XHB.TO vs. CVD.TO
XHB.TO (iShares Canadian HYBrid Corporate Bond Index ETF) and CVD.TO (iShares Convertible Bond Index ETF) are both exchange-traded funds - XHB.TO is a Corporate Bonds fund tracking the Morningstar Can Corp Bd GR CAD, while CVD.TO is a High Yield Bonds fund tracking the FTSE Canada Convertible Bond Index. Both are passively managed. Over the past 10 years, XHB.TO returned 5.63%/yr vs 4.53%/yr for CVD.TO. At a 0.03 correlation, their price movements are largely independent. XHB.TO charges 0.50%/yr vs 0.49%/yr for CVD.TO.
Performance
XHB.TO vs. CVD.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, XHB.TO achieves a 2.17% return, which is significantly lower than CVD.TO's 3.23% return. Over the past 10 years, XHB.TO has outperformed CVD.TO with an annualized return of 5.63%, while CVD.TO has yielded a comparatively lower 4.53% 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%
CVD.TO
- 1D
- -0.28%
- 1M
- 0.49%
- YTD
- 3.23%
- 6M
- 0.06%
- 1Y
- 7.61%
- 3Y*
- 7.90%
- 5Y*
- 4.33%
- 10Y*
- 4.53%
XHB.TO vs. CVD.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% |
CVD.TO iShares Convertible Bond Index ETF | 3.23% | 7.09% | 12.68% | 3.64% | -4.63% | 5.33% | 3.67% | 10.28% | -2.68% | 4.06% |
Correlation
The correlation between XHB.TO and CVD.TO is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Jun 15, 2011 | 0.03 |
The correlation between XHB.TO and CVD.TO shifts across timeframes, from -0.03 (1 year) to 0.08 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
XHB.TO vs. CVD.TO — Risk / Return Rank
XHB.TO
CVD.TO
XHB.TO vs. CVD.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 Convertible Bond Index ETF (CVD.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 | CVD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.22 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 1.93 | +0.52 |
| Martin ratioReturn relative to average drawdown | 8.07 | 5.61 | +2.46 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| XHB.TO | CVD.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | 1.05 | +0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.02 | 0.47 | +0.55 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.48 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.46 | +0.12 |
Drawdowns
XHB.TO vs. CVD.TO - Drawdown Comparison
The maximum XHB.TO drawdown since its inception was -26.03%, which is greater than CVD.TO's maximum drawdown of -23.51%. Use the drawdown chart below to compare losses from any high point for XHB.TO and CVD.TO.
Loading charts...
Drawdown Indicators
| XHB.TO | CVD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.03% | -23.51% | -2.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.42% | -3.95% | +1.53% |
Max Drawdown (3Y)Largest decline over 3 years | -2.42% | -11.47% | +9.05% |
Max Drawdown (5Y)Largest decline over 5 years | -11.83% | -14.62% | +2.79% |
Max Drawdown (10Y)Largest decline over 10 years | -26.03% | -23.51% | -2.52% |
Current DrawdownCurrent decline from peak | 0.00% | -2.00% | +2.00% |
Average DrawdownAverage peak-to-trough decline | -1.59% | -2.39% | +0.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 1.36% | -0.63% |
Volatility
XHB.TO vs. CVD.TO - Volatility Comparison
iShares Canadian HYBrid Corporate Bond Index ETF (XHB.TO) has a higher volatility of 1.17% compared to iShares Convertible Bond Index ETF (CVD.TO) at 0.95%. This indicates that XHB.TO's price experiences larger fluctuations and is considered to be riskier than CVD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| XHB.TO | CVD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 0.95% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.62% | 5.52% | -2.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.32% | 7.29% | -3.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.61% | 9.25% | -3.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.05% | 9.43% | +1.62% |
XHB.TO vs. CVD.TO - Expense Ratio Comparison
XHB.TO has a 0.50% expense ratio, which is higher than CVD.TO's 0.49% expense ratio.
Dividends
XHB.TO vs. CVD.TO - Dividend Comparison
XHB.TO's dividend yield for the trailing twelve months is around 4.52%, less than CVD.TO's 4.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVD.TO iShares Convertible Bond Index ETF | 4.95% | 4.91% | 5.14% | 5.33% | 5.05% | 4.61% | 4.48% | 4.52% | 4.97% | 4.65% | 4.51% | 4.94% |
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 CVD.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CVD.TO is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CVD.TO is cheaper with a 0.49% expense ratio, compared with 0.50% for XHB.TO.
XHB.TO is categorized as Corporate Bonds, while CVD.TO is High Yield Bonds. XHB.TO tracks Morningstar Can Corp Bd GR CAD, while CVD.TO tracks FTSE Canada Convertible Bond Index. Their fees differ too: 0.50% for XHB.TO and 0.49% for CVD.TO.
Find the right allocation for XHB.TO and CVD.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer