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XSB.TO vs. RY.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSB.TO vs. RY.TO

Last updated Jun 14, 2026

XSB.TO (iShares Core Canadian Short Term Bond Index ETF) is Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD, while RY.TO (Royal Bank of Canada) is a stock. Over the past 10 years, XSB.TO returned 1.97%/yr vs 18.12%/yr for RY.TO. At a correlation of -0.11, they often move in opposite directions.

Performance

XSB.TO vs. RY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core Canadian Short Term Bond Index ETF (XSB.TO) and Royal Bank of Canada (RY.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XSB.TO achieves a 1.18% return, which is significantly lower than RY.TO's 20.87% return. Over the past 10 years, XSB.TO has underperformed RY.TO with an annualized return of 1.97%, while RY.TO has yielded a comparatively higher 18.12% 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%

RY.TO

1D
0.36%
1M
10.50%
YTD
20.87%
6M
23.89%
1Y
65.59%
3Y*
35.54%
5Y*
21.56%
10Y*
18.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSB.TO vs. RY.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
RY.TO
Royal Bank of Canada		20.87%39.60%34.37%9.80%-1.52%33.09%6.52%14.33%-5.50%17.12%

Correlation

The correlation between XSB.TO and RY.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.24

Correlation (3Y)
Calculated over the trailing 3-year period

0.17

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (10Y)
Calculated over the trailing 10-year period

0.01

Correlation (All Time)
Calculated using the full available price history since Jul 12, 2006

-0.11

The correlation between XSB.TO and RY.TO shifts across timeframes, from -0.11 (all time) to 0.24 (1 year), reflecting how their relationship changes across market environments.

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iShares Core Canadian Short Term Bond Index ETF

Royal Bank of Canada

Often compared with XSB.TO:
XSB.TO vs. XBB.TOXSB.TO vs. ZAG.TOXSB.TO vs. VSB.TOXSB.TO vs. XSH.TOXSB.TO vs. XCB.TOXSB.TO vs. XLB.TOXSB.TO vs. ZCS.TO
Often compared with RY.TO:
RY.TO vs. TD.TORY.TO vs. VDY.TORY.TO vs. BMO.TORY.TO vs. CNR.TORY.TO vs. BNS.TORY.TO vs. XDIV.TORY.TO vs. CM.TO

Return for Risk

XSB.TO vs. RY.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XSB.TO
XSB.TO Risk / Return Rank: 5454
Overall Rank
XSB.TO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
XSB.TO Sortino Ratio Rank: 5555
Sortino Ratio Rank
XSB.TO Omega Ratio Rank: 6060
Omega Ratio Rank
XSB.TO Calmar Ratio Rank: 5050
Calmar Ratio Rank
XSB.TO Martin Ratio Rank: 4949
Martin Ratio Rank
RY.TO
RY.TO Risk / Return Rank: 9898
Overall Rank
RY.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
RY.TO Sortino Ratio Rank: 9999
Sortino Ratio Rank
RY.TO Omega Ratio Rank: 9999
Omega Ratio Rank
RY.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
RY.TO Martin Ratio Rank: 9898
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XSB.TO vs. RY.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 Royal Bank of Canada (RY.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.TORY.TODifference
Sharpe ratioReturn per unit of total volatility
1.62
4.65

-3.04

Sortino ratioReturn per unit of downside risk
2.31
6.62

-4.30

Omega ratioGain probability vs. loss probability

1.32

1.85

-0.54

Calmar ratioReturn relative to maximum drawdown

2.20

7.91

-5.72

Martin ratioReturn relative to average drawdown

7.28

29.39

-22.11

XSB.TO vs. RY.TO - Sharpe Ratio Comparison

The current XSB.TO Sharpe Ratio is 1.62, which is lower than the RY.TO Sharpe Ratio of 4.65. The chart below compares the historical Sharpe Ratios of XSB.TO and RY.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XSB.TO vs. RY.TO - Drawdown Comparison

The maximum XSB.TO drawdown since its inception was -8.65%, smaller than the maximum RY.TO drawdown of -54.03%. Use the drawdown chart below to compare losses from any high point for XSB.TO and RY.TO.

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Drawdown Indicators

XSB.TORY.TODifference

Max Drawdown

Largest peak-to-trough decline

-8.65%

-54.03%

+45.38%

Max Drawdown (1Y)

Largest decline over 1 year

-1.47%

-8.12%

+6.65%

Max Drawdown (3Y)

Largest decline over 3 years

-1.47%

-16.00%

+14.53%

Max Drawdown (5Y)

Largest decline over 5 years

-6.99%

-21.21%

+14.22%

Max Drawdown (10Y)

Largest decline over 10 years

-8.65%

-33.84%

+25.19%

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-0.79%

-6.72%

+5.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.44%

2.18%

-1.74%

Volatility

XSB.TO vs. RY.TO - Volatility Comparison

The current volatility for iShares Core Canadian Short Term Bond Index ETF (XSB.TO) is 0.71%, while Royal Bank of Canada (RY.TO) has a volatility of 4.23%. This indicates that XSB.TO experiences smaller price fluctuations and is considered to be less risky than RY.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.TORY.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.71%

4.23%

-3.52%

Volatility (6M)

Calculated over the trailing 6-month period

1.61%

10.44%

-8.83%

Volatility (1Y)

Calculated over the trailing 1-year period

2.00%

13.82%

-11.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.72%

14.93%

-12.21%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.40%

17.26%

-13.86%

Dividends

XSB.TO vs. RY.TO - Dividend Comparison

XSB.TO's dividend yield for the trailing twelve months is around 3.10%, more than RY.TO's 2.28% yield.

PositionTTM20252024202320222021202020192018201720162015
RY.TO
Royal Bank of Canada		2.28%2.58%3.23%3.99%3.90%3.22%4.10%3.96%4.03%3.39%3.57%4.15%
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 RY.TO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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