XIG.TO vs. BWX

Last updated Apr 1, 2026

Compare and contrast key facts about iShares U.S. IG Corporate Bond Index ETF (CAD-Hedged) (XIG.TO) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX).

XIG.TO and BWX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XIG.TO is a passively managed fund by iShares that tracks the performance of the Markit iBoxx USD Liquid Investment Grade Total Return Index Hedged in CAD. It was launched on Jan 21, 2010. BWX is a passively managed fund by State Street that tracks the performance of the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). It was launched on Oct 2, 2007. Both XIG.TO and BWX 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

XIG.TO vs. BWX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares U.S. IG Corporate Bond Index ETF (CAD-Hedged) (XIG.TO) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). The values are adjusted to include any dividend payments, if applicable.

XIG.TO vs. BWX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XIG.TO iShares U.S. IG Corporate Bond Index ETF (CAD-Hedged)	-0.80%	5.93%	-0.39%	8.08%	-18.91%	-1.72%	9.75%	16.22%	-5.19%	6.36%
BWX SPDR Bloomberg Barclays International Treasury Bond ETF	-0.92%	2.73%	2.15%	2.79%	-14.00%	-9.49%	7.65%	0.39%	6.47%	2.93%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, XIG.TO achieves a -0.80% return, which is significantly higher than BWX's -0.92% return. Over the past 10 years, XIG.TO has outperformed BWX with an annualized return of 1.55%, while BWX has yielded a comparatively lower -0.53% annualized return.

XIG.TO

• 1D: 0.72%
• 1M: -2.26%
• YTD: -0.80%
• 6M: -0.90%
• 1Y: 2.92%
• 3Y*: 2.69%
• 5Y*: -1.07%
• 10Y*: 1.55%

BWX

• 1D: 0.00%
• 1M: -1.74%
• YTD: -0.92%
• 6M: -3.81%
• 1Y: -0.42%
• 3Y*: 1.19%
• 5Y*: -2.08%
• 10Y*: -0.53%

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

XIG.TO vs. BWX - Expense Ratio Comparison

XIG.TO has a 0.32% expense ratio, which is lower than BWX's 0.35% expense ratio.

BWX

SPDR Bloomberg Barclays International Treasury Bond ETF

XIG.TO

iShares U.S. IG Corporate Bond Index ETF (CAD-Hedged)

Return for Risk

XIG.TO vs. BWX — Risk / Return Rank

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

XIG.TO

XIG.TO Risk / Return Rank: 26
XIG.TO Sharpe Ratio Rank: 25
XIG.TO Sortino Ratio Rank: 22
XIG.TO Omega Ratio Rank: 22
XIG.TO Calmar Ratio Rank: 33
XIG.TO Martin Ratio Rank: 27

BWX

BWX Risk / Return Rank: 19
BWX Sharpe Ratio Rank: 19
BWX Sortino Ratio Rank: 19
BWX Omega Ratio Rank: 17
BWX Calmar Ratio Rank: 22
BWX Martin Ratio Rank: 20

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.

XIG.TO vs. BWX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. IG Corporate Bond Index ETF (CAD-Hedged) (XIG.TO) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). 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.

	XIG.TO	BWX	Difference
Sharpe ratio Return per unit of total volatility	0.44	-0.06	+0.49
Sortino ratio Return per unit of downside risk	0.63	-0.03	+0.65
Omega ratio Gain probability vs. loss probability	1.08	1.00	+0.09
Calmar ratio Return relative to maximum drawdown	0.84	-0.12	+0.96
Martin ratio Return relative to average drawdown	2.20	-0.31	+2.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XIG.TO vs. BWX - Sharpe Ratio Comparison

The current XIG.TO Sharpe Ratio is 0.44, which is higher than the BWX Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of XIG.TO and BWX, 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

	XIG.TO	BWX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	-0.06	+0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	-0.25	+0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	-0.07	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	0.13	+0.32

Correlation

The correlation between XIG.TO and BWX is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

XIG.TO vs. BWX - Dividend Comparison

XIG.TO's dividend yield for the trailing twelve months is around 4.38%, more than BWX's 2.30% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XIG.TO iShares U.S. IG Corporate Bond Index ETF (CAD-Hedged)	4.38%	4.33%	4.45%	3.88%	3.23%	2.21%	2.62%	3.07%	3.42%	2.87%	3.27%	3.10%
BWX SPDR Bloomberg Barclays International Treasury Bond ETF	2.30%	2.19%	1.99%	1.63%	1.23%	0.93%	0.95%	1.16%	1.07%	0.46%	0.00%	0.00%

Drawdowns

XIG.TO vs. BWX - Drawdown Comparison

The maximum XIG.TO drawdown since its inception was -25.49%, smaller than the maximum BWX drawdown of -29.58%. Use the drawdown chart below to compare losses from any high point for XIG.TO and BWX.

Drawdown Indicators

	XIG.TO	BWX	Difference
Max Drawdown Largest peak-to-trough decline	-25.49%	-34.05%	+8.56%
Max Drawdown (1Y) Largest decline over 1 year	-3.66%	-6.16%	+2.50%
Max Drawdown (5Y) Largest decline over 5 years	-25.48%	-31.25%	+5.77%
Max Drawdown (10Y) Largest decline over 10 years	-25.49%	-34.05%	+8.56%
Current Drawdown Current decline from peak	-9.85%	-24.04%	+14.19%
Average Drawdown Average peak-to-trough decline	-5.35%	-9.92%	+4.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	2.54%	-1.14%

Volatility

XIG.TO vs. BWX - Volatility Comparison

The current volatility for iShares U.S. IG Corporate Bond Index ETF (CAD-Hedged) (XIG.TO) is 2.63%, while SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) has a volatility of 3.04%. This indicates that XIG.TO experiences smaller price fluctuations and is considered to be less risky than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XIG.TO	BWX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	3.04%	-0.41%
Volatility (6M) Calculated over the trailing 6-month period	3.91%	4.84%	-0.93%
Volatility (1Y) Calculated over the trailing 1-year period	6.70%	7.39%	-0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.48%	8.44%	+0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.91%	8.23%	+0.68%