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XUS.TO vs. XAD.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XUS.TO vs. XAD.TO

Last updated Jun 4, 2026

XUS.TO (iShares Core S&P 500 Index ETF) and XAD.TO (iShares U.S. Aerospace & Defense Index ETF) are both exchange-traded funds - XUS.TO is a S&P 500 fund tracking the S&P 500 Index, while XAD.TO is a Aerospace & Defense fund tracking the Dow Jones U.S. Select Aerospace & Defense Index. Both are passively managed. Over the past year, XUS.TO returned 29.30% vs 27.53% for XAD.TO. At a 0.47 correlation, their price movements are largely independent. XUS.TO charges 0.09%/yr vs 0.44%/yr for XAD.TO.

Performance

XUS.TO vs. XAD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core S&P 500 Index ETF (XUS.TO) and iShares U.S. Aerospace & Defense Index ETF (XAD.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, XUS.TO achieves a 12.21% return, which is significantly higher than XAD.TO's 6.26% return.

XUS.TO

1D
-0.31%
1M
7.22%
YTD
12.21%
6M
10.39%
1Y
29.30%
3Y*
23.52%
5Y*
16.78%
10Y*
15.98%

XAD.TO

1D
-0.94%
1M
7.08%
YTD
6.26%
6M
11.49%
1Y
27.53%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XUS.TO vs. XAD.TO - Yearly Performance Comparison

2026 (YTD)202520242023
XUS.TO
iShares Core S&P 500 Index ETF		12.21%12.19%35.16%6.21%
XAD.TO
iShares U.S. Aerospace & Defense Index ETF		6.26%41.77%25.00%14.33%

Correlation

The correlation between XUS.TO and XAD.TO is 0.53, 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

0.53

Correlation (All Time)
Calculated using the full available price history since Sep 20, 2023

0.47

The correlation between XUS.TO and XAD.TO has been stable across timeframes, ranging from 0.47 to 0.53 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core S&P 500 Index ETF

iShares U.S. Aerospace & Defense Index ETF

Often compared with XUS.TO:
XUS.TO vs. XSP.TOXUS.TO vs. XEQT.TOXUS.TO vs. XUU.TOXUS.TO vs. ZSP.TOXUS.TO vs. VOOXUS.TO vs. XEF.TOXUS.TO vs. HXS.TO
Often compared with XAD.TO:
XAD.TO vs. SHLDXAD.TO vs. ITAXAD.TO vs. SHLD.TOXAD.TO vs. XARXAD.TO vs. XGD.TOXAD.TO vs. QQQXAD.TO vs. DOW

Return for Risk

XUS.TO vs. XAD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XUS.TO
XUS.TO Risk / Return Rank: 7373
Overall Rank
XUS.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
XUS.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
XUS.TO Omega Ratio Rank: 7777
Omega Ratio Rank
XUS.TO Calmar Ratio Rank: 6767
Calmar Ratio Rank
XUS.TO Martin Ratio Rank: 6868
Martin Ratio Rank
XAD.TO
XAD.TO Risk / Return Rank: 3535
Overall Rank
XAD.TO Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
XAD.TO Sortino Ratio Rank: 3838
Sortino Ratio Rank
XAD.TO Omega Ratio Rank: 3434
Omega Ratio Rank
XAD.TO Calmar Ratio Rank: 3737
Calmar Ratio Rank
XAD.TO Martin Ratio Rank: 3131
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.

XUS.TO vs. XAD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 Index ETF (XUS.TO) and iShares U.S. Aerospace & Defense Index ETF (XAD.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.

XUS.TOXAD.TODifference
Sharpe ratioReturn per unit of total volatility
2.55
1.34

+1.20

Sortino ratioReturn per unit of downside risk
3.47
2.00

+1.48

Omega ratioGain probability vs. loss probability

1.47

1.23

+0.24

Calmar ratioReturn relative to maximum drawdown

3.41

1.86

+1.55

Martin ratioReturn relative to average drawdown

12.94

4.77

+8.17

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

XUS.TO vs. XAD.TO - Sharpe Ratio Comparison

The current XUS.TO Sharpe Ratio is 2.55, which is higher than the XAD.TO Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of XUS.TO and XAD.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

XUS.TOXAD.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.55

1.34

+1.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.13

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.98

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.08

1.84

-0.75

Drawdowns

XUS.TO vs. XAD.TO - Drawdown Comparison

The maximum XUS.TO drawdown since its inception was -27.23%, which is greater than XAD.TO's maximum drawdown of -16.06%. Use the drawdown chart below to compare losses from any high point for XUS.TO and XAD.TO.

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Drawdown Indicators

XUS.TOXAD.TODifference

Max Drawdown

Largest peak-to-trough decline

-27.23%

-16.06%

-11.17%

Max Drawdown (1Y)

Largest decline over 1 year

-8.63%

-14.91%

+6.28%

Max Drawdown (3Y)

Largest decline over 3 years

-18.96%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-21.85%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-27.23%

—

—

Current Drawdown

Current decline from peak

-0.31%

-8.53%

+8.22%

Average Drawdown

Average peak-to-trough decline

-3.46%

-3.03%

-0.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.27%

5.80%

-3.53%

Volatility

XUS.TO vs. XAD.TO - Volatility Comparison

The current volatility for iShares Core S&P 500 Index ETF (XUS.TO) is 3.19%, while iShares U.S. Aerospace & Defense Index ETF (XAD.TO) has a volatility of 6.64%. This indicates that XUS.TO experiences smaller price fluctuations and is considered to be less risky than XAD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XUS.TOXAD.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.19%

6.64%

-3.45%

Volatility (6M)

Calculated over the trailing 6-month period

8.66%

17.11%

-8.45%

Volatility (1Y)

Calculated over the trailing 1-year period

11.58%

20.72%

-9.14%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.92%

21.21%

-6.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.48%

21.21%

-4.73%

XUS.TO vs. XAD.TO - Expense Ratio Comparison

XUS.TO has a 0.09% expense ratio, which is lower than XAD.TO's 0.44% expense ratio.

Dividends

XUS.TO vs. XAD.TO - Dividend Comparison

XUS.TO's dividend yield for the trailing twelve months is around 1.12%, more than XAD.TO's 0.33% yield.

PositionTTM20252024202320222021202020192018201720162015
XAD.TO
iShares U.S. Aerospace & Defense Index ETF		0.33%0.35%0.44%0.24%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XUS.TO
iShares Core S&P 500 Index ETF		1.12%1.26%1.03%1.22%1.38%0.99%1.35%2.02%1.77%1.48%1.66%1.70%

Frequently Asked Questions

XUS.TO and XAD.TO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

XUS.TO is cheaper with a 0.09% expense ratio, compared with 0.44% for XAD.TO.

XUS.TO is categorized as S&P 500, while XAD.TO is Aerospace & Defense. XUS.TO tracks S&P 500 Index, while XAD.TO tracks Dow Jones U.S. Select Aerospace & Defense Index. Their fees differ too: 0.09% for XUS.TO and 0.44% for XAD.TO.

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