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

XSU.TO vs. XEC.TO

Last updated Jun 4, 2026

XSU.TO (iShares U.S. Small Cap Index ETF (CAD-Hedged)) and XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) are both exchange-traded funds - XSU.TO is a Small Cap Blend Equities fund tracking the Morningstar US SMID TR CAD, while XEC.TO is a Emerging Markets Equities fund tracking the Morningstar EM GR CAD. Both are passively managed. Over the past 10 years, XSU.TO returned 8.99%/yr vs 10.71%/yr for XEC.TO. At a 0.49 correlation, their price movements are largely independent. XSU.TO charges 0.35%/yr vs 0.28%/yr for XEC.TO.

Performance

XSU.TO vs. XEC.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 iShares Core MSCI Emerging Markets IMI Index ETF (XEC.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 15.84% return, which is significantly lower than XEC.TO's 27.92% return. Over the past 10 years, XSU.TO has underperformed XEC.TO with an annualized return of 8.99%, while XEC.TO has yielded a comparatively higher 10.71% annualized 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%

XEC.TO

1D
-0.88%
1M
10.15%
YTD
27.92%
6M
28.48%
1Y
54.44%
3Y*
24.69%
5Y*
10.21%
10Y*
10.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%23.81%-12.82%13.66%
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		27.92%25.78%16.14%7.92%-14.68%-1.74%15.08%11.53%-8.26%27.93%

Correlation

The correlation between XSU.TO and XEC.TO is 0.61, 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

0.61

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

0.52

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

0.51

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

0.52

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2013

0.49

The correlation between XSU.TO and XEC.TO shifts across timeframes, from 0.49 (all time) to 0.61 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
XSU.TO
XEC.TO

Industrials

17.5%
9.0%

Technology

16.9%
35.0%

Healthcare

16.5%
3.7%

Financial Services

15.9%
18.4%

Consumer Cyclical

8.4%
9.6%

Real Estate

6.2%
1.7%

Energy

6.2%
3.9%

Basic Materials

4.8%
6.9%

Utilities

2.9%
2.2%

Communication Services

2.5%
6.4%

Consumer Defensive

2.4%
3.3%

Industrials

XSU.TO
17.5%
XEC.TO
9.0%

Technology

XSU.TO
16.9%
XEC.TO
35.0%

Healthcare

XSU.TO
16.5%
XEC.TO
3.7%

Financial Services

XSU.TO
15.9%
XEC.TO
18.4%

Consumer Cyclical

XSU.TO
8.4%
XEC.TO
9.6%

Real Estate

XSU.TO
6.2%
XEC.TO
1.7%

Energy

XSU.TO
6.2%
XEC.TO
3.9%

Basic Materials

XSU.TO
4.8%
XEC.TO
6.9%

Utilities

XSU.TO
2.9%
XEC.TO
2.2%

Communication Services

XSU.TO
2.5%
XEC.TO
6.4%

Consumer Defensive

XSU.TO
2.4%
XEC.TO
3.3%

Compare stocks, funds, or ETFs

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

iShares Core MSCI Emerging Markets IMI Index ETF

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Often compared with XEC.TO:
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Return for Risk

XSU.TO vs. XEC.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: 5656
Overall Rank
XSU.TO Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
XSU.TO Sortino Ratio Rank: 5454
Sortino Ratio Rank
XSU.TO Omega Ratio Rank: 4848
Omega Ratio Rank
XSU.TO Calmar Ratio Rank: 6262
Calmar Ratio Rank
XSU.TO Martin Ratio Rank: 6262
Martin Ratio Rank
XEC.TO
XEC.TO Risk / Return Rank: 8686
Overall Rank
XEC.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
XEC.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
XEC.TO Omega Ratio Rank: 8888
Omega Ratio Rank
XEC.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
XEC.TO Martin Ratio Rank: 8383
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. XEC.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 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.

XSU.TOXEC.TODifference
Sharpe ratioReturn per unit of total volatility
1.83
3.01

-1.17

Sortino ratioReturn per unit of downside risk
2.61
3.86

-1.25

Omega ratioGain probability vs. loss probability

1.31

1.56

-0.25

Calmar ratioReturn relative to maximum drawdown

3.10

4.86

-1.76

Martin ratioReturn relative to average drawdown

11.04

17.00

-5.96

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XSU.TO Sharpe Ratio is 1.83, which is lower than the XEC.TO Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of XSU.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.

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Sharpe Ratios by Period

XSU.TOXEC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.83

3.01

-1.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.19

0.65

-0.46

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.38

0.61

-0.23

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.52

-0.26

Drawdowns

XSU.TO vs. XEC.TO - Drawdown Comparison

The maximum XSU.TO drawdown since its inception was -62.62%, 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 XSU.TO and XEC.TO.

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Drawdown Indicators

XSU.TOXEC.TODifference

Max Drawdown

Largest peak-to-trough decline

-62.62%

-32.54%

-30.08%

Max Drawdown (1Y)

Largest decline over 1 year

-11.60%

-11.25%

-0.35%

Max Drawdown (3Y)

Largest decline over 3 years

-28.16%

-15.07%

-13.09%

Max Drawdown (5Y)

Largest decline over 5 years

-33.98%

-29.14%

-4.84%

Max Drawdown (10Y)

Largest decline over 10 years

-44.60%

-32.54%

-12.06%

Current Drawdown

Current decline from peak

-1.53%

-0.88%

-0.65%

Average Drawdown

Average peak-to-trough decline

-13.72%

-9.56%

-4.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.25%

3.21%

+0.04%

Volatility

XSU.TO vs. XEC.TO - Volatility Comparison

The current volatility for iShares U.S. Small Cap Index ETF (CAD-Hedged) (XSU.TO) is 5.84%, while iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) has a volatility of 7.80%. This indicates that XSU.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.

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Volatility by Period

XSU.TOXEC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.84%

7.80%

-1.96%

Volatility (6M)

Calculated over the trailing 6-month period

13.61%

15.85%

-2.24%

Volatility (1Y)

Calculated over the trailing 1-year period

19.68%

18.19%

+1.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.74%

15.91%

+6.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.49%

17.60%

+5.89%

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

XSU.TO has a 0.35% expense ratio, which is higher than XEC.TO's 0.28% expense ratio.

Dividends

XSU.TO vs. XEC.TO - Dividend Comparison

XSU.TO's dividend yield for the trailing twelve months is around 0.73%, less than XEC.TO's 1.50% yield.

PositionTTM20252024202320222021202020192018201720162015
XEC.TO
iShares Core MSCI Emerging Markets IMI Index ETF		1.50%1.92%2.03%2.16%2.28%2.78%1.64%2.87%2.66%2.13%1.80%2.19%
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 XEC.TO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEC.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEC.TO is cheaper with a 0.28% expense ratio, compared with 0.35% for XSU.TO.

XSU.TO is categorized as Small Cap Blend Equities, while XEC.TO is Emerging Markets Equities. XSU.TO tracks Morningstar US SMID TR CAD, while XEC.TO tracks Morningstar EM GR CAD. Their fees differ too: 0.35% for XSU.TO and 0.28% for XEC.TO.

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