XHB.TO vs. ZQB.TO
XHB.TO (iShares Canadian HYBrid Corporate Bond Index ETF) and ZQB.TO (BMO High Quality Corporate Bond Index ETF) are both Corporate Bonds funds. Over the past 5 years, XHB.TO returned 2.88%/yr vs 2.53%/yr for ZQB.TO. At a 0.31 correlation, their price movements are largely independent.
Performance
XHB.TO vs. ZQB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XHB.TO achieves a 2.00% return, which is significantly higher than ZQB.TO's 1.35% return.
XHB.TO
- 1D
- 0.25%
- 1M
- -0.37%
- 6M
- 1.29%
- YTD
- 2.00%
- 1Y
- 5.70%
- 3Y*
- 7.13%
- 5Y*
- 2.88%
- 10Y*
- 3.76%
ZQB.TO
- 1D
- 0.10%
- 1M
- -0.22%
- 6M
- 0.97%
- YTD
- 1.35%
- 1Y
- 4.19%
- 3Y*
- 5.91%
- 5Y*
- 2.53%
- 10Y*
- —
XHB.TO vs. ZQB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
XHB.TO iShares Canadian HYBrid Corporate Bond Index ETF | 2.00% | 5.34% | 8.02% | 10.06% | -9.67% | 0.02% | 6.08% |
ZQB.TO BMO High Quality Corporate Bond Index ETF | 1.35% | 4.80% | 6.78% | 6.49% | -5.39% | -2.02% | 5.33% |
Correlation
The correlation between XHB.TO and ZQB.TO is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2020 | 0.31 |
Over the past year, XHB.TO and ZQB.TO have become more correlated (0.54) than their long-term average of 0.31, meaning their price movements have been converging.
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Return for Risk
XHB.TO vs. ZQB.TO — Risk / Return Rank
XHB.TO
ZQB.TO
XHB.TO vs. ZQB.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 BMO High Quality Corporate Bond Index ETF (ZQB.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| XHB.TO | ZQB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.39 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 2.35 | +0.02 |
| Martin ratioReturn relative to average drawdown | 7.92 | 8.27 | -0.35 |
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Drawdowns
XHB.TO vs. ZQB.TO - Drawdown Comparison
The maximum XHB.TO drawdown since its inception was -26.50%, which is greater than ZQB.TO's maximum drawdown of -10.18%. Use the drawdown chart below to compare losses from any high point for XHB.TO and ZQB.TO.
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Drawdown Indicators
| XHB.TO | ZQB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.50% | -10.18% | -16.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.42% | -1.79% | -0.63% |
Max Drawdown (3Y)Largest decline over 3 years | -2.91% | -1.79% | -1.12% |
Max Drawdown (5Y)Largest decline over 5 years | -13.94% | -9.64% | -4.30% |
Max Drawdown (10Y)Largest decline over 10 years | -26.50% | — | — |
Current DrawdownCurrent decline from peak | -0.50% | -0.45% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -2.07% | -2.33% | +0.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.72% | 0.51% | +0.21% |
Volatility
XHB.TO vs. ZQB.TO - Volatility Comparison
iShares Canadian HYBrid Corporate Bond Index ETF (XHB.TO) has a higher volatility of 0.92% compared to BMO High Quality Corporate Bond Index ETF (ZQB.TO) at 0.69%. This indicates that XHB.TO's price experiences larger fluctuations and is considered to be riskier than ZQB.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 | ZQB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 0.69% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 2.71% | 1.80% | +0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.30% | 2.24% | +1.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.55% | 3.50% | +2.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.03% | 4.17% | +6.86% |
Dividends
XHB.TO vs. ZQB.TO - Dividend Comparison
XHB.TO's dividend yield for the trailing twelve months is around 4.55%, more than ZQB.TO's 3.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XHB.TO iShares Canadian HYBrid Corporate Bond Index ETF | 4.55% | 4.48% | 4.36% | 4.23% | 4.24% | 3.51% | 3.53% | 3.81% | 4.07% | 4.08% | 4.35% | 4.78% |
ZQB.TO BMO High Quality Corporate Bond Index ETF | 3.93% | 3.67% | 3.39% | 3.00% | 2.80% | 2.58% | 2.46% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XHB.TO and ZQB.TO have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: iShares and BMO.
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