XGB.TO vs. XCB.TO
XGB.TO (iShares Core Canadian Government Bond Index ETF) and XCB.TO (iShares Core Canadian Corporate Bond Index ETF) are both exchange-traded funds - XGB.TO is a Canadian Government Bonds fund tracking the Morningstar Can Core Bd GR CAD, while XCB.TO is a Corporate Bonds fund tracking the Morningstar Can Corp Bd GR CAD. Both are passively managed. Over the past 10 years, XGB.TO returned 1.06%/yr vs 2.78%/yr for XCB.TO. A 0.69 correlation means they provide meaningful diversification when combined. XGB.TO charges 0.13%/yr vs 0.17%/yr for XCB.TO.
Performance
XGB.TO vs. XCB.TO - Performance Comparison
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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 XCB.TO's 1.65% return. Over the past 10 years, XGB.TO has underperformed XCB.TO with an annualized return of 1.06%, while XCB.TO has yielded a comparatively higher 2.78% annualized 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%
XCB.TO
- 1D
- -0.10%
- 1M
- 1.56%
- YTD
- 1.65%
- 6M
- 1.64%
- 1Y
- 3.96%
- 3Y*
- 6.16%
- 5Y*
- 2.28%
- 10Y*
- 2.78%
XGB.TO vs. XCB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XGB.TO iShares Core Canadian Government Bond Index ETF | 1.57% | 1.65% | 3.54% | 5.57% | -12.25% | -3.11% | 8.14% | 6.10% | 1.34% | 1.71% |
XCB.TO iShares Core Canadian Corporate Bond Index ETF | 1.65% | 4.45% | 6.72% | 8.30% | -9.79% | -1.81% | 8.36% | 7.90% | 0.39% | 2.75% |
Correlation
The correlation between XGB.TO and XCB.TO is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2006 | 0.69 |
Over the past year, XGB.TO and XCB.TO have become more correlated (0.91) than their long-term average of 0.69, meaning their price movements have been converging.
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Return for Risk
XGB.TO vs. XCB.TO — Risk / Return Rank
XGB.TO
XCB.TO
XGB.TO vs. XCB.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 iShares Core Canadian Corporate Bond Index ETF (XCB.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.TO | XCB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.19 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 1.59 | -0.73 |
| Martin ratioReturn relative to average drawdown | 1.86 | 4.72 | -2.87 |
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
| XGB.TO | XCB.TO | Difference | |
|---|---|---|---|
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 | 0.41 | -0.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | 0.39 | -0.21 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.63 | -0.11 |
Drawdowns
XGB.TO vs. XCB.TO - Drawdown Comparison
The maximum XGB.TO drawdown since its inception was -19.53%, smaller than the maximum XCB.TO drawdown of -22.59%. Use the drawdown chart below to compare losses from any high point for XGB.TO and XCB.TO.
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Drawdown Indicators
| XGB.TO | XCB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.53% | -22.59% | +3.06% |
Max Drawdown (1Y)Largest decline over 1 year | -2.86% | -2.49% | -0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -5.83% | -3.56% | -2.27% |
Max Drawdown (5Y)Largest decline over 5 years | -16.44% | -14.17% | -2.27% |
Max Drawdown (10Y)Largest decline over 10 years | -19.53% | -22.59% | +3.06% |
Current DrawdownCurrent decline from peak | -5.25% | -0.20% | -5.05% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -2.12% | -1.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 0.84% | +0.49% |
Volatility
XGB.TO vs. XCB.TO - Volatility Comparison
iShares Core Canadian Government Bond Index ETF (XGB.TO) has a higher volatility of 1.71% compared to iShares Core Canadian Corporate Bond Index ETF (XCB.TO) at 1.46%. This indicates that XGB.TO's price experiences larger fluctuations and is considered to be riskier than XCB.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 | XCB.TO | Difference | |
|---|---|---|---|
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% | 2.93% | +0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.52% | 3.74% | +0.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.92% | 5.66% | +1.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.99% | 7.23% | -1.24% |
XGB.TO vs. XCB.TO - Expense Ratio Comparison
XGB.TO has a 0.13% expense ratio, which is lower than XCB.TO's 0.17% 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. XCB.TO - Dividend Comparison
XGB.TO's dividend yield for the trailing twelve months is around 3.11%, less than XCB.TO's 4.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XCB.TO iShares Core Canadian Corporate Bond Index ETF | 4.14% | 4.10% | 4.00% | 3.69% | 3.55% | 3.01% | 2.75% | 2.95% | 3.10% | 3.07% | 3.19% | 3.31% |
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 0.91, XGB.TO and XCB.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 0.17% for XCB.TO.
XGB.TO is categorized as Canadian Government Bonds, while XCB.TO is Corporate Bonds. XGB.TO tracks Morningstar Can Core Bd GR CAD, while XCB.TO tracks Morningstar Can Corp Bd GR CAD. Their fees differ too: 0.13% for XGB.TO and 0.17% for XCB.TO.
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