TIP vs. XSB.TO
TIP (iShares TIPS Bond ETF) and XSB.TO (iShares Core Canadian Short Term Bond Index ETF) are both exchange-traded funds - TIP is a Inflation-Protected Bonds fund tracking the ICE U.S. Treasury Inflation Linked Bond Index, while XSB.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, TIP returned 2.54%/yr vs 1.18%/yr for XSB.TO. At a 0.13 correlation, their price movements are largely independent. TIP charges 0.18%/yr vs 0.10%/yr for XSB.TO.
Performance
TIP vs. XSB.TO - Performance Comparison
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Different Trading Currencies
TIP is traded in USD, while XSB.TO is traded in CAD. To make them comparable, the XSB.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, TIP achieves a 1.53% return, which is significantly higher than XSB.TO's -0.79% return. Over the past 10 years, TIP has outperformed XSB.TO with an annualized return of 2.54%, while XSB.TO has yielded a comparatively lower 1.18% annualized return.
TIP
- 1D
- 0.14%
- 1M
- 0.39%
- YTD
- 1.53%
- 6M
- 1.63%
- 1Y
- 4.91%
- 3Y*
- 3.83%
- 5Y*
- 1.10%
- 10Y*
- 2.54%
XSB.TO
- 1D
- 0.04%
- 1M
- -0.68%
- YTD
- -0.79%
- 6M
- -0.15%
- 1Y
- 0.56%
- 3Y*
- 3.01%
- 5Y*
- -0.64%
- 10Y*
- 1.18%
TIP vs. XSB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 1.53% | 6.77% | 1.65% | 3.80% | -12.26% | 5.68% | 10.84% | 8.35% | -1.42% | 2.92% |
XSB.TO iShares Core Canadian Short Term Bond Index ETF | -0.74% | 8.66% | -2.39% | 7.22% | -9.76% | -1.06% | 7.75% | 7.64% | -6.28% | 7.40% |
Correlation
The correlation between TIP and XSB.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Jul 13, 2006 | 0.13 |
The correlation between TIP and XSB.TO shifts across timeframes, from 0.13 (all time) to 0.28 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TIP vs. XSB.TO — Risk / Return Rank
TIP
XSB.TO
TIP vs. XSB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares TIPS Bond ETF (TIP) 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.
| TIP | XSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.34 | ||
| Sortino ratioReturn per unit of downside risk | +2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.02 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 0.17 | +2.33 |
| Martin ratioReturn relative to average drawdown | 7.45 | 0.39 | +7.06 |
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Drawdowns
TIP vs. XSB.TO - Drawdown Comparison
The maximum TIP drawdown since its inception was -14.57%, smaller than the maximum XSB.TO drawdown of -28.27%. Use the drawdown chart below to compare losses from any high point for TIP and XSB.TO.
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Drawdown Indicators
| TIP | XSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.57% | -28.27% | +13.70% |
Max Drawdown (1Y)Largest decline over 1 year | -1.98% | -3.40% | +1.42% |
Max Drawdown (3Y)Largest decline over 3 years | -4.54% | -7.05% | +2.51% |
Max Drawdown (5Y)Largest decline over 5 years | -14.51% | -16.77% | +2.26% |
Max Drawdown (10Y)Largest decline over 10 years | -14.51% | -18.49% | +3.98% |
Current DrawdownCurrent decline from peak | -0.33% | -8.43% | +8.10% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -11.09% | +7.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 1.44% | -0.78% |
Volatility
TIP vs. XSB.TO - Volatility Comparison
The current volatility for iShares TIPS Bond ETF (TIP) is 1.03%, while iShares Core Canadian Short Term Bond Index ETF (XSB.TO) has a volatility of 1.18%. This indicates that TIP experiences smaller price fluctuations and is considered to be less risky than XSB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TIP | XSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 1.18% | -0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 2.33% | 3.64% | -1.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.38% | 4.73% | -1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.21% | 6.84% | -0.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.74% | 7.24% | -1.50% |
TIP vs. XSB.TO - Expense Ratio Comparison
TIP has a 0.18% expense ratio, which is higher than XSB.TO's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
TIP vs. XSB.TO - Dividend Comparison
TIP's dividend yield for the trailing twelve months is around 3.76%, more than XSB.TO's 3.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TIP iShares TIPS Bond ETF | 3.76% | 3.46% | 2.52% | 2.73% | 6.96% | 4.28% | 1.17% | 1.75% | 2.71% | 2.07% | 1.48% | 0.34% |
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
TIP and XSB.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSB.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSB.TO is cheaper with a 0.10% expense ratio, compared with 0.18% for TIP.
TIP is categorized as Inflation-Protected Bonds, while XSB.TO is Canadian Government Bonds. TIP tracks ICE U.S. Treasury Inflation Linked Bond Index, while XSB.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. Their fees differ too: 0.18% for TIP and 0.10% for XSB.TO.
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