XSP.TO vs. CVD.TO
XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) and CVD.TO (iShares Convertible Bond Index ETF) are both exchange-traded funds - XSP.TO is a S&P 500 fund tracking the S&P 500 Index, while CVD.TO is a High Yield Bonds fund tracking the FTSE Canada Convertible Bond Index. Both are passively managed. Over the past 10 years, XSP.TO returned 13.14%/yr vs 4.67%/yr for CVD.TO. At a 0.14 correlation, their price movements are largely independent. XSP.TO charges 0.09%/yr vs 0.49%/yr for CVD.TO.
Performance
XSP.TO vs. CVD.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XSP.TO achieves a 9.73% return, which is significantly higher than CVD.TO's 6.66% return. Over the past 10 years, XSP.TO has outperformed CVD.TO with an annualized return of 13.14%, while CVD.TO has yielded a comparatively lower 4.67% annualized return.
XSP.TO
- 1D
- 0.34%
- 1M
- 0.15%
- 6M
- 8.50%
- YTD
- 9.73%
- 1Y
- 19.88%
- 3Y*
- 18.35%
- 5Y*
- 11.02%
- 10Y*
- 13.14%
CVD.TO
- 1D
- 1.26%
- 1M
- 2.13%
- 6M
- 4.49%
- YTD
- 6.66%
- 1Y
- 9.48%
- 3Y*
- 8.97%
- 5Y*
- 5.03%
- 10Y*
- 4.67%
XSP.TO vs. CVD.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 9.73% | 15.68% | 23.39% | 24.33% | -19.32% | 24.27% | 15.16% | 29.37% | -6.25% | 20.69% |
CVD.TO iShares Convertible Bond Index ETF | 6.66% | 7.09% | 12.68% | 3.64% | -4.63% | 5.33% | 3.67% | 10.28% | -2.68% | 4.06% |
Correlation
The correlation between XSP.TO and CVD.TO is 0.01, 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 | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jun 14, 2011 | 0.14 |
The correlation between XSP.TO and CVD.TO shifts across timeframes, from 0.01 (1 year) to 0.16 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XSP.TO vs. CVD.TO — Risk / Return Rank
XSP.TO
CVD.TO
XSP.TO vs. CVD.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) and iShares Convertible Bond Index ETF (CVD.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.
| XSP.TO | CVD.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.27 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.12 | 2.41 | -0.29 |
| Martin ratioReturn relative to average drawdown | 9.19 | 6.81 | +2.39 |
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Drawdowns
XSP.TO vs. CVD.TO - Drawdown Comparison
The maximum XSP.TO drawdown since its inception was -57.71%, which is greater than CVD.TO's maximum drawdown of -23.51%. Use the drawdown chart below to compare losses from any high point for XSP.TO and CVD.TO.
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Drawdown Indicators
| XSP.TO | CVD.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.71% | -23.51% | -34.20% |
Max Drawdown (1Y)Largest decline over 1 year | -9.41% | -3.95% | -5.46% |
Max Drawdown (3Y)Largest decline over 3 years | -18.77% | -11.46% | -7.31% |
Max Drawdown (5Y)Largest decline over 5 years | -27.51% | -14.62% | -12.89% |
Max Drawdown (10Y)Largest decline over 10 years | -36.05% | -23.51% | -12.54% |
Current DrawdownCurrent decline from peak | -0.65% | 0.00% | -0.65% |
Average DrawdownAverage peak-to-trough decline | -9.47% | -2.38% | -7.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.17% | 1.40% | +0.77% |
Volatility
XSP.TO vs. CVD.TO - Volatility Comparison
iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) has a higher volatility of 3.28% compared to iShares Convertible Bond Index ETF (CVD.TO) at 2.31%. This indicates that XSP.TO's price experiences larger fluctuations and is considered to be riskier than CVD.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XSP.TO | CVD.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.28% | 2.31% | +0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 9.96% | 4.63% | +5.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.44% | 7.34% | +5.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.90% | 9.43% | +7.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.20% | 9.51% | +8.69% |
XSP.TO vs. CVD.TO - Expense Ratio Comparison
XSP.TO has a 0.09% expense ratio, which is lower than CVD.TO's 0.49% expense ratio.
Dividends
XSP.TO vs. CVD.TO - Dividend Comparison
XSP.TO's dividend yield for the trailing twelve months is around 1.13%, less than CVD.TO's 4.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CVD.TO iShares Convertible Bond Index ETF | 4.83% | 4.91% | 5.14% | 5.33% | 5.05% | 4.61% | 4.48% | 4.52% | 4.97% | 4.65% | 4.51% | 4.94% |
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 1.13% | 1.23% | 1.09% | 1.18% | 1.37% | 1.01% | 1.31% | 1.73% | 1.86% | 1.45% | 1.76% | 1.88% |
Frequently Asked Questions
XSP.TO and CVD.TO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSP.TO is cheaper with a 0.09% expense ratio, compared with 0.49% for CVD.TO.
XSP.TO is categorized as S&P 500, while CVD.TO is High Yield Bonds. XSP.TO tracks S&P 500 Index, while CVD.TO tracks FTSE Canada Convertible Bond Index. Their fees differ too: 0.09% for XSP.TO and 0.49% for CVD.TO.
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