XRB.TO vs. ZRR.TO
XRB.TO (iShares Canadian Real Return Bond Index ETF) and ZRR.TO (BMO Real Return Bond Index ETF) are both Inflation-Protected Bonds funds - XRB.TO tracks the FTSE Canada Real Return Bond Index while ZRR.TO tracks the FTSE Canada Real Return Federal Non-Agency Bond Index. Both are passively managed. Over the past 10 years, XRB.TO returned 0.06%/yr vs 1.19%/yr for ZRR.TO. A 0.63 correlation means they provide meaningful diversification when combined. XRB.TO charges 0.39%/yr vs 0.28%/yr for ZRR.TO.
Performance
XRB.TO vs. ZRR.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 ZRR.TO's 4.25% return. Over the past 10 years, XRB.TO has underperformed ZRR.TO with an annualized return of 0.06%, while ZRR.TO has yielded a comparatively higher 1.19% 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%
ZRR.TO
- 1D
- -0.07%
- 1M
- 2.84%
- YTD
- 4.25%
- 6M
- 2.49%
- 1Y
- 3.73%
- 3Y*
- 3.47%
- 5Y*
- 0.05%
- 10Y*
- 1.19%
XRB.TO vs. ZRR.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% |
ZRR.TO BMO Real Return Bond Index ETF | 4.25% | 0.12% | 4.03% | 0.41% | -14.56% | 1.57% | 12.48% | 8.73% | -0.89% | 0.77% |
Correlation
The correlation between XRB.TO and ZRR.TO is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.75 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since May 27, 2010 | 0.63 |
The correlation between XRB.TO and ZRR.TO shifts across timeframes, from 0.63 (all time) to 0.75 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XRB.TO vs. ZRR.TO — Risk / Return Rank
XRB.TO
ZRR.TO
XRB.TO vs. ZRR.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 Real Return Bond Index ETF (ZRR.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 | ZRR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.10 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.87 | 0.93 | -0.07 |
| Martin ratioReturn relative to average drawdown | 1.73 | 1.91 | -0.18 |
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 | ZRR.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.45 | 0.57 | -0.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.00 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.01 | 0.11 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.28 | 0.00 |
Drawdowns
XRB.TO vs. ZRR.TO - Drawdown Comparison
The maximum XRB.TO drawdown since its inception was -26.58%, which is greater than ZRR.TO's maximum drawdown of -23.84%. Use the drawdown chart below to compare losses from any high point for XRB.TO and ZRR.TO.
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Drawdown Indicators
| XRB.TO | ZRR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.58% | -23.84% | -2.74% |
Max Drawdown (1Y)Largest decline over 1 year | -3.55% | -4.00% | +0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -10.65% | -9.39% | -1.26% |
Max Drawdown (5Y)Largest decline over 5 years | -26.58% | -23.84% | -2.74% |
Max Drawdown (10Y)Largest decline over 10 years | -26.58% | -23.84% | -2.74% |
Current DrawdownCurrent decline from peak | -13.56% | -6.85% | -6.71% |
Average DrawdownAverage peak-to-trough decline | -7.09% | -6.67% | -0.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.78% | 1.96% | -0.18% |
Volatility
XRB.TO vs. ZRR.TO - Volatility Comparison
iShares Canadian Real Return Bond Index ETF (XRB.TO) has a higher volatility of 2.72% compared to BMO Real Return Bond Index ETF (ZRR.TO) at 2.26%. This indicates that XRB.TO's price experiences larger fluctuations and is considered to be riskier than ZRR.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 | ZRR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 2.26% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 5.11% | 4.81% | +0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.85% | 6.55% | +0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.91% | 11.55% | +0.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.35% | 10.51% | +0.84% |
XRB.TO vs. ZRR.TO - Expense Ratio Comparison
XRB.TO has a 0.39% expense ratio, which is higher than ZRR.TO's 0.28% expense ratio.
Dividends
XRB.TO vs. ZRR.TO - Dividend Comparison
XRB.TO's dividend yield for the trailing twelve months is around 3.63%, less than ZRR.TO's 4.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZRR.TO BMO Real Return Bond Index ETF | 4.11% | 4.53% | 4.78% | 6.54% | 6.88% | 1.97% | 2.11% | 2.35% | 2.20% | 2.08% | 1.89% | 1.87% |
Frequently Asked Questions
XRB.TO and ZRR.TO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZRR.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZRR.TO is cheaper with a 0.28% expense ratio, compared with 0.39% for XRB.TO.
XRB.TO tracks FTSE Canada Real Return Bond Index, while ZRR.TO tracks FTSE Canada Real Return Federal Non-Agency Bond Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.39% for XRB.TO and 0.28% for ZRR.TO.
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