XAGH.TO vs. FXNAX

Last updated Jun 4, 2026

XAGH.TO (iShares U.S. Aggregate Bond Index ETF (CAD-Hedged)) and FXNAX (Fidelity U.S. Bond Index Fund) are both Total Bond Market funds - XAGH.TO tracks the Bloomberg US Aggregate Bond Index (CAD-Hedged) while FXNAX tracks the Bloomberg U.S. Aggregate Bond Index. Both are passively managed. Over the past 3 years, XAGH.TO returned 2.34%/yr vs 5.08%/yr for FXNAX. At a 0.37 correlation, their price movements are largely independent. XAGH.TO charges 0.18%/yr vs 0.03%/yr for FXNAX.

Performance

XAGH.TO vs. FXNAX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares U.S. Aggregate Bond Index ETF (CAD-Hedged) (XAGH.TO) and Fidelity U.S. Bond Index Fund (FXNAX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XAGH.TO is traded in CAD, while FXNAX is traded in USD. To make them comparable, the FXNAX values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XAGH.TO achieves a -0.57% return, which is significantly lower than FXNAX's 1.27% return.

XAGH.TO

• 1D: -0.46%
• 1M: 0.11%
• YTD: -0.57%
• 6M: -0.86%
• 1Y: 3.18%
• 3Y*: 2.34%
• 5Y*: —
• 10Y*: —

FXNAX

• 1D: 0.31%
• 1M: 2.10%
• YTD: 1.27%
• 6M: -0.46%
• 1Y: 6.29%
• 3Y*: 5.08%
• 5Y*: 2.84%
• 10Y*: 2.20%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XAGH.TO vs. FXNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XAGH.TO iShares U.S. Aggregate Bond Index ETF (CAD-Hedged)	-0.57%	5.24%	0.01%	4.10%	-13.03%	0.15%
FXNAX Fidelity U.S. Bond Index Fund	1.27%	2.23%	10.06%	3.49%	-7.39%	3.20%

Correlation

The correlation between XAGH.TO and FXNAX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (All Time) Calculated using the full available price history since Oct 21, 2021	0.37

The correlation between XAGH.TO and FXNAX shifts across timeframes, from 0.37 (all time) to 0.48 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

XAGH.TO vs. FXNAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XAGH.TO

XAGH.TO Risk / Return Rank: 22
XAGH.TO Sharpe Ratio Rank: 22
XAGH.TO Sortino Ratio Rank: 20
XAGH.TO Omega Ratio Rank: 20
XAGH.TO Calmar Ratio Rank: 23
XAGH.TO Martin Ratio Rank: 23

FXNAX

FXNAX Risk / Return Rank: 23
FXNAX Sharpe Ratio Rank: 23
FXNAX Sortino Ratio Rank: 24
FXNAX Omega Ratio Rank: 22
FXNAX Calmar Ratio Rank: 24
FXNAX Martin Ratio Rank: 21

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XAGH.TO vs. FXNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Aggregate Bond Index ETF (CAD-Hedged) (XAGH.TO) and Fidelity U.S. Bond Index Fund (FXNAX). 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.

	XAGH.TO	FXNAX	Difference
Sharpe ratio: Return per unit of total volatility	0.72	1.16	-0.44
Sortino ratio: Return per unit of downside risk	1.06	1.70	-0.64
Omega ratio: Gain probability vs. loss probability	1.13	1.21	-0.08
Calmar ratio: Return relative to maximum drawdown	1.00	1.46	-0.46
Martin ratio: Return relative to average drawdown	2.86	3.46	-0.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XAGH.TO vs. FXNAX - Sharpe Ratio Comparison

The current XAGH.TO Sharpe Ratio is 0.72, which is lower than the FXNAX Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of XAGH.TO and FXNAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XAGH.TO	FXNAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	1.16	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.36	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.21	0.54	-0.76

Drawdowns

XAGH.TO vs. FXNAX - Drawdown Comparison

The maximum XAGH.TO drawdown since its inception was -17.09%, smaller than the maximum FXNAX drawdown of -20.86%. Use the drawdown chart below to compare losses from any high point for XAGH.TO and FXNAX.

Drawdown Indicators

	XAGH.TO	FXNAX	Difference
Max Drawdown Largest peak-to-trough decline	-17.09%	-20.86%	+3.77%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-4.37%	+1.19%
Max Drawdown (3Y) Largest decline over 3 years	-6.03%	-6.89%	+0.86%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.86%	—
Current Drawdown Current decline from peak	-5.62%	-2.77%	-2.85%
Average Drawdown Average peak-to-trough decline	-8.71%	-6.72%	-1.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.11%	1.84%	-0.73%

Volatility

XAGH.TO vs. FXNAX - Volatility Comparison

iShares U.S. Aggregate Bond Index ETF (CAD-Hedged) (XAGH.TO) has a higher volatility of 1.70% compared to Fidelity U.S. Bond Index Fund (FXNAX) at 1.30%. This indicates that XAGH.TO's price experiences larger fluctuations and is considered to be riskier than FXNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XAGH.TO	FXNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	1.30%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	3.00%	4.24%	-1.24%
Volatility (1Y) Calculated over the trailing 1-year period	4.42%	5.52%	-1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.95%	7.91%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.95%	7.85%	+0.10%

XAGH.TO vs. FXNAX - Expense Ratio Comparison

XAGH.TO has a 0.18% expense ratio, which is higher than FXNAX's 0.03% 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

XAGH.TO vs. FXNAX - Dividend Comparison

XAGH.TO's dividend yield for the trailing twelve months is around 4.01%, more than FXNAX's 3.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXNAX Fidelity U.S. Bond Index Fund	3.71%	3.58%	3.40%	3.15%	1.81%	1.74%	2.92%	2.68%	2.74%	2.57%	2.76%	2.52%
XAGH.TO iShares U.S. Aggregate Bond Index ETF (CAD-Hedged)	4.01%	3.78%	3.51%	3.05%	1.91%	0.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XAGH.TO and FXNAX in my portfolio?

XAGH.TO and FXNAX have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.