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CLF.TO vs. XEB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CLF.TO vs. XEB.TO

Last updated Jun 5, 2026

CLF.TO (iShares 1-5 Year Laddered Government Bond Index ETF) and XEB.TO (iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)) are both exchange-traded funds - CLF.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD, while XEB.TO is a Emerging Markets Bonds fund tracking the J.P. Morgan EMBI Global Core Hedged in CAD Index. Both are passively managed. Over the past 10 years, CLF.TO returned 1.81%/yr vs 1.44%/yr for XEB.TO. At a 0.22 correlation, their price movements are largely independent. CLF.TO charges 0.17%/yr vs 0.53%/yr for XEB.TO.

Performance

CLF.TO vs. XEB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares 1-5 Year Laddered Government Bond Index ETF (CLF.TO) and iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) (XEB.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, CLF.TO achieves a 0.91% return, which is significantly higher than XEB.TO's 0.81% return. Over the past 10 years, CLF.TO has outperformed XEB.TO with an annualized return of 1.81%, while XEB.TO has yielded a comparatively lower 1.44% annualized return.

CLF.TO

1D
0.09%
1M
0.73%
YTD
0.91%
6M
0.70%
1Y
2.48%
3Y*
4.19%
5Y*
1.74%
10Y*
1.81%

XEB.TO

1D
0.18%
1M
0.79%
YTD
0.81%
6M
0.94%
1Y
8.75%
3Y*
7.28%
5Y*
-0.04%
10Y*
1.44%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CLF.TO vs. XEB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CLF.TO
iShares 1-5 Year Laddered Government Bond Index ETF		0.91%3.36%4.82%4.58%-3.98%-1.27%5.53%3.97%1.68%-0.49%
XEB.TO
iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)		0.81%11.14%3.46%8.58%-19.80%-3.14%2.97%13.37%-7.43%8.80%

Correlation

The correlation between CLF.TO and XEB.TO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.47

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

0.51

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

0.44

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

0.31

Correlation (All Time)
Calculated using the full available price history since Apr 21, 2011

0.22

Over the past year, CLF.TO and XEB.TO have become more correlated (0.47) than their long-term average of 0.22, meaning their price movements have been converging.

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iShares 1-5 Year Laddered Government Bond Index ETF

iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)

Often compared with CLF.TO:
CLF.TO vs. XGB.TOCLF.TO vs. XSH.TOCLF.TO vs. TLTCLF.TO vs. XBB.TOCLF.TO vs. CBIL.TOCLF.TO vs. SPYCLF.TO vs. ZSP.TO
Often compared with XEB.TO:
XEB.TO vs. TDB.TOXEB.TO vs. XCB.TOXEB.TO vs. XLB.TOXEB.TO vs. ZAG.TOXEB.TO vs. VBG.NEOXEB.TO vs. XIC.TOXEB.TO vs. XUS.TO

Return for Risk

CLF.TO vs. XEB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CLF.TO
CLF.TO Risk / Return Rank: 3434
Overall Rank
CLF.TO Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
CLF.TO Sortino Ratio Rank: 3131
Sortino Ratio Rank
CLF.TO Omega Ratio Rank: 3535
Omega Ratio Rank
CLF.TO Calmar Ratio Rank: 3737
Calmar Ratio Rank
CLF.TO Martin Ratio Rank: 3434
Martin Ratio Rank
XEB.TO
XEB.TO Risk / Return Rank: 4242
Overall Rank
XEB.TO Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
XEB.TO Sortino Ratio Rank: 4242
Sortino Ratio Rank
XEB.TO Omega Ratio Rank: 4444
Omega Ratio Rank
XEB.TO Calmar Ratio Rank: 3737
Calmar Ratio Rank
XEB.TO Martin Ratio Rank: 4343
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.

CLF.TO vs. XEB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 1-5 Year Laddered Government Bond Index ETF (CLF.TO) and iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) (XEB.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.

CLF.TOXEB.TODifference
Sharpe ratioReturn per unit of total volatility
1.22
1.42

-0.21

Sortino ratioReturn per unit of downside risk
1.67
2.10

-0.43

Omega ratioGain probability vs. loss probability

1.23

1.28

-0.05

Calmar ratioReturn relative to maximum drawdown

1.80

1.78

+0.02

Martin ratioReturn relative to average drawdown

5.18

6.91

-1.73

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

CLF.TO vs. XEB.TO - Sharpe Ratio Comparison

The current CLF.TO Sharpe Ratio is 1.22, which is comparable to the XEB.TO Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of CLF.TO and XEB.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

CLF.TOXEB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.22

1.42

-0.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.59

-0.00

+0.59

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.54

0.14

+0.40

Sharpe Ratio (All Time)

Calculated using the full available price history

0.72

0.30

+0.42

Drawdowns

CLF.TO vs. XEB.TO - Drawdown Comparison

The maximum CLF.TO drawdown since its inception was -6.91%, smaller than the maximum XEB.TO drawdown of -29.53%. Use the drawdown chart below to compare losses from any high point for CLF.TO and XEB.TO.

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Drawdown Indicators

CLF.TOXEB.TODifference

Max Drawdown

Largest peak-to-trough decline

-6.91%

-29.53%

+22.62%

Max Drawdown (1Y)

Largest decline over 1 year

-1.38%

-4.94%

+3.56%

Max Drawdown (3Y)

Largest decline over 3 years

-1.42%

-8.26%

+6.84%

Max Drawdown (5Y)

Largest decline over 5 years

-6.80%

-29.47%

+22.67%

Max Drawdown (10Y)

Largest decline over 10 years

-6.91%

-29.53%

+22.62%

Current Drawdown

Current decline from peak

-0.26%

-2.23%

+1.97%

Average Drawdown

Average peak-to-trough decline

-1.08%

-6.46%

+5.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.48%

1.27%

-0.79%

Volatility

CLF.TO vs. XEB.TO - Volatility Comparison

The current volatility for iShares 1-5 Year Laddered Government Bond Index ETF (CLF.TO) is 0.72%, while iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) (XEB.TO) has a volatility of 2.47%. This indicates that CLF.TO experiences smaller price fluctuations and is considered to be less risky than XEB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CLF.TOXEB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.72%

2.47%

-1.75%

Volatility (6M)

Calculated over the trailing 6-month period

1.62%

4.89%

-3.27%

Volatility (1Y)

Calculated over the trailing 1-year period

2.04%

6.17%

-4.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.98%

9.52%

-6.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.37%

10.21%

-6.84%

CLF.TO vs. XEB.TO - Expense Ratio Comparison

CLF.TO has a 0.17% expense ratio, which is lower than XEB.TO's 0.53% expense ratio.

Dividends

CLF.TO vs. XEB.TO - Dividend Comparison

CLF.TO's dividend yield for the trailing twelve months is around 2.25%, less than XEB.TO's 4.97% yield.

PositionTTM20252024202320222021202020192018201720162015
CLF.TO
iShares 1-5 Year Laddered Government Bond Index ETF		2.25%2.22%2.22%2.23%2.10%1.98%2.81%3.93%2.67%2.91%3.12%3.29%
XEB.TO
iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)		4.97%4.98%4.68%4.00%4.26%3.23%3.45%3.65%4.95%3.81%4.31%4.60%

Frequently Asked Questions

CLF.TO and XEB.TO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CLF.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CLF.TO is cheaper with a 0.17% expense ratio, compared with 0.53% for XEB.TO.

CLF.TO is categorized as Canadian Government Bonds, while XEB.TO is Emerging Markets Bonds. CLF.TO tracks Morningstar Can 1-5Y Core Bd GR CAD, while XEB.TO tracks J.P. Morgan EMBI Global Core Hedged in CAD Index. Their fees differ too: 0.17% for CLF.TO and 0.53% for XEB.TO.

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