XEB.TO vs. VBG.NEO
XEB.TO (iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)) and VBG.NEO (Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)) are both exchange-traded funds - XEB.TO is a Emerging Markets Bonds fund tracking the J.P. Morgan EMBI Global Core Hedged in CAD Index, while VBG.NEO is a Global Bonds fund tracking the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (CAD Hedged). Both are passively managed. Over the past 10 years, XEB.TO returned 1.46%/yr vs 0.30%/yr for VBG.NEO. At a 0.36 correlation, their price movements are largely independent. XEB.TO charges 0.53%/yr vs 0.39%/yr for VBG.NEO.
Performance
XEB.TO vs. VBG.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, XEB.TO achieves a 0.59% return, which is significantly higher than VBG.NEO's -0.37% return. Over the past 10 years, XEB.TO has outperformed VBG.NEO with an annualized return of 1.46%, while VBG.NEO has yielded a comparatively lower 0.30% annualized return.
XEB.TO
- 1D
- -0.09%
- 1M
- 1.14%
- YTD
- 0.59%
- 6M
- 0.66%
- 1Y
- 8.65%
- 3Y*
- 7.29%
- 5Y*
- -0.08%
- 10Y*
- 1.46%
VBG.NEO
- 1D
- -0.32%
- 1M
- 0.52%
- YTD
- -0.37%
- 6M
- -1.06%
- 1Y
- -0.73%
- 3Y*
- 1.73%
- 5Y*
- -1.36%
- 10Y*
- 0.30%
XEB.TO vs. VBG.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XEB.TO iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) | 0.59% | 11.14% | 3.46% | 8.58% | -19.80% | -3.14% | 2.97% | 13.37% | -7.43% | 8.80% |
VBG.NEO Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) | -0.37% | 0.14% | 1.68% | 6.85% | -13.38% | -3.03% | 3.87% | 6.33% | 1.34% | 1.78% |
Correlation
The correlation between XEB.TO and VBG.NEO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2014 | 0.36 |
The correlation between XEB.TO and VBG.NEO shifts across timeframes, from 0.36 (all time) to 0.55 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
XEB.TO vs. VBG.NEO — Risk / Return Rank
XEB.TO
VBG.NEO
XEB.TO vs. VBG.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) (XEB.TO) and Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) (VBG.NEO). 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.
| XEB.TO | VBG.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.60 | ||
| Sortino ratioReturn per unit of downside risk | +2.32 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.97 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | -0.23 | +1.99 |
| Martin ratioReturn relative to average drawdown | 6.84 | -0.56 | +7.40 |
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
| XEB.TO | VBG.NEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.41 | -0.19 | +1.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | -0.26 | +0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.14 | 0.06 | +0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.23 | +0.07 |
Drawdowns
XEB.TO vs. VBG.NEO - Drawdown Comparison
The maximum XEB.TO drawdown since its inception was -29.53%, which is greater than VBG.NEO's maximum drawdown of -17.31%. Use the drawdown chart below to compare losses from any high point for XEB.TO and VBG.NEO.
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Drawdown Indicators
| XEB.TO | VBG.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.53% | -17.31% | -12.22% |
Max Drawdown (1Y)Largest decline over 1 year | -4.94% | -3.17% | -1.77% |
Max Drawdown (3Y)Largest decline over 3 years | -8.26% | -3.17% | -5.09% |
Max Drawdown (5Y)Largest decline over 5 years | -29.47% | -16.66% | -12.81% |
Max Drawdown (10Y)Largest decline over 10 years | -29.53% | -17.31% | -12.22% |
Current DrawdownCurrent decline from peak | -2.44% | -9.13% | +6.69% |
Average DrawdownAverage peak-to-trough decline | -6.46% | -4.86% | -1.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.27% | 1.31% | -0.04% |
Volatility
XEB.TO vs. VBG.NEO - Volatility Comparison
iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) (XEB.TO) has a higher volatility of 2.52% compared to Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) (VBG.NEO) at 1.84%. This indicates that XEB.TO's price experiences larger fluctuations and is considered to be riskier than VBG.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XEB.TO | VBG.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.52% | 1.84% | +0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 4.90% | 3.13% | +1.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.18% | 3.77% | +2.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.52% | 5.20% | +4.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.21% | 4.62% | +5.59% |
XEB.TO vs. VBG.NEO - Expense Ratio Comparison
XEB.TO has a 0.53% expense ratio, which is higher than VBG.NEO's 0.39% expense ratio.
Dividends
XEB.TO vs. VBG.NEO - Dividend Comparison
XEB.TO's dividend yield for the trailing twelve months is around 4.98%, more than VBG.NEO's 3.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VBG.NEO Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) | 3.61% | 3.46% | 3.25% | 3.44% | 1.14% | 2.91% | 0.64% | 2.54% | 2.34% | 1.74% | 1.41% | 1.26% |
XEB.TO iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) | 4.98% | 4.98% | 4.68% | 4.00% | 4.26% | 3.23% | 3.45% | 3.65% | 4.95% | 3.81% | 4.31% | 4.60% |
Frequently Asked Questions
XEB.TO and VBG.NEO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VBG.NEO is cheaper at 0.39% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VBG.NEO is cheaper with a 0.39% expense ratio, compared with 0.53% for XEB.TO.
XEB.TO is categorized as Emerging Markets Bonds, while VBG.NEO is Global Bonds. XEB.TO tracks J.P. Morgan EMBI Global Core Hedged in CAD Index, while VBG.NEO tracks Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (CAD Hedged). They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.53% for XEB.TO and 0.39% for VBG.NEO.
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