XEF.TO vs. XSB.TO
XEF.TO (iShares Core MSCI EAFE IMI Index ETF) and XSB.TO (iShares Core Canadian Short Term Bond Index ETF) are both exchange-traded funds - XEF.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Investable Market Index (CAD), while XSB.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, XEF.TO returned 10.10%/yr vs 1.93%/yr for XSB.TO. At a 0.08 correlation, their price movements are largely independent. XEF.TO charges 0.23%/yr vs 0.10%/yr for XSB.TO.
Performance
XEF.TO vs. XSB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XEF.TO achieves a 8.98% return, which is significantly higher than XSB.TO's 0.80% return. Over the past 10 years, XEF.TO has outperformed XSB.TO with an annualized return of 10.10%, while XSB.TO has yielded a comparatively lower 1.93% annualized return.
XEF.TO
- 1D
- 0.52%
- 1M
- 0.70%
- YTD
- 8.98%
- 6M
- 10.55%
- 1Y
- 21.35%
- 3Y*
- 17.58%
- 5Y*
- 10.64%
- 10Y*
- 10.10%
XSB.TO
- 1D
- 0.00%
- 1M
- 0.22%
- YTD
- 0.80%
- 6M
- 1.10%
- 1Y
- 2.95%
- 3Y*
- 4.78%
- 5Y*
- 1.98%
- 10Y*
- 1.93%
XEF.TO vs. XSB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XEF.TO iShares Core MSCI EAFE IMI Index ETF | 8.98% | 25.69% | 12.04% | 15.21% | -9.53% | 10.35% | 6.13% | 15.85% | -6.66% | 18.20% |
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 0.80% | 3.70% | 5.87% | 4.67% | -4.04% | -1.11% | 5.20% | 3.20% | 1.60% | 0.13% |
Correlation
The correlation between XEF.TO and XSB.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2013 | 0.08 |
Over the past year, XEF.TO and XSB.TO have become more correlated (0.41) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
XEF.TO vs. XSB.TO — Risk / Return Rank
XEF.TO
XSB.TO
XEF.TO vs. XSB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE IMI Index ETF (XEF.TO) and iShares Core Canadian Short Term Bond Index ETF (XSB.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.
| XEF.TO | XSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.29 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | 2.01 | -0.11 |
| Martin ratioReturn relative to average drawdown | 7.58 | 6.68 | +0.89 |
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
| XEF.TO | XSB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.53 | 1.49 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.79 | 0.73 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | 0.57 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.70 | 0.97 | -0.26 |
Drawdowns
XEF.TO vs. XSB.TO - Drawdown Comparison
The maximum XEF.TO drawdown since its inception was -28.51%, which is greater than XSB.TO's maximum drawdown of -8.65%. Use the drawdown chart below to compare losses from any high point for XEF.TO and XSB.TO.
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Drawdown Indicators
| XEF.TO | XSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.51% | -8.65% | -19.86% |
Max Drawdown (1Y)Largest decline over 1 year | -11.27% | -1.47% | -9.80% |
Max Drawdown (3Y)Largest decline over 3 years | -14.31% | -1.47% | -12.84% |
Max Drawdown (5Y)Largest decline over 5 years | -24.58% | -6.99% | -17.59% |
Max Drawdown (10Y)Largest decline over 10 years | -28.51% | -8.65% | -19.86% |
Current DrawdownCurrent decline from peak | -1.96% | -0.34% | -1.62% |
Average DrawdownAverage peak-to-trough decline | -4.61% | -0.79% | -3.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.82% | 0.44% | +2.38% |
Volatility
XEF.TO vs. XSB.TO - Volatility Comparison
iShares Core MSCI EAFE IMI Index ETF (XEF.TO) has a higher volatility of 4.30% compared to iShares Core Canadian Short Term Bond Index ETF (XSB.TO) at 0.75%. This indicates that XEF.TO's price experiences larger fluctuations and is considered to be riskier than XSB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XEF.TO | XSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.30% | 0.75% | +3.55% |
Volatility (6M)Calculated over the trailing 6-month period | 11.82% | 1.68% | +10.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.06% | 1.99% | +12.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.62% | 2.72% | +10.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.87% | 3.40% | +11.47% |
XEF.TO vs. XSB.TO - Expense Ratio Comparison
XEF.TO has a 0.23% expense ratio, which is higher than XSB.TO's 0.10% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XEF.TO vs. XSB.TO - Dividend Comparison
XEF.TO's dividend yield for the trailing twelve months is around 2.23%, less than XSB.TO's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XEF.TO iShares Core MSCI EAFE IMI Index ETF | 2.23% | 2.43% | 2.76% | 2.75% | 2.93% | 2.42% | 1.93% | 2.71% | 2.75% | 2.11% | 2.45% | 2.42% |
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 3.11% | 3.15% | 3.05% | 2.67% | 2.28% | 2.05% | 2.21% | 2.39% | 2.39% | 2.36% | 2.36% | 2.50% |
Frequently Asked Questions
XEF.TO and XSB.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSB.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSB.TO is cheaper with a 0.10% expense ratio, compared with 0.23% for XEF.TO.
XEF.TO is categorized as Foreign Large Cap Equities, while XSB.TO is Canadian Government Bonds. XEF.TO tracks MSCI EAFE Investable Market Index (CAD), while XSB.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. Their fees differ too: 0.23% for XEF.TO and 0.10% for XSB.TO.
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