XSE.TO vs. TBIL
XSE.TO (iShares Conservative Strategic Fixed Income ETF) and TBIL (US Treasury 3 Month Bill ETF) are both exchange-traded funds - XSE.TO is a Intermediate Core Bond fund actively managed by iShares, while TBIL is a Ultrashort Bond fund tracking the ICE BofA US Treasury Bill 3 Month Index. XSE.TO is actively managed, while TBIL is passively managed. Over the past 3 years, XSE.TO returned 3.60%/yr vs 5.86%/yr for TBIL. At a correlation of -0.11, they often move in opposite directions. XSE.TO charges 0.55%/yr vs 0.15%/yr for TBIL.
Performance
XSE.TO vs. TBIL - Performance Comparison
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Different Trading Currencies
XSE.TO is traded in CAD, while TBIL is traded in USD. To make them comparable, the TBIL values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, XSE.TO achieves a 0.29% return, which is significantly lower than TBIL's 2.78% return.
XSE.TO
- 1D
- -0.17%
- 1M
- 0.66%
- YTD
- 0.29%
- 6M
- -0.18%
- 1Y
- 2.32%
- 3Y*
- 3.60%
- 5Y*
- 0.25%
- 10Y*
- 1.74%
TBIL
- 1D
- 0.41%
- 1M
- 2.30%
- YTD
- 2.78%
- 6M
- 1.38%
- 1Y
- 5.27%
- 3Y*
- 5.86%
- 5Y*
- —
- 10Y*
- —
XSE.TO vs. TBIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XSE.TO iShares Conservative Strategic Fixed Income ETF | 0.29% | 3.06% | 2.99% | 6.75% | -3.13% |
TBIL US Treasury 3 Month Bill ETF | 2.78% | -0.59% | 14.18% | 2.80% | 6.47% |
Correlation
The correlation between XSE.TO and TBIL is -0.09, 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 | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | -0.11 |
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Return for Risk
XSE.TO vs. TBIL — Risk / Return Rank
XSE.TO
TBIL
XSE.TO vs. TBIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Conservative Strategic Fixed Income ETF (XSE.TO) and US Treasury 3 Month Bill ETF (TBIL). 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.
| XSE.TO | TBIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.20 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 1.42 | -0.46 |
| Martin ratioReturn relative to average drawdown | 2.39 | 3.97 | -1.58 |
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
| XSE.TO | TBIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.70 | 1.14 | -0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.20 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 1.11 | -0.87 |
Drawdowns
XSE.TO vs. TBIL - Drawdown Comparison
The maximum XSE.TO drawdown since its inception was -22.43%, which is greater than TBIL's maximum drawdown of -5.18%. Use the drawdown chart below to compare losses from any high point for XSE.TO and TBIL.
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Drawdown Indicators
| XSE.TO | TBIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.43% | -5.18% | -17.25% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -3.72% | +1.10% |
Max Drawdown (3Y)Largest decline over 3 years | -4.73% | -5.18% | +0.45% |
Max Drawdown (5Y)Largest decline over 5 years | -15.86% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -22.43% | — | — |
Current DrawdownCurrent decline from peak | -2.99% | 0.00% | -2.99% |
Average DrawdownAverage peak-to-trough decline | -4.72% | -1.48% | -3.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 1.33% | -0.31% |
Volatility
XSE.TO vs. TBIL - Volatility Comparison
iShares Conservative Strategic Fixed Income ETF (XSE.TO) has a higher volatility of 1.34% compared to US Treasury 3 Month Bill ETF (TBIL) at 0.80%. This indicates that XSE.TO's price experiences larger fluctuations and is considered to be riskier than TBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XSE.TO | TBIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 0.80% | +0.54% |
Volatility (6M)Calculated over the trailing 6-month period | 2.59% | 3.50% | -0.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.62% | 4.65% | -1.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.70% | 5.99% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.13% | 5.99% | +3.14% |
XSE.TO vs. TBIL - Expense Ratio Comparison
XSE.TO has a 0.55% expense ratio, which is higher than TBIL's 0.15% expense ratio.
Dividends
XSE.TO vs. TBIL - Dividend Comparison
XSE.TO's dividend yield for the trailing twelve months is around 4.34%, more than TBIL's 3.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBIL US Treasury 3 Month Bill ETF | 3.82% | 4.07% | 5.02% | 5.00% | 1.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XSE.TO iShares Conservative Strategic Fixed Income ETF | 4.34% | 4.24% | 3.66% | 3.36% | 2.67% | 2.63% | 2.62% | 2.82% | 2.89% | 3.62% | 3.95% | 1.39% |
Frequently Asked Questions
XSE.TO and TBIL have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TBIL is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TBIL is cheaper with a 0.15% expense ratio, compared with 0.55% for XSE.TO.
XSE.TO is categorized as Intermediate Core Bond, while TBIL is Ultrashort Bond. They also come from different issuers: iShares and US Benchmark Series. Their fees differ too: 0.55% for XSE.TO and 0.15% for TBIL.
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