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XRB.TO vs. VCN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XRB.TO vs. VCN.TO

Last updated Jun 4, 2026

XRB.TO (iShares Canadian Real Return Bond Index ETF) and VCN.TO (Vanguard FTSE Canada All Cap Index ETF) are both exchange-traded funds - XRB.TO is a Inflation-Protected Bonds fund tracking the FTSE Canada Real Return Bond Index, while VCN.TO is a Canada Equities fund tracking the FTSE Canada All Cap Domestic Index. Both are passively managed. Over the past 10 years, XRB.TO returned 0.06%/yr vs 12.42%/yr for VCN.TO. At a 0.01 correlation, their price movements are largely independent. XRB.TO charges 0.39%/yr vs 0.06%/yr for VCN.TO.

Performance

XRB.TO vs. VCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Canadian Real Return Bond Index ETF (XRB.TO) and Vanguard FTSE Canada All Cap Index ETF (VCN.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XRB.TO achieves a 2.56% return, which is significantly lower than VCN.TO's 10.48% return. Over the past 10 years, XRB.TO has underperformed VCN.TO with an annualized return of 0.06%, while VCN.TO has yielded a comparatively higher 12.42% 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%

VCN.TO

1D
-1.03%
1M
3.61%
YTD
10.48%
6M
12.01%
1Y
33.06%
3Y*
23.42%
5Y*
14.85%
10Y*
12.42%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XRB.TO vs. VCN.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
VCN.TO
Vanguard FTSE Canada All Cap Index ETF		10.48%30.20%22.14%12.26%-5.78%25.63%4.81%22.06%-9.11%8.44%

Correlation

The correlation between XRB.TO and VCN.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.26

Correlation (3Y)
Calculated over the trailing 3-year period

0.20

Correlation (5Y)
Calculated over the trailing 5-year period

0.13

Correlation (10Y)
Calculated over the trailing 10-year period

0.04

Correlation (All Time)
Calculated using the full available price history since Aug 14, 2013

0.01

Over the past year, XRB.TO and VCN.TO have become more correlated (0.26) than their long-term average of 0.01, meaning their price movements have been converging.

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iShares Canadian Real Return Bond Index ETF

Vanguard FTSE Canada All Cap Index ETF

Often compared with XRB.TO:
XRB.TO vs. XSTP.TOXRB.TO vs. XBB.TOXRB.TO vs. XBBXRB.TO vs. XLB.TOXRB.TO vs. XSB.TOXRB.TO vs. VTIPXRB.TO vs. XEI.TO
Often compared with VCN.TO:
VCN.TO vs. VDY.TOVCN.TO vs. VFV.TOVCN.TO vs. VCE.TOVCN.TO vs. XEQT.TOVCN.TO vs. VIU.TOVCN.TO vs. VUN.TOVCN.TO vs. HXT.TO

Return for Risk

XRB.TO vs. VCN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XRB.TO
XRB.TO Risk / Return Rank: 1616
Overall Rank
XRB.TO Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
XRB.TO Sortino Ratio Rank: 1515
Sortino Ratio Rank
XRB.TO Omega Ratio Rank: 1414
Omega Ratio Rank
XRB.TO Calmar Ratio Rank: 2020
Calmar Ratio Rank
XRB.TO Martin Ratio Rank: 1717
Martin Ratio Rank
VCN.TO
VCN.TO Risk / Return Rank: 7777
Overall Rank
VCN.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
VCN.TO Sortino Ratio Rank: 7474
Sortino Ratio Rank
VCN.TO Omega Ratio Rank: 7878
Omega Ratio Rank
VCN.TO Calmar Ratio Rank: 7171
Calmar Ratio Rank
VCN.TO Martin Ratio Rank: 8282
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XRB.TO vs. VCN.TO - 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 Vanguard FTSE Canada All Cap Index ETF (VCN.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.

XRB.TOVCN.TODifference
Sharpe ratioReturn per unit of total volatility
0.45
2.64

-2.19

Sortino ratioReturn per unit of downside risk
0.68
3.43

-2.76

Omega ratioGain probability vs. loss probability

1.08

1.48

-0.40

Calmar ratioReturn relative to maximum drawdown

0.87

3.65

-2.78

Martin ratioReturn relative to average drawdown

1.73

17.03

-15.31

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XRB.TO vs. VCN.TO - Sharpe Ratio Comparison

The current XRB.TO Sharpe Ratio is 0.45, which is lower than the VCN.TO Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of XRB.TO and VCN.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

XRB.TOVCN.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.45

2.64

-2.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.14

1.15

-1.29

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.01

0.83

-0.83

Sharpe Ratio (All Time)

Calculated using the full available price history

0.27

0.77

-0.50

Drawdowns

XRB.TO vs. VCN.TO - Drawdown Comparison

The maximum XRB.TO drawdown since its inception was -26.58%, smaller than the maximum VCN.TO drawdown of -37.32%. Use the drawdown chart below to compare losses from any high point for XRB.TO and VCN.TO.

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Drawdown Indicators

XRB.TOVCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.58%

-37.32%

+10.74%

Max Drawdown (1Y)

Largest decline over 1 year

-3.55%

-9.11%

+5.56%

Max Drawdown (3Y)

Largest decline over 3 years

-10.65%

-12.24%

+1.59%

Max Drawdown (5Y)

Largest decline over 5 years

-26.58%

-16.12%

-10.46%

Max Drawdown (10Y)

Largest decline over 10 years

-26.58%

-37.32%

+10.74%

Current Drawdown

Current decline from peak

-13.56%

-1.03%

-12.53%

Average Drawdown

Average peak-to-trough decline

-7.09%

-3.90%

-3.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.78%

1.95%

-0.17%

Volatility

XRB.TO vs. VCN.TO - Volatility Comparison

The current volatility for iShares Canadian Real Return Bond Index ETF (XRB.TO) is 2.72%, while Vanguard FTSE Canada All Cap Index ETF (VCN.TO) has a volatility of 3.41%. This indicates that XRB.TO experiences smaller price fluctuations and is considered to be less risky than VCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XRB.TOVCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.72%

3.41%

-0.69%

Volatility (6M)

Calculated over the trailing 6-month period

5.11%

10.27%

-5.16%

Volatility (1Y)

Calculated over the trailing 1-year period

6.85%

12.57%

-5.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.91%

13.03%

-1.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.35%

14.98%

-3.63%

XRB.TO vs. VCN.TO - Expense Ratio Comparison

XRB.TO has a 0.39% expense ratio, which is higher than VCN.TO's 0.06% expense ratio.

Dividends

XRB.TO vs. VCN.TO - Dividend Comparison

XRB.TO's dividend yield for the trailing twelve months is around 3.63%, more than VCN.TO's 2.00% yield.

PositionTTM20252024202320222021202020192018201720162015
VCN.TO
Vanguard FTSE Canada All Cap Index ETF		2.00%2.27%2.69%2.99%3.15%2.48%2.70%2.85%2.80%2.29%2.34%2.65%
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 VCN.TO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VCN.TO is cheaper with a 0.06% expense ratio, compared with 0.39% for XRB.TO.

XRB.TO is categorized as Inflation-Protected Bonds, while VCN.TO is Canada Equities. XRB.TO tracks FTSE Canada Real Return Bond Index, while VCN.TO tracks FTSE Canada All Cap Domestic Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.39% for XRB.TO and 0.06% for VCN.TO.

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