XHC.TO vs. ZSB.TO
XHC.TO (iShares Global Healthcare Index ETF (CAD-Hedged)) and ZSB.TO (BMO Short-Term Bond Index ETF) are both exchange-traded funds - XHC.TO is a Health & Biotech Equities fund tracking the Morningstar Gbl GR CAD, while ZSB.TO is a Canadian Government Bonds fund tracking the FTSE Canada Short Term Overall Bond Index. Both are passively managed. Over the past 5 years, XHC.TO returned 3.60%/yr vs 2.14%/yr for ZSB.TO. At a 0.04 correlation, their price movements are largely independent. XHC.TO charges 0.66%/yr vs 0.10%/yr for ZSB.TO.
Performance
XHC.TO vs. ZSB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XHC.TO achieves a 1.77% return, which is significantly higher than ZSB.TO's 1.38% return.
XHC.TO
- 1D
- -1.06%
- 1M
- 5.81%
- YTD
- 1.77%
- 6M
- 1.52%
- 1Y
- 15.74%
- 3Y*
- 5.07%
- 5Y*
- 3.60%
- 10Y*
- 7.31%
ZSB.TO
- 1D
- -0.06%
- 1M
- 0.35%
- YTD
- 1.38%
- 6M
- 1.33%
- 1Y
- 3.04%
- 3Y*
- 5.02%
- 5Y*
- 2.14%
- 10Y*
- —
XHC.TO vs. ZSB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
XHC.TO iShares Global Healthcare Index ETF (CAD-Hedged) | 1.77% | 10.91% | 1.22% | 2.14% | -3.57% | 17.32% | 8.71% | 22.47% | 2.40% |
ZSB.TO BMO Short-Term Bond Index ETF | 1.38% | 3.77% | 5.55% | 5.05% | -4.09% | -1.20% | 5.13% | 2.95% | 1.69% |
Correlation
The correlation between XHC.TO and ZSB.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Mar 7, 2018 | 0.04 |
The correlation between XHC.TO and ZSB.TO shifts across timeframes, from 0.04 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XHC.TO vs. ZSB.TO — Risk / Return Rank
XHC.TO
ZSB.TO
XHC.TO vs. ZSB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Healthcare Index ETF (CAD-Hedged) (XHC.TO) and BMO Short-Term Bond Index ETF (ZSB.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.
| XHC.TO | ZSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.32 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.46 | 2.09 | -0.63 |
| Martin ratioReturn relative to average drawdown | 3.49 | 6.93 | -3.44 |
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Drawdowns
XHC.TO vs. ZSB.TO - Drawdown Comparison
The maximum XHC.TO drawdown since its inception was -27.28%, which is greater than ZSB.TO's maximum drawdown of -7.49%. Use the drawdown chart below to compare losses from any high point for XHC.TO and ZSB.TO.
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Drawdown Indicators
| XHC.TO | ZSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.28% | -7.49% | -19.79% |
Max Drawdown (1Y)Largest decline over 1 year | -10.79% | -1.46% | -9.33% |
Max Drawdown (3Y)Largest decline over 3 years | -18.81% | -1.46% | -17.35% |
Max Drawdown (5Y)Largest decline over 5 years | -18.81% | -7.12% | -11.69% |
Max Drawdown (10Y)Largest decline over 10 years | -27.28% | — | — |
Current DrawdownCurrent decline from peak | -2.66% | -0.06% | -2.60% |
Average DrawdownAverage peak-to-trough decline | -5.17% | -1.49% | -3.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.53% | 0.44% | +4.09% |
Volatility
XHC.TO vs. ZSB.TO - Volatility Comparison
iShares Global Healthcare Index ETF (CAD-Hedged) (XHC.TO) has a higher volatility of 5.17% compared to BMO Short-Term Bond Index ETF (ZSB.TO) at 0.51%. This indicates that XHC.TO's price experiences larger fluctuations and is considered to be riskier than ZSB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XHC.TO | ZSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.17% | 0.51% | +4.66% |
Volatility (6M)Calculated over the trailing 6-month period | 11.08% | 1.58% | +9.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.93% | 1.96% | +12.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.09% | 2.76% | +11.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.79% | 2.63% | +13.16% |
XHC.TO vs. ZSB.TO - Expense Ratio Comparison
XHC.TO has a 0.66% expense ratio, which is higher than ZSB.TO's 0.10% expense ratio.
Dividends
XHC.TO vs. ZSB.TO - Dividend Comparison
XHC.TO's dividend yield for the trailing twelve months is around 1.90%, less than ZSB.TO's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XHC.TO iShares Global Healthcare Index ETF (CAD-Hedged) | 1.90% | 1.87% | 4.42% | 2.38% | 0.84% | 0.80% | 0.97% | 1.07% | 1.68% | 1.14% | 1.63% | 2.14% |
ZSB.TO BMO Short-Term Bond Index ETF | 3.17% | 3.16% | 2.91% | 2.54% | 2.60% | 2.43% | 2.34% | 2.40% | 2.42% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XHC.TO and ZSB.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZSB.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZSB.TO is cheaper with a 0.10% expense ratio, compared with 0.66% for XHC.TO.
XHC.TO is categorized as Health & Biotech Equities, while ZSB.TO is Canadian Government Bonds. XHC.TO tracks Morningstar Gbl GR CAD, while ZSB.TO tracks FTSE Canada Short Term Overall Bond Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.66% for XHC.TO and 0.10% for ZSB.TO.
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