HFR.TO vs. XSH.TO
HFR.TO (Global X Active Ultra-Short Term Investment Grade Bond ETF) and XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) are both exchange-traded funds - HFR.TO is a Ultrashort Bond fund actively managed by Global X, while XSH.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. HFR.TO is actively managed, while XSH.TO is passively managed. Over the past 10 years, HFR.TO returned 3.27%/yr vs 2.83%/yr for XSH.TO. At a 0.13 correlation, their price movements are largely independent. HFR.TO charges 0.46%/yr vs 0.10%/yr for XSH.TO.
Performance
HFR.TO vs. XSH.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with HFR.TO having a 1.47% return and XSH.TO slightly lower at 1.44%. Over the past 10 years, HFR.TO has outperformed XSH.TO with an annualized return of 3.27%, while XSH.TO has yielded a comparatively lower 2.83% annualized return.
HFR.TO
- 1D
- 0.00%
- 1M
- 0.39%
- YTD
- 1.47%
- 6M
- 1.59%
- 1Y
- 3.61%
- 3Y*
- 5.63%
- 5Y*
- 3.93%
- 10Y*
- 3.27%
XSH.TO
- 1D
- 0.16%
- 1M
- 0.68%
- YTD
- 1.44%
- 6M
- 1.45%
- 1Y
- 3.79%
- 3Y*
- 6.23%
- 5Y*
- 2.93%
- 10Y*
- 2.83%
HFR.TO vs. XSH.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 | 1.47% | 4.04% | 6.89% | 7.86% | -0.77% | 0.68% | 3.52% | 4.41% | 0.84% | 2.34% |
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 1.44% | 4.61% | 7.11% | 6.80% | -4.52% | -0.81% | 6.28% | 5.02% | 1.28% | 0.78% |
Correlation
The correlation between HFR.TO and XSH.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Sep 21, 2011 | 0.13 |
The correlation between HFR.TO and XSH.TO shifts across timeframes, from 0.13 (all time) to 0.29 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HFR.TO vs. XSH.TO — Risk / Return Rank
HFR.TO
XSH.TO
HFR.TO vs. XSH.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 Core Canadian Short Term Corporate Bond Index ETF (XSH.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.
| HFR.TO | XSH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +2.28 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.34 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 9.04 | 2.53 | +6.51 |
| Martin ratioReturn relative to average drawdown | 34.06 | 9.90 | +24.17 |
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Drawdowns
HFR.TO vs. XSH.TO - Drawdown Comparison
The maximum HFR.TO drawdown since its inception was -22.56%, which is greater than XSH.TO's maximum drawdown of -14.24%. Use the drawdown chart below to compare losses from any high point for HFR.TO and XSH.TO.
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Drawdown Indicators
| HFR.TO | XSH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.56% | -14.24% | -8.32% |
Max Drawdown (1Y)Largest decline over 1 year | -0.40% | -1.51% | +1.11% |
Max Drawdown (3Y)Largest decline over 3 years | -0.52% | -1.51% | +0.99% |
Max Drawdown (5Y)Largest decline over 5 years | -3.51% | -7.80% | +4.29% |
Max Drawdown (10Y)Largest decline over 10 years | -22.56% | -14.24% | -8.32% |
Current DrawdownCurrent decline from peak | 0.00% | -0.10% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -0.92% | +0.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.11% | 0.38% | -0.27% |
Volatility
HFR.TO vs. XSH.TO - Volatility Comparison
The current volatility for Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR.TO) is 0.35%, while iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) has a volatility of 0.58%. This indicates that HFR.TO experiences smaller price fluctuations and is considered to be less risky than XSH.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 | XSH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 0.58% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 0.88% | 1.80% | -0.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.25% | 2.19% | -0.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.79% | 2.84% | -1.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.78% | 4.42% | +1.36% |
HFR.TO vs. XSH.TO - Expense Ratio Comparison
HFR.TO has a 0.46% expense ratio, which is higher than XSH.TO's 0.10% expense ratio.
Dividends
HFR.TO vs. XSH.TO - Dividend Comparison
HFR.TO's dividend yield for the trailing twelve months is around 3.65%, less than XSH.TO's 3.89% 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% | 3.40% | 1.28% | 2.69% | 2.60% | 2.36% | 2.12% | 2.00% | 2.14% |
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 3.89% | 3.82% | 3.64% | 3.24% | 2.97% | 2.65% | 2.61% | 2.80% | 2.86% | 2.93% | 3.08% | 3.18% |
Frequently Asked Questions
HFR.TO and XSH.TO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSH.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSH.TO is cheaper with a 0.10% expense ratio, compared with 0.46% for HFR.TO.
HFR.TO is categorized as Ultrashort Bond, while XSH.TO is Canadian Government Bonds. They also come from different issuers: Global X and iShares. Their fees differ too: 0.46% for HFR.TO and 0.10% for XSH.TO.
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