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

XHY.TO vs. XCNS.TO

Last updated Jun 5, 2026

XHY.TO (iShares U.S. High Yield Bond Index ETF (CAD-Hedged)) and XCNS.TO (iShares Core Conservative Balanced ETF Portfolio) are both exchange-traded funds - XHY.TO is a High Yield Bonds fund tracking the Morningstar Gbl HY Bd GR CAD, while XCNS.TO is a Diversified Portfolio fund actively managed by iShares. XHY.TO is passively managed, while XCNS.TO is actively managed. Over the past 5 years, XHY.TO returned 2.86%/yr vs 5.78%/yr for XCNS.TO. At a 0.50 correlation, their price movements are largely independent. XHY.TO charges 0.56%/yr vs 0.20%/yr for XCNS.TO.

Performance

XHY.TO vs. XCNS.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 iShares Core Conservative Balanced ETF Portfolio (XCNS.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 1.07% return, which is significantly lower than XCNS.TO's 5.93% return.

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%

XCNS.TO

1D
0.34%
1M
3.18%
YTD
5.93%
6M
4.54%
1Y
12.96%
3Y*
11.09%
5Y*
5.78%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
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%3.66%
XCNS.TO
iShares Core Conservative Balanced ETF Portfolio		5.93%9.44%11.73%10.66%-11.25%5.93%10.28%3.45%

Correlation

The correlation between XHY.TO and XCNS.TO is 0.64, 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

0.64

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

0.57

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

0.53

Correlation (All Time)
Calculated using the full available price history since Aug 26, 2019

0.50

The correlation between XHY.TO and XCNS.TO shifts across timeframes, from 0.50 (all time) to 0.64 (1 year), reflecting how their relationship changes across market environments.

XHY.TO vs. XCNS.TO - Sectors Allocation Comparison

Sectors
XHY.TO
XCNS.TO

Utilities

99.5%
0.7%

Real Estate

0.5%
0.2%

Basic Materials

-

2.7%

Communication Services

-

3.1%

Consumer Cyclical

-

3.1%

Consumer Defensive

-

1.7%

Energy

-

3.1%

Financial Services

-

9.4%

Healthcare

-

2.4%

Industrials

-

3.6%

Technology

-

12.2%

Utilities

XHY.TO
99.5%
XCNS.TO
0.7%

Real Estate

XHY.TO
0.5%
XCNS.TO
0.2%

Basic Materials

XHY.TO

-

XCNS.TO
2.7%

Communication Services

XHY.TO

-

XCNS.TO
3.1%

Consumer Cyclical

XHY.TO

-

XCNS.TO
3.1%

Consumer Defensive

XHY.TO

-

XCNS.TO
1.7%

Energy

XHY.TO

-

XCNS.TO
3.1%

Financial Services

XHY.TO

-

XCNS.TO
9.4%

Healthcare

XHY.TO

-

XCNS.TO
2.4%

Industrials

XHY.TO

-

XCNS.TO
3.6%

Technology

XHY.TO

-

XCNS.TO
12.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

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

iShares Core Conservative Balanced ETF Portfolio

Often compared with XHY.TO:
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Often compared with XCNS.TO:
XCNS.TO vs. XBAL.TOXCNS.TO vs. XINC.TOXCNS.TO vs. VCNS.TOXCNS.TO vs. XEQT.TOXCNS.TO vs. GCNS.TOXCNS.TO vs. XGRO.TOXCNS.TO vs. XTR.TO

Return for Risk

XHY.TO vs. XCNS.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: 3232
Overall Rank
XHY.TO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
XHY.TO Sortino Ratio Rank: 2828
Sortino Ratio Rank
XHY.TO Omega Ratio Rank: 2828
Omega Ratio Rank
XHY.TO Calmar Ratio Rank: 3333
Calmar Ratio Rank
XHY.TO Martin Ratio Rank: 4444
Martin Ratio Rank
XCNS.TO
XCNS.TO Risk / Return Rank: 6060
Overall Rank
XCNS.TO Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
XCNS.TO Sortino Ratio Rank: 6060
Sortino Ratio Rank
XCNS.TO Omega Ratio Rank: 6464
Omega Ratio Rank
XCNS.TO Calmar Ratio Rank: 5555
Calmar Ratio Rank
XCNS.TO Martin Ratio Rank: 6060
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. XCNS.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 iShares Core Conservative Balanced ETF Portfolio (XCNS.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.

XHY.TOXCNS.TODifference
Sharpe ratioReturn per unit of total volatility
1.00
1.95

-0.95

Sortino ratioReturn per unit of downside risk
1.51
2.80

-1.29

Omega ratioGain probability vs. loss probability

1.18

1.38

-0.20

Calmar ratioReturn relative to maximum drawdown

1.63

2.68

-1.05

Martin ratioReturn relative to average drawdown

7.05

10.44

-3.40

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. XCNS.TO - Sharpe Ratio Comparison

The current XHY.TO Sharpe Ratio is 1.00, which is lower than the XCNS.TO Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of XHY.TO and XCNS.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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Sharpe Ratios by Period

XHY.TOXCNS.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.00

1.95

-0.95

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.33

0.85

-0.52

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.38

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

0.87

-0.37

Drawdowns

XHY.TO vs. XCNS.TO - Drawdown Comparison

The maximum XHY.TO drawdown since its inception was -28.48%, which is greater than XCNS.TO's maximum drawdown of -16.96%. Use the drawdown chart below to compare losses from any high point for XHY.TO and XCNS.TO.

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Drawdown Indicators

XHY.TOXCNS.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.48%

-16.96%

-11.52%

Max Drawdown (1Y)

Largest decline over 1 year

-2.87%

-4.86%

+1.99%

Max Drawdown (3Y)

Largest decline over 3 years

-4.94%

-6.40%

+1.46%

Max Drawdown (5Y)

Largest decline over 5 years

-16.67%

-16.09%

-0.58%

Max Drawdown (10Y)

Largest decline over 10 years

-28.48%

—

—

Current Drawdown

Current decline from peak

-0.32%

-0.45%

+0.13%

Average Drawdown

Average peak-to-trough decline

-2.55%

-3.49%

+0.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.66%

1.24%

-0.58%

Volatility

XHY.TO vs. XCNS.TO - Volatility Comparison

The current volatility for iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) is 1.28%, while iShares Core Conservative Balanced ETF Portfolio (XCNS.TO) has a volatility of 3.14%. This indicates that XHY.TO experiences smaller price fluctuations and is considered to be less risky than XCNS.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.TOXCNS.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.28%

3.14%

-1.86%

Volatility (6M)

Calculated over the trailing 6-month period

3.55%

5.72%

-2.17%

Volatility (1Y)

Calculated over the trailing 1-year period

4.68%

6.67%

-1.99%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.65%

6.86%

+1.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.62%

7.61%

+3.01%

XHY.TO vs. XCNS.TO - Expense Ratio Comparison

XHY.TO has a 0.56% expense ratio, which is higher than XCNS.TO's 0.20% expense ratio.

Dividends

XHY.TO vs. XCNS.TO - Dividend Comparison

XHY.TO's dividend yield for the trailing twelve months is around 6.11%, more than XCNS.TO's 2.49% yield.

PositionTTM20252024202320222021202020192018201720162015
XCNS.TO
iShares Core Conservative Balanced ETF Portfolio		2.49%2.55%2.58%2.49%2.26%1.81%2.15%0.92%0.00%0.00%0.00%0.00%
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 XCNS.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XCNS.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XCNS.TO is cheaper with a 0.20% expense ratio, compared with 0.56% for XHY.TO.

XHY.TO is categorized as High Yield Bonds, while XCNS.TO is Diversified Portfolio. Their fees differ too: 0.56% for XHY.TO and 0.20% for XCNS.TO.

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