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XHB.TO vs. CACB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XHB.TO vs. CACB.TO

Last updated Jun 4, 2026

XHB.TO (iShares Canadian HYBrid Corporate Bond Index ETF) and CACB.TO (CIBC Active Investment Grade Corporate Bond ETF) are both Corporate Bonds funds. XHB.TO is passively managed, while CACB.TO is actively managed. Over the past 5 years, XHB.TO returned 5.68%/yr vs 3.34%/yr for CACB.TO. At a 0.41 correlation, their price movements are largely independent. XHB.TO charges 0.50%/yr vs 0.40%/yr for CACB.TO.

Performance

XHB.TO vs. CACB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Canadian HYBrid Corporate Bond Index ETF (XHB.TO) and CIBC Active Investment Grade Corporate Bond ETF (CACB.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, XHB.TO achieves a 2.17% return, which is significantly higher than CACB.TO's 1.98% return.

XHB.TO

1D
0.00%
1M
1.76%
YTD
2.17%
6M
2.20%
1Y
5.90%
3Y*
9.70%
5Y*
5.68%
10Y*
5.63%

CACB.TO

1D
0.00%
1M
1.83%
YTD
1.98%
6M
1.75%
1Y
4.87%
3Y*
6.64%
5Y*
3.34%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XHB.TO vs. CACB.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
XHB.TO
iShares Canadian HYBrid Corporate Bond Index ETF		2.17%5.34%11.53%14.52%-6.53%2.10%11.03%7.53%
CACB.TO
CIBC Active Investment Grade Corporate Bond ETF		1.98%4.34%7.21%10.68%-8.04%-0.64%12.31%7.89%

Correlation

The correlation between XHB.TO and CACB.TO is 0.59, 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

0.59

Correlation (3Y)
Calculated over the trailing 3-year period

0.57

Correlation (5Y)
Calculated over the trailing 5-year period

0.48

Correlation (All Time)
Calculated using the full available price history since Mar 5, 2019

0.41

The correlation between XHB.TO and CACB.TO shifts across timeframes, from 0.41 (all time) to 0.59 (1 year), reflecting how their relationship changes across market environments.

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iShares Canadian HYBrid Corporate Bond Index ETF

CIBC Active Investment Grade Corporate Bond ETF

Often compared with XHB.TO:
XHB.TO vs. XCB.TOXHB.TO vs. XLB.TOXHB.TO vs. XBB.TOXHB.TO vs. VSBIXXHB.TO vs. XCBG.TOXHB.TO vs. XHY.TOXHB.TO vs. ZAG.TO
Often compared with CACB.TO:
CACB.TO vs. CAEM.TOCACB.TO vs. CCAD.TOCACB.TO vs. XCBG.TOCACB.TO vs. VCB.TOCACB.TO vs. XIGS.TOCACB.TO vs. ZBBB.TOCACB.TO vs. FCSB.NEO

Return for Risk

XHB.TO vs. CACB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XHB.TO
XHB.TO Risk / Return Rank: 5151
Overall Rank
XHB.TO Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
XHB.TO Sortino Ratio Rank: 5454
Sortino Ratio Rank
XHB.TO Omega Ratio Rank: 5252
Omega Ratio Rank
XHB.TO Calmar Ratio Rank: 5050
Calmar Ratio Rank
XHB.TO Martin Ratio Rank: 4949
Martin Ratio Rank
CACB.TO
CACB.TO Risk / Return Rank: 3939
Overall Rank
CACB.TO Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
CACB.TO Sortino Ratio Rank: 3838
Sortino Ratio Rank
CACB.TO Omega Ratio Rank: 4040
Omega Ratio Rank
CACB.TO Calmar Ratio Rank: 3939
Calmar Ratio Rank
CACB.TO Martin Ratio Rank: 3838
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.

XHB.TO vs. CACB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Canadian HYBrid Corporate Bond Index ETF (XHB.TO) and CIBC Active Investment Grade Corporate Bond ETF (CACB.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.

XHB.TOCACB.TODifference
Sharpe ratioReturn per unit of total volatility
1.80
1.35

+0.45

Sortino ratioReturn per unit of downside risk
2.62
1.92

+0.70

Omega ratioGain probability vs. loss probability

1.33

1.25

+0.07

Calmar ratioReturn relative to maximum drawdown

2.45

1.89

+0.56

Martin ratioReturn relative to average drawdown

8.07

5.75

+2.32

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

XHB.TO vs. CACB.TO - Sharpe Ratio Comparison

The current XHB.TO Sharpe Ratio is 1.80, which is higher than the CACB.TO Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of XHB.TO and CACB.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

XHB.TOCACB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.80

1.35

+0.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.02

0.59

+0.43

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.51

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

0.76

-0.18

Drawdowns

XHB.TO vs. CACB.TO - Drawdown Comparison

The maximum XHB.TO drawdown since its inception was -26.03%, which is greater than CACB.TO's maximum drawdown of -12.97%. Use the drawdown chart below to compare losses from any high point for XHB.TO and CACB.TO.

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Drawdown Indicators

XHB.TOCACB.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.03%

-12.97%

-13.06%

Max Drawdown (1Y)

Largest decline over 1 year

-2.42%

-2.59%

+0.17%

Max Drawdown (3Y)

Largest decline over 3 years

-2.42%

-3.15%

+0.73%

Max Drawdown (5Y)

Largest decline over 5 years

-11.83%

-12.87%

+1.04%

Max Drawdown (10Y)

Largest decline over 10 years

-26.03%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-1.59%

-2.52%

+0.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.73%

0.85%

-0.12%

Volatility

XHB.TO vs. CACB.TO - Volatility Comparison

The current volatility for iShares Canadian HYBrid Corporate Bond Index ETF (XHB.TO) is 1.17%, while CIBC Active Investment Grade Corporate Bond ETF (CACB.TO) has a volatility of 1.36%. This indicates that XHB.TO experiences smaller price fluctuations and is considered to be less risky than CACB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XHB.TOCACB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.17%

1.36%

-0.19%

Volatility (6M)

Calculated over the trailing 6-month period

2.62%

2.79%

-0.17%

Volatility (1Y)

Calculated over the trailing 1-year period

3.32%

3.64%

-0.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.61%

5.66%

-0.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.05%

6.24%

+4.81%

XHB.TO vs. CACB.TO - Expense Ratio Comparison

XHB.TO has a 0.50% expense ratio, which is higher than CACB.TO's 0.40% expense ratio.

Dividends

XHB.TO vs. CACB.TO - Dividend Comparison

XHB.TO's dividend yield for the trailing twelve months is around 4.52%, more than CACB.TO's 4.40% yield.

PositionTTM20252024202320222021202020192018201720162015
CACB.TO
CIBC Active Investment Grade Corporate Bond ETF		4.40%4.46%4.24%5.48%4.97%4.64%4.58%4.60%0.00%0.00%0.00%0.00%
XHB.TO
iShares Canadian HYBrid Corporate Bond Index ETF		4.52%4.48%7.49%8.06%7.74%5.57%5.47%5.75%4.07%4.08%4.35%4.78%

Frequently Asked Questions

XHB.TO and CACB.TO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, CACB.TO is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

CACB.TO is cheaper with a 0.40% expense ratio, compared with 0.50% for XHB.TO.

They also come from different issuers: iShares and CIBC. Their fees differ too: 0.50% for XHB.TO and 0.40% for CACB.TO.

Portfolio Optimizer

Find the right allocation for XHB.TO and CACB.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

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