XUSC.TO vs. PHE.TO

Last updated Aug 4, 2026

XUSC.TO (iShares S&P 500 3% Capped Index ETF (CAD Units)) and PHE.TO (Purpose Tactical Hedged Equity Fund) are both exchange-traded funds - XUSC.TO is a Large Cap Blend Equities fund tracking the S&P 500 3% Capped Index, while PHE.TO is a Equity Hedged fund actively managed by Purpose. XUSC.TO is passively managed, while PHE.TO is actively managed. Over the past year, XUSC.TO returned 23.12% vs 7.63% for PHE.TO. Their 0.08 correlation means their historical movements had little consistent relationship. XUSC.TO charges 0.12%/yr vs 0.98%/yr for PHE.TO.

Performance

XUSC.TO vs. PHE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P 500 3% Capped Index ETF (CAD Units) (XUSC.TO) and Purpose Tactical Hedged Equity Fund (PHE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XUSC.TO achieves a 12.83% return, which is significantly higher than PHE.TO's 2.09% return.

XUSC.TO

• 1D: 0.74%
• 1M: -2.31%
• 6M: 10.41%
• YTD: 12.83%
• 1Y: 23.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.61%

PHE.TO

• 1D: 0.74%
• 1M: 0.96%
• 6M: 2.29%
• YTD: 2.09%
• 1Y: 7.63%
• 3Y*: 9.66%
• 5Y*: 6.08%
• 10Y*: 7.03%
• ALL TIME*: 5.83%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PHE.TO Purpose Tactical Hedged Equity Fund	CA$66.23K	CA$30.48K	CA$12.22K
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units)	CA$357.72K	CA$279.18K	CA$207.94K

XUSC.TO vs. PHE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units)	12.83%	11.40%	10.66%
PHE.TO Purpose Tactical Hedged Equity Fund	2.09%	12.04%	1.93%

Correlation

The correlation between XUSC.TO and PHE.TO is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.01
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	0.08

Return for Risk

XUSC.TO vs. PHE.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XUSC.TO

XUSC.TO Risk / Return Rank: 67
XUSC.TO Sharpe Ratio Rank: 66
XUSC.TO Sortino Ratio Rank: 65
XUSC.TO Omega Ratio Rank: 64
XUSC.TO Calmar Ratio Rank: 71
XUSC.TO Martin Ratio Rank: 70

PHE.TO

PHE.TO Risk / Return Rank: 35
PHE.TO Sharpe Ratio Rank: 36
PHE.TO Sortino Ratio Rank: 36
PHE.TO Omega Ratio Rank: 33
PHE.TO Calmar Ratio Rank: 31
PHE.TO Martin Ratio Rank: 39

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XUSC.TO vs. PHE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 3% Capped Index ETF (CAD Units) (XUSC.TO) and Purpose Tactical Hedged Equity Fund (PHE.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	XUSC.TO	PHE.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.67	0.97	+0.69
Sortino ratio: Return per unit of downside risk	2.35	1.47	+0.88
Omega ratio: Gain probability vs. loss probability	1.30	1.17	+0.13
Calmar ratio: Return relative to maximum drawdown	2.70	1.12	+1.59
Martin ratio: Return relative to average drawdown	9.44	4.48	+4.96

XUSC.TO vs. PHE.TO - Sharpe Ratio Comparison

The current XUSC.TO Sharpe Ratio is 1.67, which is higher than the PHE.TO Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of XUSC.TO and PHE.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.

Drawdowns

XUSC.TO vs. PHE.TO - Drawdown Comparison

The maximum XUSC.TO drawdown since its inception was -18.31%, smaller than the maximum PHE.TO drawdown of -22.37%. Use the drawdown chart below to compare losses from any high point for XUSC.TO and PHE.TO.

Drawdown Indicators

	XUSC.TO	PHE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-18.31%	-22.37%	+4.06%
Max Drawdown (1Y) Largest decline over 1 year	-7.60%	-6.54%	-1.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-11.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-21.38%	—
Current Drawdown Current decline from peak	-2.59%	-0.44%	-2.15%
Average Drawdown Average peak-to-trough decline	-2.59%	-5.22%	+2.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.18%	1.63%	+0.55%

Volatility

XUSC.TO vs. PHE.TO - Volatility Comparison

iShares S&P 500 3% Capped Index ETF (CAD Units) (XUSC.TO) has a higher volatility of 3.84% compared to Purpose Tactical Hedged Equity Fund (PHE.TO) at 1.91%. This indicates that XUSC.TO's price experiences larger fluctuations and is considered to be riskier than PHE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XUSC.TO	PHE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	1.91%	+1.93%
Volatility (6M) Calculated over the trailing 6-month period	9.40%	5.87%	+3.53%
Volatility (1Y) Calculated over the trailing 1-year period	12.34%	7.52%	+4.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	9.63%	+5.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.60%	10.14%	+5.46%

XUSC.TO vs. PHE.TO - Expense Ratio Comparison

XUSC.TO has a 0.12% expense ratio, which is lower than PHE.TO's 0.98% expense ratio.

Dividends

XUSC.TO vs. PHE.TO - Dividend Comparison

XUSC.TO's dividend yield for the trailing twelve months is around 0.95%, while PHE.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
PHE.TO Purpose Tactical Hedged Equity Fund	0.00%	0.20%	0.00%	0.00%	0.76%
XUSC.TO iShares S&P 500 3% Capped Index ETF (CAD Units)	0.95%	0.94%	0.24%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XUSC.TO and PHE.TO in my portfolio?

XUSC.TO and PHE.TO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XUSC.TO or PHE.TO?

On fees, XUSC.TO is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XUSC.TO or PHE.TO?

XUSC.TO is cheaper with a 0.12% expense ratio, compared with 0.98% for PHE.TO.

What is the main difference between XUSC.TO and PHE.TO?

XUSC.TO is categorized as Large Cap Blend Equities, while PHE.TO is Equity Hedged. They also come from different issuers: iShares and Purpose. Their fees differ too: 0.12% for XUSC.TO and 0.98% for PHE.TO.