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

XSU.TO vs. XSMC.TO

Last updated Jun 4, 2026

XSU.TO (iShares U.S. Small Cap Index ETF (CAD-Hedged)) and XSMC.TO (iShares S&P U.S. Small-Cap Index ETF) are both Small Cap Blend Equities funds from iShares - XSU.TO tracks the Morningstar US SMID TR CAD while XSMC.TO tracks the S&P SmallCap 600 Index. Both are passively managed. Over the past 5 years, XSU.TO returned 4.20%/yr vs 8.32%/yr for XSMC.TO. Their correlation of 0.81 suggests significant overlap in exposure. XSU.TO charges 0.35%/yr vs 0.22%/yr for XSMC.TO.

Performance

XSU.TO vs. XSMC.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 S&P U.S. Small-Cap Index ETF (XSMC.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 XSMC.TO's 16.67% 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%

XSMC.TO

1D
-0.44%
1M
3.55%
YTD
16.67%
6M
13.55%
1Y
32.62%
3Y*
15.37%
5Y*
8.32%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
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%6.19%
XSMC.TO
iShares S&P U.S. Small-Cap Index ETF		16.67%0.80%17.06%13.24%-10.56%25.12%8.66%3.84%

Correlation

The correlation between XSU.TO and XSMC.TO is 0.88, 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

0.88

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

0.89

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

0.86

Correlation (All Time)
Calculated using the full available price history since Sep 13, 2019

0.81

The correlation between XSU.TO and XSMC.TO has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.

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

Sectors
XSU.TO
XSMC.TO

Industrials

17.5%
16.1%

Technology

16.9%
16.0%

Healthcare

16.5%
10.8%

Financial Services

15.9%
16.4%

Consumer Cyclical

8.4%
12.9%

Real Estate

6.2%
7.4%

Energy

6.2%
7.0%

Basic Materials

4.8%
4.6%

Utilities

2.9%
1.8%

Communication Services

2.5%
3.2%

Consumer Defensive

2.4%
3.4%

Industrials

XSU.TO
17.5%
XSMC.TO
16.1%

Technology

XSU.TO
16.9%
XSMC.TO
16.0%

Healthcare

XSU.TO
16.5%
XSMC.TO
10.8%

Financial Services

XSU.TO
15.9%
XSMC.TO
16.4%

Consumer Cyclical

XSU.TO
8.4%
XSMC.TO
12.9%

Real Estate

XSU.TO
6.2%
XSMC.TO
7.4%

Energy

XSU.TO
6.2%
XSMC.TO
7.0%

Basic Materials

XSU.TO
4.8%
XSMC.TO
4.6%

Utilities

XSU.TO
2.9%
XSMC.TO
1.8%

Communication Services

XSU.TO
2.5%
XSMC.TO
3.2%

Consumer Defensive

XSU.TO
2.4%
XSMC.TO
3.4%

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

iShares S&P U.S. Small-Cap Index ETF

Often compared with XSU.TO:
XSU.TO vs. XUS.TOXSU.TO vs. IWMXSU.TO vs. AVUVXSU.TO vs. XSP.TOXSU.TO vs. XSMH.TOXSU.TO vs. XEQT.TOXSU.TO vs. VTWO
Often compared with XSMC.TO:
XSMC.TO vs. XMC.TOXSMC.TO vs. XVLU.TOXSMC.TO vs. XSMH.TOXSMC.TO vs. XUS.TOXSMC.TO vs. TTWOXSMC.TO vs. XDIV.TOXSMC.TO vs. QQQ

Return for Risk

XSU.TO vs. XSMC.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
XSMC.TO
XSMC.TO Risk / Return Rank: 6262
Overall Rank
XSMC.TO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
XSMC.TO Sortino Ratio Rank: 5757
Sortino Ratio Rank
XSMC.TO Omega Ratio Rank: 5050
Omega Ratio Rank
XSMC.TO Calmar Ratio Rank: 7777
Calmar Ratio Rank
XSMC.TO Martin Ratio Rank: 7373
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. XSMC.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 S&P U.S. Small-Cap Index ETF (XSMC.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.TOXSMC.TODifference
Sharpe ratioReturn per unit of total volatility
1.83
1.84

-0.01

Sortino ratioReturn per unit of downside risk
2.61
2.73

-0.12

Omega ratioGain probability vs. loss probability

1.31

1.32

-0.01

Calmar ratioReturn relative to maximum drawdown

3.10

3.86

-0.76

Martin ratioReturn relative to average drawdown

11.04

13.56

-2.51

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. XSMC.TO - Sharpe Ratio Comparison

The current XSU.TO Sharpe Ratio is 1.83, which is comparable to the XSMC.TO Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of XSU.TO and XSMC.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.TOXSMC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.83

1.84

-0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.19

0.43

-0.24

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

0.46

-0.20

Drawdowns

XSU.TO vs. XSMC.TO - Drawdown Comparison

The maximum XSU.TO drawdown since its inception was -62.62%, which is greater than XSMC.TO's maximum drawdown of -37.30%. Use the drawdown chart below to compare losses from any high point for XSU.TO and XSMC.TO.

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Drawdown Indicators

XSU.TOXSMC.TODifference

Max Drawdown

Largest peak-to-trough decline

-62.62%

-37.30%

-25.32%

Max Drawdown (1Y)

Largest decline over 1 year

-11.60%

-8.48%

-3.12%

Max Drawdown (3Y)

Largest decline over 3 years

-28.16%

-27.05%

-1.11%

Max Drawdown (5Y)

Largest decline over 5 years

-33.98%

-27.05%

-6.93%

Max Drawdown (10Y)

Largest decline over 10 years

-44.60%

—

—

Current Drawdown

Current decline from peak

-1.53%

-0.44%

-1.09%

Average Drawdown

Average peak-to-trough decline

-13.72%

-8.09%

-5.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.25%

2.41%

+0.84%

Volatility

XSU.TO vs. XSMC.TO - Volatility Comparison

iShares U.S. Small Cap Index ETF (CAD-Hedged) (XSU.TO) has a higher volatility of 5.84% compared to iShares S&P U.S. Small-Cap Index ETF (XSMC.TO) at 4.12%. This indicates that XSU.TO's price experiences larger fluctuations and is considered to be riskier than XSMC.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.TOXSMC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.84%

4.12%

+1.72%

Volatility (6M)

Calculated over the trailing 6-month period

13.61%

11.75%

+1.86%

Volatility (1Y)

Calculated over the trailing 1-year period

19.68%

17.89%

+1.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.74%

19.58%

+3.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.49%

23.30%

+0.19%

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

XSU.TO has a 0.35% expense ratio, which is higher than XSMC.TO's 0.22% expense ratio.

Dividends

XSU.TO vs. XSMC.TO - Dividend Comparison

XSU.TO's dividend yield for the trailing twelve months is around 0.73%, less than XSMC.TO's 0.99% yield.

PositionTTM20252024202320222021202020192018201720162015
XSMC.TO
iShares S&P U.S. Small-Cap Index ETF		0.99%1.16%1.74%1.00%1.09%1.19%0.78%0.60%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 XSMC.TO have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XSMC.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XSMC.TO is cheaper with a 0.22% expense ratio, compared with 0.35% for XSU.TO.

XSU.TO tracks Morningstar US SMID TR CAD, while XSMC.TO tracks S&P SmallCap 600 Index. Their fees differ too: 0.35% for XSU.TO and 0.22% for XSMC.TO.

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