QTIP.NEO vs. XRB.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Mackenzie US TIPS Index ETF (CAD-Hedged) (QTIP.NEO) and iShares Canadian Real Return Bond Index ETF (XRB.TO).

QTIP.NEO and XRB.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QTIP.NEO is a passively managed fund by Mackenzie that tracks the performance of the Solactive US Treasury Inflation-Linked Bond Hedged to CAD TR Index. It was launched on Jan 24, 2018. XRB.TO is a passively managed fund by iShares that tracks the performance of the FTSE Canada Real Return Bond Index. It was launched on Dec 19, 2005. Both QTIP.NEO and XRB.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

QTIP.NEO vs. XRB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Mackenzie US TIPS Index ETF (CAD-Hedged) (QTIP.NEO) and iShares Canadian Real Return Bond Index ETF (XRB.TO). The values are adjusted to include any dividend payments, if applicable.

QTIP.NEO vs. XRB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
QTIP.NEO Mackenzie US TIPS Index ETF (CAD-Hedged)	0.29%	4.82%	0.82%	3.50%	-12.98%	6.05%	10.16%	7.49%	-0.75%
XRB.TO iShares Canadian Real Return Bond Index ETF	1.51%	0.11%	3.98%	-2.11%	-14.98%	-1.28%	12.13%	5.96%	-0.41%

Returns By Period

In the year-to-date period, QTIP.NEO achieves a 0.29% return, which is significantly lower than XRB.TO's 1.51% return.

QTIP.NEO

• 1D: 0.30%
• 1M: -1.31%
• YTD: 0.29%
• 6M: -0.36%
• 1Y: 1.29%
• 3Y*: 1.89%
• 5Y*: 0.54%
• 10Y*: —

XRB.TO

• 1D: 0.22%
• 1M: -1.97%
• YTD: 1.51%
• 6M: 1.30%
• 1Y: -0.79%
• 3Y*: 1.19%
• 5Y*: -1.30%
• 10Y*: 0.30%

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

QTIP.NEO vs. XRB.TO - Expense Ratio Comparison

QTIP.NEO has a 0.15% expense ratio, which is lower than XRB.TO's 0.39% expense ratio.

XRB.TO

iShares Canadian Real Return Bond Index ETF

QTIP.NEO

Mackenzie US TIPS Index ETF (CAD-Hedged)

Return for Risk

QTIP.NEO vs. XRB.TO — Risk / Return Rank

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

QTIP.NEO

QTIP.NEO Risk / Return Rank: 20
QTIP.NEO Sharpe Ratio Rank: 20
QTIP.NEO Sortino Ratio Rank: 17
QTIP.NEO Omega Ratio Rank: 16
QTIP.NEO Calmar Ratio Rank: 25
QTIP.NEO Martin Ratio Rank: 22

XRB.TO

XRB.TO Risk / Return Rank: 10
XRB.TO Sharpe Ratio Rank: 10
XRB.TO Sortino Ratio Rank: 8
XRB.TO Omega Ratio Rank: 8
XRB.TO Calmar Ratio Rank: 11
XRB.TO Martin Ratio Rank: 11

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.

QTIP.NEO vs. XRB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Mackenzie US TIPS Index ETF (CAD-Hedged) (QTIP.NEO) and iShares Canadian Real Return Bond Index ETF (XRB.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.

	QTIP.NEO	XRB.TO	Difference
Sharpe ratio Return per unit of total volatility	0.32	-0.11	+0.43
Sortino ratio Return per unit of downside risk	0.46	-0.10	+0.55
Omega ratio Gain probability vs. loss probability	1.06	0.99	+0.07
Calmar ratio Return relative to maximum drawdown	0.59	-0.04	+0.63
Martin ratio Return relative to average drawdown	1.43	-0.09	+1.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QTIP.NEO vs. XRB.TO - Sharpe Ratio Comparison

The current QTIP.NEO Sharpe Ratio is 0.32, which is higher than the XRB.TO Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of QTIP.NEO and XRB.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	QTIP.NEO	XRB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.32	-0.11	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	-0.11	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.27	+0.07

Correlation

The correlation between QTIP.NEO and XRB.TO is 0.48, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

QTIP.NEO vs. XRB.TO - Dividend Comparison

QTIP.NEO's dividend yield for the trailing twelve months is around 4.31%, more than XRB.TO's 3.73% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QTIP.NEO Mackenzie US TIPS Index ETF (CAD-Hedged)	4.16%	4.54%	4.53%	5.08%	9.47%	5.24%	2.17%	2.29%	2.91%	0.00%	0.00%	0.00%
XRB.TO iShares Canadian Real Return Bond Index ETF	3.73%	3.78%	2.40%	2.40%	1.86%	1.25%	1.38%	1.74%	1.76%	1.71%	1.61%	1.63%

Drawdowns

QTIP.NEO vs. XRB.TO - Drawdown Comparison

The maximum QTIP.NEO drawdown since its inception was -15.03%, smaller than the maximum XRB.TO drawdown of -26.54%. Use the drawdown chart below to compare losses from any high point for QTIP.NEO and XRB.TO.

Drawdown Indicators

	QTIP.NEO	XRB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-15.03%	-26.54%	+11.51%
Max Drawdown (1Y) Largest decline over 1 year	-2.65%	-6.66%	+4.01%
Max Drawdown (5Y) Largest decline over 5 years	-15.03%	-26.54%	+11.51%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.54%	—
Current Drawdown Current decline from peak	-4.64%	-14.30%	+9.66%
Average Drawdown Average peak-to-trough decline	-4.80%	-7.00%	+2.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	3.34%	-2.25%

Volatility

QTIP.NEO vs. XRB.TO - Volatility Comparison

The current volatility for Mackenzie US TIPS Index ETF (CAD-Hedged) (QTIP.NEO) is 1.37%, while iShares Canadian Real Return Bond Index ETF (XRB.TO) has a volatility of 2.46%. This indicates that QTIP.NEO experiences smaller price fluctuations and is considered to be less risky than XRB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QTIP.NEO	XRB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.37%	2.46%	-1.09%
Volatility (6M) Calculated over the trailing 6-month period	2.49%	4.52%	-2.03%
Volatility (1Y) Calculated over the trailing 1-year period	4.10%	7.37%	-3.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.26%	11.89%	-5.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.36%	11.35%	-4.99%