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XBB.TO vs. XRB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XBB.TO vs. XRB.TO

Last updated Jun 4, 2026

XBB.TO (iShares Core Canadian Universe Bond Index ETF) and XRB.TO (iShares Canadian Real Return Bond Index ETF) are both exchange-traded funds - XBB.TO is a Canadian Government Bonds fund tracking the Morningstar Can Core Bd GR CAD, while XRB.TO is a Inflation-Protected Bonds fund tracking the FTSE Canada Real Return Bond Index. Both are passively managed. Over the past 10 years, XBB.TO returned 1.63%/yr vs 0.06%/yr for XRB.TO. A 0.65 correlation means they provide meaningful diversification when combined. XBB.TO charges 0.10%/yr vs 0.39%/yr for XRB.TO.

Performance

XBB.TO vs. XRB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core Canadian Universe Bond Index ETF (XBB.TO) and iShares Canadian Real Return Bond Index ETF (XRB.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XBB.TO achieves a 1.51% return, which is significantly lower than XRB.TO's 2.56% return. Over the past 10 years, XBB.TO has outperformed XRB.TO with an annualized return of 1.63%, while XRB.TO has yielded a comparatively lower 0.06% annualized return.

XBB.TO

1D
-0.18%
1M
1.59%
YTD
1.51%
6M
0.69%
1Y
3.09%
3Y*
4.17%
5Y*
0.71%
10Y*
1.63%

XRB.TO

1D
-0.13%
1M
1.21%
YTD
2.56%
6M
0.86%
1Y
3.06%
3Y*
1.50%
5Y*
-1.66%
10Y*
0.06%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XBB.TO vs. XRB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XBB.TO
iShares Core Canadian Universe Bond Index ETF		1.51%2.59%4.00%6.64%-11.66%-2.81%8.58%7.28%1.00%2.42%
XRB.TO
iShares Canadian Real Return Bond Index ETF		2.56%0.05%3.95%-2.15%-15.01%-1.30%12.11%5.93%-1.23%-0.11%

Correlation

The correlation between XBB.TO and XRB.TO is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.84

Correlation (3Y)
Calculated over the trailing 3-year period

0.80

Correlation (5Y)
Calculated over the trailing 5-year period

0.76

Correlation (10Y)
Calculated over the trailing 10-year period

0.72

Correlation (All Time)
Calculated using the full available price history since Dec 28, 2005

0.65

The correlation between XBB.TO and XRB.TO shifts across timeframes, from 0.65 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

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iShares Core Canadian Universe Bond Index ETF

iShares Canadian Real Return Bond Index ETF

Often compared with XBB.TO:
XBB.TO vs. VAB.TOXBB.TO vs. ZAG.TOXBB.TO vs. XCB.TOXBB.TO vs. XSB.TOXBB.TO vs. XLB.TOXBB.TO vs. XGB.TOXBB.TO vs. XSH.TO
Often compared with XRB.TO:
XRB.TO vs. XSTP.TOXRB.TO vs. XBBXRB.TO vs. XLB.TOXRB.TO vs. XSB.TOXRB.TO vs. VTIPXRB.TO vs. XEI.TOXRB.TO vs. XCB.TO

Return for Risk

XBB.TO vs. XRB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XBB.TO
XBB.TO Risk / Return Rank: 2121
Overall Rank
XBB.TO Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
XBB.TO Sortino Ratio Rank: 1818
Sortino Ratio Rank
XBB.TO Omega Ratio Rank: 1919
Omega Ratio Rank
XBB.TO Calmar Ratio Rank: 2424
Calmar Ratio Rank
XBB.TO Martin Ratio Rank: 2121
Martin Ratio Rank
XRB.TO
XRB.TO Risk / Return Rank: 1616
Overall Rank
XRB.TO Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
XRB.TO Sortino Ratio Rank: 1515
Sortino Ratio Rank
XRB.TO Omega Ratio Rank: 1414
Omega Ratio Rank
XRB.TO Calmar Ratio Rank: 2020
Calmar Ratio Rank
XRB.TO Martin Ratio Rank: 1717
Martin Ratio Rank
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.

XBB.TO vs. XRB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Universe Bond Index ETF (XBB.TO) and iShares Canadian Real Return Bond Index ETF (XRB.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.

XBB.TOXRB.TODifference
Sharpe ratioReturn per unit of total volatility
0.71
0.45

+0.26

Sortino ratioReturn per unit of downside risk
0.98
0.68

+0.31

Omega ratioGain probability vs. loss probability

1.12

1.08

+0.04

Calmar ratioReturn relative to maximum drawdown

1.14

0.87

+0.27

Martin ratioReturn relative to average drawdown

2.65

1.73

+0.93

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XBB.TO vs. XRB.TO - Sharpe Ratio Comparison

The current XBB.TO Sharpe Ratio is 0.71, which is higher than the XRB.TO Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of XBB.TO and XRB.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

XBB.TOXRB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.71

0.45

+0.26

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.11

-0.14

+0.25

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.24

0.01

+0.24

Sharpe Ratio (All Time)

Calculated using the full available price history

0.71

0.27

+0.44

Drawdowns

XBB.TO vs. XRB.TO - Drawdown Comparison

The maximum XBB.TO drawdown since its inception was -18.16%, smaller than the maximum XRB.TO drawdown of -26.58%. Use the drawdown chart below to compare losses from any high point for XBB.TO and XRB.TO.

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Drawdown Indicators

XBB.TOXRB.TODifference

Max Drawdown

Largest peak-to-trough decline

-18.16%

-26.58%

+8.42%

Max Drawdown (1Y)

Largest decline over 1 year

-2.73%

-3.55%

+0.82%

Max Drawdown (3Y)

Largest decline over 3 years

-5.42%

-10.65%

+5.23%

Max Drawdown (5Y)

Largest decline over 5 years

-15.90%

-26.58%

+10.68%

Max Drawdown (10Y)

Largest decline over 10 years

-18.16%

-26.58%

+8.42%

Current Drawdown

Current decline from peak

-1.39%

-13.56%

+12.17%

Average Drawdown

Average peak-to-trough decline

-2.76%

-7.09%

+4.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.17%

1.78%

-0.61%

Volatility

XBB.TO vs. XRB.TO - Volatility Comparison

The current volatility for iShares Core Canadian Universe Bond Index ETF (XBB.TO) is 1.54%, while iShares Canadian Real Return Bond Index ETF (XRB.TO) has a volatility of 2.72%. This indicates that XBB.TO experiences smaller price fluctuations and is considered to be less risky than XRB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XBB.TOXRB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.54%

2.72%

-1.18%

Volatility (6M)

Calculated over the trailing 6-month period

3.40%

5.11%

-1.71%

Volatility (1Y)

Calculated over the trailing 1-year period

4.38%

6.85%

-2.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.63%

11.91%

-5.28%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.69%

11.35%

-4.66%

XBB.TO vs. XRB.TO - Expense Ratio Comparison

XBB.TO has a 0.10% expense ratio, which is lower than XRB.TO's 0.39% expense ratio.

Dividends

XBB.TO vs. XRB.TO - Dividend Comparison

XBB.TO's dividend yield for the trailing twelve months is around 3.41%, less than XRB.TO's 3.63% yield.

PositionTTM20252024202320222021202020192018201720162015
XBB.TO
iShares Core Canadian Universe Bond Index ETF		3.41%3.39%3.25%3.01%2.91%2.54%2.55%2.80%2.92%2.83%2.81%2.87%
XRB.TO
iShares Canadian Real Return Bond Index ETF		3.63%3.73%2.36%2.36%1.83%1.23%1.36%1.72%1.74%1.69%1.58%1.61%

Frequently Asked Questions

XBB.TO and XRB.TO have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XBB.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XBB.TO is cheaper with a 0.10% expense ratio, compared with 0.39% for XRB.TO.

XBB.TO is categorized as Canadian Government Bonds, while XRB.TO is Inflation-Protected Bonds. XBB.TO tracks Morningstar Can Core Bd GR CAD, while XRB.TO tracks FTSE Canada Real Return Bond Index. Their fees differ too: 0.10% for XBB.TO and 0.39% for XRB.TO.

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