XSB.TO vs. CVD.TO
XSB.TO (iShares Core Canadian Short Term Bond Index ETF) and CVD.TO (iShares Convertible Bond Index ETF) are both exchange-traded funds - XSB.TO is a Short-Term Bond fund tracking the FTSE Canada Short Term Overall Bond Index, while CVD.TO is a High Yield Bonds fund tracking the FTSE Canada Convertible Bond Index. Both are passively managed. Over the past 10 years, XSB.TO returned 1.98%/yr vs 4.67%/yr for CVD.TO. At a 0.02 correlation, their price movements are largely independent. XSB.TO charges 0.10%/yr vs 0.49%/yr for CVD.TO.
Performance
XSB.TO vs. CVD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XSB.TO achieves a 1.21% return, which is significantly lower than CVD.TO's 6.66% return. Over the past 10 years, XSB.TO has underperformed CVD.TO with an annualized return of 1.98%, while CVD.TO has yielded a comparatively higher 4.67% annualized return.
XSB.TO
- 1D
- 0.15%
- 1M
- -0.00%
- 6M
- 0.91%
- YTD
- 1.21%
- 1Y
- 3.45%
- 3Y*
- 4.89%
- 5Y*
- 2.08%
- 10Y*
- 1.98%
CVD.TO
- 1D
- 1.26%
- 1M
- 2.13%
- 6M
- 4.49%
- YTD
- 6.66%
- 1Y
- 9.48%
- 3Y*
- 8.97%
- 5Y*
- 5.03%
- 10Y*
- 4.67%
XSB.TO vs. CVD.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 | 1.21% | 3.70% | 5.87% | 4.67% | -4.04% | -1.11% | 5.20% | 3.20% | 1.60% | 0.13% |
CVD.TO iShares Convertible Bond Index ETF | 6.66% | 7.09% | 12.68% | 3.64% | -4.63% | 5.33% | 3.67% | 10.28% | -2.68% | 4.06% |
Correlation
The correlation between XSB.TO and CVD.TO is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2011 | 0.02 |
The correlation between XSB.TO and CVD.TO shifts across timeframes, from -0.08 (1 year) to 0.04 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XSB.TO vs. CVD.TO — Risk / Return Rank
XSB.TO
CVD.TO
XSB.TO vs. CVD.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 Convertible Bond Index ETF (CVD.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 | CVD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.27 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 2.41 | -0.06 |
| Martin ratioReturn relative to average drawdown | 7.96 | 6.81 | +1.15 |
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Drawdowns
XSB.TO vs. CVD.TO - Drawdown Comparison
The maximum XSB.TO drawdown since its inception was -8.65%, smaller than the maximum CVD.TO drawdown of -23.51%. Use the drawdown chart below to compare losses from any high point for XSB.TO and CVD.TO.
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Drawdown Indicators
| XSB.TO | CVD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.65% | -23.51% | +14.86% |
Max Drawdown (1Y)Largest decline over 1 year | -1.47% | -3.95% | +2.48% |
Max Drawdown (3Y)Largest decline over 3 years | -1.47% | -11.46% | +9.99% |
Max Drawdown (5Y)Largest decline over 5 years | -6.99% | -14.62% | +7.63% |
Max Drawdown (10Y)Largest decline over 10 years | -8.65% | -23.51% | +14.86% |
Current DrawdownCurrent decline from peak | -0.30% | 0.00% | -0.30% |
Average DrawdownAverage peak-to-trough decline | -0.79% | -2.38% | +1.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 1.40% | -0.97% |
Volatility
XSB.TO vs. CVD.TO - Volatility Comparison
The current volatility for iShares Core Canadian Short Term Bond Index ETF (XSB.TO) is 0.61%, while iShares Convertible Bond Index ETF (CVD.TO) has a volatility of 2.31%. This indicates that XSB.TO experiences smaller price fluctuations and is considered to be less risky than CVD.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 | CVD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 2.31% | -1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 1.70% | 4.63% | -2.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.03% | 7.34% | -5.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.73% | 9.43% | -6.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.40% | 9.51% | -6.11% |
XSB.TO vs. CVD.TO - Expense Ratio Comparison
XSB.TO has a 0.10% expense ratio, which is lower than CVD.TO's 0.49% expense ratio.
Dividends
XSB.TO vs. CVD.TO - Dividend Comparison
XSB.TO's dividend yield for the trailing twelve months is around 3.10%, less than CVD.TO's 4.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVD.TO iShares Convertible Bond Index ETF | 4.83% | 4.91% | 5.14% | 5.33% | 5.05% | 4.61% | 4.48% | 4.52% | 4.97% | 4.65% | 4.51% | 4.94% |
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 CVD.TO have a correlation of -0.08, 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 0.49% for CVD.TO.
XSB.TO is categorized as Short-Term Bond, while CVD.TO is High Yield Bonds. XSB.TO tracks FTSE Canada Short Term Overall Bond Index, while CVD.TO tracks FTSE Canada Convertible Bond Index. Their fees differ too: 0.10% for XSB.TO and 0.49% for CVD.TO.
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