VS
Compare iShares S&P/TSX Completion Index ETF (XMD) vs iShares S&P/TSX Small Cap Index ETF (XCS) to find the best fit for your portfolio. XMD provides Non-Energy Materials, Finance, and Energy exposures, while XCS is primarily weighted in Non-Energy Materials, Energy, and Finance. When evaluating costs, XMD features a management fee (MER) of 0.55%, compared to 0.55% for XCS. Performance-wise, XMD has returned 13.49% year-to-date with +$210 M in net flows, whereas XCS is at 22.88% with -$9 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
XMD
XCS
| AuM | $878.05 M | $257.74 M |
| Management Fees | 0.55% | 0.55% |
| Exp. ratio | 0.60% | 0.60% |
| Tracking Difference | -0.91% | -0.93% |
Historical performance and flows
As of September 2, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XMD | +1.91% | -0.98% | +13.49% | +31.58% | +99.24% |
XCS | +4.66% | -0.56% | +22.88% | +45.78% | +118.27% | |
| Flows | XMD | +$31 M | +$112 M | +$210 M | +$326 M | +$380 M |
XCS | +$4 M | -$7 M | -$9 M | +$12 M | -$1 M |
XMD vs XCS exposure
Countries
XMD
Canada
90.73%
Other
9.27%
XCS
Canada
92.90%
Other
7.10%
Sectors
XMD
Non-Energy Materials
31.12%
Finance
18.25%
Energy
15.45%
Industrials
14.87%
Other
20.32%
XCS
Non-Energy Materials
28.35%
Energy
20.03%
Finance
16.41%
Industrials
12.20%
Other
23.00%
As of September 2, 2026
Top 10 Holdings
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%
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%
Diversification
XMD
Total weight of top 10 holdings out of 159 total
22.69%
XCS
Total weight of top 10 holdings out of 227 total
16.01%
Characteristics
Compare
XMD
XCS
| Provider | iShares | iShares |
| Management | Passively managed | Passively managed |
| Benchmark | S&P/TSX Completion Total Return Index - CAD | S&P/TSX Smallcap Total Return Index - CAD |
| Replication Method | Direct (Physical) | Direct (Physical) |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 0.92% | 1.23% |
| Meets ESG criteria | No | No |
| Inception Date | March 2, 2001 | May 14, 2007 |
Frequently asked questions about XMD and XCS
Which ETF has performed better year to date: XMD or XCS?
As of September 2, 2026, XMD has returned 13.49% year to date, while XCS has returned 22.88%. XCS is ahead on YTD performance.
Which ETF is larger by assets under management: XMD or XCS?
As of September 2, 2026, XMD manages $878.05 M in assets, while XCS manages $257.74 M. XMD is the larger fund by AUM.
How are XMD and XCS managed?
XMD is passively managed by iShares. It tracks the S&P/TSX Completion Total Return Index - CAD benchmark. XCS is passively managed by iShares. It tracks the S&P/TSX Smallcap Total Return Index - CAD benchmark.
What sectors do XMD and XCS emphasize?
XMD is most exposed to Non-Energy Materials, Finance, and Energy. XCS is most exposed to Non-Energy Materials, Energy, and Finance.
Which ETF is attracting more investor flows: XMD or XCS?
Year to date, XMD has seen +$209.80 M in net flows, compared with -$8.93 M for XCS. XMD has attracted more net investor money so far.
How do the fees of XMD and XCS compare?
XMD has an expense ratio of 0.60%, while XCS has an expense ratio of 0.60%.
What are the top holdings of XMD and XCS?
XMD's largest holdings include Bombardier, Inc., RB Global, Inc., and Pan American Silver Corp.. XCS's top holdings include BlackBerry Ltd. and Tamarack Valley Energy Ltd..
Which ETF is more diversified: XMD or XCS?
XMD holds 156 securities, while XCS holds 222. On holdings count, XCS is the more diversified portfolio.
Recent articles about XMD and XCS
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