XHB.TO vs. CBO.TO
XHB.TO (iShares Canadian HYBrid Corporate Bond Index ETF) and CBO.TO (iShares 1-5 Year Laddered Corporate Bond Index ETF) are both exchange-traded funds - XHB.TO is a Corporate Bonds fund tracking the Morningstar Can Corp Bd GR CAD, while CBO.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, XHB.TO returned 5.63%/yr vs 2.50%/yr for CBO.TO. At a 0.43 correlation, their price movements are largely independent. XHB.TO charges 0.50%/yr vs 0.28%/yr for CBO.TO.
Performance
XHB.TO vs. CBO.TO - Performance Comparison
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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 CBO.TO's 1.02% return. Over the past 10 years, XHB.TO has outperformed CBO.TO with an annualized return of 5.63%, while CBO.TO has yielded a comparatively lower 2.50% annualized 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%
CBO.TO
- 1D
- -0.05%
- 1M
- 0.94%
- YTD
- 1.02%
- 6M
- 1.01%
- 1Y
- 3.73%
- 3Y*
- 5.68%
- 5Y*
- 2.60%
- 10Y*
- 2.50%
XHB.TO vs. CBO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XHB.TO iShares Canadian HYBrid Corporate Bond Index ETF | 2.17% | 5.34% | 11.53% | 14.52% | -6.53% | 2.10% | 11.03% | 10.73% | 0.59% | 4.49% |
CBO.TO iShares 1-5 Year Laddered Corporate Bond Index ETF | 1.02% | 4.69% | 6.82% | 6.47% | -4.89% | -1.04% | 5.84% | 4.54% | 1.27% | 0.52% |
Correlation
The correlation between XHB.TO and CBO.TO is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010 | 0.43 |
The correlation between XHB.TO and CBO.TO shifts across timeframes, from 0.43 (all time) to 0.64 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
XHB.TO vs. CBO.TO — Risk / Return Rank
XHB.TO
CBO.TO
XHB.TO vs. CBO.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 iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO.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.TO | CBO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.29 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 2.32 | +0.13 |
| Martin ratioReturn relative to average drawdown | 8.07 | 8.72 | -0.65 |
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
| XHB.TO | CBO.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | 1.57 | +0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.02 | 0.88 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.70 | -0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.94 | -0.36 |
Drawdowns
XHB.TO vs. CBO.TO - Drawdown Comparison
The maximum XHB.TO drawdown since its inception was -26.03%, which is greater than CBO.TO's maximum drawdown of -11.67%. Use the drawdown chart below to compare losses from any high point for XHB.TO and CBO.TO.
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Drawdown Indicators
| XHB.TO | CBO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.03% | -11.67% | -14.36% |
Max Drawdown (1Y)Largest decline over 1 year | -2.42% | -1.61% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -2.42% | -1.61% | -0.81% |
Max Drawdown (5Y)Largest decline over 5 years | -11.83% | -8.22% | -3.61% |
Max Drawdown (10Y)Largest decline over 10 years | -26.03% | -11.67% | -14.36% |
Current DrawdownCurrent decline from peak | 0.00% | -0.05% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -1.59% | -0.96% | -0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 0.43% | +0.30% |
Volatility
XHB.TO vs. CBO.TO - Volatility Comparison
iShares Canadian HYBrid Corporate Bond Index ETF (XHB.TO) has a higher volatility of 1.17% compared to iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO.TO) at 0.83%. This indicates that XHB.TO's price experiences larger fluctuations and is considered to be riskier than CBO.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.TO | CBO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 0.83% | +0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 2.62% | 1.86% | +0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.32% | 2.39% | +0.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.61% | 2.97% | +2.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.05% | 3.59% | +7.46% |
XHB.TO vs. CBO.TO - Expense Ratio Comparison
XHB.TO has a 0.50% expense ratio, which is higher than CBO.TO's 0.28% expense ratio.
Dividends
XHB.TO vs. CBO.TO - Dividend Comparison
XHB.TO's dividend yield for the trailing twelve months is around 4.52%, more than CBO.TO's 3.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBO.TO iShares 1-5 Year Laddered Corporate Bond Index ETF | 3.45% | 3.37% | 3.09% | 2.81% | 2.67% | 2.55% | 2.55% | 2.65% | 2.74% | 2.80% | 3.03% | 3.86% |
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 CBO.TO have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CBO.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CBO.TO is cheaper with a 0.28% expense ratio, compared with 0.50% for XHB.TO.
XHB.TO is categorized as Corporate Bonds, while CBO.TO is Canadian Government Bonds. XHB.TO tracks Morningstar Can Corp Bd GR CAD, while CBO.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. Their fees differ too: 0.50% for XHB.TO and 0.28% for CBO.TO.
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