PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
THE.TO vs. XSB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

THE.TO vs. XSB.TO

Last updated Jun 25, 2026

THE.TO (TD International Equity CAD Hedged Index ETF) and XSB.TO (iShares Core Canadian Short Term Bond Index ETF) are both exchange-traded funds - THE.TO is a International Equity fund tracking the Solactive GBS Developed Markets ex North America Large & Mid Cap Hedged to CAD Index, while XSB.TO is a Short-Term Bond fund tracking the FTSE Canada Short Term Overall Bond Index. Both are passively managed. Over the past 10 years, THE.TO returned 11.78%/yr vs 2.01%/yr for XSB.TO. At a 0.01 correlation, their price movements are largely independent.

Performance

THE.TO vs. XSB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD International Equity CAD Hedged Index ETF (THE.TO) and iShares Core Canadian Short Term Bond Index ETF (XSB.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, THE.TO achieves a 10.71% return, which is significantly higher than XSB.TO's 1.36% return. Over the past 10 years, THE.TO has outperformed XSB.TO with an annualized return of 11.78%, while XSB.TO has yielded a comparatively lower 2.01% annualized return.

THE.TO

1D
0.00%
1M
2.08%
YTD
10.71%
6M
10.53%
1Y
25.19%
3Y*
17.14%
5Y*
11.89%
10Y*
11.78%

XSB.TO

1D
0.11%
1M
0.52%
YTD
1.36%
6M
1.33%
1Y
3.11%
3Y*
5.03%
5Y*
2.15%
10Y*
2.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

THE.TO vs. XSB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
THE.TO
TD International Equity CAD Hedged Index ETF		10.71%21.73%12.55%18.49%-7.02%16.77%1.71%20.59%-9.06%16.28%
XSB.TO
iShares Core Canadian Short Term Bond Index ETF		1.36%3.70%5.87%4.67%-4.04%-1.11%5.20%3.20%1.60%0.13%

Correlation

The correlation between THE.TO and XSB.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

0.13

Correlation (5Y)
Calculated over the trailing 5-year period

0.05

Correlation (10Y)
Calculated over the trailing 10-year period

0.02

Correlation (All Time)
Calculated using the full available price history since Mar 30, 2016

0.01

Over the past year, THE.TO and XSB.TO have become more correlated (0.26) than their long-term average of 0.01, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

TD International Equity CAD Hedged Index ETF

iShares Core Canadian Short Term Bond Index ETF

Often compared with THE.TO:
THE.TO vs. QDXH.TOTHE.TO vs. TCSH.TOTHE.TO vs. KNGX.TOTHE.TO vs. VXM.TOTHE.TO vs. TEQT.TOTHE.TO vs. ZLB.TOTHE.TO vs. FLVI.NEO
Often compared with XSB.TO:
XSB.TO vs. XBB.TOXSB.TO vs. ZAG.TOXSB.TO vs. VSB.TOXSB.TO vs. XSH.TOXSB.TO vs. XCB.TOXSB.TO vs. XLB.TOXSB.TO vs. ZCS.TO

Return for Risk

THE.TO vs. XSB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
THE.TO
THE.TO Risk / Return Rank: 6868
Overall Rank
THE.TO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
THE.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
THE.TO Omega Ratio Rank: 7272
Omega Ratio Rank
THE.TO Calmar Ratio Rank: 6262
Calmar Ratio Rank
THE.TO Martin Ratio Rank: 6565
Martin Ratio Rank
XSB.TO
XSB.TO Risk / Return Rank: 4949
Overall Rank
XSB.TO Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
XSB.TO Sortino Ratio Rank: 5050
Sortino Ratio Rank
XSB.TO Omega Ratio Rank: 5454
Omega Ratio Rank
XSB.TO Calmar Ratio Rank: 4747
Calmar Ratio Rank
XSB.TO Martin Ratio Rank: 4646
Martin Ratio Rank
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.

THE.TO vs. XSB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD International Equity CAD Hedged Index ETF (THE.TO) and iShares Core Canadian Short Term Bond Index ETF (XSB.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.

THE.TOXSB.TODifference
Sharpe ratioReturn per unit of total volatility
1.98
1.55

+0.42

Sortino ratioReturn per unit of downside risk
2.85
2.22

+0.63

Omega ratioGain probability vs. loss probability

1.37

1.30

+0.07

Calmar ratioReturn relative to maximum drawdown

2.67

2.12

+0.55

Martin ratioReturn relative to average drawdown

10.38

7.02

+3.36

THE.TO vs. XSB.TO - Sharpe Ratio Comparison

The current THE.TO Sharpe Ratio is 1.98, which is comparable to the XSB.TO Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of THE.TO and XSB.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.

Loading charts...

Drawdowns

THE.TO vs. XSB.TO - Drawdown Comparison

The maximum THE.TO drawdown since its inception was -32.08%, which is greater than XSB.TO's maximum drawdown of -8.65%. Use the drawdown chart below to compare losses from any high point for THE.TO and XSB.TO.

Loading charts...

Drawdown Indicators

THE.TOXSB.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.08%

-8.65%

-23.43%

Max Drawdown (1Y)

Largest decline over 1 year

-9.47%

-1.47%

-8.00%

Max Drawdown (3Y)

Largest decline over 3 years

-14.69%

-1.47%

-13.22%

Max Drawdown (5Y)

Largest decline over 5 years

-15.55%

-6.99%

-8.56%

Max Drawdown (10Y)

Largest decline over 10 years

-32.08%

-8.65%

-23.43%

Current Drawdown

Current decline from peak

-1.56%

0.00%

-1.56%

Average Drawdown

Average peak-to-trough decline

-3.71%

-0.79%

-2.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.43%

0.44%

+1.99%

Volatility

THE.TO vs. XSB.TO - Volatility Comparison

TD International Equity CAD Hedged Index ETF (THE.TO) has a higher volatility of 4.19% compared to iShares Core Canadian Short Term Bond Index ETF (XSB.TO) at 0.50%. This indicates that THE.TO's price experiences larger fluctuations and is considered to be riskier than XSB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

THE.TOXSB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.19%

0.50%

+3.69%

Volatility (6M)

Calculated over the trailing 6-month period

10.64%

1.63%

+9.01%

Volatility (1Y)

Calculated over the trailing 1-year period

12.81%

2.01%

+10.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.27%

2.72%

+11.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.22%

3.40%

+13.82%

Dividends

THE.TO vs. XSB.TO - Dividend Comparison

THE.TO's dividend yield for the trailing twelve months is around 2.35%, less than XSB.TO's 3.10% yield.

PositionTTM20252024202320222021202020192018201720162015
THE.TO
TD International Equity CAD Hedged Index ETF		2.35%2.57%2.73%2.65%3.46%2.20%2.47%2.52%3.52%2.87%2.10%0.00%
XSB.TO
iShares Core Canadian Short Term Bond Index ETF		3.10%3.15%3.05%2.67%2.28%2.05%2.21%2.39%2.39%2.36%2.36%2.50%

Frequently Asked Questions

THE.TO and XSB.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.

THE.TO is categorized as International Equity, while XSB.TO is Short-Term Bond. THE.TO tracks Solactive GBS Developed Markets ex North America Large & Mid Cap Hedged to CAD Index, while XSB.TO tracks FTSE Canada Short Term Overall Bond Index. They also come from different issuers: TD and iShares.

Portfolio Optimizer

Find the right allocation for THE.TO and XSB.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer