U.TO - Drawdown Comparison

The maximum XSP.TO drawdown since its inception was -57.71%, which is greater than XUS-U.TO's maximum drawdown of -27.50%. Use the drawdown chart below to compare losses from any high point for XSP.TO and XUS-U.TO.

Drawdown Indicators

	XSP.TO	XUS-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-57.71%	-27.50%	-30.21%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-9.21%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	-19.42%	+0.65%
Max Drawdown (5Y) Largest decline over 5 years	-27.51%	-23.19%	-4.32%
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	—	—
Current Drawdown Current decline from peak	-0.65%	-0.89%	+0.24%
Average Drawdown Average peak-to-trough decline	-9.47%	-4.60%	-4.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	2.39%	-0.22%

Volatility

XSP.TO vs. XUS-U.TO - Volatility Comparison

The current volatility for iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) is 3.28%, while iShares Core S&P 500 Index ETF (XUS-U.TO) has a volatility of 3.47%. This indicates that XSP.TO experiences smaller price fluctuations and is considered to be less risky than XUS-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSP.TO	XUS-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	3.47%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	10.38%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	12.44%	12.84%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.90%	17.61%	-0.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.20%	19.76%	-1.56%

XSP.TO vs. XUS-U.TO - Expense Ratio Comparison

Both XSP.TO and XUS-U.TO have an expense ratio of 0.09%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XSP.TO vs. XUS-U.TO - Dividend Comparison

XSP.TO's dividend yield for the trailing twelve months is around 1.13%, which matches XUS-U.TO's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged)	1.13%	1.23%	1.09%	1.18%	1.37%	1.01%	1.31%	1.73%	1.86%	1.45%	1.76%	1.88%
XUS-U.TO iShares Core S&P 500 Index ETF	1.14%	1.25%	1.04%	1.19%	1.38%	0.89%	1.20%	0.05%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XSP.TO and XUS-U.TO in my portfolio?

XSP.TO and XUS-U.TO have a correlation of 0.89, 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 XUS-U.TO?

Both ETFs have the same 0.09% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XSP.TO or XUS-U.TO?

XSP.TO and XUS-U.TO have the same expense ratio: 0.09% per year.

What is the main difference between XSP.TO and XUS-U.TO?

Both ETFs track S&P 500 Index.