XSB.TO vs. CGL.TO
XSB.TO (iShares Core Canadian Short Term Bond Index ETF) and CGL.TO (iShares Gold Bullion ETF (CAD-Hedged)) are both exchange-traded funds - XSB.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD, while CGL.TO is a Gold fund tracking the Gold Bullion. Both are passively managed. Over the past 10 years, XSB.TO returned 1.97%/yr vs 10.99%/yr for CGL.TO. At a 0.21 correlation, their price movements are largely independent. XSB.TO charges 0.10%/yr vs 0.55%/yr for CGL.TO.
Performance
XSB.TO vs. CGL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XSB.TO achieves a 1.18% return, which is significantly higher than CGL.TO's -3.19% return. Over the past 10 years, XSB.TO has underperformed CGL.TO with an annualized return of 1.97%, while CGL.TO has yielded a comparatively higher 10.99% annualized return.
XSB.TO
- 1D
- 0.00%
- 1M
- 0.82%
- YTD
- 1.18%
- 6M
- 1.40%
- 1Y
- 3.30%
- 3Y*
- 4.97%
- 5Y*
- 2.05%
- 10Y*
- 1.97%
CGL.TO
- 1D
- 0.25%
- 1M
- -9.62%
- YTD
- -3.19%
- 6M
- -3.25%
- 1Y
- 19.93%
- 3Y*
- 27.16%
- 5Y*
- 15.73%
- 10Y*
- 10.99%
XSB.TO vs. CGL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 1.18% | 3.70% | 5.87% | 4.67% | -4.04% | -1.11% | 5.20% | 3.20% | 1.60% | 0.13% |
CGL.TO iShares Gold Bullion ETF (CAD-Hedged) | -3.19% | 60.08% | 25.70% | 11.26% | -1.07% | -4.58% | 23.41% | 16.58% | -3.19% | 11.68% |
Correlation
The correlation between XSB.TO and CGL.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2010 | 0.21 |
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Return for Risk
XSB.TO vs. CGL.TO — Risk / Return Rank
XSB.TO
CGL.TO
XSB.TO vs. CGL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Short Term Bond Index ETF (XSB.TO) and iShares Gold Bullion ETF (CAD-Hedged) (CGL.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.
| XSB.TO | CGL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.16 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.20 | 0.87 | +1.33 |
| Martin ratioReturn relative to average drawdown | 7.28 | 2.49 | +4.79 |
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Drawdowns
XSB.TO vs. CGL.TO - Drawdown Comparison
The maximum XSB.TO drawdown since its inception was -8.65%, smaller than the maximum CGL.TO drawdown of -45.96%. Use the drawdown chart below to compare losses from any high point for XSB.TO and CGL.TO.
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Drawdown Indicators
| XSB.TO | CGL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.65% | -45.96% | +37.31% |
Max Drawdown (1Y)Largest decline over 1 year | -1.47% | -24.93% | +23.46% |
Max Drawdown (3Y)Largest decline over 3 years | -1.47% | -24.93% | +23.46% |
Max Drawdown (5Y)Largest decline over 5 years | -6.99% | -24.93% | +17.94% |
Max Drawdown (10Y)Largest decline over 10 years | -8.65% | -24.93% | +16.28% |
Current DrawdownCurrent decline from peak | 0.00% | -22.50% | +22.50% |
Average DrawdownAverage peak-to-trough decline | -0.79% | -20.30% | +19.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 8.66% | -8.22% |
Volatility
XSB.TO vs. CGL.TO - Volatility Comparison
The current volatility for iShares Core Canadian Short Term Bond Index ETF (XSB.TO) is 0.71%, while iShares Gold Bullion ETF (CAD-Hedged) (CGL.TO) has a volatility of 7.67%. This indicates that XSB.TO experiences smaller price fluctuations and is considered to be less risky than CGL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XSB.TO | CGL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 7.67% | -6.96% |
Volatility (6M)Calculated over the trailing 6-month period | 1.61% | 24.08% | -22.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.00% | 27.61% | -25.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.72% | 18.54% | -15.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.40% | 16.53% | -13.13% |
XSB.TO vs. CGL.TO - Expense Ratio Comparison
XSB.TO has a 0.10% expense ratio, which is lower than CGL.TO's 0.55% expense ratio.
Dividends
XSB.TO vs. CGL.TO - Dividend Comparison
XSB.TO's dividend yield for the trailing twelve months is around 3.10%, while CGL.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGL.TO iShares Gold Bullion ETF (CAD-Hedged) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 3.10% | 3.15% | 3.05% | 2.67% | 2.28% | 2.05% | 2.21% | 2.39% | 2.39% | 2.36% | 2.36% | 2.50% |
Frequently Asked Questions
XSB.TO and CGL.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSB.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSB.TO is cheaper with a 0.10% expense ratio, compared with 0.55% for CGL.TO.
XSB.TO is categorized as Canadian Government Bonds, while CGL.TO is Gold. XSB.TO tracks Morningstar Can 1-5Y Core Bd GR CAD, while CGL.TO tracks Gold Bullion. Their fees differ too: 0.10% for XSB.TO and 0.55% for CGL.TO.
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