XSU.TO vs. XUS-U.TO

Last updated Jun 4, 2026

XSU.TO (iShares U.S. Small Cap Index ETF (CAD-Hedged)) and XUS-U.TO (iShares Core S&P 500 Index ETF) are both exchange-traded funds - XSU.TO is a Small Cap Blend Equities fund tracking the Morningstar US SMID TR CAD, while XUS-U.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, XSU.TO returned 4.20%/yr vs 16.56%/yr for XUS-U.TO. A 0.53 correlation means they provide meaningful diversification when combined. XSU.TO charges 0.35%/yr vs 0.09%/yr for XUS-U.TO.

Performance

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

Different Trading Currencies

XSU.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, XSU.TO achieves a 15.84% return, which is significantly higher than XUS-U.TO's 11.92% 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%

XUS-U.TO

• 1D: -0.03%
• 1M: 7.46%
• YTD: 11.92%
• 6M: 10.34%
• 1Y: 29.46%
• 3Y*: 23.24%
• 5Y*: 16.56%
• 10Y*: —

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

XSU.TO vs. XUS-U.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%	9.88%
XUS-U.TO iShares Core S&P 500 Index ETF	11.92%	12.26%	35.04%	23.39%	-13.24%	26.58%	16.01%	6.29%

Correlation

The correlation between XSU.TO and XUS-U.TO is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Oct 16, 2019	0.53

The correlation between XSU.TO and XUS-U.TO has been stable across timeframes, ranging from 0.53 to 0.63 - a consistent structural relationship.

Return for Risk

XSU.TO vs. XUS-U.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: 56
XSU.TO Sharpe Ratio Rank: 53
XSU.TO Sortino Ratio Rank: 54
XSU.TO Omega Ratio Rank: 48
XSU.TO Calmar Ratio Rank: 62
XSU.TO Martin Ratio Rank: 62

XUS-U.TO

XUS-U.TO Risk / Return Rank: 68
XUS-U.TO Sharpe Ratio Rank: 68
XUS-U.TO Sortino Ratio Rank: 69
XUS-U.TO Omega Ratio Rank: 68
XUS-U.TO Calmar Ratio Rank: 60
XUS-U.TO Martin Ratio Rank: 74

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. XUS-U.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 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.

	XSU.TO	XUS-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.44	-0.61
Sortino ratio: Return per unit of downside risk	2.61	3.38	-0.77
Omega ratio: Gain probability vs. loss probability	1.31	1.44	-0.14
Calmar ratio: Return relative to maximum drawdown	3.10	3.31	-0.20
Martin ratio: Return relative to average drawdown	11.04	13.10	-2.06
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. XUS-U.TO - Sharpe Ratio Comparison

The current XSU.TO Sharpe Ratio is 1.83, which is comparable to the XUS-U.TO Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of XSU.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.

Sharpe Ratios by Period

	XSU.TO	XUS-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	2.44	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	1.11	-0.93
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	1.00	-0.74

Drawdowns

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

The maximum XSU.TO drawdown since its inception was -62.62%, which is greater than XUS-U.TO's maximum drawdown of -27.29%. Use the drawdown chart below to compare losses from any high point for XSU.TO and XUS-U.TO.

Drawdown Indicators

	XSU.TO	XUS-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-62.62%	-27.29%	-35.33%
Max Drawdown (1Y) Largest decline over 1 year	-11.60%	-8.95%	-2.65%
Max Drawdown (3Y) Largest decline over 3 years	-28.16%	-18.70%	-9.46%
Max Drawdown (5Y) Largest decline over 5 years	-33.98%	-22.52%	-11.46%
Max Drawdown (10Y) Largest decline over 10 years	-44.60%	—	—
Current Drawdown Current decline from peak	-1.53%	-0.03%	-1.50%
Average Drawdown Average peak-to-trough decline	-13.72%	-4.57%	-9.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.25%	2.25%	+1.00%

Volatility

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

iShares U.S. Small Cap Index ETF (CAD-Hedged) (XSU.TO) has a higher volatility of 5.84% compared to iShares Core S&P 500 Index ETF (XUS-U.TO) at 2.79%. This indicates that XSU.TO's price experiences larger fluctuations and is considered to be riskier than XUS-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSU.TO	XUS-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.84%	2.79%	+3.05%
Volatility (6M) Calculated over the trailing 6-month period	13.61%	9.13%	+4.48%
Volatility (1Y) Calculated over the trailing 1-year period	19.68%	12.13%	+7.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.74%	14.96%	+7.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.49%	17.10%	+6.39%

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

XSU.TO has a 0.35% expense ratio, which is higher than XUS-U.TO's 0.09% expense ratio.

Dividends

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

XSU.TO's dividend yield for the trailing twelve months is around 0.73%, less than XUS-U.TO's 0.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XUS-U.TO iShares Core S&P 500 Index ETF	0.82%	0.91%	0.74%	0.90%	1.04%	0.71%	0.91%	0.04%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

XSU.TO and XUS-U.TO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XSU.TO or XUS-U.TO?

On fees, XUS-U.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XUS-U.TO is cheaper with a 0.09% expense ratio, compared with 0.35% for XSU.TO.

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

XSU.TO is categorized as Small Cap Blend Equities, while XUS-U.TO is S&P 500. XSU.TO tracks Morningstar US SMID TR CAD, while XUS-U.TO tracks S&P 500 Index. Their fees differ too: 0.35% for XSU.TO and 0.09% for XUS-U.TO.