XHY.TO vs. FLOT
XHY.TO (iShares U.S. High Yield Bond Index ETF (CAD-Hedged)) and FLOT (iShares Floating Rate Bond ETF) are both exchange-traded funds - XHY.TO is a High Yield Bonds fund tracking the Morningstar Gbl HY Bd GR CAD, while FLOT is a Corporate Bonds fund tracking the Bloomberg US Floating Rate Notes (<5 Y). Both are passively managed. Over the past 10 years, XHY.TO returned 3.98%/yr vs 3.87%/yr for FLOT. At a correlation of -0.32, they often move in opposite directions. XHY.TO charges 0.56%/yr vs 0.20%/yr for FLOT.
Performance
XHY.TO vs. FLOT - Performance Comparison
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Different Trading Currencies
XHY.TO is traded in CAD, while FLOT is traded in USD. To make them comparable, the FLOT 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 1.07% return, which is significantly lower than FLOT's 3.21% return. Both investments have delivered pretty close results over the past 10 years, with XHY.TO having a 3.98% annualized return and FLOT not far behind at 3.87%.
XHY.TO
- 1D
- 0.12%
- 1M
- 0.33%
- YTD
- 1.07%
- 6M
- 1.09%
- 1Y
- 4.66%
- 3Y*
- 7.14%
- 5Y*
- 2.86%
- 10Y*
- 3.98%
FLOT
- 1D
- 0.02%
- 1M
- 2.55%
- YTD
- 3.21%
- 6M
- 1.78%
- 1Y
- 6.58%
- 3Y*
- 6.79%
- 5Y*
- 7.19%
- 10Y*
- 3.87%
XHY.TO vs. FLOT - 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) | 1.07% | 6.33% | 7.05% | 11.06% | -11.10% | 3.51% | 2.65% | 13.83% | -3.89% | 5.35% |
FLOT iShares Floating Rate Bond ETF | 3.21% | 0.10% | 15.68% | 4.09% | 8.50% | -0.46% | -0.84% | -1.14% | 10.09% | -4.83% |
Correlation
The correlation between XHY.TO and FLOT is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.29 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2011 | -0.32 |
The correlation between XHY.TO and FLOT shifts across timeframes, from -0.32 (all time) to -0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XHY.TO vs. FLOT — Risk / Return Rank
XHY.TO
FLOT
XHY.TO vs. FLOT - 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 iShares Floating Rate Bond ETF (FLOT). 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 | FLOT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.26 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 1.82 | -0.19 |
| Martin ratioReturn relative to average drawdown | 7.05 | 5.20 | +1.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XHY.TO | FLOT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.00 | 1.42 | -0.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.33 | 1.13 | -0.80 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.38 | 0.53 | -0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.62 | -0.12 |
Drawdowns
XHY.TO vs. FLOT - Drawdown Comparison
The maximum XHY.TO drawdown since its inception was -28.48%, which is greater than FLOT's maximum drawdown of -14.58%. Use the drawdown chart below to compare losses from any high point for XHY.TO and FLOT.
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Drawdown Indicators
| XHY.TO | FLOT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.48% | -14.58% | -13.90% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -3.63% | +0.76% |
Max Drawdown (3Y)Largest decline over 3 years | -4.94% | -5.15% | +0.21% |
Max Drawdown (5Y)Largest decline over 5 years | -16.67% | -5.15% | -11.52% |
Max Drawdown (10Y)Largest decline over 10 years | -28.48% | -12.96% | -15.52% |
Current DrawdownCurrent decline from peak | -0.32% | 0.00% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -2.55% | -3.95% | +1.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 1.27% | -0.61% |
Volatility
XHY.TO vs. FLOT - Volatility Comparison
iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) has a higher volatility of 1.28% compared to iShares Floating Rate Bond ETF (FLOT) at 0.83%. This indicates that XHY.TO's price experiences larger fluctuations and is considered to be riskier than FLOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XHY.TO | FLOT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 0.83% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 3.55% | 3.49% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.68% | 4.66% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.65% | 6.38% | +2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.62% | 7.34% | +3.28% |
XHY.TO vs. FLOT - Expense Ratio Comparison
XHY.TO has a 0.56% expense ratio, which is higher than FLOT's 0.20% expense ratio.
Dividends
XHY.TO vs. FLOT - Dividend Comparison
XHY.TO's dividend yield for the trailing twelve months is around 6.11%, more than FLOT's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLOT iShares Floating Rate Bond ETF | 4.54% | 4.84% | 5.82% | 5.66% | 2.06% | 0.43% | 1.25% | 2.78% | 2.41% | 1.46% | 0.97% | 0.53% |
XHY.TO iShares U.S. High Yield Bond Index ETF (CAD-Hedged) | 6.11% | 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 FLOT have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FLOT is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FLOT is cheaper with a 0.20% expense ratio, compared with 0.56% for XHY.TO.
XHY.TO is categorized as High Yield Bonds, while FLOT is Corporate Bonds. XHY.TO tracks Morningstar Gbl HY Bd GR CAD, while FLOT tracks Bloomberg US Floating Rate Notes (<5 Y). Their fees differ too: 0.56% for XHY.TO and 0.20% for FLOT.
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