VS
Compare iShares S&P/TSX Small Cap Index ETF (XCS) vs iShares S&P/TSX Completion Index ETF (XMD) to find the best fit for your portfolio. XCS provides Non-Energy Materials, Energy, and Finance exposures, while XMD is primarily weighted in Non-Energy Materials, Finance, and Energy. When evaluating costs, XCS features a management fee (MER) of 0.55%, compared to 0.55% for XMD. Performance-wise, XCS has returned 21.69% year-to-date with -$9 M in net flows, whereas XMD is at 12.92% with +$222 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
XMD
| AuM | $255.23 M | $885.62 M |
| Management Fees | 0.55% | 0.55% |
| Exp. ratio | 0.60% | 0.60% |
| Tracking Difference | -0.93% | -0.91% |
Historical performance and flows
As of September 17, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XCS | -0.80% | +2.28% | +21.69% | +40.57% | +116.68% |
XMD | -1.46% | +1.14% | +12.92% | +26.70% | +98.41% | |
| Flows | XCS | +$0 M | -$7 M | -$9 M | -$9 M | -$1 M |
XMD | +$31 M | +$112 M | +$222 M | +$333 M | +$392 M |
XCS vs XMD exposure
Countries
XCS
Canada
95.11%
XMD
Canada
92.02%
Other
7.98%
Sectors
XCS
Non-Energy Materials
30.88%
Energy
20.03%
Finance
16.41%
Industrials
12.20%
Other
20.47%
XMD
Non-Energy Materials
32.40%
Finance
18.25%
Energy
15.45%
Industrials
14.87%
Other
19.03%
As of September 17, 2026
Top 10 Holdings
XCS
BlackBerry Ltd.
2.16%
Tamarack Valley Energy Ltd.
2.15%
Methanex Corp.
1.73%
Athabasca Oil Corp.
1.70%
Kinaxis, Inc.
1.50%
Secure Waste Infrastructure Corp.
1.46%
Dream Industrial Real Estate Investment Trust
1.37%
Wesdome Gold Mines Ltd.
1.34%
Ero Copper Corp.
1.33%
Aya Gold & Silver, Inc.
1.27%
XMD
Bombardier, Inc.
2.94%
RB Global, Inc.
2.90%
Pan American Silver Corp.
2.63%
Great-West Lifeco, Inc.
2.44%
Lundin Mining Corp.
2.44%
Whitecap Resources, Inc.
2.02%
ARC Resources Ltd.
1.89%
iA Financial Corp., Inc.
1.88%
Toromont Industries Ltd.
1.78%
AltaGas Ltd.
1.76%
Diversification
XCS
Total weight of top 10 holdings out of 227 total
16.01%
XMD
Total weight of top 10 holdings out of 159 total
22.69%
Characteristics
Compare
XCS
XMD
| Provider | iShares | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | S&P/TSX Smallcap Total Return Index - CAD | S&P/TSX Completion Total Return Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 1.25% | 0.93% |
| Meets ESG criteria | No | No |
| Inception Date | May 14, 2007 | March 2, 2001 |
Frequently asked questions about XCS and XMD
Which ETF has performed better year to date: XCS or XMD?
As of September 17, 2026, XCS has returned 21.69% year to date, while XMD has returned 12.92%. XCS is ahead on YTD performance.
Which ETF is larger by assets under management: XCS or XMD?
As of September 17, 2026, XCS manages $255.23 M in assets, while XMD manages $885.62 M. XMD is the larger fund by AUM.
How are XCS and XMD managed?
XCS is passively managed by iShares. It tracks the S&P/TSX Smallcap Total Return Index - CAD benchmark. XMD is passively managed by iShares. It tracks the S&P/TSX Completion Total Return Index - CAD benchmark.
What sectors do XCS and XMD emphasize?
XCS is most exposed to Non-Energy Materials, Energy, and Finance. XMD is most exposed to Non-Energy Materials, Finance, and Energy.
Which ETF is attracting more investor flows: XCS or XMD?
Year to date, XCS has seen -$8.93 M in net flows, compared with +$221.98 M for XMD. XMD has attracted more net investor money so far.
How do the fees of XCS and XMD compare?
XCS has an expense ratio of 0.60%, while XMD has an expense ratio of 0.60%.
What are the top holdings of XCS and XMD?
XCS's largest holdings include BlackBerry Ltd., Tamarack Valley Energy Ltd., and Methanex Corp.. XMD's top holdings include Bombardier, Inc., RB Global, Inc., and Pan American Silver Corp..
Which ETF is more diversified: XCS or XMD?
XCS holds 227 securities, while XMD holds 159. On holdings count, XCS is the more diversified portfolio.
Recent articles about XCS and XMD
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