XBM.TO vs. XMD.TO
XBM.TO (iShares S&P/TSX Global Base Metals Index ETF) and XMD.TO (iShares S&P/TSX Completion Index ETF) are both exchange-traded funds - XBM.TO is a Energy Equities fund tracking the Morningstar Can Natural Resource NR CAD, while XMD.TO is a Canada Equities fund tracking the Morningstar Canada Sml GR CAD. Both are passively managed. Over the past 10 years, XBM.TO returned 20.17%/yr vs 11.90%/yr for XMD.TO. A 0.64 correlation means they provide meaningful diversification when combined. Both charge a 0.60% expense ratio.
Performance
XBM.TO vs. XMD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XBM.TO achieves a 38.48% return, which is significantly higher than XMD.TO's 12.81% return. Over the past 10 years, XBM.TO has outperformed XMD.TO with an annualized return of 20.17%, while XMD.TO has yielded a comparatively lower 11.90% annualized return.
XBM.TO
- 1D
- -3.17%
- 1M
- 21.23%
- YTD
- 38.48%
- 6M
- 46.72%
- 1Y
- 119.30%
- 3Y*
- 29.93%
- 5Y*
- 19.70%
- 10Y*
- 20.17%
XMD.TO
- 1D
- -1.61%
- 1M
- 4.02%
- YTD
- 12.81%
- 6M
- 15.57%
- 1Y
- 46.80%
- 3Y*
- 27.16%
- 5Y*
- 16.03%
- 10Y*
- 11.90%
XBM.TO vs. XMD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XBM.TO iShares S&P/TSX Global Base Metals Index ETF | 38.48% | 50.69% | 5.96% | 2.84% | 3.69% | 32.04% | 31.54% | 9.93% | -22.39% | 32.45% |
XMD.TO iShares S&P/TSX Completion Index ETF | 12.81% | 41.38% | 23.55% | 10.01% | -4.90% | 13.78% | 6.05% | 26.03% | -13.07% | 6.17% |
Correlation
The correlation between XBM.TO and XMD.TO is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Apr 20, 2011 | 0.64 |
The correlation between XBM.TO and XMD.TO has been stable across timeframes, ranging from 0.64 to 0.74 - a consistent structural relationship.
XBM.TO vs. XMD.TO - Sectors Allocation Comparison
Sectors
XBM.TO
XMD.TO
Basic Materials
Industrials
Communication Services
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Consumer Cyclical
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Consumer Defensive
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Energy
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Financial Services
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Healthcare
-
Real Estate
-
Technology
-
Utilities
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Basic Materials
XBM.TO
XMD.TO
Industrials
XBM.TO
XMD.TO
Communication Services
XBM.TO
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XMD.TO
Consumer Cyclical
XBM.TO
-
XMD.TO
Consumer Defensive
XBM.TO
-
XMD.TO
Energy
XBM.TO
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XMD.TO
Financial Services
XBM.TO
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XMD.TO
Healthcare
XBM.TO
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XMD.TO
Real Estate
XBM.TO
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XMD.TO
Technology
XBM.TO
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XMD.TO
Utilities
XBM.TO
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XMD.TO
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Return for Risk
XBM.TO vs. XMD.TO — Risk / Return Rank
XBM.TO
XMD.TO
XBM.TO vs. XMD.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 S&P/TSX Completion Index ETF (XMD.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.
| XBM.TO | XMD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.90 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.46 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 5.02 | 3.11 | +1.91 |
| Martin ratioReturn relative to average drawdown | 19.44 | 11.51 | +7.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XBM.TO | XMD.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.37 | 2.47 | +0.90 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.60 | 0.97 | -0.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.62 | 0.71 | -0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.55 | -0.30 |
Drawdowns
XBM.TO vs. XMD.TO - Drawdown Comparison
The maximum XBM.TO drawdown since its inception was -67.40%, which is greater than XMD.TO's maximum drawdown of -53.42%. Use the drawdown chart below to compare losses from any high point for XBM.TO and XMD.TO.
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Drawdown Indicators
| XBM.TO | XMD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.40% | -53.42% | -13.98% |
Max Drawdown (1Y)Largest decline over 1 year | -23.88% | -15.12% | -8.76% |
Max Drawdown (3Y)Largest decline over 3 years | -37.45% | -15.12% | -22.33% |
Max Drawdown (5Y)Largest decline over 5 years | -40.57% | -18.16% | -22.41% |
Max Drawdown (10Y)Largest decline over 10 years | -57.24% | -43.40% | -13.84% |
Current DrawdownCurrent decline from peak | -3.17% | -4.17% | +1.00% |
Average DrawdownAverage peak-to-trough decline | -25.80% | -8.20% | -17.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.16% | 4.08% | +2.08% |
Volatility
XBM.TO vs. XMD.TO - Volatility Comparison
iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) has a higher volatility of 13.03% compared to iShares S&P/TSX Completion Index ETF (XMD.TO) at 5.74%. This indicates that XBM.TO's price experiences larger fluctuations and is considered to be riskier than XMD.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 | XMD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.03% | 5.74% | +7.29% |
Volatility (6M)Calculated over the trailing 6-month period | 29.68% | 16.26% | +13.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.62% | 19.08% | +16.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.06% | 16.59% | +16.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.66% | 16.93% | +15.73% |
XBM.TO vs. XMD.TO - Expense Ratio Comparison
Both XBM.TO and XMD.TO have an expense ratio of 0.60%.
Dividends
XBM.TO vs. XMD.TO - Dividend Comparison
XBM.TO's dividend yield for the trailing twelve months is around 0.62%, less than XMD.TO's 0.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XBM.TO iShares S&P/TSX Global Base Metals Index ETF | 0.62% | 0.86% | 1.25% | 2.09% | 4.83% | 3.01% | 1.81% | 3.71% | 3.43% | 1.63% | 2.42% | 5.70% |
XMD.TO iShares S&P/TSX Completion Index ETF | 0.83% | 0.97% | 1.58% | 1.91% | 2.24% | 1.17% | 1.91% | 2.55% | 2.44% | 1.76% | 1.97% | 2.34% |
Frequently Asked Questions
XBM.TO and XMD.TO have a correlation of 0.74, 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 0.60% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
XBM.TO and XMD.TO have the same expense ratio: 0.60% per year.
XBM.TO is categorized as Energy Equities, while XMD.TO is Canada Equities. XBM.TO tracks Morningstar Can Natural Resource NR CAD, while XMD.TO tracks Morningstar Canada Sml GR CAD.
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