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Compare iShares S&P/TSX Small Cap Index ETF (XCS) vs Global X Equal Weight Canadian Banks Index Corporate Class ETF (HEWB) to find the best fit for your portfolio. XCS provides Materials, Energy, and Real Estate exposures, while HEWB is primarily weighted in Financials. When evaluating costs, XCS features a management fee (MER) of 0.55%, compared to 0.28% for HEWB. Performance-wise, XCS has returned 20.76% year-to-date with -$6 M in net flows, whereas HEWB is at 15.02% with +$12 M. Use the comparison tool below to benchmark these funds across top 10 holdings, yield, sector weights and historical returns.
NAV Performance and Flows
Key Data
Compare
XCS
HEWB
| AuM | $258.63 M | $290.21 M |
| Management Fees | 0.55% | 0.28% |
| Exp. ratio | 0.60% | 0.28% |
| Tracking Difference | -1.13% | -0.80% |
Historical performance and flows
As of May 7, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XCS | +7.23% | +6.21% | +20.76% | +79.13% | +114.36% |
HEWB | +9.67% | +10.04% | +15.02% | +65.38% | +121.08% | |
| Flows | XCS | +$7 M | +$5 M | -$6 M | -$2 M | +$0 M |
HEWB | +$8 M | +$9 M | +$12 M | +$7 M | -$3 M |
XCS vs HEWB exposure
Countries
XCS
Canada
99.22%
HEWB
Canada
99.99%
Sectors
XCS
Materials
23.32%
Energy
22.51%
Other
14.43%
Real Estate
9.22%
Industrials
8.90%
Other
21.62%
HEWB
Financials
99.99%
As of May 7, 2026
Top 10 Holdings
XCS
TAMARACK VALLEY ENERGY
1.89%
METHANEX
1.87%
ATHABASCA OIL
1.83%
SPROTT
1.44%
CA3499421020
1.43%
DENISON MINES
1.40%
CA01921D2041
1.40%
BAYTEX ENERGY
1.38%
KINAXIS
1.32%
CA8139211038
1.32%
HEWB
ROYAL BK CANADA
17.10%
TORONTO DOMINION
16.90%
BNS
16.65%
BANK OF MONTREAL
16.51%
CDN IMPERIAL BK
16.48%
NATIONAL BANK OF CANADA
16.35%
Diversification
XCS
Total weight of top 10 holdings out of 233 total
15.28%
HEWB
Total weight of top 10 holdings out of 6 total
99.99%
Characteristics
Compare
XCS
HEWB
| Provider | iShares | Global X |
| Management | Passively managed | Passively managed |
| Benchmark | S&P/TSX Smallcap Total Return Index - CAD | Solactive Equal Weight Canada Banks GTR Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Capitalization |
| Trailing 12m distribution yield | 1.05% | 0.00% |
| Meets ESG criteria | No | No |
| Inception Date | May 14, 2007 | January 23, 2019 |
Frequently asked questions about XCS and HEWB
Which ETF has performed better year to date: XCS or HEWB?
As of May 7, 2026, XCS has returned 20.76% year to date, while HEWB has returned 15.02%. XCS is ahead on YTD performance.
Which ETF is larger by assets under management: XCS or HEWB?
As of May 7, 2026, XCS manages $258.63 M in assets, while HEWB manages $290.21 M. HEWB is the larger fund by AUM.
How are XCS and HEWB managed?
XCS is passively managed by iShares. It tracks the S&P/TSX Smallcap Total Return Index - CAD benchmark. HEWB is passively managed by Global X. It tracks the Solactive Equal Weight Canada Banks GTR Index - CAD benchmark.
What sectors do XCS and HEWB emphasize?
XCS is most exposed to Materials, Energy, and Real Estate. HEWB is most exposed to Financials.
Which ETF is attracting more investor flows: XCS or HEWB?
Year to date, XCS has seen -$5.80 M in net flows, compared with +$12.19 M for HEWB. HEWB has attracted more net investor money so far.
How do the fees of XCS and HEWB compare?
XCS has an expense ratio of 0.60%, while HEWB has an expense ratio of 0.28%.
What are the top holdings of XCS and HEWB?
XCS's largest holdings include TAMARACK VALLEY ENERGY and METHANEX. HEWB's top holdings include ROYAL BK CANADA, TORONTO DOMINION, and BNS.
Which ETF is more diversified: XCS or HEWB?
XCS holds 198 securities, while HEWB holds 6. On holdings count, XCS is the more diversified portfolio.
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