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CORE.TO vs. XLB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CORE.TO vs. XLB.TO

Last updated Jun 4, 2026

CORE.TO (PIMCO Canadian Core Bond Fund) and XLB.TO (iShares Core Canadian Long Term Bond Index ETF) are both Canadian Government Bonds funds. CORE.TO is actively managed, while XLB.TO is passively managed. Over the past year, CORE.TO returned 4.48% vs 2.84% for XLB.TO. Their correlation of 0.86 suggests significant overlap in exposure. CORE.TO charges 0.32%/yr vs 0.20%/yr for XLB.TO.

Performance

CORE.TO vs. XLB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in PIMCO Canadian Core Bond Fund (CORE.TO) and iShares Core Canadian Long Term Bond Index ETF (XLB.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, CORE.TO achieves a 2.24% return, which is significantly lower than XLB.TO's 2.77% return.

CORE.TO

1D
0.00%
1M
1.93%
YTD
2.24%
6M
1.42%
1Y
4.48%
3Y*
—
5Y*
—
10Y*
—

XLB.TO

1D
-0.11%
1M
3.02%
YTD
2.77%
6M
0.93%
1Y
2.84%
3Y*
8.16%
5Y*
4.63%
10Y*
4.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CORE.TO vs. XLB.TO - Yearly Performance Comparison

2026 (YTD)20252024
CORE.TO
PIMCO Canadian Core Bond Fund		2.24%4.02%0.77%
XLB.TO
iShares Core Canadian Long Term Bond Index ETF		2.77%-0.76%4.48%

Correlation

The correlation between CORE.TO and XLB.TO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.90

Correlation (All Time)
Calculated using the full available price history since Aug 20, 2024

0.86

The correlation between CORE.TO and XLB.TO has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

PIMCO Canadian Core Bond Fund

iShares Core Canadian Long Term Bond Index ETF

Often compared with CORE.TO:
CORE.TO vs. PMIF.TOCORE.TO vs. PMIF-U.TOCORE.TO vs. XBB.TOCORE.TO vs. XSH.TOCORE.TO vs. XFLB.TOCORE.TO vs. TCLB.TOCORE.TO vs. ZAG.TO
Often compared with XLB.TO:
XLB.TO vs. XBB.TOXLB.TO vs. XSB.TOXLB.TO vs. TLTXLB.TO vs. XTLT.TOXLB.TO vs. XCB.TOXLB.TO vs. ZFL.TOXLB.TO vs. XHB.TO

Return for Risk

CORE.TO vs. XLB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CORE.TO
CORE.TO Risk / Return Rank: 2929
Overall Rank
CORE.TO Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
CORE.TO Sortino Ratio Rank: 2828
Sortino Ratio Rank
CORE.TO Omega Ratio Rank: 2929
Omega Ratio Rank
CORE.TO Calmar Ratio Rank: 3131
Calmar Ratio Rank
CORE.TO Martin Ratio Rank: 2727
Martin Ratio Rank
XLB.TO
XLB.TO Risk / Return Rank: 1414
Overall Rank
XLB.TO Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
XLB.TO Sortino Ratio Rank: 1212
Sortino Ratio Rank
XLB.TO Omega Ratio Rank: 1212
Omega Ratio Rank
XLB.TO Calmar Ratio Rank: 1616
Calmar Ratio Rank
XLB.TO Martin Ratio Rank: 1414
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.

CORE.TO vs. XLB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Canadian Core Bond Fund (CORE.TO) and iShares Core Canadian Long Term Bond Index ETF (XLB.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.

CORE.TOXLB.TODifference
Sharpe ratioReturn per unit of total volatility
1.09
0.36

+0.73

Sortino ratioReturn per unit of downside risk
1.50
0.54

+0.96

Omega ratioGain probability vs. loss probability

1.19

1.07

+0.13

Calmar ratioReturn relative to maximum drawdown

1.50

0.59

+0.92

Martin ratioReturn relative to average drawdown

3.71

1.11

+2.60

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

CORE.TO vs. XLB.TO - Sharpe Ratio Comparison

The current CORE.TO Sharpe Ratio is 1.09, which is higher than the XLB.TO Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of CORE.TO and XLB.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

CORE.TOXLB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.09

0.36

+0.73

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.37

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.39

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.79

0.55

+0.24

Drawdowns

CORE.TO vs. XLB.TO - Drawdown Comparison

The maximum CORE.TO drawdown since its inception was -3.48%, smaller than the maximum XLB.TO drawdown of -24.34%. Use the drawdown chart below to compare losses from any high point for CORE.TO and XLB.TO.

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Drawdown Indicators

CORE.TOXLB.TODifference

Max Drawdown

Largest peak-to-trough decline

-3.48%

-24.34%

+20.86%

Max Drawdown (1Y)

Largest decline over 1 year

-2.99%

-4.85%

+1.86%

Max Drawdown (3Y)

Largest decline over 3 years

—

-9.74%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-24.34%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-24.34%

—

Current Drawdown

Current decline from peak

-0.27%

-2.17%

+1.90%

Average Drawdown

Average peak-to-trough decline

-1.36%

-4.05%

+2.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.21%

2.57%

-1.36%

Volatility

CORE.TO vs. XLB.TO - Volatility Comparison

The current volatility for PIMCO Canadian Core Bond Fund (CORE.TO) is 1.46%, while iShares Core Canadian Long Term Bond Index ETF (XLB.TO) has a volatility of 2.77%. This indicates that CORE.TO experiences smaller price fluctuations and is considered to be less risky than XLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CORE.TOXLB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.46%

2.77%

-1.31%

Volatility (6M)

Calculated over the trailing 6-month period

3.17%

5.77%

-2.60%

Volatility (1Y)

Calculated over the trailing 1-year period

4.13%

7.93%

-3.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.01%

12.68%

-7.67%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.01%

11.86%

-6.85%

CORE.TO vs. XLB.TO - Expense Ratio Comparison

CORE.TO has a 0.32% expense ratio, which is higher than XLB.TO's 0.20% expense ratio.

Dividends

CORE.TO vs. XLB.TO - Dividend Comparison

CORE.TO's dividend yield for the trailing twelve months is around 3.36%, less than XLB.TO's 4.01% yield.

PositionTTM20252024202320222021202020192018201720162015
CORE.TO
PIMCO Canadian Core Bond Fund		3.36%3.42%0.32%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XLB.TO
iShares Core Canadian Long Term Bond Index ETF		4.01%4.05%12.10%12.22%13.13%8.82%7.43%3.18%3.56%3.45%3.62%3.64%

Frequently Asked Questions

CORE.TO and XLB.TO have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XLB.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XLB.TO is cheaper with a 0.20% expense ratio, compared with 0.32% for CORE.TO.

They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.32% for CORE.TO and 0.20% for XLB.TO.

Portfolio Optimizer

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