XQB.TO vs. PSA.TO
XQB.TO (iShares High Quality Canadian Bond Index ETF) and PSA.TO (Purpose High Interest Savings Fund) are both exchange-traded funds - XQB.TO is a Canadian Government Bonds fund tracking the Morningstar Can Core Bd GR CAD, while PSA.TO is a Money Market fund actively managed by Purpose Investments. XQB.TO is passively managed, while PSA.TO is actively managed. Over the past 10 years, XQB.TO returned 1.64%/yr vs 2.25%/yr for PSA.TO. At a 0.02 correlation, their price movements are largely independent. XQB.TO charges 0.13%/yr vs 0.17%/yr for PSA.TO.
Performance
XQB.TO vs. PSA.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XQB.TO achieves a 1.49% return, which is significantly higher than PSA.TO's 0.89% return. Over the past 10 years, XQB.TO has underperformed PSA.TO with an annualized return of 1.64%, while PSA.TO has yielded a comparatively higher 2.25% annualized return.
XQB.TO
- 1D
- -0.11%
- 1M
- 1.68%
- YTD
- 1.49%
- 6M
- 0.82%
- 1Y
- 3.20%
- 3Y*
- 4.37%
- 5Y*
- 0.97%
- 10Y*
- 1.64%
PSA.TO
- 1D
- 0.00%
- 1M
- 0.17%
- YTD
- 0.89%
- 6M
- 1.08%
- 1Y
- 2.35%
- 3Y*
- 3.73%
- 5Y*
- 3.17%
- 10Y*
- 2.25%
XQB.TO vs. PSA.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XQB.TO iShares High Quality Canadian Bond Index ETF | 1.49% | 3.16% | 4.17% | 6.51% | -10.61% | -2.84% | 8.32% | 6.05% | 1.38% | 1.61% |
PSA.TO Purpose High Interest Savings Fund | 0.89% | 2.64% | 4.56% | 5.12% | 2.34% | 0.60% | 0.93% | 2.22% | 1.65% | 1.09% |
Correlation
The correlation between XQB.TO and PSA.TO is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Oct 16, 2013 | 0.02 |
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Return for Risk
XQB.TO vs. PSA.TO — Risk / Return Rank
XQB.TO
PSA.TO
XQB.TO vs. PSA.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares High Quality Canadian Bond Index ETF (XQB.TO) and Purpose High Interest Savings Fund (PSA.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.
| XQB.TO | PSA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.55 | ||
| Sortino ratioReturn per unit of downside risk | -27.09 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 6.27 | -5.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.19 | 117.76 | -116.57 |
| Martin ratioReturn relative to average drawdown | 2.93 | 422.79 | -419.86 |
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
| XQB.TO | PSA.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 10.34 | -9.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 11.66 | -11.50 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | 9.68 | -9.40 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 9.26 | -8.73 |
Drawdowns
XQB.TO vs. PSA.TO - Drawdown Comparison
The maximum XQB.TO drawdown since its inception was -16.57%, which is greater than PSA.TO's maximum drawdown of -0.04%. Use the drawdown chart below to compare losses from any high point for XQB.TO and PSA.TO.
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Drawdown Indicators
| XQB.TO | PSA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.57% | -0.04% | -16.53% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -0.02% | -2.68% |
Max Drawdown (3Y)Largest decline over 3 years | -4.25% | -0.02% | -4.23% |
Max Drawdown (5Y)Largest decline over 5 years | -14.59% | -0.04% | -14.55% |
Max Drawdown (10Y)Largest decline over 10 years | -16.57% | -0.04% | -16.53% |
Current DrawdownCurrent decline from peak | -0.50% | 0.00% | -0.50% |
Average DrawdownAverage peak-to-trough decline | -3.07% | -0.00% | -3.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 0.01% | +1.08% |
Volatility
XQB.TO vs. PSA.TO - Volatility Comparison
iShares High Quality Canadian Bond Index ETF (XQB.TO) has a higher volatility of 1.54% compared to Purpose High Interest Savings Fund (PSA.TO) at 0.06%. This indicates that XQB.TO's price experiences larger fluctuations and is considered to be riskier than PSA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XQB.TO | PSA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 0.06% | +1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 3.31% | 0.16% | +3.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.10% | 0.23% | +3.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.89% | 0.27% | +5.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.78% | 0.24% | +5.54% |
XQB.TO vs. PSA.TO - Expense Ratio Comparison
XQB.TO has a 0.13% expense ratio, which is lower than PSA.TO's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XQB.TO vs. PSA.TO - Dividend Comparison
XQB.TO's dividend yield for the trailing twelve months is around 3.41%, more than PSA.TO's 2.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSA.TO Purpose High Interest Savings Fund | 2.33% | 2.61% | 4.47% | 5.05% | 2.26% | 0.59% | 0.94% | 2.18% | 1.66% | 1.07% | 0.99% | 1.07% |
XQB.TO iShares High Quality Canadian Bond Index ETF | 3.41% | 3.39% | 3.24% | 2.93% | 2.75% | 2.37% | 2.37% | 2.53% | 2.59% | 2.54% | 2.67% | 2.80% |
Frequently Asked Questions
XQB.TO and PSA.TO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XQB.TO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XQB.TO is cheaper with a 0.13% expense ratio, compared with 0.17% for PSA.TO.
XQB.TO is categorized as Canadian Government Bonds, while PSA.TO is Money Market. They also come from different issuers: iShares and Purpose Investments. Their fees differ too: 0.13% for XQB.TO and 0.17% for PSA.TO.
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