XGB.TO vs. TCLB.TO
XGB.TO (iShares Core Canadian Government Bond Index ETF) and TCLB.TO (TD Canadian Long Term Federal Bond ETF) are both Canadian Government Bonds funds - XGB.TO tracks the Morningstar Can Core Bd GR CAD while TCLB.TO tracks the FTSE Canada Long Term Federal Bond Index. Both are passively managed. Over the past year, XGB.TO returned 3.31% vs 1.24% for TCLB.TO. Their correlation of 0.88 suggests significant overlap in exposure. XGB.TO charges 0.13%/yr vs 0.23%/yr for TCLB.TO.
Performance
XGB.TO vs. TCLB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XGB.TO achieves a 1.73% return, which is significantly lower than TCLB.TO's 2.12% return.
XGB.TO
- 1D
- -0.05%
- 1M
- 1.37%
- YTD
- 1.73%
- 6M
- 1.99%
- 1Y
- 3.31%
- 3Y*
- 4.13%
- 5Y*
- 0.08%
- 10Y*
- 1.02%
TCLB.TO
- 1D
- 0.22%
- 1M
- 2.44%
- YTD
- 2.12%
- 6M
- 2.89%
- 1Y
- 1.24%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XGB.TO vs. TCLB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XGB.TO iShares Core Canadian Government Bond Index ETF | 1.73% | 1.65% | 3.54% | -0.43% |
TCLB.TO TD Canadian Long Term Federal Bond ETF | 2.12% | -3.46% | -1.09% | 0.36% |
Correlation
The correlation between XGB.TO and TCLB.TO is 0.76, 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 | 0.76 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2023 | 0.88 |
The correlation between XGB.TO and TCLB.TO shifts across timeframes, from 0.76 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XGB.TO vs. TCLB.TO — Risk / Return Rank
XGB.TO
TCLB.TO
XGB.TO vs. TCLB.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 TD Canadian Long Term Federal Bond ETF (TCLB.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.
| XGB.TO | TCLB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.03 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 0.22 | +0.94 |
| Martin ratioReturn relative to average drawdown | 2.49 | 0.40 | +2.09 |
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Drawdowns
XGB.TO vs. TCLB.TO - Drawdown Comparison
The maximum XGB.TO drawdown since its inception was -19.53%, which is greater than TCLB.TO's maximum drawdown of -10.64%. Use the drawdown chart below to compare losses from any high point for XGB.TO and TCLB.TO.
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Drawdown Indicators
| XGB.TO | TCLB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.53% | -10.64% | -8.89% |
Max Drawdown (1Y)Largest decline over 1 year | -2.86% | -5.57% | +2.71% |
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 DrawdownCurrent decline from peak | -5.11% | -6.01% | +0.90% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -5.30% | +1.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 3.12% | -1.79% |
Volatility
XGB.TO vs. TCLB.TO - Volatility Comparison
The current volatility for iShares Core Canadian Government Bond Index ETF (XGB.TO) is 1.61%, while TD Canadian Long Term Federal Bond ETF (TCLB.TO) has a volatility of 3.07%. This indicates that XGB.TO experiences smaller price fluctuations and is considered to be less risky than TCLB.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.TO | TCLB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 3.07% | -1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 3.40% | 6.33% | -2.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.57% | 8.99% | -4.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.93% | 10.88% | -3.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.99% | 10.88% | -4.89% |
XGB.TO vs. TCLB.TO - Expense Ratio Comparison
XGB.TO has a 0.13% expense ratio, which is lower than TCLB.TO's 0.23% 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
XGB.TO vs. TCLB.TO - Dividend Comparison
XGB.TO's dividend yield for the trailing twelve months is around 3.10%, less than TCLB.TO's 3.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TCLB.TO TD Canadian Long Term Federal Bond ETF | 3.26% | 3.25% | 2.94% | 0.34% | 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 | 3.10% | 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
XGB.TO and TCLB.TO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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 0.23% for TCLB.TO.
XGB.TO tracks Morningstar Can Core Bd GR CAD, while TCLB.TO tracks FTSE Canada Long Term Federal Bond Index. They also come from different issuers: iShares and TD. Their fees differ too: 0.13% for XGB.TO and 0.23% for TCLB.TO.
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