XQB.TO vs. VAB.TO
XQB.TO (iShares High Quality Canadian Bond Index ETF) and VAB.TO (Vanguard Canadian Aggregate Bond Index ETF) are both Canadian Government Bonds funds - XQB.TO tracks the Morningstar Can Core Bd GR CAD while VAB.TO tracks the Bloomberg Global Aggregate Canadian Float Adjusted Bond Index. Both are passively managed. Over the past 10 years, XQB.TO returned 1.64%/yr vs 1.54%/yr for VAB.TO. A 0.79 correlation means they provide meaningful diversification when combined. XQB.TO charges 0.13%/yr vs 0.09%/yr for VAB.TO.
Performance
XQB.TO vs. VAB.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 lower than VAB.TO's 1.60% return. Over the past 10 years, XQB.TO has outperformed VAB.TO with an annualized return of 1.64%, while VAB.TO has yielded a comparatively lower 1.54% 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%
VAB.TO
- 1D
- -0.04%
- 1M
- 1.55%
- YTD
- 1.60%
- 6M
- 1.06%
- 1Y
- 2.83%
- 3Y*
- 4.18%
- 5Y*
- 0.65%
- 10Y*
- 1.54%
XQB.TO vs. VAB.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% |
VAB.TO Vanguard Canadian Aggregate Bond Index ETF | 1.60% | 2.28% | 3.98% | 6.90% | -11.86% | -2.88% | 8.26% | 6.77% | 1.13% | 2.30% |
Correlation
The correlation between XQB.TO and VAB.TO is 0.92, 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 | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2011 | 0.79 |
The correlation between XQB.TO and VAB.TO shifts across timeframes, from 0.79 (all time) to 0.92 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
XQB.TO vs. VAB.TO — Risk / Return Rank
XQB.TO
VAB.TO
XQB.TO vs. VAB.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 Vanguard Canadian Aggregate Bond Index ETF (VAB.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 | VAB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.11 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.19 | 1.00 | +0.19 |
| Martin ratioReturn relative to average drawdown | 2.93 | 2.37 | +0.56 |
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 | VAB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.79 | 0.65 | +0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | 0.10 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | 0.24 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.39 | +0.15 |
Drawdowns
XQB.TO vs. VAB.TO - Drawdown Comparison
The maximum XQB.TO drawdown since its inception was -16.57%, smaller than the maximum VAB.TO drawdown of -18.39%. Use the drawdown chart below to compare losses from any high point for XQB.TO and VAB.TO.
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Drawdown Indicators
| XQB.TO | VAB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.57% | -18.39% | +1.82% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -2.83% | +0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -4.25% | -5.31% | +1.06% |
Max Drawdown (5Y)Largest decline over 5 years | -14.59% | -15.82% | +1.23% |
Max Drawdown (10Y)Largest decline over 10 years | -16.57% | -18.39% | +1.82% |
Current DrawdownCurrent decline from peak | -0.50% | -1.94% | +1.44% |
Average DrawdownAverage peak-to-trough decline | -3.07% | -4.11% | +1.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 1.20% | -0.11% |
Volatility
XQB.TO vs. VAB.TO - Volatility Comparison
iShares High Quality Canadian Bond Index ETF (XQB.TO) and Vanguard Canadian Aggregate Bond Index ETF (VAB.TO) have volatilities of 1.54% and 1.59%, 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
| XQB.TO | VAB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.54% | 1.59% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 3.31% | 3.45% | -0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.10% | 4.38% | -0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.89% | 6.58% | -0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.78% | 6.48% | -0.70% |
XQB.TO vs. VAB.TO - Expense Ratio Comparison
XQB.TO has a 0.13% expense ratio, which is higher than VAB.TO's 0.09% 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
XQB.TO vs. VAB.TO - Dividend Comparison
XQB.TO's dividend yield for the trailing twelve months is around 3.41%, more than VAB.TO's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VAB.TO Vanguard Canadian Aggregate Bond Index ETF | 3.32% | 3.33% | 3.19% | 2.95% | 2.87% | 2.48% | 2.50% | 2.65% | 2.79% | 2.77% | 2.75% | 2.78% |
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
With a correlation of 0.92, XQB.TO and VAB.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, VAB.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VAB.TO is cheaper with a 0.09% expense ratio, compared with 0.13% for XQB.TO.
XQB.TO tracks Morningstar Can Core Bd GR CAD, while VAB.TO tracks Bloomberg Global Aggregate Canadian Float Adjusted Bond Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.13% for XQB.TO and 0.09% for VAB.TO.
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