XSH.TO vs. HBIL.TO

Last updated Aug 4, 2026

XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) and HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) are both exchange-traded funds - XSH.TO is a Short-Term Bond fund tracking the FTSE Canada Universe + Maple Short Term Corporate Bond Index, while HBIL.TO is a Derivative Income fund actively managed by Hamilton. XSH.TO is passively managed, while HBIL.TO is actively managed. Over the past year, XSH.TO returned 3.11% vs 1.23% for HBIL.TO. Their 0.49 correlation means their historical movements had little consistent relationship. XSH.TO charges 0.10%/yr vs 0.35%/yr for HBIL.TO.

Performance

XSH.TO vs. HBIL.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XSH.TO achieves a 1.42% return, which is significantly higher than HBIL.TO's 0.15% 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%

HBIL.TO

• 1D: -0.12%
• 1M: -0.05%
• 6M: 0.03%
• YTD: 0.15%
• 1Y: 1.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.03%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)	CA$360.77K	CA$303.22K	CA$298.36K
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF	CA$1.66M	CA$1.41M	CA$1.29M

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

	2026 (YTD)	2025	2024
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF	1.42%	4.61%	1.54%
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)	0.15%	3.04%	-1.22%

Correlation

The correlation between XSH.TO and HBIL.TO is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024	0.49

The correlation between XSH.TO and HBIL.TO has been stable across timeframes, ranging from 0.49 to 0.50 - a consistent structural relationship.

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.

XSH.TO

XSH.TO Risk / Return Rank: 64
XSH.TO Sharpe Ratio Rank: 63
XSH.TO Sortino Ratio Rank: 62
XSH.TO Omega Ratio Rank: 68
XSH.TO Calmar Ratio Rank: 61
XSH.TO Martin Ratio Rank: 69

HBIL.TO

HBIL.TO Risk / Return Rank: 37
HBIL.TO Sharpe Ratio Rank: 34
HBIL.TO Sortino Ratio Rank: 34
HBIL.TO Omega Ratio Rank: 35
HBIL.TO Calmar Ratio Rank: 44
HBIL.TO Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XSH.TO vs. HBIL.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 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.

	XSH.TO	HBIL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.52	0.87	+0.64
Sortino ratio: Return per unit of downside risk	2.13	1.30	+0.83
Omega ratio: Gain probability vs. loss probability	1.29	1.17	+0.12
Calmar ratio: Return relative to maximum drawdown	2.22	1.65	+0.57
Martin ratio: Return relative to average drawdown	8.67	4.53	+4.14

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

The current XSH.TO Sharpe Ratio is 1.52, which is higher than the HBIL.TO Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of XSH.TO and HBIL.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.

Drawdowns

XSH.TO vs. HBIL.TO - Drawdown Comparison

The maximum XSH.TO drawdown since its inception was -14.24%, 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 XSH.TO and HBIL.TO.

Drawdown Indicators

	XSH.TO	HBIL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-14.24%	-1.66%	-12.58%
Max Drawdown (1Y) Largest decline over 1 year	-1.51%	-0.95%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-1.51%	—	—
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	-0.30%	-0.91%	+0.61%
Average Drawdown Average peak-to-trough decline	-0.92%	-0.47%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	0.35%	+0.03%

Volatility

XSH.TO vs. HBIL.TO - Volatility Comparison

The current volatility for iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) is 0.59%, while Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) has a volatility of 0.89%. This indicates that XSH.TO experiences smaller price fluctuations and is considered to be less risky than HBIL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSH.TO	HBIL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.59%	0.89%	-0.30%
Volatility (6M) Calculated over the trailing 6-month period	1.85%	1.50%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	2.21%	1.80%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.85%	2.07%	+0.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.42%	2.07%	+2.35%

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

XSH.TO has a 0.10% expense ratio, which is lower than HBIL.TO's 0.35% expense ratio.

Dividends

XSH.TO vs. HBIL.TO - Dividend Comparison

XSH.TO's dividend yield for the trailing twelve months is around 3.94%, less than HBIL.TO's 6.01% 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)	6.01%	7.48%	2.58%	0.00%	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	3.94%	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

Can I hold both XSH.TO and HBIL.TO in my portfolio?

XSH.TO and HBIL.TO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XSH.TO or HBIL.TO?

On fees, XSH.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XSH.TO or HBIL.TO?

XSH.TO is cheaper with a 0.10% expense ratio, compared with 0.35% for HBIL.TO.

What is the main difference between XSH.TO and HBIL.TO?

XSH.TO is categorized as Short-Term Bond, while HBIL.TO is Derivative Income. They also come from different issuers: iShares and Hamilton. Their fees differ too: 0.10% for XSH.TO and 0.35% for HBIL.TO.