XHY.TO vs. XSB.TO
XHY.TO (iShares U.S. High Yield Bond Index ETF (CAD-Hedged)) and XSB.TO (iShares Core Canadian Short Term Bond Index ETF) are both exchange-traded funds - XHY.TO is a High Yield Bonds fund tracking the Morningstar Gbl HY Bd GR CAD, while XSB.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, XHY.TO returned 3.94%/yr vs 1.93%/yr for XSB.TO. At a 0.03 correlation, their price movements are largely independent. XHY.TO charges 0.56%/yr vs 0.10%/yr for XSB.TO.
Performance
XHY.TO vs. XSB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XHY.TO achieves a 0.58% return, which is significantly lower than XSB.TO's 0.80% return. Over the past 10 years, XHY.TO has outperformed XSB.TO with an annualized return of 3.94%, while XSB.TO has yielded a comparatively lower 1.93% annualized return.
XHY.TO
- 1D
- 0.12%
- 1M
- -0.34%
- YTD
- 0.58%
- 6M
- 0.90%
- 1Y
- 4.28%
- 3Y*
- 7.19%
- 5Y*
- 2.71%
- 10Y*
- 3.94%
XSB.TO
- 1D
- 0.00%
- 1M
- 0.22%
- YTD
- 0.80%
- 6M
- 1.10%
- 1Y
- 2.95%
- 3Y*
- 4.78%
- 5Y*
- 1.98%
- 10Y*
- 1.93%
XHY.TO vs. XSB.TO - 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) | 0.58% | 6.33% | 7.05% | 11.06% | -11.10% | 3.51% | 2.65% | 13.83% | -3.89% | 5.35% |
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 0.80% | 3.70% | 5.87% | 4.67% | -4.04% | -1.11% | 5.20% | 3.20% | 1.60% | 0.13% |
Correlation
The correlation between XHY.TO and XSB.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2010 | 0.03 |
Over the past year, XHY.TO and XSB.TO have become more correlated (0.41) than their long-term average of 0.03, meaning their price movements have been converging.
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Return for Risk
XHY.TO vs. XSB.TO — Risk / Return Rank
XHY.TO
XSB.TO
XHY.TO vs. XSB.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 Canadian Short Term Bond Index ETF (XSB.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.TO | XSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.57 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.29 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.50 | 2.01 | -0.52 |
| Martin ratioReturn relative to average drawdown | 6.42 | 6.68 | -0.26 |
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 | XSB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.92 | 1.49 | -0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.31 | 0.73 | -0.42 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.37 | 0.57 | -0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.97 | -0.48 |
Drawdowns
XHY.TO vs. XSB.TO - Drawdown Comparison
The maximum XHY.TO drawdown since its inception was -28.48%, which is greater than XSB.TO's maximum drawdown of -8.65%. Use the drawdown chart below to compare losses from any high point for XHY.TO and XSB.TO.
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Drawdown Indicators
| XHY.TO | XSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.48% | -8.65% | -19.83% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -1.47% | -1.40% |
Max Drawdown (3Y)Largest decline over 3 years | -4.94% | -1.47% | -3.47% |
Max Drawdown (5Y)Largest decline over 5 years | -16.67% | -6.99% | -9.68% |
Max Drawdown (10Y)Largest decline over 10 years | -28.48% | -8.65% | -19.83% |
Current DrawdownCurrent decline from peak | -0.80% | -0.34% | -0.46% |
Average DrawdownAverage peak-to-trough decline | -2.55% | -0.79% | -1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 0.44% | +0.23% |
Volatility
XHY.TO vs. XSB.TO - Volatility Comparison
iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) has a higher volatility of 1.33% compared to iShares Core Canadian Short Term Bond Index ETF (XSB.TO) at 0.75%. This indicates that XHY.TO's price experiences larger fluctuations and is considered to be riskier than XSB.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.TO | XSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 0.75% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 3.58% | 1.68% | +1.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.70% | 1.99% | +2.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.65% | 2.72% | +5.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.63% | 3.40% | +7.23% |
XHY.TO vs. XSB.TO - Expense Ratio Comparison
XHY.TO has a 0.56% expense ratio, which is higher than XSB.TO's 0.10% expense ratio.
Dividends
XHY.TO vs. XSB.TO - Dividend Comparison
XHY.TO's dividend yield for the trailing twelve months is around 6.14%, more than XSB.TO's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XHY.TO iShares U.S. High Yield Bond Index ETF (CAD-Hedged) | 6.14% | 6.04% | 5.87% | 5.56% | 5.70% | 4.72% | 5.18% | 5.38% | 5.87% | 5.46% | 5.64% | 6.83% |
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 3.11% | 3.15% | 3.05% | 2.67% | 2.28% | 2.05% | 2.21% | 2.39% | 2.39% | 2.36% | 2.36% | 2.50% |
Frequently Asked Questions
XHY.TO and XSB.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSB.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSB.TO is cheaper with a 0.10% expense ratio, compared with 0.56% for XHY.TO.
XHY.TO is categorized as High Yield Bonds, while XSB.TO is Canadian Government Bonds. XHY.TO tracks Morningstar Gbl HY Bd GR CAD, while XSB.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. Their fees differ too: 0.56% for XHY.TO and 0.10% for XSB.TO.
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