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XLB.TO vs. XEG.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLB.TO vs. XEG.TO

Last updated Jun 5, 2026

XLB.TO (iShares Core Canadian Long Term Bond Index ETF) and XEG.TO (iShares S&P/TSX Capped Energy 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 XEG.TO is a Energy Equities fund tracking the S&P/TSX Capped Energy Index. Both are passively managed. Over the past 10 years, XLB.TO returned 4.59%/yr vs 11.72%/yr for XEG.TO. At a correlation of -0.20, they often move in opposite directions. XLB.TO charges 0.20%/yr vs 0.61%/yr for XEG.TO.

Performance

XLB.TO vs. XEG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core Canadian Long Term Bond Index ETF (XLB.TO) and iShares S&P/TSX Capped Energy Index ETF (XEG.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, XLB.TO achieves a 2.55% return, which is significantly lower than XEG.TO's 45.28% return. Over the past 10 years, XLB.TO has underperformed XEG.TO with an annualized return of 4.59%, while XEG.TO has yielded a comparatively higher 11.72% annualized return.

XLB.TO

1D
-0.21%
1M
2.58%
YTD
2.55%
6M
1.31%
1Y
2.19%
3Y*
8.29%
5Y*
4.59%
10Y*
4.59%

XEG.TO

1D
0.65%
1M
-0.64%
YTD
45.28%
6M
40.30%
1Y
73.90%
3Y*
28.57%
5Y*
29.65%
10Y*
11.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLB.TO vs. XEG.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLB.TO
iShares Core Canadian Long Term Bond Index ETF		2.55%-0.76%9.49%19.21%-14.38%1.26%16.52%12.85%-0.25%7.11%
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		45.28%16.72%14.08%3.52%53.25%83.71%-34.41%8.98%-27.05%-11.18%

Correlation

The correlation between XLB.TO and XEG.TO is -0.30, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.30

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

-0.12

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

-0.12

Correlation (10Y)
Calculated over the trailing 10-year period

-0.18

Correlation (All Time)
Calculated using the full available price history since Nov 13, 2006

-0.20

The correlation between XLB.TO and XEG.TO shifts across timeframes, from -0.30 (1 year) to -0.12 (3 years), reflecting how their relationship changes across market environments.

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iShares Core Canadian Long Term Bond Index ETF

iShares S&P/TSX Capped Energy Index ETF

Often compared with XLB.TO:
XLB.TO vs. XBB.TOXLB.TO vs. XSB.TOXLB.TO vs. TLTXLB.TO vs. XTLT.TOXLB.TO vs. XCB.TOXLB.TO vs. ZFL.TOXLB.TO vs. XHB.TO
Often compared with XEG.TO:
XEG.TO vs. XLEXEG.TO vs. XEQT.TOXEG.TO vs. CNQ.TOXEG.TO vs. HXE.TOXEG.TO vs. ZEO.TOXEG.TO vs. XDIV.TOXEG.TO vs. XCG.TO

Return for Risk

XLB.TO vs. XEG.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLB.TO
XLB.TO Risk / Return Rank: 1313
Overall Rank
XLB.TO Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
XLB.TO Sortino Ratio Rank: 1212
Sortino Ratio Rank
XLB.TO Omega Ratio Rank: 1212
Omega Ratio Rank
XLB.TO Calmar Ratio Rank: 1515
Calmar Ratio Rank
XLB.TO Martin Ratio Rank: 1313
Martin Ratio Rank
XEG.TO
XEG.TO Risk / Return Rank: 8989
Overall Rank
XEG.TO Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
XEG.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
XEG.TO Omega Ratio Rank: 8585
Omega Ratio Rank
XEG.TO Calmar Ratio Rank: 9393
Calmar Ratio Rank
XEG.TO Martin Ratio Rank: 8989
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.

XLB.TO vs. XEG.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 iShares S&P/TSX Capped Energy Index ETF (XEG.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.TOXEG.TODifference
Sharpe ratioReturn per unit of total volatility
0.28
3.27

-3.00

Sortino ratioReturn per unit of downside risk
0.43
3.81

-3.38

Omega ratioGain probability vs. loss probability

1.05

1.51

-0.46

Calmar ratioReturn relative to maximum drawdown

0.45

6.68

-6.22

Martin ratioReturn relative to average drawdown

0.85

19.94

-19.08

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XLB.TO vs. XEG.TO - Sharpe Ratio Comparison

The current XLB.TO Sharpe Ratio is 0.28, which is lower than the XEG.TO Sharpe Ratio of 3.27. The chart below compares the historical Sharpe Ratios of XLB.TO and XEG.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

XLB.TOXEG.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.28

3.27

-3.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.36

1.04

-0.68

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.39

0.35

+0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

0.28

+0.27

Drawdowns

XLB.TO vs. XEG.TO - Drawdown Comparison

The maximum XLB.TO drawdown since its inception was -24.34%, smaller than the maximum XEG.TO drawdown of -87.74%. Use the drawdown chart below to compare losses from any high point for XLB.TO and XEG.TO.

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Drawdown Indicators

XLB.TOXEG.TODifference

Max Drawdown

Largest peak-to-trough decline

-24.34%

-87.74%

+63.40%

Max Drawdown (1Y)

Largest decline over 1 year

-4.85%

-11.12%

+6.27%

Max Drawdown (3Y)

Largest decline over 3 years

-9.74%

-25.67%

+15.93%

Max Drawdown (5Y)

Largest decline over 5 years

-24.34%

-28.42%

+4.08%

Max Drawdown (10Y)

Largest decline over 10 years

-24.34%

-79.66%

+55.32%

Current Drawdown

Current decline from peak

-2.38%

-3.38%

+1.00%

Average Drawdown

Average peak-to-trough decline

-4.05%

-29.18%

+25.13%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.57%

3.72%

-1.15%

Volatility

XLB.TO vs. XEG.TO - Volatility Comparison

The current volatility for iShares Core Canadian Long Term Bond Index ETF (XLB.TO) is 2.79%, while iShares S&P/TSX Capped Energy Index ETF (XEG.TO) has a volatility of 9.24%. This indicates that XLB.TO experiences smaller price fluctuations and is considered to be less risky than XEG.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.TOXEG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.79%

9.24%

-6.45%

Volatility (6M)

Calculated over the trailing 6-month period

5.77%

18.90%

-13.13%

Volatility (1Y)

Calculated over the trailing 1-year period

7.92%

22.74%

-14.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.67%

28.62%

-15.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.85%

33.40%

-21.55%

XLB.TO vs. XEG.TO - Expense Ratio Comparison

XLB.TO has a 0.20% expense ratio, which is lower than XEG.TO's 0.61% expense ratio.

Dividends

XLB.TO vs. XEG.TO - Dividend Comparison

XLB.TO's dividend yield for the trailing twelve months is around 4.01%, more than XEG.TO's 2.64% yield.

PositionTTM20252024202320222021202020192018201720162015
XEG.TO
iShares S&P/TSX Capped Energy Index ETF		2.64%3.63%3.46%4.26%3.31%1.64%2.96%2.70%2.25%1.41%1.40%3.58%
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

XLB.TO and XEG.TO have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

XLB.TO is cheaper with a 0.20% expense ratio, compared with 0.61% for XEG.TO.

XLB.TO is categorized as Canadian Government Bonds, while XEG.TO is Energy Equities. XLB.TO tracks Morningstar Can 10+Y Core Bd GR CAD, while XEG.TO tracks S&P/TSX Capped Energy Index. Their fees differ too: 0.20% for XLB.TO and 0.61% for XEG.TO.

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