XSU.TO vs. TQSM.TO
XSU.TO (iShares U.S. Small Cap Index ETF (CAD-Hedged)) and TQSM.TO (TD Q U.S. Small-Mid-Cap Equity ETF) are both exchange-traded funds - XSU.TO is a Small Cap Blend Equities fund tracking the Morningstar US SMID TR CAD, while TQSM.TO is a Mid Cap Value Equities fund actively managed by TD. XSU.TO is passively managed, while TQSM.TO is actively managed. Over the past 5 years, XSU.TO returned 4.20%/yr vs 13.10%/yr for TQSM.TO. A 0.60 correlation means they provide meaningful diversification when combined. XSU.TO charges 0.35%/yr vs 0.40%/yr for TQSM.TO.
Performance
XSU.TO vs. TQSM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XSU.TO achieves a 15.84% return, which is significantly higher than TQSM.TO's 13.30% return.
XSU.TO
- 1D
- -1.37%
- 1M
- 3.54%
- YTD
- 15.84%
- 6M
- 14.30%
- 1Y
- 35.82%
- 3Y*
- 15.60%
- 5Y*
- 4.20%
- 10Y*
- 8.99%
TQSM.TO
- 1D
- 0.18%
- 1M
- 4.65%
- YTD
- 13.30%
- 6M
- 11.31%
- 1Y
- 22.10%
- 3Y*
- 16.96%
- 5Y*
- 13.10%
- 10Y*
- —
XSU.TO vs. TQSM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XSU.TO iShares U.S. Small Cap Index ETF (CAD-Hedged) | 15.84% | 10.50% | 9.67% | 14.70% | -21.66% | 12.77% | 15.71% | 2.98% |
TQSM.TO TD Q U.S. Small-Mid-Cap Equity ETF | 13.30% | 1.20% | 20.45% | 18.86% | 0.22% | 25.08% | -2.24% | -0.73% |
Correlation
The correlation between XSU.TO and TQSM.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 | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2019 | 0.60 |
Over the past year, XSU.TO and TQSM.TO have become more correlated (0.80) than their long-term average of 0.60, meaning their price movements have been converging.
XSU.TO vs. TQSM.TO - Sectors Allocation Comparison
Sectors
XSU.TO
TQSM.TO
Industrials
Technology
Healthcare
Financial Services
Consumer Cyclical
Real Estate
Energy
Basic Materials
Utilities
Communication Services
Consumer Defensive
Industrials
XSU.TO
TQSM.TO
Technology
XSU.TO
TQSM.TO
Healthcare
XSU.TO
TQSM.TO
Financial Services
XSU.TO
TQSM.TO
Consumer Cyclical
XSU.TO
TQSM.TO
Real Estate
XSU.TO
TQSM.TO
Energy
XSU.TO
TQSM.TO
Basic Materials
XSU.TO
TQSM.TO
Utilities
XSU.TO
TQSM.TO
Communication Services
XSU.TO
TQSM.TO
Consumer Defensive
XSU.TO
TQSM.TO
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Return for Risk
XSU.TO vs. TQSM.TO — Risk / Return Rank
XSU.TO
TQSM.TO
XSU.TO vs. TQSM.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 TD Q U.S. Small-Mid-Cap Equity ETF (TQSM.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.
| XSU.TO | TQSM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.26 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.10 | 2.72 | +0.38 |
| Martin ratioReturn relative to average drawdown | 11.04 | 8.50 | +2.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XSU.TO | TQSM.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.83 | 1.48 | +0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.82 | -0.64 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.62 | -0.36 |
Drawdowns
XSU.TO vs. TQSM.TO - Drawdown Comparison
The maximum XSU.TO drawdown since its inception was -62.62%, which is greater than TQSM.TO's maximum drawdown of -33.03%. Use the drawdown chart below to compare losses from any high point for XSU.TO and TQSM.TO.
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Drawdown Indicators
| XSU.TO | TQSM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.62% | -33.03% | -29.59% |
Max Drawdown (1Y)Largest decline over 1 year | -11.60% | -8.17% | -3.43% |
Max Drawdown (3Y)Largest decline over 3 years | -28.16% | -23.78% | -4.38% |
Max Drawdown (5Y)Largest decline over 5 years | -33.98% | -23.78% | -10.20% |
Max Drawdown (10Y)Largest decline over 10 years | -44.60% | — | — |
Current DrawdownCurrent decline from peak | -1.53% | 0.00% | -1.53% |
Average DrawdownAverage peak-to-trough decline | -13.72% | -5.51% | -8.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.25% | 2.61% | +0.64% |
Volatility
XSU.TO vs. TQSM.TO - Volatility Comparison
iShares U.S. Small Cap Index ETF (CAD-Hedged) (XSU.TO) has a higher volatility of 5.84% compared to TD Q U.S. Small-Mid-Cap Equity ETF (TQSM.TO) at 4.22%. This indicates that XSU.TO's price experiences larger fluctuations and is considered to be riskier than TQSM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XSU.TO | TQSM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.84% | 4.22% | +1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 13.61% | 10.53% | +3.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.68% | 15.04% | +4.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.74% | 15.97% | +6.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.49% | 18.17% | +5.32% |
XSU.TO vs. TQSM.TO - Expense Ratio Comparison
XSU.TO has a 0.35% expense ratio, which is lower than TQSM.TO's 0.40% expense ratio.
Dividends
XSU.TO vs. TQSM.TO - Dividend Comparison
XSU.TO's dividend yield for the trailing twelve months is around 0.73%, less than TQSM.TO's 0.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TQSM.TO TD Q U.S. Small-Mid-Cap Equity ETF | 0.78% | 0.90% | 0.89% | 0.85% | 1.34% | 0.78% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XSU.TO iShares U.S. Small Cap Index ETF (CAD-Hedged) | 0.73% | 0.85% | 0.93% | 1.09% | 1.28% | 0.73% | 0.79% | 1.00% | 1.12% | 0.95% | 1.16% | 1.28% |
Frequently Asked Questions
XSU.TO and TQSM.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, XSU.TO is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSU.TO is cheaper with a 0.35% expense ratio, compared with 0.40% for TQSM.TO.
XSU.TO is categorized as Small Cap Blend Equities, while TQSM.TO is Mid Cap Value Equities. They also come from different issuers: iShares and TD. Their fees differ too: 0.35% for XSU.TO and 0.40% for TQSM.TO.
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