XSH.TO vs. CAGS.TO
XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) and CAGS.TO (CI Canadian Short-Term Aggregate Bond Index ETF) are both Short-Term Bond funds - XSH.TO tracks the FTSE Canada Universe + Maple Short Term Corporate Bond Index while CAGS.TO tracks the FTSE Canada Short Term Overall Bond Index. Both are passively managed. Over the past 5 years, XSH.TO returned 2.84%/yr vs 2.04%/yr for CAGS.TO. Their 0.18 correlation means their historical movements had little consistent relationship. XSH.TO charges 0.10%/yr vs 0.08%/yr for CAGS.TO.
Performance
XSH.TO vs. CAGS.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XSH.TO achieves a 1.42% return, which is significantly higher than CAGS.TO's 0.99% return.
XSH.TO
- 1D
- -0.11%
- 1M
- -0.19%
- 6M
- 0.83%
- YTD
- 1.42%
- 1Y
- 3.11%
- 3Y*
- 6.10%
- 5Y*
- 2.84%
- 10Y*
- 2.79%
- ALL TIME*
- 2.84%
CAGS.TO
- 1D
- -0.17%
- 1M
- -0.27%
- 6M
- 0.59%
- YTD
- 0.99%
- 1Y
- 2.68%
- 3Y*
- 5.00%
- 5Y*
- 2.04%
- 10Y*
- —
- ALL TIME*
- 2.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$22.75K | CA$30.67K | CA$34.82K | |
| CA$1.66M | CA$1.41M | CA$1.29M |
XSH.TO vs. CAGS.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 1.42% | 4.61% | 7.11% | 6.80% | -4.52% | -0.81% | 6.28% | 5.02% | 1.28% | 0.62% |
CAGS.TO CI Canadian Short-Term Aggregate Bond Index ETF | 0.99% | 3.95% | 6.07% | 5.02% | -4.30% | -1.22% | 4.47% | 4.33% | 1.41% | 0.49% |
Correlation
The correlation between XSH.TO and CAGS.TO is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.34 |
Correlation (3Y) Balances recent behavior with more history. | 0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.21 |
Correlation (All Time) Calculated using the full available price history since Jul 28, 2017 | 0.18 |
The correlation between XSH.TO and CAGS.TO shifts across timeframes, from 0.18 (all time) to 0.34 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XSH.TO vs. CAGS.TO — Risk / Return Rank
XSH.TO
CAGS.TO
XSH.TO vs. CAGS.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) and CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.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.
| XSH.TO | CAGS.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.26 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 2.08 | +0.14 |
| Martin ratioReturn relative to average drawdown | 8.67 | 6.20 | +2.47 |
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Drawdowns
XSH.TO vs. CAGS.TO - Drawdown Comparison
The maximum XSH.TO drawdown since its inception was -14.24%, which is greater than CAGS.TO's maximum drawdown of -11.60%. Use the drawdown chart below to compare losses from any high point for XSH.TO and CAGS.TO.
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Drawdown Indicators
| XSH.TO | CAGS.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.24% | -11.60% | -2.64% |
Max Drawdown (1Y)Largest decline over 1 year | -1.51% | -1.33% | -0.18% |
Max Drawdown (3Y)Largest decline over 3 years | -1.51% | -1.33% | -0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -7.80% | -7.58% | -0.22% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | — | — |
Current DrawdownCurrent decline from peak | -0.30% | -0.46% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -0.92% | -1.44% | +0.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.45% | -0.07% |
Volatility
XSH.TO vs. CAGS.TO - Volatility Comparison
The current volatility for iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) is 0.59%, while CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.TO) has a volatility of 0.82%. This indicates that XSH.TO experiences smaller price fluctuations and is considered to be less risky than CAGS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XSH.TO | CAGS.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 0.82% | -0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 1.85% | 1.71% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.21% | 2.11% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.85% | 2.77% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 4.62% | -0.20% |
XSH.TO vs. CAGS.TO - Expense Ratio Comparison
XSH.TO has a 0.10% expense ratio, which is higher than CAGS.TO's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XSH.TO vs. CAGS.TO - Dividend Comparison
XSH.TO's dividend yield for the trailing twelve months is around 3.94%, more than CAGS.TO's 3.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CAGS.TO CI Canadian Short-Term Aggregate Bond Index ETF | 3.30% | 3.16% | 3.37% | 2.62% | 2.61% | 1.96% | 2.59% | 2.83% | 2.72% | 1.06% | 0.00% | 0.00% |
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 3.94% | 3.82% | 3.64% | 3.24% | 2.97% | 2.65% | 2.61% | 2.80% | 2.86% | 2.93% | 3.08% | 3.18% |
Frequently Asked Questions
XSH.TO and CAGS.TO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CAGS.TO is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CAGS.TO is cheaper with a 0.08% expense ratio, compared with 0.10% for XSH.TO.
XSH.TO tracks FTSE Canada Universe + Maple Short Term Corporate Bond Index, while CAGS.TO tracks FTSE Canada Short Term Overall Bond Index. They also come from different issuers: iShares and CI. Their fees differ too: 0.10% for XSH.TO and 0.08% for CAGS.TO.
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