CVD.TO vs. XSI.TO
CVD.TO (iShares Convertible Bond Index ETF) and XSI.TO (iShares Short Term Strategic Fixed Income ETF) are both High Yield Bonds funds from iShares - CVD.TO tracks the FTSE Canada Convertible Bond Index while XSI.TO tracks the Morningstar Gbl HY Bd GR CAD. Both are passively managed. Over the past 10 years, CVD.TO returned 4.53%/yr vs 2.25%/yr for XSI.TO. At a 0.10 correlation, their price movements are largely independent. CVD.TO charges 0.49%/yr vs 0.55%/yr for XSI.TO.
Performance
CVD.TO vs. XSI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CVD.TO achieves a 3.23% return, which is significantly higher than XSI.TO's 0.57% return. Over the past 10 years, CVD.TO has outperformed XSI.TO with an annualized return of 4.53%, while XSI.TO has yielded a comparatively lower 2.25% annualized return.
CVD.TO
- 1D
- -0.28%
- 1M
- 0.49%
- YTD
- 3.23%
- 6M
- 0.06%
- 1Y
- 7.61%
- 3Y*
- 7.90%
- 5Y*
- 4.33%
- 10Y*
- 4.53%
XSI.TO
- 1D
- -0.18%
- 1M
- 0.70%
- YTD
- 0.57%
- 6M
- 0.38%
- 1Y
- 3.10%
- 3Y*
- 4.94%
- 5Y*
- 1.63%
- 10Y*
- 2.25%
CVD.TO vs. XSI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CVD.TO iShares Convertible Bond Index ETF | 3.23% | 7.09% | 12.68% | 3.64% | -4.63% | 5.33% | 3.67% | 10.28% | -2.68% | 4.06% |
XSI.TO iShares Short Term Strategic Fixed Income ETF | 0.57% | 3.82% | 5.36% | 7.51% | -8.90% | 0.59% | 3.70% | 7.09% | -1.07% | 2.94% |
Correlation
The correlation between CVD.TO and XSI.TO is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2015 | 0.10 |
CVD.TO vs. XSI.TO - Sectors Allocation Comparison
Sectors
CVD.TO
XSI.TO
Real Estate
Basic Materials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Energy
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Financial Services
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Healthcare
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Industrials
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Technology
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Utilities
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Real Estate
CVD.TO
XSI.TO
Basic Materials
CVD.TO
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XSI.TO
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Communication Services
CVD.TO
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XSI.TO
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Consumer Cyclical
CVD.TO
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XSI.TO
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Consumer Defensive
CVD.TO
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XSI.TO
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Energy
CVD.TO
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XSI.TO
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Financial Services
CVD.TO
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XSI.TO
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Healthcare
CVD.TO
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XSI.TO
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Industrials
CVD.TO
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XSI.TO
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Technology
CVD.TO
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XSI.TO
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Utilities
CVD.TO
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XSI.TO
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Return for Risk
CVD.TO vs. XSI.TO — Risk / Return Rank
CVD.TO
XSI.TO
CVD.TO vs. XSI.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Convertible Bond Index ETF (CVD.TO) and iShares Short Term Strategic Fixed Income ETF (XSI.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.
| CVD.TO | XSI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.16 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.93 | 1.29 | +0.65 |
| Martin ratioReturn relative to average drawdown | 5.61 | 3.94 | +1.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CVD.TO | XSI.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 0.87 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.47 | 0.39 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | 0.39 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.46 | 0.34 | +0.12 |
Drawdowns
CVD.TO vs. XSI.TO - Drawdown Comparison
The maximum CVD.TO drawdown since its inception was -23.51%, which is greater than XSI.TO's maximum drawdown of -18.53%. Use the drawdown chart below to compare losses from any high point for CVD.TO and XSI.TO.
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Drawdown Indicators
| CVD.TO | XSI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.51% | -18.53% | -4.98% |
Max Drawdown (1Y)Largest decline over 1 year | -3.95% | -2.42% | -1.53% |
Max Drawdown (3Y)Largest decline over 3 years | -11.47% | -2.84% | -8.63% |
Max Drawdown (5Y)Largest decline over 5 years | -14.62% | -12.03% | -2.59% |
Max Drawdown (10Y)Largest decline over 10 years | -23.51% | -18.53% | -4.98% |
Current DrawdownCurrent decline from peak | -2.00% | -0.69% | -1.31% |
Average DrawdownAverage peak-to-trough decline | -2.39% | -2.26% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 0.79% | +0.57% |
Volatility
CVD.TO vs. XSI.TO - Volatility Comparison
The current volatility for iShares Convertible Bond Index ETF (CVD.TO) is 0.95%, while iShares Short Term Strategic Fixed Income ETF (XSI.TO) has a volatility of 1.39%. This indicates that CVD.TO experiences smaller price fluctuations and is considered to be less risky than XSI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVD.TO | XSI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 1.39% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 5.52% | 2.99% | +2.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.29% | 3.59% | +3.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.25% | 4.25% | +5.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.43% | 5.81% | +3.62% |
CVD.TO vs. XSI.TO - Expense Ratio Comparison
CVD.TO has a 0.49% expense ratio, which is lower than XSI.TO's 0.55% expense ratio.
Dividends
CVD.TO vs. XSI.TO - Dividend Comparison
CVD.TO's dividend yield for the trailing twelve months is around 4.95%, more than XSI.TO's 4.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVD.TO iShares Convertible Bond Index ETF | 4.95% | 4.91% | 5.14% | 5.33% | 5.05% | 4.61% | 4.48% | 4.52% | 4.97% | 4.65% | 4.51% | 4.94% |
XSI.TO iShares Short Term Strategic Fixed Income ETF | 4.36% | 4.42% | 4.43% | 4.28% | 3.49% | 2.88% | 3.04% | 3.41% | 3.31% | 3.22% | 3.30% | 3.60% |
Frequently Asked Questions
CVD.TO and XSI.TO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CVD.TO is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CVD.TO is cheaper with a 0.49% expense ratio, compared with 0.55% for XSI.TO.
CVD.TO tracks FTSE Canada Convertible Bond Index, while XSI.TO tracks Morningstar Gbl HY Bd GR CAD. Their fees differ too: 0.49% for CVD.TO and 0.55% for XSI.TO.
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