XRB.TO vs. BWX
XRB.TO (iShares Canadian Real Return Bond Index ETF) and BWX (SPDR Bloomberg Barclays International Treasury Bond ETF) are both exchange-traded funds - XRB.TO is a Inflation-Protected Bonds fund tracking the FTSE Canada Real Return Bond Index, while BWX is a International Government Bonds fund tracking the Bloomberg Global Treasury x US Capped (Inception 8/31/2007). Both are passively managed. Over the past 10 years, XRB.TO returned 0.06%/yr vs -0.57%/yr for BWX. At a 0.38 correlation, their price movements are largely independent. XRB.TO charges 0.39%/yr vs 0.35%/yr for BWX.
Performance
XRB.TO vs. BWX - Performance Comparison
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Different Trading Currencies
XRB.TO is traded in CAD, while BWX is traded in USD. To make them comparable, the BWX values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, XRB.TO achieves a 2.56% return, which is significantly higher than BWX's -0.66% return. Over the past 10 years, XRB.TO has outperformed BWX with an annualized return of 0.06%, while BWX has yielded a comparatively lower -0.57% annualized return.
XRB.TO
- 1D
- -0.13%
- 1M
- 1.21%
- YTD
- 2.56%
- 6M
- 0.86%
- 1Y
- 3.06%
- 3Y*
- 1.50%
- 5Y*
- -1.66%
- 10Y*
- 0.06%
BWX
- 1D
- -0.18%
- 1M
- 1.10%
- YTD
- -0.66%
- 6M
- -2.15%
- 1Y
- -1.02%
- 3Y*
- 2.36%
- 5Y*
- -1.75%
- 10Y*
- -0.57%
XRB.TO vs. BWX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XRB.TO iShares Canadian Real Return Bond Index ETF | 2.56% | 0.05% | 3.95% | -2.15% | -15.01% | -1.30% | 12.11% | 5.93% | -1.23% | -0.11% |
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | -0.66% | 2.73% | 2.15% | 2.79% | -14.00% | -9.49% | 7.65% | 0.39% | 6.47% | 2.93% |
Correlation
The correlation between XRB.TO and BWX is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2009 | 0.38 |
Over the past year, XRB.TO and BWX have become more correlated (0.59) than their long-term average of 0.38, meaning their price movements have been converging.
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Return for Risk
XRB.TO vs. BWX — Risk / Return Rank
XRB.TO
BWX
XRB.TO vs. BWX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Real Return Bond Index ETF (XRB.TO) and SPDR Bloomberg Barclays International Treasury Bond ETF (BWX). 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.
| XRB.TO | BWX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.98 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | -0.16 | +1.02 |
| Martin ratioReturn relative to average drawdown | 1.73 | -0.32 | +2.05 |
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
| XRB.TO | BWX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.45 | -0.15 | +0.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | -0.21 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.01 | -0.07 | +0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.15 | +0.12 |
Drawdowns
XRB.TO vs. BWX - Drawdown Comparison
The maximum XRB.TO drawdown since its inception was -26.58%, smaller than the maximum BWX drawdown of -29.58%. Use the drawdown chart below to compare losses from any high point for XRB.TO and BWX.
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Drawdown Indicators
| XRB.TO | BWX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.58% | -29.58% | +3.00% |
Max Drawdown (1Y)Largest decline over 1 year | -3.55% | -6.43% | +2.88% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -6.43% | -4.22% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -24.69% | -1.89% |
Max Drawdown (10Y)Largest decline over 10 years | -26.58% | -29.58% | +3.00% |
Current DrawdownCurrent decline from peak | -13.56% | -18.05% | +4.49% |
Average DrawdownAverage peak-to-trough decline | -7.09% | -8.47% | +1.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 3.19% | -1.41% |
Volatility
XRB.TO vs. BWX - Volatility Comparison
iShares Canadian Real Return Bond Index ETF (XRB.TO) has a higher volatility of 2.72% compared to SPDR Bloomberg Barclays International Treasury Bond ETF (BWX) at 2.29%. This indicates that XRB.TO's price experiences larger fluctuations and is considered to be riskier than BWX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XRB.TO | BWX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 2.29% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 5.11% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.85% | 6.65% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.91% | 8.45% | +3.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.35% | 8.21% | +3.14% |
XRB.TO vs. BWX - Expense Ratio Comparison
XRB.TO has a 0.39% expense ratio, which is higher than BWX's 0.35% expense ratio.
Dividends
XRB.TO vs. BWX - Dividend Comparison
XRB.TO's dividend yield for the trailing twelve months is around 3.63%, more than BWX's 2.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BWX SPDR Bloomberg Barclays International Treasury Bond ETF | 2.37% | 2.19% | 1.99% | 1.63% | 1.23% | 0.93% | 0.95% | 1.16% | 1.07% | 0.46% | 0.00% | 0.00% |
XRB.TO iShares Canadian Real Return Bond Index ETF | 3.63% | 3.73% | 2.36% | 2.36% | 1.83% | 1.23% | 1.36% | 1.72% | 1.74% | 1.69% | 1.58% | 1.61% |
Frequently Asked Questions
XRB.TO and BWX have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BWX is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BWX is cheaper with a 0.35% expense ratio, compared with 0.39% for XRB.TO.
XRB.TO is categorized as Inflation-Protected Bonds, while BWX is International Government Bonds. XRB.TO tracks FTSE Canada Real Return Bond Index, while BWX tracks Bloomberg Global Treasury x US Capped (Inception 8/31/2007). They also come from different issuers: iShares and State Street. Their fees differ too: 0.39% for XRB.TO and 0.35% for BWX.
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