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XSU.TO vs. MUSC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSU.TO vs. MUSC.TO

Last updated Jul 16, 2026
Documentation

XSU.TO (iShares U.S. Small Cap Index ETF (CAD-Hedged)) and MUSC.TO (Manulife Multifactor U.S. Small Cap Index ETF Hedged) are both Small Cap Blend Equities funds. XSU.TO is passively managed, while MUSC.TO is actively managed. Over the past 5 years, XSU.TO returned 5.97%/yr vs 6.18%/yr for MUSC.TO. At a 0.15 correlation, their price movements are largely independent.

Performance

XSU.TO vs. MUSC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares U.S. Small Cap Index ETF (CAD-Hedged) (XSU.TO) and Manulife Multifactor U.S. Small Cap Index ETF Hedged (MUSC.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, XSU.TO achieves a 19.18% return, which is significantly higher than MUSC.TO's 13.47% return.

XSU.TO

1D
0.45%
1M
0.48%
6M
11.44%
YTD
19.18%
1Y
33.39%
3Y*
14.73%
5Y*
5.97%
10Y*
8.91%

MUSC.TO

1D
0.00%
1M
5.24%
6M
13.47%
YTD
13.47%
1Y
22.18%
3Y*
11.17%
5Y*
6.18%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSU.TO vs. MUSC.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XSU.TO
iShares U.S. Small Cap Index ETF (CAD-Hedged)		19.18%10.50%9.67%14.70%-21.69%12.78%15.72%23.82%-12.81%1.33%
MUSC.TO
Manulife Multifactor U.S. Small Cap Index ETF Hedged		13.47%-3.19%24.99%11.83%-16.41%20.14%12.67%2.78%-4.13%1.38%

Correlation

The correlation between XSU.TO and MUSC.TO is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.06

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

0.02

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

0.11

Correlation (All Time)
Calculated using the full available price history since Nov 27, 2017

0.15

The correlation between XSU.TO and MUSC.TO shifts across timeframes, from 0.02 (3 years) to 0.15 (all time), reflecting how their relationship changes across market environments.

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iShares U.S. Small Cap Index ETF (CAD-Hedged)

Manulife Multifactor U.S. Small Cap Index ETF Hedged

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Return for Risk

XSU.TO vs. MUSC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XSU.TO
XSU.TO Risk / Return Rank: 6666
Overall Rank
XSU.TO Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
XSU.TO Sortino Ratio Rank: 6565
Sortino Ratio Rank
XSU.TO Omega Ratio Rank: 5858
Omega Ratio Rank
XSU.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
XSU.TO Martin Ratio Rank: 7070
Martin Ratio Rank
MUSC.TO
MUSC.TO Risk / Return Rank: 9191
Overall Rank
MUSC.TO Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
MUSC.TO Sortino Ratio Rank: 9696
Sortino Ratio Rank
MUSC.TO Omega Ratio Rank: 9999
Omega Ratio Rank
MUSC.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
MUSC.TO Martin Ratio Rank: 9292
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.

XSU.TO vs. MUSC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Small Cap Index ETF (CAD-Hedged) (XSU.TO) and Manulife Multifactor U.S. Small Cap Index ETF Hedged (MUSC.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.

XSU.TOMUSC.TODifference
Sharpe ratioReturn per unit of total volatility
1.69
1.94

-0.25

Sortino ratioReturn per unit of downside risk
2.43
4.49

-2.07

Omega ratioGain probability vs. loss probability

1.29

2.73

-1.44

Calmar ratioReturn relative to maximum drawdown

2.89

5.59

-2.70

Martin ratioReturn relative to average drawdown

10.28

18.06

-7.78

XSU.TO vs. MUSC.TO - Sharpe Ratio Comparison

The current XSU.TO Sharpe Ratio is 1.69, which is comparable to the MUSC.TO Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of XSU.TO and MUSC.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

XSU.TO vs. MUSC.TO - Drawdown Comparison

The maximum XSU.TO drawdown since its inception was -62.61%, which is greater than MUSC.TO's maximum drawdown of -37.77%. Use the drawdown chart below to compare losses from any high point for XSU.TO and MUSC.TO.

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Drawdown Indicators

XSU.TOMUSC.TODifference

Max Drawdown

Largest peak-to-trough decline

-62.61%

-37.77%

-24.84%

Max Drawdown (1Y)

Largest decline over 1 year

-11.60%

-4.00%

-7.60%

Max Drawdown (3Y)

Largest decline over 3 years

-28.16%

-24.96%

-3.20%

Max Drawdown (5Y)

Largest decline over 5 years

-34.00%

-24.96%

-9.04%

Max Drawdown (10Y)

Largest decline over 10 years

-44.60%

—

—

Current Drawdown

Current decline from peak

-1.56%

0.00%

-1.56%

Average Drawdown

Average peak-to-trough decline

-13.64%

-7.95%

-5.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.26%

1.23%

+2.03%

Volatility

XSU.TO vs. MUSC.TO - Volatility Comparison

iShares U.S. Small Cap Index ETF (CAD-Hedged) (XSU.TO) and Manulife Multifactor U.S. Small Cap Index ETF Hedged (MUSC.TO) have volatilities of 3.87% and 3.78%, 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.

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Volatility by Period

XSU.TOMUSC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.87%

3.78%

+0.09%

Volatility (6M)

Calculated over the trailing 6-month period

14.21%

8.69%

+5.52%

Volatility (1Y)

Calculated over the trailing 1-year period

19.93%

11.52%

+8.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.77%

18.28%

+4.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.44%

22.63%

+0.81%

Dividends

XSU.TO vs. MUSC.TO - Dividend Comparison

XSU.TO's dividend yield for the trailing twelve months is around 0.76%, less than MUSC.TO's 0.78% yield.

PositionTTM20252024202320222021202020192018201720162015
MUSC.TO
Manulife Multifactor U.S. Small Cap Index ETF Hedged		0.78%0.99%0.93%1.38%2.54%1.16%0.77%1.07%0.98%0.07%0.00%0.00%
XSU.TO
iShares U.S. Small Cap Index ETF (CAD-Hedged)		0.76%0.85%0.93%1.09%1.25%0.73%0.80%1.01%1.13%0.96%1.17%1.29%

Frequently Asked Questions

XSU.TO and MUSC.TO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: iShares and Manulife.

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