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XSHG.TO vs. XAW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSHG.TO vs. XAW.TO

Last updated Jun 4, 2026

XSHG.TO (iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF) and XAW.TO (iShares Core MSCI All Country World ex Canada Index ETF) are both exchange-traded funds - XSHG.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 3 years, XSHG.TO returned 5.72%/yr vs 21.73%/yr for XAW.TO. At a 0.15 correlation, their price movements are largely independent. XSHG.TO charges 0.17%/yr vs 0.22%/yr for XAW.TO.

Performance

XSHG.TO vs. XAW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF (XSHG.TO) and iShares Core MSCI All Country World ex Canada Index ETF (XAW.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, XSHG.TO achieves a 1.14% return, which is significantly lower than XAW.TO's 13.70% return.

XSHG.TO

1D
-0.03%
1M
0.96%
YTD
1.14%
6M
1.23%
1Y
3.54%
3Y*
5.72%
5Y*
—
10Y*
—

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

XSHG.TO vs. XAW.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021
XSHG.TO
iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF		1.14%4.53%6.86%6.41%-4.26%-0.58%
XAW.TO
iShares Core MSCI All Country World ex Canada Index ETF		13.70%15.87%26.31%18.45%-11.84%5.79%

Correlation

The correlation between XSHG.TO and XAW.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.38

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

0.21

Correlation (All Time)
Calculated using the full available price history since Jul 28, 2021

0.15

Over the past year, XSHG.TO and XAW.TO have become more correlated (0.38) than their long-term average of 0.15, meaning their price movements have been converging.

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iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF

iShares Core MSCI All Country World ex Canada Index ETF

Often compared with XSHG.TO:
XSHG.TO vs. XSAB.TOXSHG.TO vs. XCBG.TOXSHG.TO vs. XSTB.TOXSHG.TO vs. VFV.TOXSHG.TO vs. BSVXSHG.TO vs. ZBI.TOXSHG.TO vs. CLF.TO
Often compared with XAW.TO:
XAW.TO vs. XEQT.TOXAW.TO vs. VXC.TOXAW.TO vs. VEQT.TOXAW.TO vs. XUU.TOXAW.TO vs. XIC.TOXAW.TO vs. XGRO.TOXAW.TO vs. VT

Return for Risk

XSHG.TO vs. XAW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XSHG.TO
XSHG.TO Risk / Return Rank: 5959
Overall Rank
XSHG.TO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
XSHG.TO Sortino Ratio Rank: 6161
Sortino Ratio Rank
XSHG.TO Omega Ratio Rank: 7070
Omega Ratio Rank
XSHG.TO Calmar Ratio Rank: 5050
Calmar Ratio Rank
XSHG.TO Martin Ratio Rank: 5656
Martin Ratio Rank
XAW.TO
XAW.TO Risk / Return Rank: 7676
Overall Rank
XAW.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
XAW.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
XAW.TO Omega Ratio Rank: 7878
Omega Ratio Rank
XAW.TO Calmar Ratio Rank: 7474
Calmar Ratio Rank
XAW.TO Martin Ratio Rank: 7777
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.

XSHG.TO vs. XAW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF (XSHG.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.

XSHG.TOXAW.TODifference
Sharpe ratioReturn per unit of total volatility
1.95
2.50

-0.55

Sortino ratioReturn per unit of downside risk
2.84
3.49

-0.65

Omega ratioGain probability vs. loss probability

1.42

1.48

-0.06

Calmar ratioReturn relative to maximum drawdown

2.47

3.76

-1.28

Martin ratioReturn relative to average drawdown

9.54

15.15

-5.61

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

XSHG.TO vs. XAW.TO - Sharpe Ratio Comparison

The current XSHG.TO Sharpe Ratio is 1.95, which is comparable to the XAW.TO Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of XSHG.TO and XAW.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

XSHG.TOXAW.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.95

2.50

-0.55

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

1.04

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.88

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.01

0.78

+0.23

Drawdowns

XSHG.TO vs. XAW.TO - Drawdown Comparison

The maximum XSHG.TO drawdown since its inception was -7.40%, smaller than the maximum XAW.TO drawdown of -27.32%. Use the drawdown chart below to compare losses from any high point for XSHG.TO and XAW.TO.

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Drawdown Indicators

XSHG.TOXAW.TODifference

Max Drawdown

Largest peak-to-trough decline

-7.40%

-27.32%

+19.92%

Max Drawdown (1Y)

Largest decline over 1 year

-1.44%

-8.16%

+6.72%

Max Drawdown (3Y)

Largest decline over 3 years

-1.44%

-16.66%

+15.22%

Max Drawdown (5Y)

Largest decline over 5 years

—

-21.02%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-27.32%

—

Current Drawdown

Current decline from peak

-0.03%

-0.37%

+0.34%

Average Drawdown

Average peak-to-trough decline

-1.84%

-3.91%

+2.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.37%

2.02%

-1.65%

Volatility

XSHG.TO vs. XAW.TO - Volatility Comparison

The current volatility for iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF (XSHG.TO) is 0.68%, while iShares Core MSCI All Country World ex Canada Index ETF (XAW.TO) has a volatility of 4.21%. This indicates that XSHG.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

XSHG.TOXAW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.68%

4.21%

-3.53%

Volatility (6M)

Calculated over the trailing 6-month period

1.52%

9.85%

-8.33%

Volatility (1Y)

Calculated over the trailing 1-year period

1.82%

12.25%

-10.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.79%

13.56%

-10.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.79%

15.12%

-12.33%

XSHG.TO vs. XAW.TO - Expense Ratio Comparison

XSHG.TO has a 0.17% 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

XSHG.TO vs. XAW.TO - Dividend Comparison

XSHG.TO's dividend yield for the trailing twelve months is around 3.72%, more than XAW.TO's 1.17% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
XSHG.TO
iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF		3.72%3.64%3.39%2.87%2.69%0.81%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XSHG.TO and XAW.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XSHG.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XSHG.TO is cheaper with a 0.17% expense ratio, compared with 0.22% for XAW.TO.

XSHG.TO is categorized as Canadian Government Bonds, while XAW.TO is Global Equities. XSHG.TO tracks Morningstar Can 1-5Y Core Bd GR CAD, while XAW.TO tracks Morningstar Gbl GR CAD. Their fees differ too: 0.17% for XSHG.TO and 0.22% for XAW.TO.

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