VBG.NEO vs. XTLH.TO
VBG.NEO (Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)) and XTLH.TO (iShares 20+ Year U.S. Treasury 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 XTLH.TO is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (CAD-Hedged). Both are passively managed. Over the past 3 years, VBG.NEO returned 1.83%/yr vs -3.28%/yr for XTLH.TO. A 0.70 correlation means they provide meaningful diversification when combined. VBG.NEO charges 0.39%/yr vs 0.18%/yr for XTLH.TO.
Performance
VBG.NEO vs. XTLH.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 higher than XTLH.TO's -0.87% 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%
XTLH.TO
- 1D
- 0.16%
- 1M
- -0.44%
- YTD
- -0.87%
- 6M
- -1.72%
- 1Y
- 1.59%
- 3Y*
- -3.28%
- 5Y*
- —
- 10Y*
- —
VBG.NEO vs. XTLH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VBG.NEO Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) | -0.27% | 0.14% | 1.68% | 6.70% |
XTLH.TO iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) | -0.87% | 2.61% | -9.55% | 1.56% |
Correlation
The correlation between VBG.NEO and XTLH.TO is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2023 | 0.70 |
The correlation between VBG.NEO and XTLH.TO has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.
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Return for Risk
VBG.NEO vs. XTLH.TO — Risk / Return Rank
VBG.NEO
XTLH.TO
VBG.NEO vs. XTLH.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 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) (XTLH.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 | XTLH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.04 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.23 | 0.20 | -0.43 |
| Martin ratioReturn relative to average drawdown | -0.55 | 0.49 | -1.04 |
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 | XTLH.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.19 | 0.17 | -0.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.26 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.07 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | -0.15 | +0.38 |
Drawdowns
VBG.NEO vs. XTLH.TO - Drawdown Comparison
The maximum VBG.NEO drawdown since its inception was -17.31%, smaller than the maximum XTLH.TO drawdown of -22.72%. Use the drawdown chart below to compare losses from any high point for VBG.NEO and XTLH.TO.
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Drawdown Indicators
| VBG.NEO | XTLH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.31% | -22.72% | +5.41% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -8.37% | +5.20% |
Max Drawdown (3Y)Largest decline over 3 years | -3.17% | -19.47% | +16.30% |
Max Drawdown (5Y)Largest decline over 5 years | -16.66% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.31% | — | — |
Current DrawdownCurrent decline from peak | -9.05% | -14.67% | +5.62% |
Average DrawdownAverage peak-to-trough decline | -4.86% | -12.15% | +7.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.31% | 3.37% | -2.06% |
Volatility
VBG.NEO vs. XTLH.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 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) (XTLH.TO) has a volatility of 2.94%. This indicates that VBG.NEO experiences smaller price fluctuations and is considered to be less risky than XTLH.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 | XTLH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 2.94% | -1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 6.42% | -3.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 9.72% | -5.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.20% | 14.15% | -8.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 14.15% | -9.53% |
VBG.NEO vs. XTLH.TO - Expense Ratio Comparison
VBG.NEO has a 0.39% expense ratio, which is higher than XTLH.TO's 0.18% expense ratio.
Dividends
VBG.NEO vs. XTLH.TO - Dividend Comparison
VBG.NEO's dividend yield for the trailing twelve months is around 3.61%, less than XTLH.TO's 4.61% 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% |
XTLH.TO iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) | 4.61% | 4.42% | 4.32% | 2.67% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VBG.NEO and XTLH.TO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XTLH.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XTLH.TO is cheaper with a 0.18% expense ratio, compared with 0.39% for VBG.NEO.
VBG.NEO is categorized as Global Bonds, while XTLH.TO is Government Bonds. VBG.NEO tracks Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (CAD Hedged), while XTLH.TO tracks ICE U.S. Treasury 20+ Year Bond Index (CAD-Hedged). They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.39% for VBG.NEO and 0.18% for XTLH.TO.
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