XFLB.TO vs. XAW.TO

Last updated Jun 4, 2026

XFLB.TO (iShares Core Canadian 15+ Year Federal Bond Index ETF) and XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) are both exchange-traded funds - XFLB.TO is a Canadian Government Bonds fund tracking the Morningstar Can 10+Y Core Bd GR CAD, while XAW.TO is a Global Equities fund tracking the Morningstar Gbl GR CAD. Both are passively managed. Over the past 3 years, XFLB.TO returned -1.06%/yr vs 21.73%/yr for XAW.TO. At a 0.17 correlation, their price movements are largely independent. XFLB.TO charges 0.17%/yr vs 0.22%/yr for XAW.TO.

Performance

XFLB.TO vs. XAW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core Canadian 15+ Year Federal Bond Index ETF (XFLB.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XFLB.TO achieves a 2.42% return, which is significantly lower than XAW.TO's 13.70% return.

XFLB.TO

• 1D: 0.11%
• 1M: 3.14%
• YTD: 2.42%
• 6M: -0.48%
• 1Y: -0.95%
• 3Y*: -1.06%
• 5Y*: —
• 10Y*: —

XAW.TO

• 1D: -0.37%
• 1M: 7.13%
• YTD: 13.70%
• 6M: 12.70%
• 1Y: 30.51%
• 3Y*: 21.73%
• 5Y*: 13.96%
• 10Y*: 13.22%

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

XFLB.TO vs. XAW.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XFLB.TO iShares Core Canadian 15+ Year Federal Bond Index ETF	2.42%	-6.17%	-2.12%	4.63%
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF	13.70%	15.87%	26.31%	10.26%

Correlation

The correlation between XFLB.TO and XAW.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Feb 8, 2023	0.17

The correlation between XFLB.TO and XAW.TO shifts across timeframes, from 0.17 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

XFLB.TO vs. XAW.TO — Risk / Return Rank

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

XFLB.TO

XFLB.TO Risk / Return Rank: 7
XFLB.TO Sharpe Ratio Rank: 8
XFLB.TO Sortino Ratio Rank: 7
XFLB.TO Omega Ratio Rank: 7
XFLB.TO Calmar Ratio Rank: 8
XFLB.TO Martin Ratio Rank: 8

XAW.TO

XAW.TO Risk / Return Rank: 76
XAW.TO Sharpe Ratio Rank: 75
XAW.TO Sortino Ratio Rank: 76
XAW.TO Omega Ratio Rank: 78
XAW.TO Calmar Ratio Rank: 74
XAW.TO Martin Ratio Rank: 77

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.

XFLB.TO vs. XAW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian 15+ Year Federal Bond Index ETF (XFLB.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.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.

	XFLB.TO	XAW.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.09	2.50	-2.60
Sortino ratio: Return per unit of downside risk	-0.06	3.49	-3.55
Omega ratio: Gain probability vs. loss probability	0.99	1.48	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.14	3.76	-3.89
Martin ratio: Return relative to average drawdown	-0.23	15.15	-15.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XFLB.TO vs. XAW.TO - Sharpe Ratio Comparison

The current XFLB.TO Sharpe Ratio is -0.09, which is lower than the XAW.TO Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of XFLB.TO and XAW.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.

Sharpe Ratios by Period

	XFLB.TO	XAW.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.09	2.50	-2.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.04	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.78	-0.81

Drawdowns

XFLB.TO vs. XAW.TO - Drawdown Comparison

The maximum XFLB.TO drawdown since its inception was -20.54%, smaller than the maximum XAW.TO drawdown of -27.32%. Use the drawdown chart below to compare losses from any high point for XFLB.TO and XAW.TO.

Drawdown Indicators

	XFLB.TO	XAW.TO	Difference
Max Drawdown Largest peak-to-trough decline	-20.54%	-27.32%	+6.78%
Max Drawdown (1Y) Largest decline over 1 year	-7.04%	-8.16%	+1.12%
Max Drawdown (3Y) Largest decline over 3 years	-15.61%	-16.66%	+1.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.32%	—
Current Drawdown Current decline from peak	-9.31%	-0.37%	-8.94%
Average Drawdown Average peak-to-trough decline	-8.16%	-3.91%	-4.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.09%	2.02%	+2.07%

Volatility

XFLB.TO vs. XAW.TO - Volatility Comparison

The current volatility for iShares Core Canadian 15+ Year Federal Bond Index ETF (XFLB.TO) is 3.80%, while iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a volatility of 4.21%. This indicates that XFLB.TO experiences smaller price fluctuations and is considered to be less risky than XAW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XFLB.TO	XAW.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	4.21%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	8.15%	9.85%	-1.70%
Volatility (1Y) Calculated over the trailing 1-year period	10.27%	12.25%	-1.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.65%	13.56%	+2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.65%	15.12%	+0.53%

XFLB.TO vs. XAW.TO - Expense Ratio Comparison

XFLB.TO has a 0.17% expense ratio, which is lower than XAW.TO's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XFLB.TO vs. XAW.TO - Dividend Comparison

XFLB.TO's dividend yield for the trailing twelve months is around 3.06%, more than XAW.TO's 1.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF	1.17%	1.33%	1.61%	1.71%	1.79%	1.77%	1.49%	2.02%	2.29%	1.92%	1.80%	1.83%
XFLB.TO iShares Core Canadian 15+ Year Federal Bond Index ETF	3.06%	3.05%	2.72%	2.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XFLB.TO and XAW.TO in my portfolio?

XFLB.TO and XAW.TO have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XFLB.TO or XAW.TO?

On fees, XFLB.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XFLB.TO or XAW.TO?

XFLB.TO is cheaper with a 0.17% expense ratio, compared with 0.22% for XAW.TO.

What is the main difference between XFLB.TO and XAW.TO?

XFLB.TO is categorized as Canadian Government Bonds, while XAW.TO is Global Equities. XFLB.TO tracks Morningstar Can 10+Y Core Bd GR CAD, while XAW.TO tracks Morningstar Gbl GR CAD. Their fees differ too: 0.17% for XFLB.TO and 0.22% for XAW.TO.