XRB.TO vs. XEC.TO
XRB.TO (iShares Canadian Real Return Bond Index ETF) and XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) are both exchange-traded funds - XRB.TO is a Inflation-Protected Bonds fund tracking the FTSE Canada Real Return Bond Index, while XEC.TO is a Emerging Markets Equities fund tracking the Morningstar EM GR CAD. Both are passively managed. Over the past 10 years, XRB.TO returned 0.06%/yr vs 10.71%/yr for XEC.TO. At a 0.01 correlation, their price movements are largely independent. XRB.TO charges 0.39%/yr vs 0.28%/yr for XEC.TO.
Performance
XRB.TO vs. XEC.TO - 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 lower than XEC.TO's 27.92% return. Over the past 10 years, XRB.TO has underperformed XEC.TO with an annualized return of 0.06%, while XEC.TO has yielded a comparatively higher 10.71% 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%
XEC.TO
- 1D
- -0.88%
- 1M
- 10.15%
- YTD
- 27.92%
- 6M
- 28.48%
- 1Y
- 54.44%
- 3Y*
- 24.69%
- 5Y*
- 10.21%
- 10Y*
- 10.71%
XRB.TO vs. XEC.TO - 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% |
XEC.TO iShares Core MSCI Emerging Markets IMI Index ETF | 27.92% | 25.78% | 16.14% | 7.92% | -14.68% | -1.74% | 15.08% | 11.53% | -8.26% | 27.93% |
Correlation
The correlation between XRB.TO and XEC.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2013 | 0.01 |
Over the past year, XRB.TO and XEC.TO have become more correlated (0.22) than their long-term average of 0.01, meaning their price movements have been converging.
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Return for Risk
XRB.TO vs. XEC.TO — Risk / Return Rank
XRB.TO
XEC.TO
XRB.TO vs. XEC.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 iShares Core MSCI Emerging Markets IMI Index ETF (XEC.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.TO | XEC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.56 | ||
| Sortino ratioReturn per unit of downside risk | -3.19 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.56 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 4.86 | -4.00 |
| Martin ratioReturn relative to average drawdown | 1.73 | 17.00 | -15.27 |
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 | XEC.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.45 | 3.01 | -2.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.65 | -0.79 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.01 | 0.61 | -0.61 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.52 | -0.25 |
Drawdowns
XRB.TO vs. XEC.TO - Drawdown Comparison
The maximum XRB.TO drawdown since its inception was -26.58%, smaller than the maximum XEC.TO drawdown of -32.54%. Use the drawdown chart below to compare losses from any high point for XRB.TO and XEC.TO.
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Drawdown Indicators
| XRB.TO | XEC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.58% | -32.54% | +5.96% |
Max Drawdown (1Y)Largest decline over 1 year | -3.55% | -11.25% | +7.70% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -15.07% | +4.42% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -29.14% | +2.56% |
Max Drawdown (10Y)Largest decline over 10 years | -26.58% | -32.54% | +5.96% |
Current DrawdownCurrent decline from peak | -13.56% | -0.88% | -12.68% |
Average DrawdownAverage peak-to-trough decline | -7.09% | -9.56% | +2.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 3.21% | -1.43% |
Volatility
XRB.TO vs. XEC.TO - Volatility Comparison
The current volatility for iShares Canadian Real Return Bond Index ETF (XRB.TO) is 2.72%, while iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) has a volatility of 7.80%. This indicates that XRB.TO experiences smaller price fluctuations and is considered to be less risky than XEC.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.TO | XEC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 7.80% | -5.08% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 15.85% | -10.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.85% | 18.19% | -11.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.91% | 15.91% | -4.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.35% | 17.60% | -6.25% |
XRB.TO vs. XEC.TO - Expense Ratio Comparison
XRB.TO has a 0.39% expense ratio, which is higher than XEC.TO's 0.28% expense ratio.
Dividends
XRB.TO vs. XEC.TO - Dividend Comparison
XRB.TO's dividend yield for the trailing twelve months is around 3.63%, more than XEC.TO's 1.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XEC.TO iShares Core MSCI Emerging Markets IMI Index ETF | 1.50% | 1.92% | 2.03% | 2.16% | 2.28% | 2.78% | 1.64% | 2.87% | 2.66% | 2.13% | 1.80% | 2.19% |
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 XEC.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XEC.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XEC.TO is cheaper with a 0.28% expense ratio, compared with 0.39% for XRB.TO.
XRB.TO is categorized as Inflation-Protected Bonds, while XEC.TO is Emerging Markets Equities. XRB.TO tracks FTSE Canada Real Return Bond Index, while XEC.TO tracks Morningstar EM GR CAD. Their fees differ too: 0.39% for XRB.TO and 0.28% for XEC.TO.
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