XRB.TO vs. ZEA.TO
XRB.TO (iShares Canadian Real Return Bond Index ETF) and ZEA.TO (BMO MSCI EAFE Index ETF) are both exchange-traded funds - XRB.TO is a Inflation-Protected Bonds fund tracking the FTSE Canada Real Return Bond Index, while ZEA.TO is a Foreign Large Cap Equities fund tracking the MSCI EAFE Index. Both are passively managed. Over the past 10 years, XRB.TO returned 0.47%/yr vs 10.27%/yr for ZEA.TO. At a 0.01 correlation, their price movements are largely independent. XRB.TO charges 0.39%/yr vs 0.22%/yr for ZEA.TO.
Performance
XRB.TO vs. ZEA.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XRB.TO achieves a 3.73% return, which is significantly lower than ZEA.TO's 13.25% return. Over the past 10 years, XRB.TO has underperformed ZEA.TO with an annualized return of 0.47%, while ZEA.TO has yielded a comparatively higher 10.27% annualized return.
XRB.TO
- 1D
- 0.35%
- 1M
- -0.13%
- 6M
- 2.96%
- YTD
- 3.73%
- 1Y
- 6.37%
- 3Y*
- 3.84%
- 5Y*
- -1.45%
- 10Y*
- 0.47%
ZEA.TO
- 1D
- 0.48%
- 1M
- 0.92%
- 6M
- 8.17%
- YTD
- 13.25%
- 1Y
- 25.13%
- 3Y*
- 17.97%
- 5Y*
- 11.50%
- 10Y*
- 10.27%
XRB.TO vs. ZEA.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XRB.TO iShares Canadian Real Return Bond Index ETF | 3.73% | 0.29% | 4.98% | -2.00% | -14.91% | -1.18% | 12.72% | 6.14% | -0.99% | 0.12% |
ZEA.TO BMO MSCI EAFE Index ETF | 13.25% | 24.92% | 11.58% | 16.04% | -8.50% | 10.66% | 5.15% | 16.72% | -6.23% | 16.78% |
Correlation
The correlation between XRB.TO and ZEA.TO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2014 | 0.01 |
Over the past year, XRB.TO and ZEA.TO have become more correlated (0.36) 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. ZEA.TO — Risk / Return Rank
XRB.TO
ZEA.TO
XRB.TO vs. ZEA.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 BMO MSCI EAFE Index ETF (ZEA.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| XRB.TO | ZEA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.32 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 2.31 | -0.95 |
| Martin ratioReturn relative to average drawdown | 3.07 | 8.87 | -5.80 |
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Drawdowns
XRB.TO vs. ZEA.TO - Drawdown Comparison
The maximum XRB.TO drawdown since its inception was -26.41%, smaller than the maximum ZEA.TO drawdown of -27.80%. Use the drawdown chart below to compare losses from any high point for XRB.TO and ZEA.TO.
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Drawdown Indicators
| XRB.TO | ZEA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.41% | -27.80% | +1.39% |
Max Drawdown (1Y)Largest decline over 1 year | -4.69% | -10.91% | +6.22% |
Max Drawdown (3Y)Largest decline over 3 years | -7.97% | -14.11% | +6.14% |
Max Drawdown (5Y)Largest decline over 5 years | -26.41% | -23.66% | -2.75% |
Max Drawdown (10Y)Largest decline over 10 years | -26.41% | -27.80% | +1.39% |
Current DrawdownCurrent decline from peak | -11.20% | -1.93% | -9.27% |
Average DrawdownAverage peak-to-trough decline | -6.85% | -4.59% | -2.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.08% | 2.84% | -0.76% |
Volatility
XRB.TO vs. ZEA.TO - Volatility Comparison
The current volatility for iShares Canadian Real Return Bond Index ETF (XRB.TO) is 1.61%, while BMO MSCI EAFE Index ETF (ZEA.TO) has a volatility of 3.48%. This indicates that XRB.TO experiences smaller price fluctuations and is considered to be less risky than ZEA.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 | ZEA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 3.48% | -1.87% |
Volatility (6M)Calculated over the trailing 6-month period | 4.83% | 12.52% | -7.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.86% | 14.61% | -7.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.05% | 13.66% | -1.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.39% | 14.71% | -3.32% |
XRB.TO vs. ZEA.TO - Expense Ratio Comparison
XRB.TO has a 0.39% expense ratio, which is higher than ZEA.TO's 0.22% expense ratio.
Dividends
XRB.TO vs. ZEA.TO - Dividend Comparison
XRB.TO's dividend yield for the trailing twelve months is around 2.39%, more than ZEA.TO's 1.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XRB.TO iShares Canadian Real Return Bond Index ETF | 2.39% | 2.50% | 2.43% | 2.48% | 1.94% | 1.33% | 1.49% | 1.91% | 1.98% | 1.92% | 1.80% | 1.83% |
ZEA.TO BMO MSCI EAFE Index ETF | 1.91% | 2.17% | 2.78% | 3.02% | 3.08% | 2.49% | 2.74% | 2.95% | 3.05% | 2.40% | 2.80% | 2.43% |
Frequently Asked Questions
XRB.TO and ZEA.TO have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZEA.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZEA.TO is cheaper with a 0.22% expense ratio, compared with 0.39% for XRB.TO.
XRB.TO is categorized as Inflation-Protected Bonds, while ZEA.TO is Foreign Large Cap Equities. XRB.TO tracks FTSE Canada Real Return Bond Index, while ZEA.TO tracks MSCI EAFE Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.39% for XRB.TO and 0.22% for ZEA.TO.
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