HBB.TO vs. HAD.TO

Last updated Jul 18, 2026

HBB.TO (Global X Canadian Select Universe Bond Index Corporate Class ETF) and HAD.TO (Global X Active Canadian Bond ETF) are both Total Bond Market funds from Global X. HBB.TO is passively managed, while HAD.TO is actively managed. Over the past 10 years, HBB.TO returned 1.16%/yr vs 1.37%/yr for HAD.TO. At a 0.35 correlation, their price movements are largely independent.

Performance

HBB.TO vs. HAD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Canadian Select Universe Bond Index Corporate Class ETF (HBB.TO) and Global X Active Canadian Bond ETF (HAD.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HBB.TO having a 0.90% return and HAD.TO slightly lower at 0.86%. Over the past 10 years, HBB.TO has underperformed HAD.TO with an annualized return of 1.16%, while HAD.TO has yielded a comparatively higher 1.37% annualized return.

HBB.TO

• 1D: -0.18%
• 1M: -0.65%
• 6M: 0.24%
• YTD: 0.90%
• 1Y: 3.56%
• 3Y*: 3.70%
• 5Y*: -0.08%
• 10Y*: 1.16%

HAD.TO

• 1D: -0.11%
• 1M: -0.58%
• 6M: 0.53%
• YTD: 0.86%
• 1Y: 4.35%
• 3Y*: 4.30%
• 5Y*: 0.22%
• 10Y*: 1.37%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HBB.TO vs. HAD.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HBB.TO Global X Canadian Select Universe Bond Index Corporate Class ETF	0.90%	1.84%	3.96%	5.76%	-11.94%	-2.35%	8.33%	5.81%	1.19%	1.98%
HAD.TO Global X Active Canadian Bond ETF	0.86%	3.04%	4.29%	6.25%	-12.17%	-4.66%	9.99%	5.62%	2.59%	4.69%

Correlation

The correlation between HBB.TO and HAD.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since May 8, 2014	0.35

The correlation between HBB.TO and HAD.TO shifts across timeframes, from 0.35 (all time) to 0.48 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HBB.TO vs. HAD.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HBB.TO

HBB.TO Risk / Return Rank: 28
HBB.TO Sharpe Ratio Rank: 29
HBB.TO Sortino Ratio Rank: 25
HBB.TO Omega Ratio Rank: 26
HBB.TO Calmar Ratio Rank: 32
HBB.TO Martin Ratio Rank: 29

HAD.TO

HAD.TO Risk / Return Rank: 32
HAD.TO Sharpe Ratio Rank: 31
HAD.TO Sortino Ratio Rank: 31
HAD.TO Omega Ratio Rank: 30
HAD.TO Calmar Ratio Rank: 36
HAD.TO Martin Ratio Rank: 34

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.

HBB.TO vs. HAD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Canadian Select Universe Bond Index Corporate Class ETF (HBB.TO) and Global X Active Canadian Bond ETF (HAD.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HBB.TO	HAD.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.81	0.88	-0.07
Sortino ratio: Return per unit of downside risk	1.12	1.32	-0.20
Omega ratio: Gain probability vs. loss probability	1.15	1.16	-0.02
Calmar ratio: Return relative to maximum drawdown	1.28	1.43	-0.15
Martin ratio: Return relative to average drawdown	3.08	3.77	-0.69

HBB.TO vs. HAD.TO - Sharpe Ratio Comparison

The current HBB.TO Sharpe Ratio is 0.81, which is comparable to the HAD.TO Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of HBB.TO and HAD.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.

Drawdowns

HBB.TO vs. HAD.TO - Drawdown Comparison

The maximum HBB.TO drawdown since its inception was -18.23%, smaller than the maximum HAD.TO drawdown of -22.77%. Use the drawdown chart below to compare losses from any high point for HBB.TO and HAD.TO.

Drawdown Indicators

	HBB.TO	HAD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-18.23%	-22.77%	+4.54%
Max Drawdown (1Y) Largest decline over 1 year	-2.78%	-3.05%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-5.16%	-5.95%	+0.79%
Max Drawdown (5Y) Largest decline over 5 years	-16.19%	-17.19%	+1.00%
Max Drawdown (10Y) Largest decline over 10 years	-18.23%	-22.77%	+4.54%
Current Drawdown Current decline from peak	-3.52%	-4.49%	+0.97%
Average Drawdown Average peak-to-trough decline	-4.56%	-5.45%	+0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	1.16%	0.00%

Volatility

HBB.TO vs. HAD.TO - Volatility Comparison

The current volatility for Global X Canadian Select Universe Bond Index Corporate Class ETF (HBB.TO) is 1.20%, while Global X Active Canadian Bond ETF (HAD.TO) has a volatility of 1.46%. This indicates that HBB.TO experiences smaller price fluctuations and is considered to be less risky than HAD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBB.TO	HAD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	1.46%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	3.45%	3.60%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	4.39%	4.94%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.55%	7.05%	-0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.09%	8.90%	-1.81%

Dividends

HBB.TO vs. HAD.TO - Dividend Comparison

HBB.TO has not paid dividends to shareholders, while HAD.TO's dividend yield for the trailing twelve months is around 3.73%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAD.TO Global X Active Canadian Bond ETF	3.73%	3.46%	3.14%	3.04%	3.12%	2.09%	2.04%	2.29%	2.64%	2.85%	2.96%	2.61%
HBB.TO Global X Canadian Select Universe Bond Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HBB.TO and HAD.TO in my portfolio?

HBB.TO and HAD.TO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.