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XGB.TO vs. CORE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XGB.TO vs. CORE.TO

Last updated Jun 5, 2026

XGB.TO (iShares Core Canadian Government Bond Index ETF) and CORE.TO (PIMCO Canadian Core Bond Fund) are both Canadian Government Bonds funds. XGB.TO is passively managed, while CORE.TO is actively managed. Over the past year, XGB.TO returned 2.46% vs 4.37% for CORE.TO. Their correlation of 0.86 suggests significant overlap in exposure. XGB.TO charges 0.13%/yr vs 0.32%/yr for CORE.TO.

Performance

XGB.TO vs. CORE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core Canadian Government Bond Index ETF (XGB.TO) and PIMCO Canadian Core Bond Fund (CORE.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, XGB.TO achieves a 1.57% return, which is significantly lower than CORE.TO's 2.19% return.

XGB.TO

1D
0.00%
1M
1.53%
YTD
1.57%
6M
0.83%
1Y
2.46%
3Y*
3.58%
5Y*
0.13%
10Y*
1.06%

CORE.TO

1D
-0.05%
1M
1.88%
YTD
2.19%
6M
1.61%
1Y
4.37%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XGB.TO vs. CORE.TO - Yearly Performance Comparison

2026 (YTD)20252024
XGB.TO
iShares Core Canadian Government Bond Index ETF		1.57%1.65%0.96%
CORE.TO
PIMCO Canadian Core Bond Fund		2.19%4.02%0.77%

Correlation

The correlation between XGB.TO and CORE.TO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.90

Correlation (All Time)
Calculated using the full available price history since Aug 20, 2024

0.86

The correlation between XGB.TO and CORE.TO has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core Canadian Government Bond Index ETF

PIMCO Canadian Core Bond Fund

Often compared with XGB.TO:
XGB.TO vs. XBB.TOXGB.TO vs. SGOVXGB.TO vs. CLF.TOXGB.TO vs. XEQT.TOXGB.TO vs. XSB.TOXGB.TO vs. VTXGB.TO vs. VCIT
Often compared with CORE.TO:
CORE.TO vs. PMIF.TOCORE.TO vs. PMIF-U.TOCORE.TO vs. XBB.TOCORE.TO vs. XSH.TOCORE.TO vs. XFLB.TOCORE.TO vs. TCLB.TOCORE.TO vs. ZAG.TO

Return for Risk

XGB.TO vs. CORE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XGB.TO
XGB.TO Risk / Return Rank: 1818
Overall Rank
XGB.TO Sharpe Ratio Rank: 1818
Sharpe Ratio Rank
XGB.TO Sortino Ratio Rank: 1616
Sortino Ratio Rank
XGB.TO Omega Ratio Rank: 1717
Omega Ratio Rank
XGB.TO Calmar Ratio Rank: 2121
Calmar Ratio Rank
XGB.TO Martin Ratio Rank: 1818
Martin Ratio Rank
CORE.TO
CORE.TO Risk / Return Rank: 2929
Overall Rank
CORE.TO Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
CORE.TO Sortino Ratio Rank: 2727
Sortino Ratio Rank
CORE.TO Omega Ratio Rank: 2828
Omega Ratio Rank
CORE.TO Calmar Ratio Rank: 3131
Calmar Ratio Rank
CORE.TO Martin Ratio Rank: 2727
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.

XGB.TO vs. CORE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Government Bond Index ETF (XGB.TO) and PIMCO Canadian Core Bond Fund (CORE.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.

XGB.TOCORE.TODifference
Sharpe ratioReturn per unit of total volatility
0.55
1.06

-0.52

Sortino ratioReturn per unit of downside risk
0.76
1.47

-0.70

Omega ratioGain probability vs. loss probability

1.10

1.19

-0.09

Calmar ratioReturn relative to maximum drawdown

0.86

1.47

-0.61

Martin ratioReturn relative to average drawdown

1.86

3.63

-1.77

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

XGB.TO vs. CORE.TO - Sharpe Ratio Comparison

The current XGB.TO Sharpe Ratio is 0.55, which is lower than the CORE.TO Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of XGB.TO and CORE.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

XGB.TOCORE.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.55

1.06

-0.52

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.02

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.18

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.52

0.79

-0.27

Drawdowns

XGB.TO vs. CORE.TO - Drawdown Comparison

The maximum XGB.TO drawdown since its inception was -19.53%, which is greater than CORE.TO's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for XGB.TO and CORE.TO.

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Drawdown Indicators

XGB.TOCORE.TODifference

Max Drawdown

Largest peak-to-trough decline

-19.53%

-3.48%

-16.05%

Max Drawdown (1Y)

Largest decline over 1 year

-2.86%

-2.99%

+0.13%

Max Drawdown (3Y)

Largest decline over 3 years

-5.83%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-16.44%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-19.53%

—

—

Current Drawdown

Current decline from peak

-5.25%

-0.32%

-4.93%

Average Drawdown

Average peak-to-trough decline

-3.94%

-1.36%

-2.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.33%

1.21%

+0.12%

Volatility

XGB.TO vs. CORE.TO - Volatility Comparison

iShares Core Canadian Government Bond Index ETF (XGB.TO) has a higher volatility of 1.71% compared to PIMCO Canadian Core Bond Fund (CORE.TO) at 1.46%. This indicates that XGB.TO's price experiences larger fluctuations and is considered to be riskier than CORE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XGB.TOCORE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.71%

1.46%

+0.25%

Volatility (6M)

Calculated over the trailing 6-month period

3.49%

3.17%

+0.32%

Volatility (1Y)

Calculated over the trailing 1-year period

4.52%

4.13%

+0.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.92%

5.00%

+1.92%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.99%

5.00%

+0.99%

XGB.TO vs. CORE.TO - Expense Ratio Comparison

XGB.TO has a 0.13% expense ratio, which is lower than CORE.TO's 0.32% expense ratio.

Dividends

XGB.TO vs. CORE.TO - Dividend Comparison

XGB.TO's dividend yield for the trailing twelve months is around 3.11%, less than CORE.TO's 3.36% yield.

PositionTTM20252024202320222021202020192018201720162015
CORE.TO
PIMCO Canadian Core Bond Fund		3.36%3.42%0.32%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XGB.TO
iShares Core Canadian Government Bond Index ETF		3.11%3.11%2.95%2.73%2.64%2.25%2.12%2.32%2.44%2.41%2.53%2.62%

Frequently Asked Questions

With a correlation of 0.90, XGB.TO and CORE.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

On fees, XGB.TO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XGB.TO is cheaper with a 0.13% expense ratio, compared with 0.32% for CORE.TO.

They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.13% for XGB.TO and 0.32% for CORE.TO.

Portfolio Optimizer

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