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CLG.TO vs. XSP.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CLG.TO vs. XSP.TO

Last updated Jun 4, 2026

CLG.TO (iShares 1-10 Year Laddered Government Bond Index ETF) and XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) are both exchange-traded funds - CLG.TO is a Canadian Government Bonds fund tracking the Morningstar Can Core Bd GR CAD, while XSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, CLG.TO returned 1.52%/yr vs 13.79%/yr for XSP.TO. At a correlation of -0.05, they often move in opposite directions. CLG.TO charges 0.17%/yr vs 0.09%/yr for XSP.TO.

Performance

CLG.TO vs. XSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares 1-10 Year Laddered Government Bond Index ETF (CLG.TO) and iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.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, CLG.TO achieves a 1.12% return, which is significantly lower than XSP.TO's 9.64% return. Over the past 10 years, CLG.TO has underperformed XSP.TO with an annualized return of 1.52%, while XSP.TO has yielded a comparatively higher 13.79% annualized return.

CLG.TO

1D
-0.06%
1M
1.14%
YTD
1.12%
6M
0.59%
1Y
2.87%
3Y*
4.04%
5Y*
1.34%
10Y*
1.52%

XSP.TO

1D
-0.73%
1M
4.98%
YTD
9.64%
6M
9.50%
1Y
25.13%
3Y*
20.28%
5Y*
12.18%
10Y*
13.79%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CLG.TO vs. XSP.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CLG.TO
iShares 1-10 Year Laddered Government Bond Index ETF		1.12%3.35%4.30%4.82%-6.21%-2.23%6.66%3.40%1.69%-0.02%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		9.64%15.68%23.39%24.33%-19.32%27.85%15.17%29.35%-6.26%20.71%

Correlation

The correlation between CLG.TO and XSP.TO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.30

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

0.20

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

0.13

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

0.00

Correlation (All Time)
Calculated using the full available price history since Oct 27, 2011

-0.05

The correlation between CLG.TO and XSP.TO shifts across timeframes, from -0.05 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares 1-10 Year Laddered Government Bond Index ETF

iShares Core S&P 500 Index ETF (CAD-Hedged)

Often compared with CLG.TO:
CLG.TO vs. ASACLG.TO vs. GC=FCLG.TO vs. TDB.TOCLG.TO vs. SRU-UN.TOCLG.TO vs. TCLB.TOCLG.TO vs. CBIL.TOCLG.TO vs. VAB.TO
Often compared with XSP.TO:
XSP.TO vs. XUS.TOXSP.TO vs. XEQT.TOXSP.TO vs. ZSP.TOXSP.TO vs. VSP.TOXSP.TO vs. XIU.TOXSP.TO vs. VFVAXSP.TO vs. XQQ.TO

Return for Risk

CLG.TO vs. XSP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CLG.TO
CLG.TO Risk / Return Rank: 2727
Overall Rank
CLG.TO Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
CLG.TO Sortino Ratio Rank: 2424
Sortino Ratio Rank
CLG.TO Omega Ratio Rank: 2626
Omega Ratio Rank
CLG.TO Calmar Ratio Rank: 3131
Calmar Ratio Rank
CLG.TO Martin Ratio Rank: 2727
Martin Ratio Rank
XSP.TO
XSP.TO Risk / Return Rank: 6161
Overall Rank
XSP.TO Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
XSP.TO Sortino Ratio Rank: 6262
Sortino Ratio Rank
XSP.TO Omega Ratio Rank: 6262
Omega Ratio Rank
XSP.TO Calmar Ratio Rank: 5353
Calmar Ratio Rank
XSP.TO Martin Ratio Rank: 6666
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.

CLG.TO vs. XSP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 1-10 Year Laddered Government Bond Index ETF (CLG.TO) and iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.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.

CLG.TOXSP.TODifference
Sharpe ratioReturn per unit of total volatility
0.96
2.15

-1.19

Sortino ratioReturn per unit of downside risk
1.32
2.96

-1.64

Omega ratioGain probability vs. loss probability

1.18

1.39

-0.21

Calmar ratioReturn relative to maximum drawdown

1.49

2.68

-1.19

Martin ratioReturn relative to average drawdown

3.71

12.40

-8.68

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

CLG.TO vs. XSP.TO - Sharpe Ratio Comparison

The current CLG.TO Sharpe Ratio is 0.96, which is lower than the XSP.TO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of CLG.TO and XSP.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

CLG.TOXSP.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.96

2.15

-1.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.31

0.73

-0.42

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

0.76

-0.41

Sharpe Ratio (All Time)

Calculated using the full available price history

0.54

0.37

+0.17

Drawdowns

CLG.TO vs. XSP.TO - Drawdown Comparison

The maximum CLG.TO drawdown since its inception was -10.74%, smaller than the maximum XSP.TO drawdown of -57.82%. Use the drawdown chart below to compare losses from any high point for CLG.TO and XSP.TO.

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Drawdown Indicators

CLG.TOXSP.TODifference

Max Drawdown

Largest peak-to-trough decline

-10.74%

-57.82%

+47.08%

Max Drawdown (1Y)

Largest decline over 1 year

-1.93%

-9.41%

+7.48%

Max Drawdown (3Y)

Largest decline over 3 years

-3.38%

-18.77%

+15.39%

Max Drawdown (5Y)

Largest decline over 5 years

-9.96%

-25.44%

+15.48%

Max Drawdown (10Y)

Largest decline over 10 years

-10.74%

-36.05%

+25.31%

Current Drawdown

Current decline from peak

-0.56%

-0.73%

+0.17%

Average Drawdown

Average peak-to-trough decline

-2.00%

-12.11%

+10.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.77%

2.03%

-1.26%

Volatility

CLG.TO vs. XSP.TO - Volatility Comparison

The current volatility for iShares 1-10 Year Laddered Government Bond Index ETF (CLG.TO) is 1.13%, while iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) has a volatility of 3.25%. This indicates that CLG.TO experiences smaller price fluctuations and is considered to be less risky than XSP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CLG.TOXSP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.13%

3.25%

-2.12%

Volatility (6M)

Calculated over the trailing 6-month period

2.34%

8.99%

-6.65%

Volatility (1Y)

Calculated over the trailing 1-year period

3.00%

11.75%

-8.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.31%

16.75%

-12.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.34%

18.19%

-13.85%

CLG.TO vs. XSP.TO - Expense Ratio Comparison

CLG.TO has a 0.17% expense ratio, which is higher than XSP.TO's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CLG.TO vs. XSP.TO - Dividend Comparison

CLG.TO's dividend yield for the trailing twelve months is around 2.54%, more than XSP.TO's 1.12% yield.

PositionTTM20252024202320222021202020192018201720162015
CLG.TO
iShares 1-10 Year Laddered Government Bond Index ETF		2.54%2.54%2.53%2.51%2.55%2.61%2.59%2.88%3.02%3.17%3.25%3.34%
XSP.TO
iShares Core S&P 500 Index ETF (CAD-Hedged)		1.12%1.23%1.09%1.18%1.37%1.00%1.31%1.73%1.84%1.47%1.75%1.86%

Frequently Asked Questions

CLG.TO and XSP.TO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.17% for CLG.TO.

CLG.TO is categorized as Canadian Government Bonds, while XSP.TO is S&P 500. CLG.TO tracks Morningstar Can Core Bd GR CAD, while XSP.TO tracks S&P 500 Index. Their fees differ too: 0.17% for CLG.TO and 0.09% for XSP.TO.

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