XEB.TO vs. XUS.TO

Last updated Apr 1, 2026

Compare and contrast key facts about iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) (XEB.TO) and iShares Core S&P 500 Index ETF (XUS.TO).

XEB.TO and XUS.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XEB.TO is a passively managed fund by iShares that tracks the performance of the J.P. Morgan EMBI Global Core Hedged in CAD Index. It was launched on Apr 12, 2011. XUS.TO is a passively managed fund by iShares that tracks the performance of the S&P 500 Index. It was launched on Apr 10, 2013. Both XEB.TO and XUS.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XEB.TO vs. XUS.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 Core S&P 500 Index ETF (XUS.TO). The values are adjusted to include any dividend payments, if applicable.

XEB.TO vs. XUS.TO - 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)	-2.55%	11.14%	3.46%	8.58%	-19.80%	-3.14%	2.97%	13.37%	-7.43%	8.80%
XUS.TO iShares Core S&P 500 Index ETF	-3.09%	12.19%	35.16%	23.31%	-12.59%	27.20%	15.56%	24.57%	3.31%	13.56%

Returns By Period

In the year-to-date period, XEB.TO achieves a -2.55% return, which is significantly higher than XUS.TO's -3.09% return. Over the past 10 years, XEB.TO has underperformed XUS.TO with an annualized return of 1.35%, while XUS.TO has yielded a comparatively higher 14.42% annualized return.

XEB.TO

• 1D: 0.83%
• 1M: -4.01%
• YTD: -2.55%
• 6M: -0.53%
• 1Y: 5.99%
• 3Y*: 5.89%
• 5Y*: -0.08%
• 10Y*: 1.35%

XUS.TO

• 1D: 2.80%
• 1M: -3.10%
• YTD: -3.09%
• 6M: -1.89%
• 1Y: 13.65%
• 3Y*: 19.14%
• 5Y*: 13.75%
• 10Y*: 14.42%

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

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

XEB.TO has a 0.53% expense ratio, which is higher than XUS.TO's 0.09% expense ratio.

XEB.TO

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

XUS.TO

iShares Core S&P 500 Index ETF

Return for Risk

XEB.TO vs. XUS.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: 47
XEB.TO Sharpe Ratio Rank: 48
XEB.TO Sortino Ratio Rank: 44
XEB.TO Omega Ratio Rank: 44
XEB.TO Calmar Ratio Rank: 47
XEB.TO Martin Ratio Rank: 53

XUS.TO

XUS.TO Risk / Return Rank: 48
XUS.TO Sharpe Ratio Rank: 44
XUS.TO Sortino Ratio Rank: 43
XUS.TO Omega Ratio Rank: 49
XUS.TO Calmar Ratio Rank: 51
XUS.TO Martin Ratio Rank: 50

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. XUS.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 Core S&P 500 Index ETF (XUS.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.TO	XUS.TO	Difference
Sharpe ratio Return per unit of total volatility	0.89	0.75	+0.14
Sortino ratio Return per unit of downside risk	1.23	1.13	+0.11
Omega ratio Gain probability vs. loss probability	1.17	1.18	0.00
Calmar ratio Return relative to maximum drawdown	1.24	1.19	+0.05
Martin ratio Return relative to average drawdown	5.26	4.47	+0.79
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. XUS.TO - Sharpe Ratio Comparison

The current XEB.TO Sharpe Ratio is 0.89, which is comparable to the XUS.TO Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of XEB.TO and XUS.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XEB.TO	XUS.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.89	0.75	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	0.93	-0.94
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.13	0.88	-0.75
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	1.01	-0.73

Correlation

The correlation between XEB.TO and XUS.TO is 0.27, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

XEB.TO vs. XUS.TO - Dividend Comparison

XEB.TO's dividend yield for the trailing twelve months is around 5.12%, more than XUS.TO's 1.30% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XEB.TO iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)	5.12%	4.98%	4.68%	4.00%	4.26%	3.23%	3.45%	3.65%	4.95%	3.81%	4.31%	4.60%
XUS.TO iShares Core S&P 500 Index ETF	1.30%	1.26%	1.03%	1.22%	1.38%	0.99%	1.35%	2.02%	1.77%	1.48%	1.66%	1.70%

Drawdowns

XEB.TO vs. XUS.TO - Drawdown Comparison

The maximum XEB.TO drawdown since its inception was -29.53%, which is greater than XUS.TO's maximum drawdown of -27.23%. Use the drawdown chart below to compare losses from any high point for XEB.TO and XUS.TO.

Drawdown Indicators

	XEB.TO	XUS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-29.53%	-27.23%	-2.30%
Max Drawdown (1Y) Largest decline over 1 year	-4.94%	-12.50%	+7.56%
Max Drawdown (5Y) Largest decline over 5 years	-29.47%	-21.85%	-7.62%
Max Drawdown (10Y) Largest decline over 10 years	-29.53%	-27.23%	-2.30%
Current Drawdown Current decline from peak	-5.48%	-6.07%	+0.59%
Average Drawdown Average peak-to-trough decline	-6.50%	-3.49%	-3.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	3.33%	-2.17%

Volatility

XEB.TO vs. XUS.TO - Volatility Comparison

The current volatility for iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) (XEB.TO) is 3.09%, while iShares Core S&P 500 Index ETF (XUS.TO) has a volatility of 5.14%. This indicates that XEB.TO experiences smaller price fluctuations and is considered to be less risky than XUS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XEB.TO	XUS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.09%	5.14%	-2.05%
Volatility (6M) Calculated over the trailing 6-month period	4.07%	9.38%	-5.31%
Volatility (1Y) Calculated over the trailing 1-year period	6.79%	18.33%	-11.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.47%	14.93%	-5.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.19%	16.49%	-6.30%