XCV.TO vs. CBNK.TO

Last updated Aug 2, 2026

XCV.TO (iShares Canadian Value Index ETF) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both exchange-traded funds - XCV.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while CBNK.TO is a Derivative Income fund actively managed by Mulvihill. XCV.TO is passively managed, while CBNK.TO is actively managed. Over the past 3 years, XCV.TO returned 28.71%/yr vs 41.85%/yr for CBNK.TO. Their 0.70 correlation means they have sometimes moved together and sometimes differently. XCV.TO charges 0.55%/yr vs 1.68%/yr for CBNK.TO.

Performance

XCV.TO vs. CBNK.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Canadian Value Index ETF (XCV.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XCV.TO achieves a 27.71% return, which is significantly lower than CBNK.TO's 44.23% return.

XCV.TO

• 1D: -0.11%
• 1M: 3.16%
• 6M: 26.58%
• YTD: 27.71%
• 1Y: 51.21%
• 3Y*: 28.71%
• 5Y*: 20.56%
• 10Y*: 13.87%
• ALL TIME*: 9.77%

CBNK.TO

• 1D: 0.18%
• 1M: -1.20%
• 6M: 43.64%
• YTD: 44.23%
• 1Y: 92.97%
• 3Y*: 41.85%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.19%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	CA$228.74K	CA$269.05K	CA$220.65K
XCV.TO iShares Canadian Value Index ETF	CA$688.25K	CA$989.94K	CA$973.13K

XCV.TO vs. CBNK.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XCV.TO iShares Canadian Value Index ETF	27.71%	32.30%	21.41%	9.62%	-5.42%
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	44.23%	51.67%	27.42%	8.42%	-19.87%

Correlation

The correlation between XCV.TO and CBNK.TO is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.69
Correlation (3Y) Balances recent behavior with more history.	0.71
Correlation (All Time) Calculated using the full available price history since Mar 2, 2022	0.70

The correlation between XCV.TO and CBNK.TO has been stable across timeframes, ranging from 0.69 to 0.71 - a consistent structural relationship.

Return for Risk

XCV.TO vs. CBNK.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XCV.TO

XCV.TO Risk / Return Rank: 98
XCV.TO Sharpe Ratio Rank: 99
XCV.TO Sortino Ratio Rank: 98
XCV.TO Omega Ratio Rank: 98
XCV.TO Calmar Ratio Rank: 98
XCV.TO Martin Ratio Rank: 98

CBNK.TO

CBNK.TO Risk / Return Rank: 98
CBNK.TO Sharpe Ratio Rank: 99
CBNK.TO Sortino Ratio Rank: 98
CBNK.TO Omega Ratio Rank: 98
CBNK.TO Calmar Ratio Rank: 98
CBNK.TO Martin Ratio Rank: 98

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XCV.TO vs. CBNK.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Value Index ETF (XCV.TO) and Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.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.

	XCV.TO	CBNK.TO	Difference
Sharpe ratio: Return per unit of total volatility	5.41	5.28	+0.13
Sortino ratio: Return per unit of downside risk	7.03	6.40	+0.62
Omega ratio: Gain probability vs. loss probability	2.08	1.85	+0.22
Calmar ratio: Return relative to maximum drawdown	13.23	9.21	+4.01
Martin ratio: Return relative to average drawdown	49.58	37.69	+11.90

XCV.TO vs. CBNK.TO - Sharpe Ratio Comparison

The current XCV.TO Sharpe Ratio is 5.41, which is comparable to the CBNK.TO Sharpe Ratio of 5.28. The chart below compares the historical Sharpe Ratios of XCV.TO and CBNK.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.

Drawdowns

XCV.TO vs. CBNK.TO - Drawdown Comparison

The maximum XCV.TO drawdown since its inception was -52.45%, which is greater than CBNK.TO's maximum drawdown of -32.12%. Use the drawdown chart below to compare losses from any high point for XCV.TO and CBNK.TO.

Drawdown Indicators

	XCV.TO	CBNK.TO	Difference
Max Drawdown Largest peak-to-trough decline	-52.45%	-32.12%	-20.33%
Max Drawdown (1Y) Largest decline over 1 year	-3.84%	-10.03%	+6.19%
Max Drawdown (3Y) Largest decline over 3 years	-9.71%	-16.55%	+6.84%
Max Drawdown (5Y) Largest decline over 5 years	-18.06%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.18%	—	—
Current Drawdown Current decline from peak	-0.75%	-3.80%	+3.05%
Average Drawdown Average peak-to-trough decline	-6.56%	-10.56%	+4.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.02%	2.45%	-1.43%

Volatility

XCV.TO vs. CBNK.TO - Volatility Comparison

The current volatility for iShares Canadian Value Index ETF (XCV.TO) is 2.87%, while Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a volatility of 8.18%. This indicates that XCV.TO experiences smaller price fluctuations and is considered to be less risky than CBNK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XCV.TO	CBNK.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	8.18%	-5.31%
Volatility (6M) Calculated over the trailing 6-month period	7.00%	15.20%	-8.20%
Volatility (1Y) Calculated over the trailing 1-year period	9.39%	17.52%	-8.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.76%	17.77%	-5.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.51%	17.77%	-2.26%

XCV.TO vs. CBNK.TO - Expense Ratio Comparison

XCV.TO has a 0.55% expense ratio, which is lower than CBNK.TO's 1.68% expense ratio.

Dividends

XCV.TO vs. CBNK.TO - Dividend Comparison

XCV.TO's dividend yield for the trailing twelve months is around 2.17%, less than CBNK.TO's 5.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	5.82%	5.86%	8.25%	9.59%	7.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XCV.TO iShares Canadian Value Index ETF	2.17%	2.78%	3.84%	4.00%	3.28%	2.18%	3.46%	3.16%	3.23%	2.49%	2.57%	3.26%

Frequently Asked Questions

Can I hold both XCV.TO and CBNK.TO in my portfolio?

XCV.TO and CBNK.TO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XCV.TO or CBNK.TO?

On fees, XCV.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XCV.TO or CBNK.TO?

XCV.TO is cheaper with a 0.55% expense ratio, compared with 1.68% for CBNK.TO.

What is the main difference between XCV.TO and CBNK.TO?

XCV.TO is categorized as Canada Equities, while CBNK.TO is Derivative Income. They also come from different issuers: iShares and Mulvihill. Their fees differ too: 0.55% for XCV.TO and 1.68% for CBNK.TO.