XRB.TO vs. QTIP.NEO
XRB.TO (iShares Canadian Real Return Bond Index ETF) and QTIP.NEO (Mackenzie US TIPS Index ETF (CAD-Hedged)) are both Inflation-Protected Bonds funds - XRB.TO tracks the FTSE Canada Real Return Bond Index while QTIP.NEO tracks the Solactive US Treasury Inflation-Linked Bond Hedged to CAD TR Index. Both are passively managed. Over the past 5 years, XRB.TO returned -1.66%/yr vs 0.18%/yr for QTIP.NEO. At a 0.48 correlation, their price movements are largely independent. XRB.TO charges 0.39%/yr vs 0.15%/yr for QTIP.NEO.
Performance
XRB.TO vs. QTIP.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, XRB.TO achieves a 2.56% return, which is significantly higher than QTIP.NEO's 0.87% 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%
QTIP.NEO
- 1D
- -0.28%
- 1M
- -0.21%
- YTD
- 0.87%
- 6M
- 0.12%
- 1Y
- 2.85%
- 3Y*
- 2.70%
- 5Y*
- 0.18%
- 10Y*
- —
XRB.TO vs. QTIP.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% | -0.44% |
QTIP.NEO Mackenzie US TIPS Index ETF (CAD-Hedged) | 0.87% | 4.82% | 0.82% | 3.50% | -12.98% | 6.05% | 10.16% | 7.49% | -0.75% |
Correlation
The correlation between XRB.TO and QTIP.NEO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2018 | 0.48 |
The correlation between XRB.TO and QTIP.NEO has been stable across timeframes, ranging from 0.48 to 0.55 - a consistent structural relationship.
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Return for Risk
XRB.TO vs. QTIP.NEO — Risk / Return Rank
XRB.TO
QTIP.NEO
XRB.TO vs. QTIP.NEO - 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 Mackenzie US TIPS Index ETF (CAD-Hedged) (QTIP.NEO). 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 | QTIP.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.14 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 1.42 | -0.55 |
| Martin ratioReturn relative to average drawdown | 1.73 | 3.58 | -1.85 |
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 | QTIP.NEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.45 | 0.81 | -0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.03 | -0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.01 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.35 | -0.07 |
Drawdowns
XRB.TO vs. QTIP.NEO - Drawdown Comparison
The maximum XRB.TO drawdown since its inception was -26.58%, which is greater than QTIP.NEO's maximum drawdown of -15.03%. Use the drawdown chart below to compare losses from any high point for XRB.TO and QTIP.NEO.
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Drawdown Indicators
| XRB.TO | QTIP.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.58% | -15.03% | -11.55% |
Max Drawdown (1Y)Largest decline over 1 year | -3.55% | -2.02% | -1.53% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -4.59% | -6.06% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -15.03% | -11.55% |
Max Drawdown (10Y)Largest decline over 10 years | -26.58% | — | — |
Current DrawdownCurrent decline from peak | -13.56% | -4.09% | -9.47% |
Average DrawdownAverage peak-to-trough decline | -7.09% | -4.78% | -2.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 0.80% | +0.98% |
Volatility
XRB.TO vs. QTIP.NEO - Volatility Comparison
iShares Canadian Real Return Bond Index ETF (XRB.TO) has a higher volatility of 2.72% compared to Mackenzie US TIPS Index ETF (CAD-Hedged) (QTIP.NEO) at 1.27%. This indicates that XRB.TO's price experiences larger fluctuations and is considered to be riskier than QTIP.NEO 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 | QTIP.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 1.27% | +1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 2.48% | +2.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.85% | 3.56% | +3.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.91% | 6.25% | +5.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.35% | 6.31% | +5.04% |
XRB.TO vs. QTIP.NEO - Expense Ratio Comparison
XRB.TO has a 0.39% expense ratio, which is higher than QTIP.NEO's 0.15% expense ratio.
Dividends
XRB.TO vs. QTIP.NEO - Dividend Comparison
XRB.TO's dividend yield for the trailing twelve months is around 3.63%, more than QTIP.NEO's 3.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
QTIP.NEO Mackenzie US TIPS Index ETF (CAD-Hedged) | 3.56% | 4.54% | 4.53% | 5.08% | 9.47% | 5.24% | 2.17% | 2.29% | 2.91% | 0.00% | 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 QTIP.NEO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, QTIP.NEO is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
QTIP.NEO is cheaper with a 0.15% expense ratio, compared with 0.39% for XRB.TO.
XRB.TO tracks FTSE Canada Real Return Bond Index, while QTIP.NEO tracks Solactive US Treasury Inflation-Linked Bond Hedged to CAD TR Index. They also come from different issuers: iShares and Mackenzie. Their fees differ too: 0.39% for XRB.TO and 0.15% for QTIP.NEO.
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