XTLH.TO vs. HBND.TO
XTLH.TO (iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged)) and HBND.TO ( Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)) are both Government Bonds funds. XTLH.TO is passively managed, while HBND.TO is actively managed. Over the past year, XTLH.TO returned 3.13% vs 4.89% for HBND.TO. With a 0.95 correlation, they move nearly in lockstep. XTLH.TO charges 0.18%/yr vs 0.45%/yr for HBND.TO.
Performance
XTLH.TO vs. HBND.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XTLH.TO achieves a -1.03% return, which is significantly lower than HBND.TO's -0.30% return.
XTLH.TO
- 1D
- -0.42%
- 1M
- 0.65%
- YTD
- -1.03%
- 6M
- -2.78%
- 1Y
- 3.13%
- 3Y*
- -3.65%
- 5Y*
- —
- 10Y*
- —
HBND.TO
- 1D
- -0.45%
- 1M
- 0.70%
- YTD
- -0.30%
- 6M
- -1.71%
- 1Y
- 4.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XTLH.TO vs. HBND.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XTLH.TO iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) | -1.03% | 2.61% | -9.55% | 7.11% |
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) | -0.30% | 4.05% | -7.02% | 4.80% |
Correlation
The correlation between XTLH.TO and HBND.TO is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2023 | 0.95 |
The correlation between XTLH.TO and HBND.TO has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.
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Return for Risk
XTLH.TO vs. HBND.TO — Risk / Return Rank
XTLH.TO
HBND.TO
XTLH.TO vs. HBND.TO - 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 Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.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.
| XTLH.TO | HBND.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.10 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.38 | 0.73 | -0.35 |
| Martin ratioReturn relative to average drawdown | 0.94 | 1.89 | -0.96 |
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
| XTLH.TO | HBND.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.32 | 0.56 | -0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.15 | 0.04 | -0.19 |
Drawdowns
XTLH.TO vs. HBND.TO - Drawdown Comparison
The maximum XTLH.TO drawdown since its inception was -22.72%, which is greater than HBND.TO's maximum drawdown of -13.65%. Use the drawdown chart below to compare losses from any high point for XTLH.TO and HBND.TO.
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Drawdown Indicators
| XTLH.TO | HBND.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.72% | -13.65% | -9.07% |
Max Drawdown (1Y)Largest decline over 1 year | -8.37% | -6.76% | -1.61% |
Max Drawdown (3Y)Largest decline over 3 years | -19.47% | — | — |
Current DrawdownCurrent decline from peak | -14.80% | -8.01% | -6.79% |
Average DrawdownAverage peak-to-trough decline | -12.15% | -6.50% | -5.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.36% | 2.59% | +0.77% |
Volatility
XTLH.TO vs. HBND.TO - Volatility Comparison
iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) (XTLH.TO) has a higher volatility of 2.98% compared to Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) at 2.74%. This indicates that XTLH.TO's price experiences larger fluctuations and is considered to be riskier than HBND.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XTLH.TO | HBND.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.98% | 2.74% | +0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 6.42% | 5.72% | +0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.72% | 8.70% | +1.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.16% | 11.34% | +2.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.16% | 11.34% | +2.82% |
XTLH.TO vs. HBND.TO - Expense Ratio Comparison
XTLH.TO has a 0.18% expense ratio, which is lower than HBND.TO's 0.45% expense ratio.
Dividends
XTLH.TO vs. HBND.TO - Dividend Comparison
XTLH.TO's dividend yield for the trailing twelve months is around 4.62%, less than HBND.TO's 11.34% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) | 11.34% | 11.84% | 11.51% | 2.41% |
XTLH.TO iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) | 4.62% | 4.42% | 4.32% | 2.67% |
Frequently Asked Questions
With a correlation of 0.95, XTLH.TO and HBND.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
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.
XTLH.TO is cheaper with a 0.18% expense ratio, compared with 0.45% for HBND.TO.
They also come from different issuers: iShares and Hamilton Capital. Their fees differ too: 0.18% for XTLH.TO and 0.45% for HBND.TO.
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