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XSH.TO vs. CBIL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSH.TO vs. CBIL.TO

Last updated Jun 4, 2026

XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) and CBIL.TO (Global X 0-3 Month T-Bill ETF) are both Canadian Government Bonds funds. XSH.TO is passively managed, while CBIL.TO is actively managed. Over the past 3 years, XSH.TO returned 6.05%/yr vs 3.63%/yr for CBIL.TO. At a 0.10 correlation, their price movements are largely independent. Both charge a 0.10% expense ratio.

Performance

XSH.TO vs. CBIL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) and Global X 0-3 Month T-Bill ETF (CBIL.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, XSH.TO achieves a 1.33% return, which is significantly higher than CBIL.TO's 0.85% return.

XSH.TO

1D
0.00%
1M
1.13%
YTD
1.33%
6M
1.34%
1Y
3.85%
3Y*
6.05%
5Y*
2.86%
10Y*
2.82%

CBIL.TO

1D
0.02%
1M
0.20%
YTD
0.85%
6M
1.08%
1Y
2.34%
3Y*
3.63%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSH.TO vs. CBIL.TO - Yearly Performance Comparison

2026 (YTD)202520242023
XSH.TO
iShares Core Canadian Short Term Corporate Bond Index ETF		1.33%4.61%7.11%4.91%
CBIL.TO
Global X 0-3 Month T-Bill ETF		0.85%2.68%4.47%3.36%

Correlation

The correlation between XSH.TO and CBIL.TO is -0.00, 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

-0.00

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

0.10

Correlation (All Time)
Calculated using the full available price history since Apr 17, 2023

0.10

The correlation between XSH.TO and CBIL.TO shifts across timeframes, from -0.00 (1 year) to 0.10 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares Core Canadian Short Term Corporate Bond Index ETF

Global X 0-3 Month T-Bill ETF

Often compared with XSH.TO:
XSH.TO vs. XSB.TOXSH.TO vs. XCB.TOXSH.TO vs. XBB.TOXSH.TO vs. XFR.TOXSH.TO vs. ZMMK.TOXSH.TO vs. ZAG.TOXSH.TO vs. CLF.TO
Often compared with CBIL.TO:
CBIL.TO vs. CASH.TOCBIL.TO vs. ZMMK.TOCBIL.TO vs. TBILCBIL.TO vs. HSAV.TOCBIL.TO vs. CMR.TOCBIL.TO vs. ZST.TOCBIL.TO vs. PSA.TO

Return for Risk

XSH.TO vs. CBIL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XSH.TO
XSH.TO Risk / Return Rank: 5353
Overall Rank
XSH.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
XSH.TO Sortino Ratio Rank: 5151
Sortino Ratio Rank
XSH.TO Omega Ratio Rank: 5757
Omega Ratio Rank
XSH.TO Calmar Ratio Rank: 5151
Calmar Ratio Rank
XSH.TO Martin Ratio Rank: 5757
Martin Ratio Rank
CBIL.TO
CBIL.TO Risk / Return Rank: 9999
Overall Rank
CBIL.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
CBIL.TO Sortino Ratio Rank: 100100
Sortino Ratio Rank
CBIL.TO Omega Ratio Rank: 9999
Omega Ratio Rank
CBIL.TO Calmar Ratio Rank: 100100
Calmar Ratio Rank
CBIL.TO Martin Ratio Rank: 100100
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.

XSH.TO vs. CBIL.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 Global X 0-3 Month T-Bill ETF (CBIL.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.

XSH.TOCBIL.TODifference
Sharpe ratioReturn per unit of total volatility
1.79
9.47

-7.68

Sortino ratioReturn per unit of downside risk
2.51
23.59

-21.08

Omega ratioGain probability vs. loss probability

1.36

5.38

-4.03

Calmar ratioReturn relative to maximum drawdown

2.57

58.74

-56.17

Martin ratioReturn relative to average drawdown

10.05

339.60

-329.55

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSH.TO vs. CBIL.TO - Sharpe Ratio Comparison

The current XSH.TO Sharpe Ratio is 1.79, which is lower than the CBIL.TO Sharpe Ratio of 9.47. The chart below compares the historical Sharpe Ratios of XSH.TO and CBIL.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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Sharpe Ratios by Period

XSH.TOCBIL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.79

9.47

-7.68

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.02

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.64

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.74

11.64

-10.90

Drawdowns

XSH.TO vs. CBIL.TO - Drawdown Comparison

The maximum XSH.TO drawdown since its inception was -14.24%, which is greater than CBIL.TO's maximum drawdown of -0.06%. Use the drawdown chart below to compare losses from any high point for XSH.TO and CBIL.TO.

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Drawdown Indicators

XSH.TOCBIL.TODifference

Max Drawdown

Largest peak-to-trough decline

-14.24%

-0.06%

-14.18%

Max Drawdown (1Y)

Largest decline over 1 year

-1.51%

-0.04%

-1.47%

Max Drawdown (3Y)

Largest decline over 3 years

-1.51%

-0.06%

-1.45%

Max Drawdown (5Y)

Largest decline over 5 years

-7.80%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-14.24%

—

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-0.93%

-0.00%

-0.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.38%

0.01%

+0.37%

Volatility

XSH.TO vs. CBIL.TO - Volatility Comparison

iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) has a higher volatility of 0.80% compared to Global X 0-3 Month T-Bill ETF (CBIL.TO) at 0.08%. This indicates that XSH.TO's price experiences larger fluctuations and is considered to be riskier than CBIL.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.TOCBIL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.80%

0.08%

+0.72%

Volatility (6M)

Calculated over the trailing 6-month period

1.83%

0.19%

+1.64%

Volatility (1Y)

Calculated over the trailing 1-year period

2.16%

0.25%

+1.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.83%

0.31%

+2.52%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.42%

0.31%

+4.11%

XSH.TO vs. CBIL.TO - Expense Ratio Comparison

Both XSH.TO and CBIL.TO have an expense ratio of 0.10%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

XSH.TO vs. CBIL.TO - Dividend Comparison

XSH.TO's dividend yield for the trailing twelve months is around 3.89%, more than CBIL.TO's 2.29% yield.

PositionTTM20252024202320222021202020192018201720162015
CBIL.TO
Global X 0-3 Month T-Bill ETF		2.29%2.59%4.38%3.39%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XSH.TO
iShares Core Canadian Short Term Corporate Bond Index ETF		3.89%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 CBIL.TO have a correlation of -0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.10% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

XSH.TO and CBIL.TO have the same expense ratio: 0.10% per year.

They also come from different issuers: iShares and Global X.

Portfolio Optimizer

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