XSB.TO vs. HBIL.TO
XSB.TO (iShares Core Canadian Short Term Bond Index ETF) and HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) are both exchange-traded funds - XSB.TO is a Short-Term Bond fund tracking the FTSE Canada Short Term Overall Bond Index, while HBIL.TO is a Derivative Income fund actively managed by Hamilton Capital. XSB.TO is passively managed, while HBIL.TO is actively managed. Over the past year, XSB.TO returned 3.11% vs 2.56% for HBIL.TO. A 0.58 correlation means they provide meaningful diversification when combined. XSB.TO charges 0.10%/yr vs 0.35%/yr for HBIL.TO.
Performance
XSB.TO vs. HBIL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XSB.TO achieves a 1.36% return, which is significantly higher than HBIL.TO's 0.93% return.
XSB.TO
- 1D
- 0.11%
- 1M
- 0.52%
- YTD
- 1.36%
- 6M
- 1.33%
- 1Y
- 3.11%
- 3Y*
- 5.03%
- 5Y*
- 2.15%
- 10Y*
- 2.01%
HBIL.TO
- 1D
- 0.14%
- 1M
- 0.44%
- YTD
- 0.93%
- 6M
- 0.87%
- 1Y
- 2.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XSB.TO vs. HBIL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 1.36% | 3.70% | 0.98% |
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 0.93% | 3.04% | -1.22% |
Correlation
The correlation between XSB.TO and HBIL.TO is 0.61, 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 | 0.61 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024 | 0.58 |
The correlation between XSB.TO and HBIL.TO has been stable across timeframes, ranging from 0.58 to 0.61 - a consistent structural relationship.
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Return for Risk
XSB.TO vs. HBIL.TO — Risk / Return Rank
XSB.TO
HBIL.TO
XSB.TO vs. HBIL.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.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 | HBIL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.32 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.12 | 2.71 | -0.59 |
| Martin ratioReturn relative to average drawdown | 7.02 | 8.59 | -1.57 |
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Drawdowns
XSB.TO vs. HBIL.TO - Drawdown Comparison
The maximum XSB.TO drawdown since its inception was -8.65%, which is greater than HBIL.TO's maximum drawdown of -1.66%. Use the drawdown chart below to compare losses from any high point for XSB.TO and HBIL.TO.
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Drawdown Indicators
| XSB.TO | HBIL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.65% | -1.66% | -6.99% |
Max Drawdown (1Y)Largest decline over 1 year | -1.47% | -0.95% | -0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -1.47% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -6.99% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -8.65% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.79% | -0.47% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 0.30% | +0.14% |
Volatility
XSB.TO vs. HBIL.TO - Volatility Comparison
iShares Core Canadian Short Term Bond Index ETF (XSB.TO) has a higher volatility of 0.50% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) at 0.35%. This indicates that XSB.TO's price experiences larger fluctuations and is considered to be riskier than HBIL.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 | HBIL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.50% | 0.35% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 1.63% | 1.25% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.01% | 1.62% | +0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.72% | 2.01% | +0.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.40% | 2.01% | +1.39% |
XSB.TO vs. HBIL.TO - Expense Ratio Comparison
XSB.TO has a 0.10% expense ratio, which is lower than HBIL.TO's 0.35% expense ratio.
Dividends
XSB.TO vs. HBIL.TO - Dividend Comparison
XSB.TO's dividend yield for the trailing twelve months is around 3.10%, less than HBIL.TO's 6.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 6.49% | 7.48% | 2.58% | 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 HBIL.TO have a correlation of 0.61, 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 0.35% for HBIL.TO.
XSB.TO is categorized as Short-Term Bond, while HBIL.TO is Derivative Income. They also come from different issuers: iShares and Hamilton Capital. Their fees differ too: 0.10% for XSB.TO and 0.35% for HBIL.TO.
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