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

XEB.TO vs. XBM.TO

Last updated Jun 5, 2026

XEB.TO (iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)) and XBM.TO (iShares S&P/TSX Global Base Metals Index ETF) 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 XBM.TO is a Energy Equities fund tracking the Morningstar Can Natural Resource NR CAD. Both are passively managed. Over the past 10 years, XEB.TO returned 1.44%/yr vs 19.60%/yr for XBM.TO. At a 0.26 correlation, their price movements are largely independent. XEB.TO charges 0.53%/yr vs 0.60%/yr for XBM.TO.

Performance

XEB.TO vs. XBM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) (XEB.TO) and iShares S&P/TSX Global Base Metals Index ETF (XBM.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XEB.TO achieves a 0.81% return, which is significantly lower than XBM.TO's 37.13% return. Over the past 10 years, XEB.TO has underperformed XBM.TO with an annualized return of 1.44%, while XBM.TO has yielded a comparatively higher 19.60% annualized return.

XEB.TO

1D
0.18%
1M
0.79%
YTD
0.81%
6M
0.94%
1Y
8.75%
3Y*
7.28%
5Y*
-0.04%
10Y*
1.44%

XBM.TO

1D
-0.98%
1M
17.57%
YTD
37.13%
6M
44.82%
1Y
114.99%
3Y*
30.22%
5Y*
19.46%
10Y*
19.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XEB.TO vs. XBM.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XEB.TO
iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)		0.81%11.14%3.46%8.58%-19.80%-3.14%2.97%13.37%-7.43%8.80%
XBM.TO
iShares S&P/TSX Global Base Metals Index ETF		37.13%50.69%5.96%2.84%3.69%32.04%31.54%9.93%-22.39%32.45%

Correlation

The correlation between XEB.TO and XBM.TO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.30

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

0.30

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

0.29

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

0.26

Correlation (All Time)
Calculated using the full available price history since Apr 21, 2011

0.26

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iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)

iShares S&P/TSX Global Base Metals Index ETF

Often compared with XEB.TO:
XEB.TO vs. TDB.TOXEB.TO vs. XCB.TOXEB.TO vs. XLB.TOXEB.TO vs. ZAG.TOXEB.TO vs. VBG.NEOXEB.TO vs. XIC.TOXEB.TO vs. XUS.TO
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. VDEXBM.TO vs. XMA.TO

Return for Risk

XEB.TO vs. XBM.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XEB.TO
XEB.TO Risk / Return Rank: 4242
Overall Rank
XEB.TO Sharpe Ratio Rank: 4141
Sharpe Ratio Rank
XEB.TO Sortino Ratio Rank: 4242
Sortino Ratio Rank
XEB.TO Omega Ratio Rank: 4444
Omega Ratio Rank
XEB.TO Calmar Ratio Rank: 3737
Calmar Ratio Rank
XEB.TO Martin Ratio Rank: 4343
Martin Ratio Rank
XBM.TO
XBM.TO Risk / Return Rank: 8585
Overall Rank
XBM.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
XBM.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
XBM.TO Omega Ratio Rank: 8080
Omega Ratio Rank
XBM.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
XBM.TO Martin Ratio Rank: 8787
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.

XEB.TO vs. XBM.TO - 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 iShares S&P/TSX Global Base Metals Index ETF (XBM.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.

XEB.TOXBM.TODifference
Sharpe ratioReturn per unit of total volatility
1.42
3.25

-1.82

Sortino ratioReturn per unit of downside risk
2.10
3.58

-1.48

Omega ratioGain probability vs. loss probability

1.28

1.48

-0.20

Calmar ratioReturn relative to maximum drawdown

1.78

4.84

-3.06

Martin ratioReturn relative to average drawdown

6.91

18.72

-11.81

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XEB.TO vs. XBM.TO - Sharpe Ratio Comparison

The current XEB.TO Sharpe Ratio is 1.42, which is lower than the XBM.TO Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of XEB.TO and XBM.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.

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Sharpe Ratios by Period

XEB.TOXBM.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.42

3.25

-1.82

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.00

0.59

-0.60

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.14

0.60

-0.46

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.25

+0.05

Drawdowns

XEB.TO vs. XBM.TO - Drawdown Comparison

The maximum XEB.TO drawdown since its inception was -29.53%, smaller than the maximum XBM.TO drawdown of -67.40%. Use the drawdown chart below to compare losses from any high point for XEB.TO and XBM.TO.

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Drawdown Indicators

XEB.TOXBM.TODifference

Max Drawdown

Largest peak-to-trough decline

-29.53%

-67.40%

+37.87%

Max Drawdown (1Y)

Largest decline over 1 year

-4.94%

-23.88%

+18.94%

Max Drawdown (3Y)

Largest decline over 3 years

-8.26%

-37.45%

+29.19%

Max Drawdown (5Y)

Largest decline over 5 years

-29.47%

-40.57%

+11.10%

Max Drawdown (10Y)

Largest decline over 10 years

-29.53%

-57.24%

+27.71%

Current Drawdown

Current decline from peak

-2.23%

-4.12%

+1.89%

Average Drawdown

Average peak-to-trough decline

-6.46%

-25.79%

+19.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.27%

6.17%

-4.90%

Volatility

XEB.TO vs. XBM.TO - Volatility Comparison

The current volatility for iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) (XEB.TO) is 2.47%, while iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) has a volatility of 13.10%. This indicates that XEB.TO experiences smaller price fluctuations and is considered to be less risky than XBM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XEB.TOXBM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.47%

13.10%

-10.63%

Volatility (6M)

Calculated over the trailing 6-month period

4.89%

29.71%

-24.82%

Volatility (1Y)

Calculated over the trailing 1-year period

6.17%

35.64%

-29.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.52%

33.06%

-23.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.21%

32.65%

-22.44%

XEB.TO vs. XBM.TO - Expense Ratio Comparison

XEB.TO has a 0.53% expense ratio, which is lower than XBM.TO's 0.60% expense ratio.

Dividends

XEB.TO vs. XBM.TO - Dividend Comparison

XEB.TO's dividend yield for the trailing twelve months is around 4.97%, more than XBM.TO's 0.63% yield.

PositionTTM20252024202320222021202020192018201720162015
XBM.TO
iShares S&P/TSX Global Base Metals Index ETF		0.63%0.86%1.25%2.09%4.83%3.01%1.81%3.71%3.43%1.63%2.42%5.70%
XEB.TO
iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)		4.97%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 XBM.TO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XEB.TO is cheaper at 0.53% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XEB.TO is cheaper with a 0.53% expense ratio, compared with 0.60% for XBM.TO.

XEB.TO is categorized as Emerging Markets Bonds, while XBM.TO is Energy Equities. XEB.TO tracks J.P. Morgan EMBI Global Core Hedged in CAD Index, while XBM.TO tracks Morningstar Can Natural Resource NR CAD. Their fees differ too: 0.53% for XEB.TO and 0.60% for XBM.TO.

Portfolio Optimizer

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