XHB.TO vs. XUS.TO

Last updated Jun 4, 2026

XHB.TO (iShares Canadian HYBrid Corporate Bond Index ETF) and XUS.TO (iShares Core S&P 500 Index ETF) are both exchange-traded funds - XHB.TO is a Corporate Bonds fund tracking the Morningstar Can Corp Bd GR CAD, while XUS.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 15.98%/yr for XUS.TO. At a 0.02 correlation, their price movements are largely independent. XHB.TO charges 0.50%/yr vs 0.09%/yr for XUS.TO.

Performance

XHB.TO vs. XUS.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 iShares Core S&P 500 Index ETF (XUS.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XHB.TO achieves a 2.17% return, which is significantly lower than XUS.TO's 12.21% return. Over the past 10 years, XHB.TO has underperformed XUS.TO with an annualized return of 5.63%, while XUS.TO has yielded a comparatively higher 15.98% 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%

XUS.TO

• 1D: -0.31%
• 1M: 7.22%
• YTD: 12.21%
• 6M: 10.39%
• 1Y: 29.30%
• 3Y*: 23.52%
• 5Y*: 16.78%
• 10Y*: 15.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XHB.TO vs. XUS.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%
XUS.TO iShares Core S&P 500 Index ETF	12.21%	12.19%	35.16%	23.31%	-12.59%	27.20%	15.56%	24.57%	3.31%	13.56%

Correlation

The correlation between XHB.TO and XUS.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.05
Correlation (All Time) Calculated using the full available price history since Apr 16, 2013	0.02

Over the past year, XHB.TO and XUS.TO have become more correlated (0.25) than their long-term average of 0.02, meaning their price movements have been converging.

Return for Risk

XHB.TO vs. XUS.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: 51
XHB.TO Sharpe Ratio Rank: 52
XHB.TO Sortino Ratio Rank: 54
XHB.TO Omega Ratio Rank: 52
XHB.TO Calmar Ratio Rank: 50
XHB.TO Martin Ratio Rank: 49

XUS.TO

XUS.TO Risk / Return Rank: 73
XUS.TO Sharpe Ratio Rank: 77
XUS.TO Sortino Ratio Rank: 75
XUS.TO Omega Ratio Rank: 77
XUS.TO Calmar Ratio Rank: 67
XUS.TO Martin Ratio Rank: 68

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. XUS.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 (XUS.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	XUS.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.55	-0.75
Sortino ratio: Return per unit of downside risk	2.62	3.47	-0.85
Omega ratio: Gain probability vs. loss probability	1.33	1.47	-0.14
Calmar ratio: Return relative to maximum drawdown	2.45	3.41	-0.96
Martin ratio: Return relative to average drawdown	8.07	12.94	-4.87
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. XUS.TO - Sharpe Ratio Comparison

The current XHB.TO Sharpe Ratio is 1.80, which is comparable to the XUS.TO Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of XHB.TO and XUS.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.

Sharpe Ratios by Period

	XHB.TO	XUS.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	2.55	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	1.13	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.98	-0.46
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.08	-0.50

Drawdowns

XHB.TO vs. XUS.TO - Drawdown Comparison

The maximum XHB.TO drawdown since its inception was -26.03%, roughly equal to the maximum XUS.TO drawdown of -27.23%. Use the drawdown chart below to compare losses from any high point for XHB.TO and XUS.TO.

Drawdown Indicators

	XHB.TO	XUS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-26.03%	-27.23%	+1.20%
Max Drawdown (1Y) Largest decline over 1 year	-2.42%	-8.63%	+6.21%
Max Drawdown (3Y) Largest decline over 3 years	-2.42%	-18.96%	+16.54%
Max Drawdown (5Y) Largest decline over 5 years	-11.83%	-21.85%	+10.02%
Max Drawdown (10Y) Largest decline over 10 years	-26.03%	-27.23%	+1.20%
Current Drawdown Current decline from peak	0.00%	-0.31%	+0.31%
Average Drawdown Average peak-to-trough decline	-1.59%	-3.46%	+1.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	2.27%	-1.54%

Volatility

XHB.TO vs. XUS.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 (XUS.TO) has a volatility of 3.19%. This indicates that XHB.TO experiences smaller price fluctuations and is considered to be less risky than XUS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XHB.TO	XUS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.17%	3.19%	-2.02%
Volatility (6M) Calculated over the trailing 6-month period	2.62%	8.66%	-6.04%
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	11.58%	-8.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.61%	14.92%	-9.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.05%	16.48%	-5.43%

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

XHB.TO has a 0.50% expense ratio, which is higher than XUS.TO's 0.09% expense ratio.

Dividends

XHB.TO vs. XUS.TO - Dividend Comparison

XHB.TO's dividend yield for the trailing twelve months is around 4.52%, more than XUS.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%
XUS.TO iShares Core S&P 500 Index ETF	1.12%	1.26%	1.03%	1.22%	1.38%	0.99%	1.35%	2.02%	1.77%	1.48%	1.66%	1.70%

Frequently Asked Questions

Can I hold both XHB.TO and XUS.TO in my portfolio?

XHB.TO and XUS.TO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XHB.TO or XUS.TO?

On fees, XUS.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XHB.TO or XUS.TO?

XUS.TO is cheaper with a 0.09% expense ratio, compared with 0.50% for XHB.TO.

What is the main difference between XHB.TO and XUS.TO?

XHB.TO is categorized as Corporate Bonds, while XUS.TO is S&P 500. XHB.TO tracks Morningstar Can Corp Bd GR CAD, while XUS.TO tracks S&P 500 Index. Their fees differ too: 0.50% for XHB.TO and 0.09% for XUS.TO.