VS
iShares Edge MSCI Min Vol Canada Index ETF (XMV) and Harvest Low Volatility Canadian Equity Income ETF (HVOI) offer distinct profiles for Canadian ETF investors. A direct comparison shows that XMV focuses its top 3 sector exposures on Finance, Energy, and Consumer Non-Cyclicals, while HVOI leans towards Finance, Energy, and Industrials. When evaluating costs, XMV features a management fee (MER) of 0.3%, compared to 0.65% for HVOI. Performance-wise, XMV has returned 12.69% year-to-date with -$16 M in net flows, whereas HVOI is at 10.36% with -$10 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
XMV
HVOI
| AuM | $397.12 M | $45.64 M |
| Management Fees | 0.30% | 0.65% |
| Exp. ratio | 0.34% | 0.65% |
| Tracking Difference | -0.44% | - |
Historical performance and flows
As of September 2, 2026
| 1M | 3M | YTD | 1Y | 3Y | ||
|---|---|---|---|---|---|---|
| Perf. | XMV | -1.16% | +4.08% | +12.69% | +20.23% | +74.52% |
HVOI | -0.31% | +4.40% | +10.36% | +16.00% | - | |
| Flows | XMV | +$3 M | -$33 M | -$16 M | -$0 M | +$82 M |
HVOI | -$0 M | -$34 M | -$10 M | -$0 M | - |
XMV vs HVOI exposure
Countries
XMV
Canada
95.00%
HVOI
Canada
96.70%
Sectors
XMV
Finance
37.09%
Energy
14.44%
Consumer Non-Cyclicals
9.63%
Industrials
8.22%
Non-Energy Materials
7.54%
Utilities
7.31%
Other
15.78%
HVOI
Finance
39.27%
Energy
13.46%
Industrials
9.86%
Utilities
7.70%
Consumer Non-Cyclicals
7.61%
Other
22.10%
As of September 2, 2026
Top 10 Holdings
XMV
Bank of Montreal
3.34%
Royal Bank of Canada
3.30%
The Bank of Nova Scotia
3.28%
Canadian National Railway Co.
3.23%
The Toronto-Dominion Bank
3.20%
Great-West Lifeco, Inc.
3.19%
Canadian Imperial Bank of Commerce
3.03%
Fortis, Inc.
2.94%
National Bank of Canada
2.91%
Canadian Pacific Kansas City Ltd.
2.83%
HVOI
Bank of Montreal
4.29%
The Bank of Nova Scotia
4.23%
The Toronto-Dominion Bank
4.16%
Canadian Imperial Bank of Commerce
4.11%
National Bank of Canada
4.04%
Royal Bank of Canada
4.01%
Canadian Pacific Kansas City Ltd.
3.94%
Sun Life Financial, Inc.
3.91%
Canadian National Railway Co.
3.83%
Fortis, Inc.
3.55%
Diversification
XMV
Total weight of top 10 holdings out of 72 total
31.24%
HVOI
Total weight of top 10 holdings out of 40 total
40.09%
Characteristics
Compare
XMV
HVOI
| Provider | iShares | Harvest Portfolios Group |
| Management | Passively managed | Actively managed |
| Benchmark | MSCI Canada Minimum Volatility Total Return Index - CAD | - |
| Replication Method | Direct (Physical) | |
| Asset Class | Equity | Equity |
| Dividend Policy | Distributing | Distributing |
| Trailing 12m distribution yield | 2.05% | 6.78% |
| Meets ESG criteria | No | No |
| Inception Date | July 24, 2012 | April 15, 2025 |
Frequently asked questions about XMV and HVOI
Which ETF has performed better year to date: XMV or HVOI?
As of September 2, 2026, XMV has returned 12.69% year to date, while HVOI has returned 10.36%. XMV is ahead on YTD performance.
Which ETF is larger by assets under management: XMV or HVOI?
As of September 2, 2026, XMV manages $397.12 M in assets, while HVOI manages $45.64 M. XMV is the larger fund by AUM.
How are XMV and HVOI managed?
XMV is passively managed by iShares. It tracks the MSCI Canada Minimum Volatility Total Return Index - CAD benchmark. HVOI is actively managed by Harvest Portfolios Group. It does not track an index.
What sectors do XMV and HVOI emphasize?
XMV is most exposed to Finance, Energy, and Consumer Non-Cyclicals. HVOI is most exposed to Finance, Energy, and Industrials.
Which ETF is attracting more investor flows: XMV or HVOI?
Year to date, XMV has seen -$16.08 M in net flows, compared with -$9.56 M for HVOI. HVOI has attracted more net investor money so far.
How do the fees of XMV and HVOI compare?
XMV has an expense ratio of 0.34%, while HVOI has an expense ratio of 0.65%.
What are the top holdings of XMV and HVOI?
XMV's largest holdings include Bank of Montreal, Royal Bank of Canada, and The Bank of Nova Scotia. HVOI's top holdings include Bank of Montreal, The Bank of Nova Scotia, and The Toronto-Dominion Bank.
Which ETF is more diversified: XMV or HVOI?
XMV holds 72 securities, while HVOI holds 40. On holdings count, XMV is the more diversified portfolio.
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All content on the ETF Market Canada is for your general information use only, Cboe is not responsible for any use of content by you outside this scope. In particular, the content does not constitute any form of advice, recommendation, representation, endorsement or arrangement by Cboe and is not intended to be relied upon by users in making (or refraining from making) any specific investment or other decisions.