USMV vs. XLB.TO
USMV (iShares MSCI USA Min Vol Factor ETF) and XLB.TO (iShares Core Canadian Long Term Bond Index ETF) are both exchange-traded funds - USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index, while XLB.TO is a Canadian Government Bonds fund tracking the Morningstar Can 10+Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, USMV returned 9.90%/yr vs -0.14%/yr for XLB.TO. At a correlation of -0.01, they often move in opposite directions. USMV charges 0.15%/yr vs 0.20%/yr for XLB.TO.
Performance
USMV vs. XLB.TO - Performance Comparison
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Different Trading Currencies
USMV is traded in USD, while XLB.TO is traded in CAD. To make them comparable, the XLB.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, USMV achieves a 2.43% return, which is significantly higher than XLB.TO's 0.25% return. Over the past 10 years, USMV has outperformed XLB.TO with an annualized return of 9.90%, while XLB.TO has yielded a comparatively lower -0.14% annualized return.
USMV
- 1D
- 0.43%
- 1M
- 1.84%
- YTD
- 2.43%
- 6M
- 2.34%
- 1Y
- 4.00%
- 3Y*
- 11.35%
- 5Y*
- 7.24%
- 10Y*
- 9.90%
XLB.TO
- 1D
- -0.39%
- 1M
- -0.19%
- YTD
- 0.25%
- 6M
- 1.39%
- 1Y
- 1.01%
- 3Y*
- 1.86%
- 5Y*
- -4.59%
- 10Y*
- -0.14%
USMV vs. XLB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USMV iShares MSCI USA Min Vol Factor ETF | 2.43% | 7.65% | 15.74% | 10.33% | -9.43% | 20.85% | 5.64% | 27.69% | 1.33% | 18.91% |
XLB.TO iShares Core Canadian Long Term Bond Index ETF | 0.25% | 3.99% | -7.15% | 11.81% | -26.31% | -4.54% | 13.88% | 17.71% | -7.99% | 14.89% |
Correlation
The correlation between USMV and XLB.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | -0.01 |
The correlation between USMV and XLB.TO shifts across timeframes, from -0.01 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
USMV vs. XLB.TO — Risk / Return Rank
USMV
XLB.TO
USMV vs. XLB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Min Vol Factor ETF (USMV) and iShares Core Canadian Long Term Bond Index ETF (XLB.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.
| USMV | XLB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.03 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | 0.18 | +0.45 |
| Martin ratioReturn relative to average drawdown | 2.06 | 0.38 | +1.68 |
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Drawdowns
USMV vs. XLB.TO - Drawdown Comparison
The maximum USMV drawdown since its inception was -33.10%, smaller than the maximum XLB.TO drawdown of -36.38%. Use the drawdown chart below to compare losses from any high point for USMV and XLB.TO.
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Drawdown Indicators
| USMV | XLB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.10% | -36.38% | +3.28% |
Max Drawdown (1Y)Largest decline over 1 year | -6.46% | -5.76% | -0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -9.36% | -14.63% | +5.27% |
Max Drawdown (5Y)Largest decline over 5 years | -17.93% | -34.20% | +16.27% |
Max Drawdown (10Y)Largest decline over 10 years | -33.10% | -36.38% | +3.28% |
Current DrawdownCurrent decline from peak | -1.40% | -24.01% | +22.61% |
Average DrawdownAverage peak-to-trough decline | -2.87% | -11.09% | +8.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 2.63% | -0.68% |
Volatility
USMV vs. XLB.TO - Volatility Comparison
The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.70%, while iShares Core Canadian Long Term Bond Index ETF (XLB.TO) has a volatility of 3.13%. This indicates that USMV experiences smaller price fluctuations and is considered to be less risky than XLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USMV | XLB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.70% | 3.13% | -0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 6.02% | 6.88% | -0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.56% | 8.96% | -0.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.36% | 13.88% | -1.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.51% | 13.36% | +1.15% |
USMV vs. XLB.TO - Expense Ratio Comparison
USMV has a 0.15% expense ratio, which is lower than XLB.TO's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
USMV vs. XLB.TO - Dividend Comparison
USMV's dividend yield for the trailing twelve months is around 1.53%, less than XLB.TO's 4.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USMV iShares MSCI USA Min Vol Factor ETF | 1.53% | 1.49% | 1.67% | 1.82% | 1.62% | 1.26% | 1.81% | 1.88% | 2.12% | 1.77% | 2.22% | 2.02% |
XLB.TO iShares Core Canadian Long Term Bond Index ETF | 4.02% | 4.05% | 3.82% | 3.73% | 3.97% | 3.03% | 2.90% | 3.18% | 3.56% | 3.45% | 3.62% | 3.64% |
Frequently Asked Questions
USMV and XLB.TO have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USMV is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USMV is cheaper with a 0.15% expense ratio, compared with 0.20% for XLB.TO.
USMV is categorized as Large Cap Blend Equities, while XLB.TO is Canadian Government Bonds. USMV tracks MSCI USA Minimum Volatility Index, while XLB.TO tracks Morningstar Can 10+Y Core Bd GR CAD. Their fees differ too: 0.15% for USMV and 0.20% for XLB.TO.
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