XSU.TO vs. ZSML.TO
XSU.TO (iShares U.S. Small Cap Index ETF (CAD-Hedged)) and ZSML.TO (BMO S&P US Small Cap Index ETF) are both Small Cap Blend Equities funds - XSU.TO tracks the Morningstar US SMID TR CAD while ZSML.TO tracks the S&P SmallCap 600® Index. Both are passively managed. Over the past 5 years, XSU.TO returned 4.20%/yr vs 8.17%/yr for ZSML.TO. A 0.54 correlation means they provide meaningful diversification when combined. XSU.TO charges 0.35%/yr vs 0.22%/yr for ZSML.TO.
Performance
XSU.TO vs. ZSML.TO - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with XSU.TO having a 15.84% return and ZSML.TO slightly higher at 16.56%.
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%
ZSML.TO
- 1D
- -0.55%
- 1M
- 3.50%
- YTD
- 16.56%
- 6M
- 13.03%
- 1Y
- 32.00%
- 3Y*
- 16.65%
- 5Y*
- 8.17%
- 10Y*
- —
XSU.TO vs. ZSML.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
XSU.TO iShares U.S. Small Cap Index ETF (CAD-Hedged) | 15.84% | 10.50% | 9.67% | 14.70% | -21.66% | 12.77% | 13.96% |
ZSML.TO BMO S&P US Small Cap Index ETF | 16.56% | 0.20% | 17.47% | 12.67% | -11.12% | 28.32% | 13.69% |
Correlation
The correlation between XSU.TO and ZSML.TO is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2020 | 0.54 |
The correlation between XSU.TO and ZSML.TO shifts across timeframes, from 0.54 (all time) to 0.74 (1 year), reflecting how their relationship changes across market environments.
XSU.TO vs. ZSML.TO - Sectors Allocation Comparison
Sectors
XSU.TO
ZSML.TO
Industrials
Technology
Healthcare
Financial Services
Consumer Cyclical
Real Estate
Energy
Basic Materials
Utilities
Communication Services
Consumer Defensive
Industrials
XSU.TO
ZSML.TO
Technology
XSU.TO
ZSML.TO
Healthcare
XSU.TO
ZSML.TO
Financial Services
XSU.TO
ZSML.TO
Consumer Cyclical
XSU.TO
ZSML.TO
Real Estate
XSU.TO
ZSML.TO
Energy
XSU.TO
ZSML.TO
Basic Materials
XSU.TO
ZSML.TO
Utilities
XSU.TO
ZSML.TO
Communication Services
XSU.TO
ZSML.TO
Consumer Defensive
XSU.TO
ZSML.TO
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
XSU.TO vs. ZSML.TO — Risk / Return Rank
XSU.TO
ZSML.TO
XSU.TO vs. ZSML.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 BMO S&P US Small Cap Index ETF (ZSML.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 | ZSML.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.33 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.10 | 3.96 | -0.86 |
| Martin ratioReturn relative to average drawdown | 11.04 | 13.45 | -2.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| XSU.TO | ZSML.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.83 | 1.83 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.42 | -0.23 |
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 | 0.52 | -0.26 |
Drawdowns
XSU.TO vs. ZSML.TO - Drawdown Comparison
The maximum XSU.TO drawdown since its inception was -62.62%, which is greater than ZSML.TO's maximum drawdown of -35.32%. Use the drawdown chart below to compare losses from any high point for XSU.TO and ZSML.TO.
Loading charts...
Drawdown Indicators
| XSU.TO | ZSML.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.62% | -35.32% | -27.30% |
Max Drawdown (1Y)Largest decline over 1 year | -11.60% | -8.12% | -3.48% |
Max Drawdown (3Y)Largest decline over 3 years | -28.16% | -26.87% | -1.29% |
Max Drawdown (5Y)Largest decline over 5 years | -33.98% | -26.87% | -7.11% |
Max Drawdown (10Y)Largest decline over 10 years | -44.60% | — | — |
Current DrawdownCurrent decline from peak | -1.53% | -0.55% | -0.98% |
Average DrawdownAverage peak-to-trough decline | -13.72% | -8.85% | -4.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.25% | 2.39% | +0.86% |
Volatility
XSU.TO vs. ZSML.TO - Volatility Comparison
iShares U.S. Small Cap Index ETF (CAD-Hedged) (XSU.TO) has a higher volatility of 5.84% compared to BMO S&P US Small Cap Index ETF (ZSML.TO) at 5.45%. This indicates that XSU.TO's price experiences larger fluctuations and is considered to be riskier than ZSML.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| XSU.TO | ZSML.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.84% | 5.45% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 13.61% | 12.34% | +1.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.68% | 17.66% | +2.02% |
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% | 22.47% | +1.02% |
XSU.TO vs. ZSML.TO - Expense Ratio Comparison
XSU.TO has a 0.35% expense ratio, which is higher than ZSML.TO's 0.22% expense ratio.
Dividends
XSU.TO vs. ZSML.TO - Dividend Comparison
XSU.TO's dividend yield for the trailing twelve months is around 0.73%, less than ZSML.TO's 1.03% 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% |
ZSML.TO BMO S&P US Small Cap Index ETF | 1.03% | 1.21% | 1.22% | 1.47% | 1.72% | 1.02% | 1.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XSU.TO and ZSML.TO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZSML.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZSML.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 ZSML.TO tracks S&P SmallCap 600® Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.35% for XSU.TO and 0.22% for ZSML.TO.
Find the right allocation for XSU.TO and ZSML.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer