HFR.TO vs. XHB.TO
HFR.TO (Global X Active Ultra-Short Term Investment Grade Bond ETF) and XHB.TO (iShares Canadian HYBrid Corporate Bond Index ETF) are both exchange-traded funds - HFR.TO is a Ultrashort Bond fund actively managed by Global X, while XHB.TO is a Corporate Bonds fund tracking the Morningstar Can Corp Bd GR CAD. HFR.TO is actively managed, while XHB.TO is passively managed. Over the past 10 years, HFR.TO returned 3.28%/yr vs 5.63%/yr for XHB.TO. At a 0.08 correlation, their price movements are largely independent. HFR.TO charges 0.46%/yr vs 0.50%/yr for XHB.TO.
Performance
HFR.TO vs. XHB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HFR.TO achieves a 1.32% return, which is significantly lower than XHB.TO's 2.17% return. Over the past 10 years, HFR.TO has underperformed XHB.TO with an annualized return of 3.28%, while XHB.TO has yielded a comparatively higher 5.63% annualized return.
HFR.TO
- 1D
- 0.05%
- 1M
- 0.54%
- YTD
- 1.32%
- 6M
- 1.44%
- 1Y
- 3.76%
- 3Y*
- 5.69%
- 5Y*
- 3.88%
- 10Y*
- 3.28%
XHB.TO
- 1D
- 0.00%
- 1M
- 1.76%
- YTD
- 2.17%
- 6M
- 2.20%
- 1Y
- 5.90%
- 3Y*
- 9.70%
- 5Y*
- 5.68%
- 10Y*
- 5.63%
HFR.TO vs. XHB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HFR.TO Global X Active Ultra-Short Term Investment Grade Bond ETF | 1.32% | 4.04% | 6.89% | 7.86% | -0.77% | 0.70% | 3.51% | 4.41% | 0.83% | 2.34% |
XHB.TO iShares Canadian HYBrid Corporate Bond Index ETF | 2.17% | 5.34% | 11.53% | 14.52% | -6.53% | 2.10% | 11.03% | 10.73% | 0.59% | 4.49% |
Correlation
The correlation between HFR.TO and XHB.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Dec 14, 2010 | 0.08 |
Over the past year, HFR.TO and XHB.TO have become more correlated (0.34) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
HFR.TO vs. XHB.TO — Risk / Return Rank
HFR.TO
XHB.TO
HFR.TO vs. XHB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR.TO) and iShares Canadian HYBrid Corporate Bond Index ETF (XHB.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.
| HFR.TO | XHB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.36 | ||
| Sortino ratioReturn per unit of downside risk | +2.53 | ||
| Omega ratioGain probability vs. loss probability | 1.79 | 1.33 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 9.43 | 2.45 | +6.98 |
| Martin ratioReturn relative to average drawdown | 37.37 | 8.07 | +29.29 |
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
| HFR.TO | XHB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.15 | 1.80 | +1.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 2.21 | 1.02 | +1.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | 0.51 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.58 | +0.02 |
Drawdowns
HFR.TO vs. XHB.TO - Drawdown Comparison
The maximum HFR.TO drawdown since its inception was -22.56%, smaller than the maximum XHB.TO drawdown of -26.03%. Use the drawdown chart below to compare losses from any high point for HFR.TO and XHB.TO.
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Drawdown Indicators
| HFR.TO | XHB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.56% | -26.03% | +3.47% |
Max Drawdown (1Y)Largest decline over 1 year | -0.40% | -2.42% | +2.02% |
Max Drawdown (3Y)Largest decline over 3 years | -0.52% | -2.42% | +1.90% |
Max Drawdown (5Y)Largest decline over 5 years | -3.52% | -11.83% | +8.31% |
Max Drawdown (10Y)Largest decline over 10 years | -22.56% | -26.03% | +3.47% |
Current DrawdownCurrent decline from peak | -0.05% | 0.00% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -1.59% | +1.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.10% | 0.73% | -0.63% |
Volatility
HFR.TO vs. XHB.TO - Volatility Comparison
The current volatility for Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR.TO) is 0.28%, while iShares Canadian HYBrid Corporate Bond Index ETF (XHB.TO) has a volatility of 1.17%. This indicates that HFR.TO experiences smaller price fluctuations and is considered to be less risky than XHB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HFR.TO | XHB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.28% | 1.17% | -0.89% |
Volatility (6M)Calculated over the trailing 6-month period | 0.81% | 2.62% | -1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.20% | 3.32% | -2.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.76% | 5.61% | -3.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.77% | 11.05% | -5.28% |
HFR.TO vs. XHB.TO - Expense Ratio Comparison
HFR.TO has a 0.46% expense ratio, which is lower than XHB.TO's 0.50% expense ratio.
Dividends
HFR.TO vs. XHB.TO - Dividend Comparison
HFR.TO's dividend yield for the trailing twelve months is around 3.65%, less than XHB.TO's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HFR.TO Global X Active Ultra-Short Term Investment Grade Bond ETF | 3.65% | 3.76% | 4.50% | 5.67% | 3.39% | 1.29% | 2.69% | 2.61% | 2.35% | 2.12% | 1.97% | 2.13% |
XHB.TO iShares Canadian HYBrid Corporate Bond Index ETF | 4.52% | 4.48% | 7.49% | 8.06% | 7.74% | 5.57% | 5.47% | 5.75% | 4.07% | 4.08% | 4.35% | 4.78% |
Frequently Asked Questions
HFR.TO and XHB.TO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HFR.TO is cheaper at 0.46% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HFR.TO is cheaper with a 0.46% expense ratio, compared with 0.50% for XHB.TO.
HFR.TO is categorized as Ultrashort Bond, while XHB.TO is Corporate Bonds. They also come from different issuers: Global X and iShares. Their fees differ too: 0.46% for HFR.TO and 0.50% for XHB.TO.
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