XESG.TO vs. CBNK.TO

Last updated Jul 25, 2026

XESG.TO (iShares ESG Aware MSCI Canada Index ETF) and CBNK.TO (Mulvihill Canadian Bank Enhanced Yield ETF) are both exchange-traded funds - XESG.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while CBNK.TO is a Derivative Income fund actively managed by Mulvihill. XESG.TO is passively managed, while CBNK.TO is actively managed. Over the past 3 years, XESG.TO returned 20.42%/yr vs 42.19%/yr for CBNK.TO. A 0.67 correlation means they provide meaningful diversification when combined. XESG.TO charges 0.16%/yr vs 1.68%/yr for CBNK.TO.

Performance

XESG.TO vs. CBNK.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares ESG Aware MSCI Canada Index ETF (XESG.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, XESG.TO achieves a 12.54% return, which is significantly lower than CBNK.TO's 43.96% return.

XESG.TO

• 1D: 0.51%
• 1M: 2.11%
• 6M: 7.81%
• YTD: 12.54%
• 1Y: 27.02%
• 3Y*: 20.42%
• 5Y*: 12.78%
• 10Y*: —
• ALL TIME*: 12.86%

CBNK.TO

• 1D: 0.86%
• 1M: 2.05%
• 6M: 41.11%
• YTD: 43.96%
• 1Y: 89.88%
• 3Y*: 42.19%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 22.24%

*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$306.67K	CA$283.95K	CA$214.78K
XESG.TO iShares ESG Aware MSCI Canada Index ETF	CA$124.11K	CA$192.49K	CA$202.20K

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

	2026 (YTD)	2025	2024	2023	2022
XESG.TO iShares ESG Aware MSCI Canada Index ETF	12.54%	26.34%	20.23%	10.30%	-6.64%
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	43.96%	51.67%	27.42%	8.42%	-19.87%

Correlation

The correlation between XESG.TO and CBNK.TO is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (All Time) Calculated using the full available price history since Mar 2, 2022	0.67

The correlation between XESG.TO and CBNK.TO has been stable across timeframes, ranging from 0.60 to 0.67 - a consistent structural relationship.

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XESG.TO

XESG.TO Risk / Return Rank: 82
XESG.TO Sharpe Ratio Rank: 85
XESG.TO Sortino Ratio Rank: 78
XESG.TO Omega Ratio Rank: 83
XESG.TO Calmar Ratio Rank: 79
XESG.TO Martin Ratio Rank: 87

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) 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.

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

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware MSCI Canada Index ETF (XESG.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.

	XESG.TO	CBNK.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.98	5.28	-3.30
Sortino ratio: Return per unit of downside risk	2.54	6.57	-4.03
Omega ratio: Gain probability vs. loss probability	1.36	1.86	-0.50
Calmar ratio: Return relative to maximum drawdown	2.92	9.01	-6.08
Martin ratio: Return relative to average drawdown	12.69	37.73	-25.04

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

The current XESG.TO Sharpe Ratio is 1.98, which is lower than the CBNK.TO Sharpe Ratio of 5.28. The chart below compares the historical Sharpe Ratios of XESG.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

XESG.TO vs. CBNK.TO - Drawdown Comparison

The maximum XESG.TO drawdown since its inception was -39.40%, 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 XESG.TO and CBNK.TO.

Drawdown Indicators

	XESG.TO	CBNK.TO	Difference
Max Drawdown Largest peak-to-trough decline	-39.40%	-32.12%	-7.28%
Max Drawdown (1Y) Largest decline over 1 year	-9.28%	-10.03%	+0.75%
Max Drawdown (3Y) Largest decline over 3 years	-14.14%	-17.90%	+3.76%
Max Drawdown (5Y) Largest decline over 5 years	-17.82%	—	—
Current Drawdown Current decline from peak	-0.26%	-3.98%	+3.72%
Average Drawdown Average peak-to-trough decline	-5.01%	-10.59%	+5.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	2.39%	-0.26%

Volatility

XESG.TO vs. CBNK.TO - Volatility Comparison

The current volatility for iShares ESG Aware MSCI Canada Index ETF (XESG.TO) is 2.49%, while Mulvihill Canadian Bank Enhanced Yield ETF (CBNK.TO) has a volatility of 7.37%. This indicates that XESG.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

	XESG.TO	CBNK.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.49%	7.37%	-4.88%
Volatility (6M) Calculated over the trailing 6-month period	10.77%	14.74%	-3.97%
Volatility (1Y) Calculated over the trailing 1-year period	13.71%	17.12%	-3.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.88%	17.69%	-3.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.83%	17.69%	+4.14%

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

XESG.TO has a 0.16% expense ratio, which is lower than CBNK.TO's 1.68% expense ratio.

Dividends

XESG.TO vs. CBNK.TO - Dividend Comparison

XESG.TO's dividend yield for the trailing twelve months is around 1.91%, less than CBNK.TO's 5.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CBNK.TO Mulvihill Canadian Bank Enhanced Yield ETF	5.41%	5.86%	8.25%	9.59%	7.85%	0.00%	0.00%	0.00%
XESG.TO iShares ESG Aware MSCI Canada Index ETF	1.91%	2.17%	2.57%	2.89%	2.77%	2.01%	2.30%	1.08%

Frequently Asked Questions

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

XESG.TO and CBNK.TO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, XESG.TO is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

XESG.TO is cheaper with a 0.16% expense ratio, compared with 1.68% for CBNK.TO.

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

XESG.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: 0.16% for XESG.TO and 1.68% for CBNK.TO.