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CIE.NEO vs. XSH.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CIE.NEO vs. XSH.TO

Last updated Jun 4, 2026

CIE.NEO (iShares International Fundamental Common Class) and XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) are both exchange-traded funds - CIE.NEO is a Global Equities fund tracking the FTSE RAFI Developed ex US 1000 Index, while XSH.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, CIE.NEO returned 11.89%/yr vs 2.82%/yr for XSH.TO. At a 0.04 correlation, their price movements are largely independent. CIE.NEO charges 0.73%/yr vs 0.10%/yr for XSH.TO.

Performance

CIE.NEO vs. XSH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares International Fundamental Common Class (CIE.NEO) and iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.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, CIE.NEO achieves a 17.83% return, which is significantly higher than XSH.TO's 1.33% return. Over the past 10 years, CIE.NEO has outperformed XSH.TO with an annualized return of 11.89%, while XSH.TO has yielded a comparatively lower 2.82% annualized return.

CIE.NEO

1D
-0.39%
1M
6.26%
YTD
17.83%
6M
19.92%
1Y
39.49%
3Y*
25.09%
5Y*
15.50%
10Y*
11.89%

XSH.TO

1D
0.00%
1M
1.13%
YTD
1.33%
6M
1.34%
1Y
3.85%
3Y*
6.05%
5Y*
2.86%
10Y*
2.82%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CIE.NEO vs. XSH.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CIE.NEO
iShares International Fundamental Common Class		17.83%34.92%12.83%15.59%-2.83%14.42%1.33%11.29%-8.19%16.74%
XSH.TO
iShares Core Canadian Short Term Corporate Bond Index ETF		1.33%4.61%7.11%6.80%-4.52%-0.81%6.28%5.02%1.28%0.78%

Correlation

The correlation between CIE.NEO and XSH.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

0.25

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

0.17

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

0.09

Correlation (All Time)
Calculated using the full available price history since Sep 22, 2011

0.04

Over the past year, CIE.NEO and XSH.TO have become more correlated (0.36) than their long-term average of 0.04, meaning their price movements have been converging.

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iShares International Fundamental Common Class

iShares Core Canadian Short Term Corporate Bond Index ETF

Often compared with CIE.NEO:
CIE.NEO vs. PXFCIE.NEO vs. VGG.TOCIE.NEO vs. SPYCIE.NEO vs. DFIVCIE.NEO vs. FCCM.NEOCIE.NEO vs. XMW.TOCIE.NEO vs. XEQT.TO
Often compared with XSH.TO:
XSH.TO vs. XSB.TOXSH.TO vs. XCB.TOXSH.TO vs. XBB.TOXSH.TO vs. XFR.TOXSH.TO vs. ZMMK.TOXSH.TO vs. ZAG.TOXSH.TO vs. CLF.TO

Return for Risk

CIE.NEO vs. XSH.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CIE.NEO
CIE.NEO Risk / Return Rank: 8282
Overall Rank
CIE.NEO Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
CIE.NEO Sortino Ratio Rank: 8686
Sortino Ratio Rank
CIE.NEO Omega Ratio Rank: 8787
Omega Ratio Rank
CIE.NEO Calmar Ratio Rank: 7272
Calmar Ratio Rank
CIE.NEO Martin Ratio Rank: 7777
Martin Ratio Rank
XSH.TO
XSH.TO Risk / Return Rank: 5353
Overall Rank
XSH.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
XSH.TO Sortino Ratio Rank: 5151
Sortino Ratio Rank
XSH.TO Omega Ratio Rank: 5757
Omega Ratio Rank
XSH.TO Calmar Ratio Rank: 5151
Calmar Ratio Rank
XSH.TO Martin Ratio Rank: 5757
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.

CIE.NEO vs. XSH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares International Fundamental Common Class (CIE.NEO) and iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.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.

CIE.NEOXSH.TODifference
Sharpe ratioReturn per unit of total volatility
2.85
1.79

+1.05

Sortino ratioReturn per unit of downside risk
3.90
2.51

+1.39

Omega ratioGain probability vs. loss probability

1.54

1.36

+0.18

Calmar ratioReturn relative to maximum drawdown

3.57

2.57

+1.01

Martin ratioReturn relative to average drawdown

14.78

10.05

+4.74

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

CIE.NEO vs. XSH.TO - Sharpe Ratio Comparison

The current CIE.NEO Sharpe Ratio is 2.85, which is higher than the XSH.TO Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of CIE.NEO and XSH.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

CIE.NEOXSH.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.85

1.79

+1.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.13

1.02

+0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.66

0.64

+0.02

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.74

-0.30

Drawdowns

CIE.NEO vs. XSH.TO - Drawdown Comparison

The maximum CIE.NEO drawdown since its inception was -40.08%, which is greater than XSH.TO's maximum drawdown of -14.24%. Use the drawdown chart below to compare losses from any high point for CIE.NEO and XSH.TO.

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Drawdown Indicators

CIE.NEOXSH.TODifference

Max Drawdown

Largest peak-to-trough decline

-40.08%

-14.24%

-25.84%

Max Drawdown (1Y)

Largest decline over 1 year

-11.10%

-1.51%

-9.59%

Max Drawdown (3Y)

Largest decline over 3 years

-15.44%

-1.51%

-13.93%

Max Drawdown (5Y)

Largest decline over 5 years

-20.55%

-7.80%

-12.75%

Max Drawdown (10Y)

Largest decline over 10 years

-40.08%

-14.24%

-25.84%

Current Drawdown

Current decline from peak

-0.39%

0.00%

-0.39%

Average Drawdown

Average peak-to-trough decline

-7.13%

-0.93%

-6.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

0.38%

+2.30%

Volatility

CIE.NEO vs. XSH.TO - Volatility Comparison

iShares International Fundamental Common Class (CIE.NEO) has a higher volatility of 4.85% compared to iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) at 0.80%. This indicates that CIE.NEO's price experiences larger fluctuations and is considered to be riskier than XSH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CIE.NEOXSH.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.85%

0.80%

+4.05%

Volatility (6M)

Calculated over the trailing 6-month period

11.56%

1.83%

+9.73%

Volatility (1Y)

Calculated over the trailing 1-year period

13.95%

2.16%

+11.79%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.85%

2.83%

+11.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.19%

4.42%

+13.77%

CIE.NEO vs. XSH.TO - Expense Ratio Comparison

CIE.NEO has a 0.73% expense ratio, which is higher than XSH.TO's 0.10% expense ratio.

Dividends

CIE.NEO vs. XSH.TO - Dividend Comparison

CIE.NEO's dividend yield for the trailing twelve months is around 2.12%, less than XSH.TO's 3.89% yield.

PositionTTM20252024202320222021202020192018201720162015
CIE.NEO
iShares International Fundamental Common Class		2.12%2.53%2.82%3.08%3.32%2.89%2.15%3.63%3.12%2.67%2.80%2.44%
XSH.TO
iShares Core Canadian Short Term Corporate Bond Index ETF		3.89%3.82%3.64%3.24%2.97%2.65%2.61%2.80%2.86%2.93%3.08%3.18%

Frequently Asked Questions

CIE.NEO and XSH.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, XSH.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XSH.TO is cheaper with a 0.10% expense ratio, compared with 0.73% for CIE.NEO.

CIE.NEO is categorized as Global Equities, while XSH.TO is Canadian Government Bonds. CIE.NEO tracks FTSE RAFI Developed ex US 1000 Index, while XSH.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. Their fees differ too: 0.73% for CIE.NEO and 0.10% for XSH.TO.

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