PMIF-U.TO vs. XSH.TO

Last updated Jun 26, 2026

PMIF-U.TO (PIMCO Monthly Income Fund (Canada)) and XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) are both exchange-traded funds - PMIF-U.TO is a Multisector Bonds fund actively managed by PIMCO, while XSH.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. PMIF-U.TO is actively managed, while XSH.TO is passively managed. Over the past year, PMIF-U.TO returned 7.99% vs 0.25% for XSH.TO. At a 0.17 correlation, their price movements are largely independent. PMIF-U.TO charges 0.84%/yr vs 0.10%/yr for XSH.TO.

Performance

PMIF-U.TO vs. XSH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Monthly Income Fund (Canada) (PMIF-U.TO) and iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PMIF-U.TO is traded in USD, while XSH.TO is traded in CAD. To make them comparable, the XSH.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PMIF-U.TO achieves a 1.93% return, which is significantly higher than XSH.TO's -2.30% return.

PMIF-U.TO

• 1D: 0.20%
• 1M: 1.27%
• YTD: 1.93%
• 6M: 2.02%
• 1Y: 7.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XSH.TO

• 1D: -0.16%
• 1M: -2.56%
• YTD: -2.30%
• 6M: -2.35%
• 1Y: 0.25%
• 3Y*: 3.50%
• 5Y*: 0.03%
• 10Y*: 1.92%

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

PMIF-U.TO vs. XSH.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PMIF-U.TO PIMCO Monthly Income Fund (Canada)	1.93%	10.75%	5.77%	0.26%
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF	-2.30%	9.61%	-1.25%	-0.06%

Correlation

The correlation between PMIF-U.TO and XSH.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Dec 28, 2023	0.17

Return for Risk

PMIF-U.TO vs. XSH.TO — Risk / Return Rank

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

PMIF-U.TO

PMIF-U.TO Risk / Return Rank: 76
PMIF-U.TO Sharpe Ratio Rank: 84
PMIF-U.TO Sortino Ratio Rank: 88
PMIF-U.TO Omega Ratio Rank: 85
PMIF-U.TO Calmar Ratio Rank: 60
PMIF-U.TO Martin Ratio Rank: 65

XSH.TO

XSH.TO Risk / Return Rank: 65
XSH.TO Sharpe Ratio Rank: 64
XSH.TO Sortino Ratio Rank: 64
XSH.TO Omega Ratio Rank: 71
XSH.TO Calmar Ratio Rank: 62
XSH.TO Martin Ratio Rank: 65

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.

PMIF-U.TO vs. XSH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Monthly Income Fund (Canada) (PMIF-U.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.

	PMIF-U.TO	XSH.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.36	0.05	+2.31
Sortino ratio: Return per unit of downside risk	3.47	0.11	+3.35
Omega ratio: Gain probability vs. loss probability	1.45	1.01	+0.43
Calmar ratio: Return relative to maximum drawdown	2.58	0.06	+2.52
Martin ratio: Return relative to average drawdown	10.40	0.17	+10.23

PMIF-U.TO vs. XSH.TO - Sharpe Ratio Comparison

The current PMIF-U.TO Sharpe Ratio is 2.36, which is higher than the XSH.TO Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of PMIF-U.TO and XSH.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

PMIF-U.TO vs. XSH.TO - Drawdown Comparison

The maximum PMIF-U.TO drawdown since its inception was -3.11%, smaller than the maximum XSH.TO drawdown of -27.91%. Use the drawdown chart below to compare losses from any high point for PMIF-U.TO and XSH.TO.

Drawdown Indicators

	PMIF-U.TO	XSH.TO	Difference
Max Drawdown Largest peak-to-trough decline	-3.11%	-27.91%	+24.80%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-4.25%	+1.14%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.23%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.06%	—
Current Drawdown Current decline from peak	0.00%	-4.25%	+4.25%
Average Drawdown Average peak-to-trough decline	-0.54%	-9.81%	+9.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	1.50%	-0.73%

Volatility

PMIF-U.TO vs. XSH.TO - Volatility Comparison

The current volatility for PIMCO Monthly Income Fund (Canada) (PMIF-U.TO) is 1.17%, while iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) has a volatility of 1.30%. This indicates that PMIF-U.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.

Volatility by Period

	PMIF-U.TO	XSH.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	1.30%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	3.80%	-1.18%
Volatility (1Y) Calculated over the trailing 1-year period	3.40%	4.86%	-1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.88%	6.92%	-3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.88%	7.84%	-3.96%

PMIF-U.TO vs. XSH.TO - Expense Ratio Comparison

PMIF-U.TO has a 0.84% expense ratio, which is higher than XSH.TO's 0.10% expense ratio.

Dividends

PMIF-U.TO vs. XSH.TO - Dividend Comparison

PMIF-U.TO's dividend yield for the trailing twelve months is around 5.50%, more than XSH.TO's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PMIF-U.TO PIMCO Monthly Income Fund (Canada)	5.50%	5.50%	6.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF	3.91%	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

Can I hold both PMIF-U.TO and XSH.TO in my portfolio?

PMIF-U.TO and XSH.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMIF-U.TO or XSH.TO?

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.

Which ETF is cheaper, PMIF-U.TO or XSH.TO?

XSH.TO is cheaper with a 0.10% expense ratio, compared with 0.84% for PMIF-U.TO.

What is the main difference between PMIF-U.TO and XSH.TO?

PMIF-U.TO is categorized as Multisector Bonds, while XSH.TO is Canadian Government Bonds. They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.84% for PMIF-U.TO and 0.10% for XSH.TO.