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XHY.TO vs. DXO.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XHY.TO vs. DXO.TO

Last updated Jul 18, 2026
Documentation

XHY.TO (iShares U.S. High Yield Bond Index ETF (CAD-Hedged)) and DXO.TO (Dynamic Active Crossover Bond ETF) are both exchange-traded funds - XHY.TO is a High Yield Bonds fund tracking the Morningstar Gbl HY Bd GR CAD, while DXO.TO is a Corporate Bonds fund actively managed by Dynamic. XHY.TO is passively managed, while DXO.TO is actively managed. Over the past 5 years, XHY.TO returned 2.77%/yr vs 2.77%/yr for DXO.TO. At a 0.24 correlation, their price movements are largely independent.

Performance

XHY.TO vs. DXO.TO - 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 Dynamic Active Crossover Bond ETF (DXO.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XHY.TO achieves a 1.09% return, which is significantly lower than DXO.TO's 1.81% return.

XHY.TO

1D
-0.06%
1M
0.39%
6M
0.19%
YTD
1.09%
1Y
3.48%
3Y*
6.75%
5Y*
2.77%
10Y*
3.71%

DXO.TO

1D
0.05%
1M
-0.14%
6M
1.45%
YTD
1.81%
1Y
5.53%
3Y*
7.25%
5Y*
2.77%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XHY.TO vs. DXO.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XHY.TO
iShares U.S. High Yield Bond Index ETF (CAD-Hedged)		1.09%6.33%7.05%11.06%-11.10%3.51%2.65%13.83%-3.89%4.71%
DXO.TO
Dynamic Active Crossover Bond ETF		1.81%6.82%6.51%11.28%-12.16%5.03%10.15%12.26%-1.94%4.52%

Correlation

The correlation between XHY.TO and DXO.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

Correlation (3Y)
Calculated over the trailing 3-year period

0.36

Correlation (5Y)
Calculated over the trailing 5-year period

0.35

Correlation (All Time)
Calculated using the full available price history since Jan 25, 2017

0.24

Over the past year, XHY.TO and DXO.TO have become more correlated (0.48) than their long-term average of 0.24, meaning their price movements have been converging.

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

Dynamic Active Crossover Bond ETF

Often compared with XHY.TO:
XHY.TO vs. XBBXHY.TO vs. XIG.TOXHY.TO vs. CVD.TOXHY.TO vs. XFR.TOXHY.TO vs. HYGXHY.TO vs. XHB.TOXHY.TO vs. ZHY.TO
Often compared with DXO.TO:
DXO.TO vs. DXF.TODXO.TO vs. DXC.TODXO.TO vs. DXB.TODXO.TO vs. DXBB.TODXO.TO vs. DXG.TODXO.TO vs. DXN.TODXO.TO vs. MFT.TO

Return for Risk

XHY.TO vs. DXO.TO — 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: 2929
Overall Rank
XHY.TO Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
XHY.TO Sortino Ratio Rank: 2525
Sortino Ratio Rank
XHY.TO Omega Ratio Rank: 2424
Omega Ratio Rank
XHY.TO Calmar Ratio Rank: 3030
Calmar Ratio Rank
XHY.TO Martin Ratio Rank: 4141
Martin Ratio Rank
DXO.TO
DXO.TO Risk / Return Rank: 7171
Overall Rank
DXO.TO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
DXO.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
DXO.TO Omega Ratio Rank: 8080
Omega Ratio Rank
DXO.TO Calmar Ratio Rank: 6262
Calmar Ratio Rank
DXO.TO Martin Ratio Rank: 7373
Martin Ratio Rank
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. DXO.TO - 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 Dynamic Active Crossover Bond ETF (DXO.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.

XHY.TODXO.TODifference
Sharpe ratioReturn per unit of total volatility
0.77
1.66

-0.90

Sortino ratioReturn per unit of downside risk
1.15
2.47

-1.32

Omega ratioGain probability vs. loss probability

1.14

1.36

-0.22

Calmar ratioReturn relative to maximum drawdown

1.22

2.30

-1.09

Martin ratioReturn relative to average drawdown

5.23

9.91

-4.68

XHY.TO vs. DXO.TO - Sharpe Ratio Comparison

The current XHY.TO Sharpe Ratio is 0.77, which is lower than the DXO.TO Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of XHY.TO and DXO.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.

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Drawdowns

XHY.TO vs. DXO.TO - Drawdown Comparison

The maximum XHY.TO drawdown since its inception was -28.48%, which is greater than DXO.TO's maximum drawdown of -17.61%. Use the drawdown chart below to compare losses from any high point for XHY.TO and DXO.TO.

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Drawdown Indicators

XHY.TODXO.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.48%

-17.61%

-10.87%

Max Drawdown (1Y)

Largest decline over 1 year

-2.87%

-2.41%

-0.46%

Max Drawdown (3Y)

Largest decline over 3 years

-4.94%

-3.78%

-1.16%

Max Drawdown (5Y)

Largest decline over 5 years

-16.67%

-15.91%

-0.76%

Max Drawdown (10Y)

Largest decline over 10 years

-28.48%

—

—

Current Drawdown

Current decline from peak

-0.43%

-0.56%

+0.13%

Average Drawdown

Average peak-to-trough decline

-2.53%

-2.94%

+0.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.67%

0.56%

+0.11%

Volatility

XHY.TO vs. DXO.TO - Volatility Comparison

iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) has a higher volatility of 1.19% compared to Dynamic Active Crossover Bond ETF (DXO.TO) at 0.92%. This indicates that XHY.TO's price experiences larger fluctuations and is considered to be riskier than DXO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XHY.TODXO.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.19%

0.92%

+0.27%

Volatility (6M)

Calculated over the trailing 6-month period

3.69%

2.65%

+1.04%

Volatility (1Y)

Calculated over the trailing 1-year period

4.57%

3.34%

+1.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.64%

5.63%

+3.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.58%

7.73%

+2.85%

Dividends

XHY.TO vs. DXO.TO - Dividend Comparison

XHY.TO's dividend yield for the trailing twelve months is around 6.13%, more than DXO.TO's 5.32% yield.

PositionTTM20252024202320222021202020192018201720162015
DXO.TO
Dynamic Active Crossover Bond ETF		5.32%5.55%5.61%5.65%5.29%4.15%4.20%3.96%4.31%2.15%0.00%0.00%
XHY.TO
iShares U.S. High Yield Bond Index ETF (CAD-Hedged)		6.13%6.04%5.87%5.56%5.70%4.72%5.18%5.38%5.87%5.46%5.64%6.83%

Frequently Asked Questions

XHY.TO and DXO.TO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XHY.TO is categorized as High Yield Bonds, while DXO.TO is Corporate Bonds. They also come from different issuers: iShares and Dynamic.

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