XBM.TO vs. XAD.TO
XBM.TO (iShares S&P/TSX Global Base Metals Index ETF) and XAD.TO (iShares U.S. Aerospace & Defense Index ETF) are both exchange-traded funds - XBM.TO is a Energy Equities fund tracking the Morningstar Can Natural Resource NR CAD, while XAD.TO is a Aerospace & Defense fund tracking the Dow Jones U.S. Select Aerospace & Defense Index. Both are passively managed. Over the past year, XBM.TO returned 104.78% vs 34.40% for XAD.TO. At a 0.19 correlation, their price movements are largely independent. XBM.TO charges 0.60%/yr vs 0.44%/yr for XAD.TO.
Performance
XBM.TO vs. XAD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XBM.TO achieves a 31.10% return, which is significantly higher than XAD.TO's 11.18% return.
XBM.TO
- 1D
- 2.73%
- 1M
- 6.67%
- YTD
- 31.10%
- 6M
- 38.65%
- 1Y
- 104.78%
- 3Y*
- 26.59%
- 5Y*
- 17.84%
- 10Y*
- 19.65%
XAD.TO
- 1D
- -0.47%
- 1M
- 9.47%
- YTD
- 11.18%
- 6M
- 13.68%
- 1Y
- 34.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XBM.TO vs. XAD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XBM.TO iShares S&P/TSX Global Base Metals Index ETF | 31.10% | 50.69% | 5.96% | -3.86% |
XAD.TO iShares U.S. Aerospace & Defense Index ETF | 11.18% | 41.77% | 25.00% | 13.86% |
Correlation
The correlation between XBM.TO and XAD.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Sep 19, 2023 | 0.19 |
The correlation between XBM.TO and XAD.TO shifts across timeframes, from 0.19 (all time) to 0.31 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XBM.TO vs. XAD.TO — Risk / Return Rank
XBM.TO
XAD.TO
XBM.TO vs. XAD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) and iShares U.S. Aerospace & Defense Index ETF (XAD.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.
| XBM.TO | XAD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.28 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 4.35 | 2.34 | +2.01 |
| Martin ratioReturn relative to average drawdown | 16.08 | 5.89 | +10.18 |
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Drawdowns
XBM.TO vs. XAD.TO - Drawdown Comparison
The maximum XBM.TO drawdown since its inception was -67.53%, which is greater than XAD.TO's maximum drawdown of -16.06%. Use the drawdown chart below to compare losses from any high point for XBM.TO and XAD.TO.
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Drawdown Indicators
| XBM.TO | XAD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.53% | -16.06% | -51.47% |
Max Drawdown (1Y)Largest decline over 1 year | -23.88% | -14.91% | -8.97% |
Max Drawdown (3Y)Largest decline over 3 years | -37.45% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -40.57% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -57.25% | — | — |
Current DrawdownCurrent decline from peak | -8.34% | -4.29% | -4.05% |
Average DrawdownAverage peak-to-trough decline | -26.09% | -2.90% | -23.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.46% | 5.91% | +0.55% |
Volatility
XBM.TO vs. XAD.TO - Volatility Comparison
iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) has a higher volatility of 17.03% compared to iShares U.S. Aerospace & Defense Index ETF (XAD.TO) at 7.54%. This indicates that XBM.TO's price experiences larger fluctuations and is considered to be riskier than XAD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XBM.TO | XAD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.03% | 7.54% | +9.49% |
Volatility (6M)Calculated over the trailing 6-month period | 32.15% | 17.69% | +14.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.63% | 21.24% | +16.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.55% | 19.92% | +13.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.88% | 19.92% | +12.96% |
XBM.TO vs. XAD.TO - Expense Ratio Comparison
XBM.TO has a 0.60% expense ratio, which is higher than XAD.TO's 0.44% expense ratio.
Dividends
XBM.TO vs. XAD.TO - Dividend Comparison
XBM.TO's dividend yield for the trailing twelve months is around 0.65%, more than XAD.TO's 0.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XAD.TO iShares U.S. Aerospace & Defense Index ETF | 0.32% | 0.35% | 0.44% | 0.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XBM.TO iShares S&P/TSX Global Base Metals Index ETF | 0.65% | 0.86% | 1.25% | 2.09% | 4.78% | 3.05% | 1.81% | 3.73% | 3.38% | 1.65% | 2.41% | 5.75% |
Frequently Asked Questions
XBM.TO and XAD.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XAD.TO is cheaper at 0.44% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XAD.TO is cheaper with a 0.44% expense ratio, compared with 0.60% for XBM.TO.
XBM.TO is categorized as Energy Equities, while XAD.TO is Aerospace & Defense. XBM.TO tracks Morningstar Can Natural Resource NR CAD, while XAD.TO tracks Dow Jones U.S. Select Aerospace & Defense Index. Their fees differ too: 0.60% for XBM.TO and 0.44% for XAD.TO.
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