XHB.TO vs. XSP.TO
XHB.TO (iShares Canadian HYBrid Corporate Bond Index ETF) and XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) are both exchange-traded funds - XHB.TO is a Corporate Bonds fund tracking the Morningstar Can Corp 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, XHB.TO returned 5.63%/yr vs 13.79%/yr for XSP.TO. At a correlation of -0.04, they often move in opposite directions. XHB.TO charges 0.50%/yr vs 0.09%/yr for XSP.TO.
Performance
XHB.TO vs. XSP.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 lower than XSP.TO's 9.64% return. Over the past 10 years, XHB.TO has underperformed XSP.TO with an annualized return of 5.63%, while XSP.TO has yielded a comparatively higher 13.79% 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%
XSP.TO
- 1D
- -0.73%
- 1M
- 4.98%
- YTD
- 9.64%
- 6M
- 9.50%
- 1Y
- 25.13%
- 3Y*
- 20.28%
- 5Y*
- 12.18%
- 10Y*
- 13.79%
XHB.TO vs. XSP.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% |
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 9.64% | 15.68% | 23.39% | 24.33% | -19.32% | 27.85% | 15.17% | 29.35% | -6.26% | 20.71% |
Correlation
The correlation between XHB.TO and XSP.TO is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
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 | 0.03 |
Correlation (All Time) Calculated using the full available price history since Sep 29, 2010 | -0.04 |
The correlation between XHB.TO and XSP.TO shifts across timeframes, from -0.04 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XHB.TO vs. XSP.TO — Risk / Return Rank
XHB.TO
XSP.TO
XHB.TO vs. XSP.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 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.
| XHB.TO | XSP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.39 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.45 | 2.68 | -0.23 |
| Martin ratioReturn relative to average drawdown | 8.07 | 12.40 | -4.33 |
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 | XSP.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | 2.15 | -0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.02 | 0.73 | +0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.76 | -0.25 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.37 | +0.22 |
Drawdowns
XHB.TO vs. XSP.TO - Drawdown Comparison
The maximum XHB.TO drawdown since its inception was -26.03%, smaller than the maximum XSP.TO drawdown of -57.82%. Use the drawdown chart below to compare losses from any high point for XHB.TO and XSP.TO.
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Drawdown Indicators
| XHB.TO | XSP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.03% | -57.82% | +31.79% |
Max Drawdown (1Y)Largest decline over 1 year | -2.42% | -9.41% | +6.99% |
Max Drawdown (3Y)Largest decline over 3 years | -2.42% | -18.77% | +16.35% |
Max Drawdown (5Y)Largest decline over 5 years | -11.83% | -25.44% | +13.61% |
Max Drawdown (10Y)Largest decline over 10 years | -26.03% | -36.05% | +10.02% |
Current DrawdownCurrent decline from peak | 0.00% | -0.73% | +0.73% |
Average DrawdownAverage peak-to-trough decline | -1.59% | -12.11% | +10.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | 2.03% | -1.30% |
Volatility
XHB.TO vs. XSP.TO - Volatility Comparison
The current volatility for iShares Canadian HYBrid Corporate Bond Index ETF (XHB.TO) is 1.17%, while iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) has a volatility of 3.25%. This indicates that XHB.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
| XHB.TO | XSP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.17% | 3.25% | -2.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.62% | 8.99% | -6.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.32% | 11.75% | -8.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.61% | 16.75% | -11.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.05% | 18.19% | -7.14% |
XHB.TO vs. XSP.TO - Expense Ratio Comparison
XHB.TO has a 0.50% expense ratio, which is higher than XSP.TO's 0.09% expense ratio.
Dividends
XHB.TO vs. XSP.TO - Dividend Comparison
XHB.TO's dividend yield for the trailing twelve months is around 4.52%, more than XSP.TO's 1.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
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
XHB.TO and XSP.TO have a correlation of 0.29, 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 0.50% for XHB.TO.
XHB.TO is categorized as Corporate Bonds, while XSP.TO is S&P 500. XHB.TO tracks Morningstar Can Corp Bd GR CAD, while XSP.TO tracks S&P 500 Index. Their fees differ too: 0.50% for XHB.TO and 0.09% for XSP.TO.
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