XTLH.TO vs. EEM

Last updated Jun 16, 2026

XTLH.TO (iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged)) and EEM (iShares MSCI Emerging Markets ETF) are both exchange-traded funds - XTLH.TO is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (CAD-Hedged), while EEM is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Index (Net). Both are passively managed. Over the past year, XTLH.TO returned 2.20% vs 56.53% for EEM. At a 0.13 correlation, their price movements are largely independent. XTLH.TO charges 0.18%/yr vs 0.72%/yr for EEM.

Performance

XTLH.TO vs. EEM - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) (XTLH.TO) and iShares MSCI Emerging Markets ETF (EEM). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XTLH.TO is traded in CAD, while EEM is traded in USD. To make them comparable, the EEM values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, XTLH.TO achieves a -0.61% return, which is significantly lower than EEM's 30.67% return.

XTLH.TO

• 1D: -0.03%
• 1M: 2.76%
• YTD: -0.61%
• 6M: -0.52%
• 1Y: 2.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EEM

• 1D: 3.22%
• 1M: 9.63%
• YTD: 30.67%
• 6M: 33.37%
• 1Y: 56.53%
• 3Y*: 24.62%
• 5Y*: 10.60%
• 10Y*: 11.02%

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

XTLH.TO vs. EEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XTLH.TO iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged)	-0.61%	2.61%	-9.55%	-1.06%
EEM iShares MSCI Emerging Markets ETF	30.67%	27.86%	15.51%	0.99%

Correlation

The correlation between XTLH.TO and EEM is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Dec 28, 2023	0.13

Return for Risk

XTLH.TO vs. EEM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XTLH.TO

XTLH.TO Risk / Return Rank: 12
XTLH.TO Sharpe Ratio Rank: 12
XTLH.TO Sortino Ratio Rank: 11
XTLH.TO Omega Ratio Rank: 11
XTLH.TO Calmar Ratio Rank: 12
XTLH.TO Martin Ratio Rank: 12

EEM

EEM Risk / Return Rank: 82
EEM Sharpe Ratio Rank: 84
EEM Sortino Ratio Rank: 78
EEM Omega Ratio Rank: 84
EEM Calmar Ratio Rank: 82
EEM Martin Ratio Rank: 81

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.

XTLH.TO vs. EEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) (XTLH.TO) and iShares MSCI Emerging Markets ETF (EEM). 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.

	XTLH.TO	EEM	Difference
Sharpe ratio: Return per unit of total volatility	0.23	2.59	-2.35
Sortino ratio: Return per unit of downside risk	0.40	3.28	-2.88
Omega ratio: Gain probability vs. loss probability	1.05	1.47	-0.43
Calmar ratio: Return relative to maximum drawdown	0.26	4.63	-4.37
Martin ratio: Return relative to average drawdown	0.63	16.10	-15.47

XTLH.TO vs. EEM - Sharpe Ratio Comparison

The current XTLH.TO Sharpe Ratio is 0.23, which is lower than the EEM Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of XTLH.TO and EEM, 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

XTLH.TO vs. EEM - Drawdown Comparison

The maximum XTLH.TO drawdown since its inception was -15.86%, smaller than the maximum EEM drawdown of -55.52%. Use the drawdown chart below to compare losses from any high point for XTLH.TO and EEM.

Drawdown Indicators

	XTLH.TO	EEM	Difference
Max Drawdown Largest peak-to-trough decline	-15.86%	-55.52%	+39.66%
Max Drawdown (1Y) Largest decline over 1 year	-8.37%	-12.26%	+3.89%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.82%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.79%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.39%	—
Current Drawdown Current decline from peak	-11.50%	-0.08%	-11.42%
Average Drawdown Average peak-to-trough decline	-9.14%	-12.02%	+2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	3.52%	-0.03%

Volatility

XTLH.TO vs. EEM - Volatility Comparison

The current volatility for iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) (XTLH.TO) is 3.04%, while iShares MSCI Emerging Markets ETF (EEM) has a volatility of 11.28%. This indicates that XTLH.TO experiences smaller price fluctuations and is considered to be less risky than EEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XTLH.TO	EEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	11.28%	-8.24%
Volatility (6M) Calculated over the trailing 6-month period	6.56%	19.84%	-13.28%
Volatility (1Y) Calculated over the trailing 1-year period	9.51%	22.01%	-12.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.41%	20.22%	-7.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.41%	21.72%	-9.31%

XTLH.TO vs. EEM - Expense Ratio Comparison

XTLH.TO has a 0.18% expense ratio, which is lower than EEM's 0.72% expense ratio.

Dividends

XTLH.TO vs. EEM - Dividend Comparison

XTLH.TO's dividend yield for the trailing twelve months is around 4.60%, more than EEM's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EEM iShares MSCI Emerging Markets ETF	2.24%	2.22%	2.43%	2.63%	2.50%	1.99%	1.45%	2.76%	2.24%	1.89%	1.89%	2.49%
XTLH.TO iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged)	4.60%	4.42%	4.32%	0.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XTLH.TO and EEM in my portfolio?

XTLH.TO and EEM have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XTLH.TO or EEM?

On fees, XTLH.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XTLH.TO or EEM?

XTLH.TO is cheaper with a 0.18% expense ratio, compared with 0.72% for EEM.

What is the main difference between XTLH.TO and EEM?

XTLH.TO is categorized as Government Bonds, while EEM is Emerging Markets Diversified. XTLH.TO tracks ICE U.S. Treasury 20+ Year Bond Index (CAD-Hedged), while EEM tracks MSCI Emerging Markets Index (Net). Their fees differ too: 0.18% for XTLH.TO and 0.72% for EEM.