XHY.TO vs. BSV

Last updated Apr 3, 2026

Compare and contrast key facts about iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) and Vanguard Short-Term Bond Index Fund ETF Shares (BSV).

XHY.TO and BSV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XHY.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Gbl HY Bd GR CAD. It was launched on Jan 21, 2010. BSV is a passively managed fund by Vanguard that tracks the performance of the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index. It was launched on Apr 3, 2007. Both XHY.TO and BSV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XHY.TO vs. BSV - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) and Vanguard Short-Term Bond Index Fund ETF Shares (BSV). The values are adjusted to include any dividend payments, if applicable.

XHY.TO vs. BSV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XHY.TO iShares U.S. High Yield Bond Index ETF (CAD-Hedged)	0.05%	6.33%	7.05%	11.06%	-11.10%	3.51%	2.65%	13.83%	-3.89%	5.35%
BSV Vanguard Short-Term Bond Index Fund ETF Shares	1.71%	1.13%	12.70%	2.59%	1.25%	-1.98%	2.93%	-0.18%	9.93%	-5.24%

Different Trading Currencies

XHY.TO is traded in CAD, while BSV is traded in USD. To make them comparable, the BSV values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XHY.TO achieves a 0.05% return, which is significantly lower than BSV's 1.71% return. Over the past 10 years, XHY.TO has outperformed BSV with an annualized return of 4.37%, while BSV has yielded a comparatively lower 2.61% annualized return.

XHY.TO

• 1D: 0.24%
• 1M: -0.34%
• YTD: 0.05%
• 6M: 0.35%
• 1Y: 4.48%
• 3Y*: 6.98%
• 5Y*: 2.93%
• 10Y*: 4.37%

BSV

• 1D: 0.44%
• 1M: 1.35%
• YTD: 1.71%
• 6M: 0.91%
• 1Y: 1.94%
• 3Y*: 5.48%
• 5Y*: 3.84%
• 10Y*: 2.61%

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

XHY.TO vs. BSV - Expense Ratio Comparison

XHY.TO has a 0.56% expense ratio, which is higher than BSV's 0.03% expense ratio.

XHY.TO

iShares U.S. High Yield Bond Index ETF (CAD-Hedged)

BSV

Vanguard Short-Term Bond Index Fund ETF Shares

Return for Risk

XHY.TO vs. BSV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XHY.TO

XHY.TO Risk / Return Rank: 36
XHY.TO Sharpe Ratio Rank: 35
XHY.TO Sortino Ratio Rank: 32
XHY.TO Omega Ratio Rank: 34
XHY.TO Calmar Ratio Rank: 35
XHY.TO Martin Ratio Rank: 47

BSV

BSV Risk / Return Rank: 91
BSV Sharpe Ratio Rank: 91
BSV Sortino Ratio Rank: 96
BSV Omega Ratio Rank: 91
BSV Calmar Ratio Rank: 88
BSV Martin Ratio Rank: 87

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.

XHY.TO vs. BSV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) and Vanguard Short-Term Bond Index Fund ETF Shares (BSV). 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.

	XHY.TO	BSV	Difference
Sharpe ratio Return per unit of total volatility	0.71	0.37	+0.34
Sortino ratio Return per unit of downside risk	1.03	0.53	+0.50
Omega ratio Gain probability vs. loss probability	1.15	1.07	+0.08
Calmar ratio Return relative to maximum drawdown	1.11	0.31	+0.80
Martin ratio Return relative to average drawdown	5.41	0.62	+4.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XHY.TO vs. BSV - Sharpe Ratio Comparison

The current XHY.TO Sharpe Ratio is 0.71, which is higher than the BSV Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of XHY.TO and BSV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XHY.TO	BSV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.71	0.37	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.60	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.38	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.35	+0.15

Correlation

The correlation between XHY.TO and BSV is -0.31. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

XHY.TO vs. BSV - Dividend Comparison

XHY.TO's dividend yield for the trailing twelve months is around 6.12%, more than BSV's 3.93% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XHY.TO iShares U.S. High Yield Bond Index ETF (CAD-Hedged)	6.12%	6.04%	5.87%	5.56%	5.70%	4.72%	5.18%	5.38%	5.87%	5.46%	5.64%	6.83%
BSV Vanguard Short-Term Bond Index Fund ETF Shares	3.93%	3.83%	3.38%	2.46%	1.50%	1.45%	1.79%	2.29%	1.99%	1.65%	1.48%	1.40%

Drawdowns

XHY.TO vs. BSV - Drawdown Comparison

The maximum XHY.TO drawdown since its inception was -28.48%, which is greater than BSV's maximum drawdown of -17.14%. Use the drawdown chart below to compare losses from any high point for XHY.TO and BSV.

Drawdown Indicators

	XHY.TO	BSV	Difference
Max Drawdown Largest peak-to-trough decline	-28.48%	-8.54%	-19.94%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-1.29%	-1.70%
Max Drawdown (5Y) Largest decline over 5 years	-16.67%	-8.54%	-8.13%
Max Drawdown (10Y) Largest decline over 10 years	-28.48%	-8.54%	-19.94%
Current Drawdown Current decline from peak	-1.06%	-0.69%	-0.37%
Average Drawdown Average peak-to-trough decline	-2.57%	-0.98%	-1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.34%	+0.61%

Volatility

XHY.TO vs. BSV - Volatility Comparison

iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) has a higher volatility of 2.45% compared to Vanguard Short-Term Bond Index Fund ETF Shares (BSV) at 1.55%. This indicates that XHY.TO's price experiences larger fluctuations and is considered to be riskier than BSV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XHY.TO	BSV	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	1.55%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	3.37%	3.60%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	6.37%	5.30%	+1.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.63%	6.39%	+2.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.64%	6.86%	+3.78%