XLB.TO vs. VLB.TO
XLB.TO (iShares Core Canadian Long Term Bond Index ETF) and VLB.TO (Vanguard Canadian Long-Term Bond Index 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 VLB.TO is a Long-Term Bond fund tracking the Bloomberg Barclays Global Aggregate Canadian 10+ Year Float Adjusted Bond Index. Both are passively managed. Over the past 5 years, XLB.TO returned 4.63%/yr vs -1.62%/yr for VLB.TO. Their correlation of 0.85 suggests significant overlap in exposure. XLB.TO charges 0.20%/yr vs 0.15%/yr for VLB.TO.
Performance
XLB.TO vs. VLB.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with XLB.TO having a 2.77% return and VLB.TO slightly higher at 2.84%.
XLB.TO
- 1D
- -0.11%
- 1M
- 3.02%
- YTD
- 2.77%
- 6M
- 0.93%
- 1Y
- 2.84%
- 3Y*
- 8.16%
- 5Y*
- 4.63%
- 10Y*
- 4.56%
VLB.TO
- 1D
- -0.29%
- 1M
- 2.76%
- YTD
- 2.84%
- 6M
- 0.71%
- 1Y
- 2.55%
- 3Y*
- 2.57%
- 5Y*
- -1.62%
- 10Y*
- —
XLB.TO vs. VLB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XLB.TO iShares Core Canadian Long Term Bond Index ETF | 2.77% | -0.76% | 9.49% | 19.21% | -14.38% | 1.26% | 16.52% | 12.85% | -0.25% | 6.88% |
VLB.TO Vanguard Canadian Long-Term Bond Index ETF | 2.84% | -1.07% | 0.69% | 9.27% | -21.79% | -4.94% | 9.88% | 11.93% | -0.45% | 6.88% |
Correlation
The correlation between XLB.TO and VLB.TO is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2017 | 0.85 |
The correlation between XLB.TO and VLB.TO has been stable across timeframes, ranging from 0.85 to 0.94 - a consistent structural relationship.
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Return for Risk
XLB.TO vs. VLB.TO — Risk / Return Rank
XLB.TO
VLB.TO
XLB.TO vs. VLB.TO - 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 Vanguard Canadian Long-Term Bond Index ETF (VLB.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.
| XLB.TO | VLB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.06 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.59 | 0.52 | +0.07 |
| Martin ratioReturn relative to average drawdown | 1.11 | 0.98 | +0.13 |
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
| XLB.TO | VLB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.36 | 0.30 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | -0.13 | +0.50 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.08 | +0.47 |
Drawdowns
XLB.TO vs. VLB.TO - Drawdown Comparison
The maximum XLB.TO drawdown since its inception was -24.34%, smaller than the maximum VLB.TO drawdown of -34.41%. Use the drawdown chart below to compare losses from any high point for XLB.TO and VLB.TO.
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Drawdown Indicators
| XLB.TO | VLB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.34% | -34.41% | +10.07% |
Max Drawdown (1Y)Largest decline over 1 year | -4.85% | -4.90% | +0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -9.74% | -12.17% | +2.43% |
Max Drawdown (5Y)Largest decline over 5 years | -24.34% | -27.90% | +3.56% |
Max Drawdown (10Y)Largest decline over 10 years | -24.34% | — | — |
Current DrawdownCurrent decline from peak | -2.17% | -20.35% | +18.18% |
Average DrawdownAverage peak-to-trough decline | -4.05% | -14.13% | +10.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.57% | 2.60% | -0.03% |
Volatility
XLB.TO vs. VLB.TO - Volatility Comparison
The current volatility for iShares Core Canadian Long Term Bond Index ETF (XLB.TO) is 2.77%, while Vanguard Canadian Long-Term Bond Index ETF (VLB.TO) has a volatility of 2.98%. This indicates that XLB.TO experiences smaller price fluctuations and is considered to be less risky than VLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XLB.TO | VLB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.77% | 2.98% | -0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 5.77% | 6.21% | -0.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.93% | 8.42% | -0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.68% | 12.42% | +0.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.86% | 11.21% | +0.65% |
XLB.TO vs. VLB.TO - Expense Ratio Comparison
XLB.TO has a 0.20% expense ratio, which is higher than VLB.TO'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. VLB.TO - Dividend Comparison
XLB.TO's dividend yield for the trailing twelve months is around 4.01%, more than VLB.TO's 3.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VLB.TO Vanguard Canadian Long-Term Bond Index ETF | 3.88% | 3.96% | 3.78% | 3.47% | 3.75% | 2.95% | 2.80% | 2.84% | 3.43% | 2.82% | 0.00% | 0.00% |
XLB.TO iShares Core Canadian Long Term Bond Index ETF | 4.01% | 4.05% | 12.10% | 12.22% | 13.13% | 8.82% | 7.43% | 3.18% | 3.56% | 3.45% | 3.62% | 3.64% |
Frequently Asked Questions
With a correlation of 0.94, XLB.TO and VLB.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, VLB.TO is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VLB.TO is cheaper with a 0.15% expense ratio, compared with 0.20% for XLB.TO.
XLB.TO is categorized as Canadian Government Bonds, while VLB.TO is Long-Term Bond. XLB.TO tracks Morningstar Can 10+Y Core Bd GR CAD, while VLB.TO tracks Bloomberg Barclays Global Aggregate Canadian 10+ Year Float Adjusted Bond Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.20% for XLB.TO and 0.15% for VLB.TO.
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