XSH.TO vs. XAW.TO
XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) and XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) are both exchange-traded funds - XSH.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD, while XAW.TO is a Global Equities fund tracking the Morningstar Gbl GR CAD. Both are passively managed. Over the past 10 years, XSH.TO returned 2.82%/yr vs 13.22%/yr for XAW.TO. At a 0.08 correlation, their price movements are largely independent. XSH.TO charges 0.10%/yr vs 0.22%/yr for XAW.TO.
Performance
XSH.TO vs. XAW.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XSH.TO achieves a 1.33% return, which is significantly lower than XAW.TO's 13.70% return. Over the past 10 years, XSH.TO has underperformed XAW.TO with an annualized return of 2.82%, while XAW.TO has yielded a comparatively higher 13.22% annualized 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%
XAW.TO
- 1D
- -0.37%
- 1M
- 7.13%
- YTD
- 13.70%
- 6M
- 12.70%
- 1Y
- 30.51%
- 3Y*
- 21.73%
- 5Y*
- 13.96%
- 10Y*
- 13.22%
XSH.TO vs. XAW.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 | 1.33% | 4.61% | 7.11% | 6.80% | -4.52% | -0.81% | 6.28% | 5.02% | 1.28% | 0.78% |
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF | 13.70% | 15.87% | 26.31% | 18.45% | -11.84% | 18.38% | 12.37% | 19.82% | -2.28% | 16.10% |
Correlation
The correlation between XSH.TO and XAW.TO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2015 | 0.08 |
Over the past year, XSH.TO and XAW.TO have become more correlated (0.36) than their long-term average of 0.08, meaning their price movements have been converging.
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Return for Risk
XSH.TO vs. XAW.TO — Risk / Return Rank
XSH.TO
XAW.TO
XSH.TO vs. XAW.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 iShares Core MSCI All Country World ex Canada Index ETF (XAW.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.TO | XAW.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.48 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 3.76 | -1.19 |
| Martin ratioReturn relative to average drawdown | 10.05 | 15.15 | -5.11 |
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
| XSH.TO | XAW.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | 2.50 | -0.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.02 | 1.04 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.88 | -0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.78 | -0.04 |
Drawdowns
XSH.TO vs. XAW.TO - Drawdown Comparison
The maximum XSH.TO drawdown since its inception was -14.24%, smaller than the maximum XAW.TO drawdown of -27.32%. Use the drawdown chart below to compare losses from any high point for XSH.TO and XAW.TO.
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Drawdown Indicators
| XSH.TO | XAW.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.24% | -27.32% | +13.08% |
Max Drawdown (1Y)Largest decline over 1 year | -1.51% | -8.16% | +6.65% |
Max Drawdown (3Y)Largest decline over 3 years | -1.51% | -16.66% | +15.15% |
Max Drawdown (5Y)Largest decline over 5 years | -7.80% | -21.02% | +13.22% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -27.32% | +13.08% |
Current DrawdownCurrent decline from peak | 0.00% | -0.37% | +0.37% |
Average DrawdownAverage peak-to-trough decline | -0.93% | -3.91% | +2.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 2.02% | -1.64% |
Volatility
XSH.TO vs. XAW.TO - Volatility Comparison
The current volatility for iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) is 0.80%, while iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a volatility of 4.21%. This indicates that XSH.TO experiences smaller price fluctuations and is considered to be less risky than XAW.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 | XAW.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 4.21% | -3.41% |
Volatility (6M)Calculated over the trailing 6-month period | 1.83% | 9.85% | -8.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.16% | 12.25% | -10.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.83% | 13.56% | -10.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 15.12% | -10.70% |
XSH.TO vs. XAW.TO - Expense Ratio Comparison
XSH.TO has a 0.10% expense ratio, which is lower than XAW.TO's 0.22% expense ratio. Despite the difference, 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. XAW.TO - Dividend Comparison
XSH.TO's dividend yield for the trailing twelve months is around 3.89%, more than XAW.TO's 1.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XAW.TO iShares Core MSCI All Country World ex Canada Index ETF | 1.17% | 1.33% | 1.61% | 1.71% | 1.79% | 1.77% | 1.49% | 2.02% | 2.29% | 1.92% | 1.80% | 1.83% |
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 XAW.TO have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
XSH.TO is cheaper with a 0.10% expense ratio, compared with 0.22% for XAW.TO.
XSH.TO is categorized as Canadian Government Bonds, while XAW.TO is Global Equities. XSH.TO tracks Morningstar Can 1-5Y Core Bd GR CAD, while XAW.TO tracks Morningstar Gbl GR CAD. Their fees differ too: 0.10% for XSH.TO and 0.22% for XAW.TO.
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