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CBO.TO vs. XEF.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CBO.TO vs. XEF.TO

Last updated Jun 4, 2026

CBO.TO (iShares 1-5 Year Laddered Corporate Bond Index ETF) and XEF.TO (iShares Core MSCI EAFE IMI Index ETF) are both exchange-traded funds - CBO.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD, while XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD). Both are passively managed. Over the past 10 years, CBO.TO returned 2.50%/yr vs 9.77%/yr for XEF.TO. At a 0.10 correlation, their price movements are largely independent. CBO.TO charges 0.28%/yr vs 0.23%/yr for XEF.TO.

Performance

CBO.TO vs. XEF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CBO.TO achieves a 1.02% return, which is significantly lower than XEF.TO's 9.95% return. Over the past 10 years, CBO.TO has underperformed XEF.TO with an annualized return of 2.50%, while XEF.TO has yielded a comparatively higher 9.77% annualized return.

CBO.TO

1D
-0.05%
1M
0.94%
YTD
1.02%
6M
1.01%
1Y
3.73%
3Y*
5.68%
5Y*
2.60%
10Y*
2.50%

XEF.TO

1D
-0.41%
1M
5.38%
YTD
9.95%
6M
10.72%
1Y
23.12%
3Y*
17.83%
5Y*
10.89%
10Y*
9.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CBO.TO vs. XEF.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CBO.TO
iShares 1-5 Year Laddered Corporate Bond Index ETF		1.02%4.69%6.82%6.47%-4.89%-1.04%5.84%4.54%1.27%0.52%
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		9.95%25.69%12.04%15.21%-9.53%10.36%6.13%15.86%-6.65%18.19%

Correlation

The correlation between CBO.TO and XEF.TO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.36

Correlation (3Y)
Calculated over the trailing 3-year period

0.30

Correlation (5Y)
Calculated over the trailing 5-year period

0.25

Correlation (10Y)
Calculated over the trailing 10-year period

0.14

Correlation (All Time)
Calculated using the full available price history since Apr 16, 2013

0.10

Over the past year, CBO.TO and XEF.TO have become more correlated (0.36) than their long-term average of 0.10, meaning their price movements have been converging.

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iShares 1-5 Year Laddered Corporate Bond Index ETF

iShares Core MSCI EAFE IMI Index ETF

Often compared with CBO.TO:
CBO.TO vs. XSH.TOCBO.TO vs. CBH.TOCBO.TO vs. CBIL.TOCBO.TO vs. CLF.TOCBO.TO vs. XHB.TOCBO.TO vs. XSB.TOCBO.TO vs. ZCS.TO
Often compared with XEF.TO:
XEF.TO vs. XEC.TOXEF.TO vs. VIU.TOXEF.TO vs. ZEA.TOXEF.TO vs. XFH.TOXEF.TO vs. IEFAXEF.TO vs. XIC.TOXEF.TO vs. XEF-U.TO

Return for Risk

CBO.TO vs. XEF.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CBO.TO
CBO.TO Risk / Return Rank: 4747
Overall Rank
CBO.TO Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
CBO.TO Sortino Ratio Rank: 4646
Sortino Ratio Rank
CBO.TO Omega Ratio Rank: 4545
Omega Ratio Rank
CBO.TO Calmar Ratio Rank: 4747
Calmar Ratio Rank
CBO.TO Martin Ratio Rank: 5151
Martin Ratio Rank
XEF.TO
XEF.TO Risk / Return Rank: 4747
Overall Rank
XEF.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
XEF.TO Sortino Ratio Rank: 4848
Sortino Ratio Rank
XEF.TO Omega Ratio Rank: 4848
Omega Ratio Rank
XEF.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
XEF.TO Martin Ratio Rank: 4848
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBO.TO vs. XEF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO.TO) and iShares Core MSCI EAFE IMI Index ETF (XEF.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.

CBO.TOXEF.TODifference
Sharpe ratioReturn per unit of total volatility
1.57
1.68

-0.11

Sortino ratioReturn per unit of downside risk
2.29
2.41

-0.12

Omega ratioGain probability vs. loss probability

1.29

1.31

-0.03

Calmar ratioReturn relative to maximum drawdown

2.32

2.06

+0.26

Martin ratioReturn relative to average drawdown

8.72

8.22

+0.50

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBO.TO vs. XEF.TO - Sharpe Ratio Comparison

The current CBO.TO Sharpe Ratio is 1.57, which is comparable to the XEF.TO Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of CBO.TO and XEF.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.

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Sharpe Ratios by Period

CBO.TOXEF.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.57

1.68

-0.11

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.88

0.81

+0.08

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.70

0.66

+0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.94

0.71

+0.24

Drawdowns

CBO.TO vs. XEF.TO - Drawdown Comparison

The maximum CBO.TO drawdown since its inception was -11.67%, smaller than the maximum XEF.TO drawdown of -28.51%. Use the drawdown chart below to compare losses from any high point for CBO.TO and XEF.TO.

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Drawdown Indicators

CBO.TOXEF.TODifference

Max Drawdown

Largest peak-to-trough decline

-11.67%

-28.51%

+16.84%

Max Drawdown (1Y)

Largest decline over 1 year

-1.61%

-11.27%

+9.66%

Max Drawdown (3Y)

Largest decline over 3 years

-1.61%

-14.32%

+12.71%

Max Drawdown (5Y)

Largest decline over 5 years

-8.22%

-24.58%

+16.36%

Max Drawdown (10Y)

Largest decline over 10 years

-11.67%

-28.51%

+16.84%

Current Drawdown

Current decline from peak

-0.05%

-1.09%

+1.04%

Average Drawdown

Average peak-to-trough decline

-0.96%

-4.62%

+3.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.43%

2.82%

-2.39%

Volatility

CBO.TO vs. XEF.TO - Volatility Comparison

The current volatility for iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO.TO) is 0.83%, while iShares Core MSCI EAFE IMI Index ETF (XEF.TO) has a volatility of 4.77%. This indicates that CBO.TO experiences smaller price fluctuations and is considered to be less risky than XEF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CBO.TOXEF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.83%

4.77%

-3.94%

Volatility (6M)

Calculated over the trailing 6-month period

1.86%

11.56%

-9.70%

Volatility (1Y)

Calculated over the trailing 1-year period

2.39%

13.85%

-11.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.97%

13.58%

-10.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.59%

14.85%

-11.26%

CBO.TO vs. XEF.TO - Expense Ratio Comparison

CBO.TO has a 0.28% expense ratio, which is higher than XEF.TO's 0.23% expense ratio.

Dividends

CBO.TO vs. XEF.TO - Dividend Comparison

CBO.TO's dividend yield for the trailing twelve months is around 3.45%, more than XEF.TO's 2.21% yield.

PositionTTM20252024202320222021202020192018201720162015
CBO.TO
iShares 1-5 Year Laddered Corporate Bond Index ETF		3.45%3.37%3.09%2.81%2.67%2.55%2.55%2.65%2.74%2.80%3.03%3.86%
XEF.TO
iShares Core MSCI EAFE IMI Index ETF		2.21%2.43%2.76%2.75%2.93%2.42%1.93%2.72%2.76%2.10%2.42%2.42%

Frequently Asked Questions

CBO.TO and XEF.TO have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEF.TO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEF.TO is cheaper with a 0.23% expense ratio, compared with 0.28% for CBO.TO.

CBO.TO is categorized as Canadian Government Bonds, while XEF.TO is Foreign Large Cap Equities. CBO.TO tracks Morningstar Can 1-5Y Core Bd GR CAD, while XEF.TO tracks MSCI EAFE Investable Market Index (CAD). Their fees differ too: 0.28% for CBO.TO and 0.23% for XEF.TO.

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