XLB.TO vs. USMV
XLB.TO (iShares Core Canadian Long Term Bond Index ETF) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - XLB.TO is a Canadian Government Bonds fund tracking the Morningstar Can 10+Y Core Bd GR CAD, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, XLB.TO returned 0.73%/yr vs 10.84%/yr for USMV. At a 0.00 correlation, their price movements are largely independent. XLB.TO charges 0.20%/yr vs 0.15%/yr for USMV.
Performance
XLB.TO vs. USMV - Performance Comparison
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Different Trading Currencies
XLB.TO is traded in CAD, while USMV is traded in USD. To make them comparable, the USMV values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, XLB.TO achieves a 2.39% return, which is significantly lower than USMV's 4.50% return. Over the past 10 years, XLB.TO has underperformed USMV with an annualized return of 0.73%, while USMV has yielded a comparatively higher 10.84% annualized return.
XLB.TO
- 1D
- -0.11%
- 1M
- 3.04%
- YTD
- 2.39%
- 6M
- 2.94%
- 1Y
- 3.93%
- 3Y*
- 3.43%
- 5Y*
- -1.77%
- 10Y*
- 0.73%
USMV
- 1D
- 0.61%
- 1M
- 3.26%
- YTD
- 4.50%
- 6M
- 3.80%
- 1Y
- 7.79%
- 3Y*
- 13.02%
- 5Y*
- 10.39%
- 10Y*
- 10.84%
XLB.TO vs. USMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XLB.TO iShares Core Canadian Long Term Bond Index ETF | 2.39% | -0.76% | 0.71% | 9.15% | -21.64% | -4.59% | 11.18% | 12.85% | -0.25% | 7.11% |
USMV iShares MSCI USA Min Vol Factor ETF | 4.50% | 2.73% | 25.54% | 7.70% | -3.69% | 20.79% | 3.13% | 22.42% | 9.85% | 10.86% |
Correlation
The correlation between XLB.TO and USMV is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011 | 0.00 |
Over the past year, XLB.TO and USMV have become more correlated (0.31) than their long-term average of 0.00, meaning their price movements have been converging.
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Return for Risk
XLB.TO vs. USMV — Risk / Return Rank
XLB.TO
USMV
XLB.TO vs. USMV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Long Term Bond Index ETF (XLB.TO) and iShares MSCI USA Min Vol Factor ETF (USMV). 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.
| XLB.TO | USMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.12 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.70 | 1.21 | -0.51 |
| Martin ratioReturn relative to average drawdown | 1.34 | 3.16 | -1.83 |
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Drawdowns
XLB.TO vs. USMV - Drawdown Comparison
The maximum XLB.TO drawdown since its inception was -32.97%, which is greater than USMV's maximum drawdown of -27.07%. Use the drawdown chart below to compare losses from any high point for XLB.TO and USMV.
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Drawdown Indicators
| XLB.TO | USMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.97% | -27.07% | -5.90% |
Max Drawdown (1Y)Largest decline over 1 year | -4.85% | -5.25% | +0.40% |
Max Drawdown (3Y)Largest decline over 3 years | -11.66% | -10.65% | -1.01% |
Max Drawdown (5Y)Largest decline over 5 years | -27.81% | -16.72% | -11.09% |
Max Drawdown (10Y)Largest decline over 10 years | -32.97% | -27.07% | -5.90% |
Current DrawdownCurrent decline from peak | -18.72% | -0.06% | -18.66% |
Average DrawdownAverage peak-to-trough decline | -7.72% | -2.88% | -4.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.53% | 2.02% | +0.51% |
Volatility
XLB.TO vs. USMV - Volatility Comparison
iShares Core Canadian Long Term Bond Index ETF (XLB.TO) and iShares MSCI USA Min Vol Factor ETF (USMV) have volatilities of 2.89% and 2.93%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XLB.TO | USMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.89% | 2.93% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 5.76% | 6.97% | -1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.00% | 9.71% | -1.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.36% | 13.85% | -1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.67% | 15.86% | -4.19% |
XLB.TO vs. USMV - Expense Ratio Comparison
XLB.TO has a 0.20% expense ratio, which is higher than USMV's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XLB.TO vs. USMV - Dividend Comparison
XLB.TO's dividend yield for the trailing twelve months is around 4.02%, more than USMV's 1.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
USMV iShares MSCI USA Min Vol Factor ETF | 1.53% | 1.49% | 1.67% | 1.82% | 1.62% | 1.26% | 1.81% | 1.88% | 2.12% | 1.77% | 2.22% | 2.02% |
XLB.TO iShares Core Canadian Long Term Bond Index ETF | 4.02% | 4.05% | 3.82% | 3.73% | 3.97% | 3.03% | 2.90% | 3.18% | 3.56% | 3.45% | 3.62% | 3.64% |
Frequently Asked Questions
XLB.TO and USMV have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, USMV is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
USMV is cheaper with a 0.15% expense ratio, compared with 0.20% for XLB.TO.
XLB.TO is categorized as Canadian Government Bonds, while USMV is Large Cap Blend Equities. XLB.TO tracks Morningstar Can 10+Y Core Bd GR CAD, while USMV tracks MSCI USA Minimum Volatility Index. Their fees differ too: 0.20% for XLB.TO and 0.15% for USMV.
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