XGB.TO vs. XSP.TO
XGB.TO (iShares Core Canadian Government Bond Index ETF) and XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) are both exchange-traded funds - XGB.TO is a Canadian Government Bonds fund tracking the Morningstar Can Core Bd GR CAD, while XSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, XGB.TO returned 1.06%/yr vs 13.78%/yr for XSP.TO. At a correlation of -0.17, they often move in opposite directions. XGB.TO charges 0.13%/yr vs 0.09%/yr for XSP.TO.
Performance
XGB.TO vs. XSP.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 XSP.TO's 10.07% return. Over the past 10 years, XGB.TO has underperformed XSP.TO with an annualized return of 1.06%, while XSP.TO has yielded a comparatively higher 13.78% 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%
XSP.TO
- 1D
- 0.39%
- 1M
- 4.54%
- YTD
- 10.07%
- 6M
- 9.82%
- 1Y
- 25.62%
- 3Y*
- 20.50%
- 5Y*
- 12.27%
- 10Y*
- 13.78%
XGB.TO vs. XSP.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% |
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 10.07% | 15.68% | 23.39% | 24.33% | -19.32% | 27.85% | 15.17% | 29.35% | -6.26% | 20.71% |
Correlation
The correlation between XGB.TO and XSP.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2006 | -0.17 |
The correlation between XGB.TO and XSP.TO shifts across timeframes, from -0.17 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XGB.TO vs. XSP.TO — Risk / Return Rank
XGB.TO
XSP.TO
XGB.TO vs. XSP.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 S&P 500 Index ETF (CAD-Hedged) (XSP.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 | XSP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.39 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 2.74 | -1.87 |
| Martin ratioReturn relative to average drawdown | 1.86 | 12.64 | -10.79 |
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 | XSP.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | 2.19 | -1.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | 0.74 | -0.72 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | 0.76 | -0.58 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.37 | +0.15 |
Drawdowns
XGB.TO vs. XSP.TO - Drawdown Comparison
The maximum XGB.TO drawdown since its inception was -19.53%, smaller than the maximum XSP.TO drawdown of -57.82%. Use the drawdown chart below to compare losses from any high point for XGB.TO and XSP.TO.
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Drawdown Indicators
| XGB.TO | XSP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.53% | -57.82% | +38.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.86% | -9.41% | +6.55% |
Max Drawdown (3Y)Largest decline over 3 years | -5.83% | -18.77% | +12.94% |
Max Drawdown (5Y)Largest decline over 5 years | -16.44% | -25.44% | +9.00% |
Max Drawdown (10Y)Largest decline over 10 years | -19.53% | -36.05% | +16.52% |
Current DrawdownCurrent decline from peak | -5.25% | -0.34% | -4.91% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -12.11% | +8.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.33% | 2.03% | -0.70% |
Volatility
XGB.TO vs. XSP.TO - Volatility Comparison
The current volatility for iShares Core Canadian Government Bond Index ETF (XGB.TO) is 1.71%, while iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) has a volatility of 3.20%. This indicates that XGB.TO experiences smaller price fluctuations and is considered to be less risky than XSP.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 | XSP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 3.20% | -1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 3.49% | 8.99% | -5.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.52% | 11.75% | -7.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.92% | 16.74% | -9.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.99% | 18.19% | -12.20% |
XGB.TO vs. XSP.TO - Expense Ratio Comparison
XGB.TO has a 0.13% expense ratio, which is higher than XSP.TO's 0.09% expense ratio. However, 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. XSP.TO - Dividend Comparison
XGB.TO's dividend yield for the trailing twelve months is around 3.11%, more than XSP.TO's 1.12% 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% |
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 1.12% | 1.23% | 1.09% | 1.18% | 1.37% | 1.00% | 1.31% | 1.73% | 1.84% | 1.47% | 1.75% | 1.86% |
Frequently Asked Questions
XGB.TO and XSP.TO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.13% for XGB.TO.
XGB.TO is categorized as Canadian Government Bonds, while XSP.TO is S&P 500. XGB.TO tracks Morningstar Can Core Bd GR CAD, while XSP.TO tracks S&P 500 Index. Their fees differ too: 0.13% for XGB.TO and 0.09% for XSP.TO.
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