XQB.TO vs. XSP.TO
XQB.TO (iShares High Quality Canadian Bond Index ETF) and XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) are both exchange-traded funds - XQB.TO is a Canadian Government Bonds fund tracking the Morningstar Can Core Bd GR CAD, while XSP.TO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, XQB.TO returned 1.67%/yr vs 13.78%/yr for XSP.TO. At a correlation of -0.11, they often move in opposite directions. XQB.TO charges 0.13%/yr vs 0.09%/yr for XSP.TO.
Performance
XQB.TO vs. XSP.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XQB.TO achieves a 1.43% return, which is significantly lower than XSP.TO's 10.07% return. Over the past 10 years, XQB.TO has underperformed XSP.TO with an annualized return of 1.67%, while XSP.TO has yielded a comparatively higher 13.78% annualized return.
XQB.TO
- 1D
- -0.05%
- 1M
- 1.52%
- YTD
- 1.43%
- 6M
- 1.14%
- 1Y
- 2.76%
- 3Y*
- 4.39%
- 5Y*
- 0.95%
- 10Y*
- 1.67%
XSP.TO
- 1D
- 0.39%
- 1M
- 4.54%
- YTD
- 10.07%
- 6M
- 9.82%
- 1Y
- 25.62%
- 3Y*
- 20.50%
- 5Y*
- 12.27%
- 10Y*
- 13.78%
XQB.TO vs. XSP.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XQB.TO iShares High Quality Canadian Bond Index ETF | 1.43% | 3.16% | 4.17% | 6.51% | -10.61% | -2.84% | 8.32% | 6.05% | 1.38% | 1.61% |
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 10.07% | 15.68% | 23.39% | 24.33% | -19.32% | 27.85% | 15.17% | 29.35% | -6.26% | 20.71% |
Correlation
The correlation between XQB.TO and XSP.TO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2009 | -0.11 |
The correlation between XQB.TO and XSP.TO shifts across timeframes, from -0.11 (all time) to 0.35 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XQB.TO vs. XSP.TO — Risk / Return Rank
XQB.TO
XSP.TO
XQB.TO vs. XSP.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 iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.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 | XSP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.51 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.39 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.03 | 2.74 | -1.71 |
| Martin ratioReturn relative to average drawdown | 2.55 | 12.64 | -10.09 |
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 | XSP.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.68 | 2.19 | -1.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 0.74 | -0.57 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | 0.76 | -0.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.53 | 0.37 | +0.17 |
Drawdowns
XQB.TO vs. XSP.TO - Drawdown Comparison
The maximum XQB.TO drawdown since its inception was -16.57%, smaller than the maximum XSP.TO drawdown of -57.82%. Use the drawdown chart below to compare losses from any high point for XQB.TO and XSP.TO.
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Drawdown Indicators
| XQB.TO | XSP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.57% | -57.82% | +41.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -9.41% | +6.71% |
Max Drawdown (3Y)Largest decline over 3 years | -4.25% | -18.77% | +14.52% |
Max Drawdown (5Y)Largest decline over 5 years | -14.59% | -25.44% | +10.85% |
Max Drawdown (10Y)Largest decline over 10 years | -16.57% | -36.05% | +19.48% |
Current DrawdownCurrent decline from peak | -0.55% | -0.34% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -3.07% | -12.11% | +9.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.09% | 2.03% | -0.94% |
Volatility
XQB.TO vs. XSP.TO - Volatility Comparison
The current volatility for iShares High Quality Canadian Bond Index ETF (XQB.TO) is 1.55%, while iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) has a volatility of 3.20%. This indicates that XQB.TO experiences smaller price fluctuations and is considered to be less risky than XSP.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 | XSP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.55% | 3.20% | -1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 3.31% | 8.99% | -5.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.10% | 11.75% | -7.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.89% | 16.74% | -10.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.78% | 18.19% | -12.41% |
XQB.TO vs. XSP.TO - Expense Ratio Comparison
XQB.TO has a 0.13% expense ratio, which is higher than XSP.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. XSP.TO - Dividend Comparison
XQB.TO's dividend yield for the trailing twelve months is around 3.42%, more than XSP.TO's 1.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XQB.TO iShares High Quality Canadian Bond Index ETF | 3.42% | 3.39% | 3.24% | 2.93% | 2.75% | 2.37% | 2.37% | 2.53% | 2.59% | 2.54% | 2.67% | 2.80% |
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 1.12% | 1.23% | 1.09% | 1.18% | 1.37% | 1.00% | 1.31% | 1.73% | 1.84% | 1.47% | 1.75% | 1.86% |
Frequently Asked Questions
XQB.TO and XSP.TO have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.13% for XQB.TO.
XQB.TO is categorized as Canadian Government Bonds, while XSP.TO is S&P 500. XQB.TO tracks Morningstar Can Core Bd GR CAD, while XSP.TO tracks S&P 500 Index. Their fees differ too: 0.13% for XQB.TO and 0.09% for XSP.TO.
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