VBG.NEO vs. XEB.TO
VBG.NEO (Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)) and XEB.TO (iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)) are both exchange-traded funds - VBG.NEO is a Global Bonds fund tracking the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (CAD Hedged), while XEB.TO is a Emerging Markets Bonds fund tracking the J.P. Morgan EMBI Global Core Hedged in CAD Index. Both are passively managed. Over the past 10 years, VBG.NEO returned 0.33%/yr vs 1.44%/yr for XEB.TO. At a 0.36 correlation, their price movements are largely independent. VBG.NEO charges 0.39%/yr vs 0.53%/yr for XEB.TO.
Performance
VBG.NEO vs. XEB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, VBG.NEO achieves a -0.27% return, which is significantly lower than XEB.TO's 0.81% return. Over the past 10 years, VBG.NEO has underperformed XEB.TO with an annualized return of 0.33%, while XEB.TO has yielded a comparatively higher 1.44% annualized return.
VBG.NEO
- 1D
- 0.09%
- 1M
- 0.02%
- YTD
- -0.27%
- 6M
- -0.75%
- 1Y
- -0.38%
- 3Y*
- 1.83%
- 5Y*
- -1.35%
- 10Y*
- 0.33%
XEB.TO
- 1D
- 0.18%
- 1M
- 0.05%
- YTD
- 0.81%
- 6M
- 0.94%
- 1Y
- 8.40%
- 3Y*
- 7.28%
- 5Y*
- -0.04%
- 10Y*
- 1.44%
VBG.NEO vs. XEB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBG.NEO Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) | -0.27% | 0.14% | 1.68% | 6.85% | -13.38% | -3.03% | 3.87% | 6.33% | 1.34% | 1.78% |
XEB.TO iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) | 0.81% | 11.14% | 3.46% | 8.58% | -19.80% | -3.14% | 2.97% | 13.37% | -7.43% | 8.80% |
Correlation
The correlation between VBG.NEO and XEB.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2014 | 0.36 |
The correlation between VBG.NEO and XEB.TO shifts across timeframes, from 0.36 (all time) to 0.55 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
VBG.NEO vs. XEB.TO — Risk / Return Rank
VBG.NEO
XEB.TO
VBG.NEO vs. XEB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) (VBG.NEO) and iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) (XEB.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.
| VBG.NEO | XEB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.62 | ||
| Sortino ratioReturn per unit of downside risk | -2.34 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.28 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.23 | 1.78 | -2.01 |
| Martin ratioReturn relative to average drawdown | -0.55 | 6.91 | -7.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VBG.NEO | XEB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.19 | 1.42 | -1.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.26 | -0.00 | -0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.07 | 0.14 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.30 | -0.07 |
Drawdowns
VBG.NEO vs. XEB.TO - Drawdown Comparison
The maximum VBG.NEO drawdown since its inception was -17.31%, smaller than the maximum XEB.TO drawdown of -29.53%. Use the drawdown chart below to compare losses from any high point for VBG.NEO and XEB.TO.
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Drawdown Indicators
| VBG.NEO | XEB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.31% | -29.53% | +12.22% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -4.94% | +1.77% |
Max Drawdown (3Y)Largest decline over 3 years | -3.17% | -8.26% | +5.09% |
Max Drawdown (5Y)Largest decline over 5 years | -16.66% | -29.47% | +12.81% |
Max Drawdown (10Y)Largest decline over 10 years | -17.31% | -29.53% | +12.22% |
Current DrawdownCurrent decline from peak | -9.05% | -2.23% | -6.82% |
Average DrawdownAverage peak-to-trough decline | -4.86% | -6.46% | +1.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.31% | 1.27% | +0.04% |
Volatility
VBG.NEO vs. XEB.TO - Volatility Comparison
The current volatility for Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) (VBG.NEO) is 1.84%, while iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) (XEB.TO) has a volatility of 2.47%. This indicates that VBG.NEO experiences smaller price fluctuations and is considered to be less risky than XEB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBG.NEO | XEB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 2.47% | -0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 4.89% | -1.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 6.17% | -2.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.20% | 9.52% | -4.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 10.21% | -5.59% |
VBG.NEO vs. XEB.TO - Expense Ratio Comparison
VBG.NEO has a 0.39% expense ratio, which is lower than XEB.TO's 0.53% expense ratio.
Dividends
VBG.NEO vs. XEB.TO - Dividend Comparison
VBG.NEO's dividend yield for the trailing twelve months is around 3.61%, less than XEB.TO's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBG.NEO Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) | 3.61% | 3.46% | 3.25% | 3.44% | 1.14% | 2.91% | 0.64% | 2.54% | 2.34% | 1.74% | 1.41% | 1.26% |
XEB.TO iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) | 4.97% | 4.98% | 4.68% | 4.00% | 4.26% | 3.23% | 3.45% | 3.65% | 4.95% | 3.81% | 4.31% | 4.60% |
Frequently Asked Questions
VBG.NEO and XEB.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VBG.NEO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VBG.NEO is cheaper with a 0.39% expense ratio, compared with 0.53% for XEB.TO.
VBG.NEO is categorized as Global Bonds, while XEB.TO is Emerging Markets Bonds. VBG.NEO tracks Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (CAD Hedged), while XEB.TO tracks J.P. Morgan EMBI Global Core Hedged in CAD Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.39% for VBG.NEO and 0.53% for XEB.TO.
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