VGV.TO vs. XFLB.TO
VGV.TO (Vanguard Canadian Government Bond Index ETF) and XFLB.TO (iShares Core Canadian 15+ Year Federal Bond Index ETF) are both Canadian Government Bonds funds - VGV.TO tracks the Bloomberg Global Aggregate Canadian Government Float Adjusted Bond Index while XFLB.TO tracks the Morningstar Can 10+Y Core Bd GR CAD. Both are passively managed. Over the past 3 years, VGV.TO returned 3.79%/yr vs -0.40%/yr for XFLB.TO. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.17% expense ratio.
Performance
VGV.TO vs. XFLB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, VGV.TO achieves a 1.92% return, which is significantly lower than XFLB.TO's 2.13% return.
VGV.TO
- 1D
- 0.13%
- 1M
- 2.35%
- YTD
- 1.92%
- 6M
- 2.24%
- 1Y
- 3.98%
- 3Y*
- 3.79%
- 5Y*
- 0.02%
- 10Y*
- —
XFLB.TO
- 1D
- -0.38%
- 1M
- 1.81%
- YTD
- 2.13%
- 6M
- 2.00%
- 1Y
- 0.48%
- 3Y*
- -0.40%
- 5Y*
- —
- 10Y*
- —
VGV.TO vs. XFLB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VGV.TO Vanguard Canadian Government Bond Index ETF | 1.92% | 1.90% | 3.24% | 3.28% |
XFLB.TO iShares Core Canadian 15+ Year Federal Bond Index ETF | 2.13% | -6.17% | -2.12% | 4.63% |
Correlation
The correlation between VGV.TO and XFLB.TO is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2023 | 0.65 |
The correlation between VGV.TO and XFLB.TO has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.
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Return for Risk
VGV.TO vs. XFLB.TO — Risk / Return Rank
VGV.TO
XFLB.TO
VGV.TO vs. XFLB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Canadian Government Bond Index ETF (VGV.TO) and iShares Core Canadian 15+ Year Federal Bond Index ETF (XFLB.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.
| VGV.TO | XFLB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.02 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 0.07 | +1.30 |
| Martin ratioReturn relative to average drawdown | 2.96 | 0.12 | +2.84 |
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Drawdowns
VGV.TO vs. XFLB.TO - Drawdown Comparison
The maximum VGV.TO drawdown since its inception was -20.77%, roughly equal to the maximum XFLB.TO drawdown of -20.54%. Use the drawdown chart below to compare losses from any high point for VGV.TO and XFLB.TO.
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Drawdown Indicators
| VGV.TO | XFLB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.77% | -20.54% | -0.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -7.04% | +4.11% |
Max Drawdown (3Y)Largest decline over 3 years | -6.05% | -15.61% | +9.56% |
Max Drawdown (5Y)Largest decline over 5 years | -16.94% | — | — |
Current DrawdownCurrent decline from peak | -6.20% | -9.57% | +3.37% |
Average DrawdownAverage peak-to-trough decline | -7.27% | -8.17% | +0.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.35% | 3.98% | -2.63% |
Volatility
VGV.TO vs. XFLB.TO - Volatility Comparison
The current volatility for Vanguard Canadian Government Bond Index ETF (VGV.TO) is 1.42%, while iShares Core Canadian 15+ Year Federal Bond Index ETF (XFLB.TO) has a volatility of 3.75%. This indicates that VGV.TO experiences smaller price fluctuations and is considered to be less risky than XFLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGV.TO | XFLB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 3.75% | -2.33% |
Volatility (6M)Calculated over the trailing 6-month period | 3.77% | 7.73% | -3.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.99% | 10.36% | -5.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.00% | 15.61% | -8.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.02% | 15.61% | -8.59% |
VGV.TO vs. XFLB.TO - Expense Ratio Comparison
Both VGV.TO and XFLB.TO have an expense ratio of 0.17%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VGV.TO vs. XFLB.TO - Dividend Comparison
VGV.TO's dividend yield for the trailing twelve months is around 3.10%, which matches XFLB.TO's 3.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
VGV.TO Vanguard Canadian Government Bond Index ETF | 3.10% | 3.04% | 2.97% | 2.78% | 2.63% | 2.35% | 2.28% | 2.36% | 2.52% | 2.26% |
XFLB.TO iShares Core Canadian 15+ Year Federal Bond Index ETF | 3.07% | 3.05% | 2.72% | 2.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VGV.TO and XFLB.TO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.17% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
VGV.TO and XFLB.TO have the same expense ratio: 0.17% per year.
VGV.TO tracks Bloomberg Global Aggregate Canadian Government Float Adjusted Bond Index, while XFLB.TO tracks Morningstar Can 10+Y Core Bd GR CAD. They also come from different issuers: Vanguard and iShares.
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