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XBM.TO vs. XLB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XBM.TO vs. XLB

Last updated Jun 14, 2026

XBM.TO (iShares S&P/TSX Global Base Metals Index ETF) and XLB (Materials Select Sector SPDR ETF) are both exchange-traded funds - XBM.TO is a Energy Equities fund tracking the Morningstar Can Natural Resource NR CAD, while XLB is a Materials fund tracking the Materials Select Sector Index. Both are passively managed. Over the past 10 years, XBM.TO returned 19.65%/yr vs 11.48%/yr for XLB. A 0.54 correlation means they provide meaningful diversification when combined. XBM.TO charges 0.60%/yr vs 0.13%/yr for XLB.

Performance

XBM.TO vs. XLB - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) and Materials Select Sector SPDR ETF (XLB). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, XBM.TO achieves a 31.10% return, which is significantly higher than XLB's 17.92% return. Over the past 10 years, XBM.TO has outperformed XLB with an annualized return of 19.65%, while XLB has yielded a comparatively lower 11.48% annualized return.

XBM.TO

1D
2.73%
1M
0.78%
YTD
31.10%
6M
38.65%
1Y
104.78%
3Y*
26.59%
5Y*
17.84%
10Y*
19.65%

XLB

1D
2.06%
1M
5.62%
YTD
17.92%
6M
18.35%
1Y
25.14%
3Y*
12.54%
5Y*
9.12%
10Y*
11.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XBM.TO vs. XLB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XBM.TO
iShares S&P/TSX Global Base Metals Index ETF		31.10%50.69%5.96%2.84%3.63%27.94%31.53%9.95%-22.42%32.48%
XLB
Materials Select Sector SPDR ETF		17.92%4.92%8.63%9.78%-6.74%27.37%17.60%19.01%-7.72%15.62%

Correlation

The correlation between XBM.TO and XLB is 0.60, 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

0.60

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

0.58

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

0.62

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

0.61

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2011

0.54

The correlation between XBM.TO and XLB has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.

XBM.TO vs. XLB - Sectors Allocation Comparison

Sectors
XBM.TO
XLB

Basic Materials

99.8%
87.3%

Industrials

0.2%
1.5%

Communication Services

-

-

Consumer Cyclical

-

12.7%

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Basic Materials

XBM.TO
99.8%
XLB
87.3%

Industrials

XBM.TO
0.2%
XLB
1.5%

Communication Services

XBM.TO

-

XLB

-

Consumer Cyclical

XBM.TO

-

XLB
12.7%

Consumer Defensive

XBM.TO

-

XLB

-

Energy

XBM.TO

-

XLB

-

Financial Services

XBM.TO

-

XLB

-

Healthcare

XBM.TO

-

XLB

-

Real Estate

XBM.TO

-

XLB

-

Technology

XBM.TO

-

XLB

-

Utilities

XBM.TO

-

XLB

-

Compare stocks, funds, or ETFs

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iShares S&P/TSX Global Base Metals Index ETF

Materials Select Sector SPDR ETF

Often compared with XBM.TO:
XBM.TO vs. XMEXBM.TO vs. ZMT.TOXBM.TO vs. XEG.TOXBM.TO vs. XETM.TOXBM.TO vs. GDXXBM.TO vs. XMA.TOXBM.TO vs. VDE
Often compared with XLB:
XLB vs. REMXXLB vs. VAWXLB vs. XLEXLB vs. SPYXLB vs. FMATXLB vs. XLYXLB vs. XLK

Return for Risk

XBM.TO vs. XLB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XBM.TO
XBM.TO Risk / Return Rank: 8585
Overall Rank
XBM.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
XBM.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
XBM.TO Omega Ratio Rank: 8181
Omega Ratio Rank
XBM.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
XBM.TO Martin Ratio Rank: 8787
Martin Ratio Rank
XLB
XLB Risk / Return Rank: 3737
Overall Rank
XLB Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
XLB Sortino Ratio Rank: 3737
Sortino Ratio Rank
XLB Omega Ratio Rank: 3434
Omega Ratio Rank
XLB Calmar Ratio Rank: 3838
Calmar Ratio Rank
XLB Martin Ratio Rank: 3737
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.

XBM.TO vs. XLB - 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 Materials Select Sector SPDR ETF (XLB). 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.TOXLBDifference
Sharpe ratioReturn per unit of total volatility
2.76
1.31

+1.46

Sortino ratioReturn per unit of downside risk
3.09
1.93

+1.17

Omega ratioGain probability vs. loss probability

1.42

1.22

+0.20

Calmar ratioReturn relative to maximum drawdown

4.35

1.98

+2.37

Martin ratioReturn relative to average drawdown

16.08

6.61

+9.47

XBM.TO vs. XLB - Sharpe Ratio Comparison

The current XBM.TO Sharpe Ratio is 2.76, which is higher than the XLB Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of XBM.TO and XLB, 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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Drawdowns

XBM.TO vs. XLB - Drawdown Comparison

The maximum XBM.TO drawdown since its inception was -67.53%, which is greater than XLB's maximum drawdown of -48.46%. Use the drawdown chart below to compare losses from any high point for XBM.TO and XLB.

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Drawdown Indicators

XBM.TOXLBDifference

Max Drawdown

Largest peak-to-trough decline

-67.53%

-48.46%

-19.07%

Max Drawdown (1Y)

Largest decline over 1 year

-23.88%

-11.69%

-12.19%

Max Drawdown (3Y)

Largest decline over 3 years

-37.45%

-20.70%

-16.75%

Max Drawdown (5Y)

Largest decline over 5 years

-40.57%

-20.70%

-19.87%

Max Drawdown (10Y)

Largest decline over 10 years

-57.25%

-31.09%

-26.16%

Current Drawdown

Current decline from peak

-8.34%

0.00%

-8.34%

Average Drawdown

Average peak-to-trough decline

-26.09%

-8.13%

-17.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.46%

3.50%

+2.96%

Volatility

XBM.TO vs. XLB - Volatility Comparison

iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) has a higher volatility of 17.03% compared to Materials Select Sector SPDR ETF (XLB) at 7.21%. This indicates that XBM.TO's price experiences larger fluctuations and is considered to be riskier than XLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XBM.TOXLBDifference

Volatility (1M)

Calculated over the trailing 1-month period

17.03%

7.21%

+9.82%

Volatility (6M)

Calculated over the trailing 6-month period

32.15%

13.80%

+18.35%

Volatility (1Y)

Calculated over the trailing 1-year period

37.63%

17.75%

+19.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

33.55%

19.83%

+13.72%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.88%

21.60%

+11.28%

XBM.TO vs. XLB - Expense Ratio Comparison

XBM.TO has a 0.60% expense ratio, which is higher than XLB's 0.13% expense ratio.

Dividends

XBM.TO vs. XLB - Dividend Comparison

XBM.TO's dividend yield for the trailing twelve months is around 0.65%, less than XLB's 1.68% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XLB
Materials Select Sector SPDR ETF		1.68%1.92%1.92%2.00%2.26%1.62%1.72%1.98%2.20%1.66%1.95%2.24%

Frequently Asked Questions

XBM.TO and XLB have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XLB is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XLB is cheaper with a 0.13% expense ratio, compared with 0.60% for XBM.TO.

XBM.TO is categorized as Energy Equities, while XLB is Materials. XBM.TO tracks Morningstar Can Natural Resource NR CAD, while XLB tracks Materials Select Sector Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.60% for XBM.TO and 0.13% for XLB.

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