XGB.TO vs. XQB.TO
XGB.TO (iShares Core Canadian Government Bond Index ETF) and XQB.TO (iShares High Quality Canadian Bond Index ETF) are both Canadian Government Bonds funds from iShares tracking the Morningstar Can Core Bd GR CAD. Both are passively managed. Over the past 10 years, XGB.TO returned 1.06%/yr vs 1.67%/yr for XQB.TO. A 0.78 correlation means they provide meaningful diversification when combined. Both charge a 0.13% expense ratio.
Performance
XGB.TO vs. XQB.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 higher than XQB.TO's 1.43% return. Over the past 10 years, XGB.TO has underperformed XQB.TO with an annualized return of 1.06%, while XQB.TO has yielded a comparatively higher 1.67% 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%
XQB.TO
- 1D
- -0.05%
- 1M
- 1.52%
- YTD
- 1.43%
- 6M
- 1.14%
- 1Y
- 2.76%
- 3Y*
- 4.39%
- 5Y*
- 0.95%
- 10Y*
- 1.67%
XGB.TO vs. XQB.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% |
XQB.TO iShares High Quality Canadian Bond Index ETF | 1.43% | 3.16% | 4.17% | 6.51% | -10.61% | -2.84% | 8.32% | 6.05% | 1.38% | 1.61% |
Correlation
The correlation between XGB.TO and XQB.TO is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.93 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2009 | 0.78 |
The correlation between XGB.TO and XQB.TO shifts across timeframes, from 0.78 (all time) to 0.93 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XGB.TO vs. XQB.TO — Risk / Return Rank
XGB.TO
XQB.TO
XGB.TO vs. XQB.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 High Quality Canadian Bond Index ETF (XQB.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 | XQB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.12 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 1.03 | -0.17 |
| Martin ratioReturn relative to average drawdown | 1.86 | 2.55 | -0.69 |
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 | XQB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | 0.68 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | 0.16 | -0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | 0.29 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.53 | -0.01 |
Drawdowns
XGB.TO vs. XQB.TO - Drawdown Comparison
The maximum XGB.TO drawdown since its inception was -19.53%, which is greater than XQB.TO's maximum drawdown of -16.57%. Use the drawdown chart below to compare losses from any high point for XGB.TO and XQB.TO.
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Drawdown Indicators
| XGB.TO | XQB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.53% | -16.57% | -2.96% |
Max Drawdown (1Y)Largest decline over 1 year | -2.86% | -2.70% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -5.83% | -4.25% | -1.58% |
Max Drawdown (5Y)Largest decline over 5 years | -16.44% | -14.59% | -1.85% |
Max Drawdown (10Y)Largest decline over 10 years | -19.53% | -16.57% | -2.96% |
Current DrawdownCurrent decline from peak | -5.25% | -0.55% | -4.70% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -3.07% | -0.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 1.09% | +0.24% |
Volatility
XGB.TO vs. XQB.TO - Volatility Comparison
iShares Core Canadian Government Bond Index ETF (XGB.TO) has a higher volatility of 1.71% compared to iShares High Quality Canadian Bond Index ETF (XQB.TO) at 1.55%. This indicates that XGB.TO's price experiences larger fluctuations and is considered to be riskier than XQB.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 | XQB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 1.55% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 3.49% | 3.31% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.52% | 4.10% | +0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.92% | 5.89% | +1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.99% | 5.78% | +0.21% |
XGB.TO vs. XQB.TO - Expense Ratio Comparison
Both XGB.TO and XQB.TO have an expense ratio of 0.13%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
XGB.TO vs. XQB.TO - Dividend Comparison
XGB.TO's dividend yield for the trailing twelve months is around 3.11%, less than XQB.TO's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XQB.TO iShares High Quality Canadian Bond Index ETF | 3.42% | 3.39% | 3.24% | 2.93% | 2.75% | 2.37% | 2.37% | 2.53% | 2.59% | 2.54% | 2.67% | 2.80% |
Frequently Asked Questions
With a correlation of 0.92, XGB.TO and XQB.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.
Both ETFs have the same 0.13% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
XGB.TO and XQB.TO have the same expense ratio: 0.13% per year.
Both ETFs track Morningstar Can Core Bd GR CAD.
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