XSP.TO vs. XSB.TO
XSP.TO (iShares Core S&P 500 Index ETF (CAD-Hedged)) and XSB.TO (iShares Core Canadian Short Term Bond Index ETF) are both exchange-traded funds - XSP.TO is a S&P 500 fund tracking the S&P 500 Index, while XSB.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, XSP.TO returned 13.25%/yr vs 1.93%/yr for XSB.TO. At a correlation of -0.13, they often move in opposite directions. XSP.TO charges 0.09%/yr vs 0.10%/yr for XSB.TO.
Performance
XSP.TO vs. XSB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XSP.TO achieves a 7.46% return, which is significantly higher than XSB.TO's 0.80% return. Over the past 10 years, XSP.TO has outperformed XSB.TO with an annualized return of 13.25%, while XSB.TO has yielded a comparatively lower 1.93% annualized return.
XSP.TO
- 1D
- 0.25%
- 1M
- 0.19%
- YTD
- 7.46%
- 6M
- 7.38%
- 1Y
- 22.08%
- 3Y*
- 19.32%
- 5Y*
- 11.15%
- 10Y*
- 13.25%
XSB.TO
- 1D
- 0.00%
- 1M
- 0.22%
- YTD
- 0.80%
- 6M
- 1.10%
- 1Y
- 2.95%
- 3Y*
- 4.78%
- 5Y*
- 1.98%
- 10Y*
- 1.93%
XSP.TO vs. XSB.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) | 7.46% | 15.68% | 23.39% | 24.33% | -19.32% | 24.27% | 15.16% | 29.37% | -6.25% | 20.69% |
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 0.80% | 3.70% | 5.87% | 4.67% | -4.04% | -1.11% | 5.20% | 3.20% | 1.60% | 0.13% |
Correlation
The correlation between XSP.TO and XSB.TO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jul 7, 2006 | -0.13 |
The correlation between XSP.TO and XSB.TO shifts across timeframes, from -0.13 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XSP.TO vs. XSB.TO — Risk / Return Rank
XSP.TO
XSB.TO
XSP.TO vs. XSB.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 Core Canadian Short Term Bond Index ETF (XSB.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.
| XSP.TO | XSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.29 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 2.01 | +0.35 |
| Martin ratioReturn relative to average drawdown | 10.81 | 6.68 | +4.13 |
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
| XSP.TO | XSB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.85 | 1.49 | +0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | 0.73 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.73 | 0.57 | +0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 0.97 | -0.48 |
Drawdowns
XSP.TO vs. XSB.TO - Drawdown Comparison
The maximum XSP.TO drawdown since its inception was -57.71%, which is greater than XSB.TO's maximum drawdown of -8.65%. Use the drawdown chart below to compare losses from any high point for XSP.TO and XSB.TO.
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Drawdown Indicators
| XSP.TO | XSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.71% | -8.65% | -49.06% |
Max Drawdown (1Y)Largest decline over 1 year | -9.41% | -1.47% | -7.94% |
Max Drawdown (3Y)Largest decline over 3 years | -18.77% | -1.47% | -17.30% |
Max Drawdown (5Y)Largest decline over 5 years | -27.51% | -6.99% | -20.52% |
Max Drawdown (10Y)Largest decline over 10 years | -36.05% | -8.65% | -27.40% |
Current DrawdownCurrent decline from peak | -2.71% | -0.34% | -2.37% |
Average DrawdownAverage peak-to-trough decline | -9.46% | -0.79% | -8.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.05% | 0.44% | +1.61% |
Volatility
XSP.TO vs. XSB.TO - Volatility Comparison
iShares Core S&P 500 Index ETF (CAD-Hedged) (XSP.TO) has a higher volatility of 4.07% compared to iShares Core Canadian Short Term Bond Index ETF (XSB.TO) at 0.75%. This indicates that XSP.TO's price experiences larger fluctuations and is considered to be riskier than XSB.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 | XSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.07% | 0.75% | +3.32% |
Volatility (6M)Calculated over the trailing 6-month period | 9.40% | 1.68% | +7.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.04% | 1.99% | +10.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.85% | 2.72% | +14.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.24% | 3.40% | +14.84% |
XSP.TO vs. XSB.TO - Expense Ratio Comparison
XSP.TO has a 0.09% expense ratio, which is lower than XSB.TO's 0.10% 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
XSP.TO vs. XSB.TO - Dividend Comparison
XSP.TO's dividend yield for the trailing twelve months is around 1.14%, less than XSB.TO's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 3.11% | 3.15% | 3.05% | 2.67% | 2.28% | 2.05% | 2.21% | 2.39% | 2.39% | 2.36% | 2.36% | 2.50% |
XSP.TO iShares Core S&P 500 Index ETF (CAD-Hedged) | 1.14% | 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 XSB.TO have a correlation of 0.30, 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 0.10% for XSB.TO.
XSP.TO is categorized as S&P 500, while XSB.TO is Canadian Government Bonds. XSP.TO tracks S&P 500 Index, while XSB.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. Their fees differ too: 0.09% for XSP.TO and 0.10% for XSB.TO.
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