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

XLB vs. XBM.TO

Last updated Jun 14, 2026

XLB (Materials Select Sector SPDR ETF) and XBM.TO (iShares S&P/TSX Global Base Metals Index ETF) are both exchange-traded funds - XLB is a Materials fund tracking the Materials Select Sector Index, while XBM.TO is a Energy Equities fund tracking the Morningstar Can Natural Resource NR CAD. Both are passively managed. Over the past 10 years, XLB returned 10.54%/yr vs 18.63%/yr for XBM.TO. A 0.58 correlation means they provide meaningful diversification when combined. XLB charges 0.13%/yr vs 0.60%/yr for XBM.TO.

Performance

XLB vs. XBM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Materials Select Sector SPDR ETF (XLB) and iShares S&P/TSX Global Base Metals Index ETF (XBM.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

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

Returns By Period

In the year-to-date period, XLB achieves a 15.57% return, which is significantly lower than XBM.TO's 28.49% return. Over the past 10 years, XLB has underperformed XBM.TO with an annualized return of 10.54%, while XBM.TO has yielded a comparatively higher 18.63% annualized return.

XLB

1D
1.87%
1M
0.99%
YTD
15.57%
6M
16.68%
1Y
21.77%
3Y*
10.88%
5Y*
6.01%
10Y*
10.54%

XBM.TO

1D
2.55%
1M
-1.15%
YTD
28.49%
6M
36.69%
1Y
99.27%
3Y*
24.72%
5Y*
14.48%
10Y*
18.63%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLB vs. XBM.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLB
Materials Select Sector SPDR ETF		15.57%9.94%0.15%12.46%-12.30%27.44%20.46%24.13%-14.88%24.01%
XBM.TO
iShares S&P/TSX Global Base Metals Index ETF		28.49%57.90%-2.31%5.35%-2.55%28.01%34.73%14.67%-28.44%42.10%

Correlation

The correlation between XLB and XBM.TO is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.62

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

0.61

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

0.65

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

0.64

Correlation (All Time)
Calculated using the full available price history since Apr 19, 2011

0.58

The correlation between XLB and XBM.TO has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

XLB vs. XBM.TO - Sectors Allocation Comparison

Sectors
XLB
XBM.TO

Basic Materials

87.3%
99.8%

Consumer Cyclical

12.7%

-

Industrials

1.5%
0.2%

Communication Services

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Basic Materials

XLB
87.3%
XBM.TO
99.8%

Consumer Cyclical

XLB
12.7%
XBM.TO

-

Industrials

XLB
1.5%
XBM.TO
0.2%

Communication Services

XLB

-

XBM.TO

-

Consumer Defensive

XLB

-

XBM.TO

-

Energy

XLB

-

XBM.TO

-

Financial Services

XLB

-

XBM.TO

-

Healthcare

XLB

-

XBM.TO

-

Real Estate

XLB

-

XBM.TO

-

Technology

XLB

-

XBM.TO

-

Utilities

XLB

-

XBM.TO

-

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Materials Select Sector SPDR ETF

iShares S&P/TSX Global Base Metals Index ETF

Often compared with XLB:
XLB vs. REMXXLB vs. VAWXLB vs. XLEXLB vs. SPYXLB vs. FMATXLB vs. XLYXLB vs. XLK
Often compared with XBM.TO:
XBM.TO vs. XMEXBM.TO vs. ZMT.TOXBM.TO vs. XEG.TOXBM.TO vs. XETM.TOXBM.TO vs. GDXXBM.TO vs. XMA.TOXBM.TO vs. VDE

Return for Risk

XLB vs. XBM.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLB
XLB Risk / Return Rank: 3737
Overall Rank
XLB Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
XLB Sortino Ratio Rank: 3737
Sortino Ratio Rank
XLB Omega Ratio Rank: 3434
Omega Ratio Rank
XLB Calmar Ratio Rank: 3838
Calmar Ratio Rank
XLB Martin Ratio Rank: 3737
Martin Ratio Rank
XBM.TO
XBM.TO Risk / Return Rank: 8585
Overall Rank
XBM.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
XBM.TO Sortino Ratio Rank: 8080
Sortino Ratio Rank
XBM.TO Omega Ratio Rank: 8181
Omega Ratio Rank
XBM.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
XBM.TO Martin Ratio Rank: 8787
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 vs. XBM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Materials Select Sector SPDR ETF (XLB) and iShares S&P/TSX Global Base Metals Index ETF (XBM.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.

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.

XLBXBM.TODifference
Sharpe ratioReturn per unit of total volatility
1.17
2.61

-1.45

Sortino ratioReturn per unit of downside risk
1.73
2.95

-1.22

Omega ratioGain probability vs. loss probability

1.20

1.40

-0.20

Calmar ratioReturn relative to maximum drawdown

1.65

4.11

-2.46

Martin ratioReturn relative to average drawdown

5.05

14.92

-9.87

XLB vs. XBM.TO - Sharpe Ratio Comparison

The current XLB Sharpe Ratio is 1.17, which is lower than the XBM.TO Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of XLB and XBM.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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Drawdowns

XLB vs. XBM.TO - Drawdown Comparison

The maximum XLB drawdown since its inception was -59.83%, smaller than the maximum XBM.TO drawdown of -78.69%. Use the drawdown chart below to compare losses from any high point for XLB and XBM.TO.

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Drawdown Indicators

XLBXBM.TODifference

Max Drawdown

Largest peak-to-trough decline

-59.83%

-78.69%

+18.86%

Max Drawdown (1Y)

Largest decline over 1 year

-12.38%

-24.22%

+11.84%

Max Drawdown (3Y)

Largest decline over 3 years

-23.17%

-40.16%

+16.99%

Max Drawdown (5Y)

Largest decline over 5 years

-24.72%

-42.87%

+18.15%

Max Drawdown (10Y)

Largest decline over 10 years

-37.27%

-63.09%

+25.82%

Current Drawdown

Current decline from peak

-2.25%

-9.21%

+6.96%

Average Drawdown

Average peak-to-trough decline

-10.83%

-36.01%

+25.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.04%

6.65%

-2.61%

Volatility

XLB vs. XBM.TO - Volatility Comparison

The current volatility for Materials Select Sector SPDR ETF (XLB) is 7.05%, while iShares S&P/TSX Global Base Metals Index ETF (XBM.TO) has a volatility of 17.01%. This indicates that XLB experiences smaller price fluctuations and is considered to be less risky than XBM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XLBXBM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.05%

17.01%

-9.96%

Volatility (6M)

Calculated over the trailing 6-month period

13.58%

32.24%

-18.66%

Volatility (1Y)

Calculated over the trailing 1-year period

17.49%

38.07%

-20.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

19.06%

34.29%

-15.23%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.70%

33.66%

-12.96%

XLB vs. XBM.TO - Expense Ratio Comparison

XLB has a 0.13% expense ratio, which is lower than XBM.TO's 0.60% expense ratio.

Dividends

XLB vs. XBM.TO - Dividend Comparison

XLB's dividend yield for the trailing twelve months is around 1.68%, more than XBM.TO's 0.65% yield.

PositionTTM20252024202320222021202020192018201720162015
XBM.TO
iShares S&P/TSX Global Base Metals Index ETF		0.65%0.86%1.25%2.09%4.78%3.05%1.81%3.73%3.38%1.65%2.41%5.75%
XLB
Materials Select Sector SPDR ETF		1.68%1.92%1.92%2.00%2.26%1.62%1.72%1.98%2.20%1.66%1.95%2.24%

Frequently Asked Questions

XLB and XBM.TO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XLB is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XLB is cheaper with a 0.13% expense ratio, compared with 0.60% for XBM.TO.

XLB is categorized as Materials, while XBM.TO is Energy Equities. XLB tracks Materials Select Sector Index, while XBM.TO tracks Morningstar Can Natural Resource NR CAD. They also come from different issuers: State Street and iShares. Their fees differ too: 0.13% for XLB and 0.60% for XBM.TO.

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