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XTLH.TO vs. XEB.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XTLH.TO vs. XEB.TO

Last updated Jun 4, 2026

XTLH.TO (iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged)) and XEB.TO (iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)) 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 XEB.TO is a Emerging Markets Bonds fund tracking the J.P. Morgan EMBI Global Core Hedged in CAD Index. Both are passively managed. Over the past 3 years, XTLH.TO returned -3.65%/yr vs 7.29%/yr for XEB.TO. A 0.62 correlation means they provide meaningful diversification when combined. XTLH.TO charges 0.18%/yr vs 0.53%/yr for XEB.TO.

Performance

XTLH.TO vs. XEB.TO - 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 J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) (XEB.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, XTLH.TO achieves a -1.03% return, which is significantly lower than XEB.TO's 0.59% return.

XTLH.TO

1D
-0.42%
1M
0.65%
YTD
-1.03%
6M
-2.78%
1Y
3.13%
3Y*
-3.65%
5Y*
—
10Y*
—

XEB.TO

1D
-0.09%
1M
1.14%
YTD
0.59%
6M
0.66%
1Y
8.65%
3Y*
7.29%
5Y*
-0.08%
10Y*
1.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XTLH.TO vs. XEB.TO - Yearly Performance Comparison

2026 (YTD)202520242023
XTLH.TO
iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged)		-1.03%2.61%-9.55%1.56%
XEB.TO
iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)		0.59%11.14%3.46%8.80%

Correlation

The correlation between XTLH.TO and XEB.TO is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.54

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

0.64

Correlation (All Time)
Calculated using the full available price history since Mar 3, 2023

0.62

The correlation between XTLH.TO and XEB.TO shifts across timeframes, from 0.54 (1 year) to 0.64 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged)

iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)

Often compared with XTLH.TO:
XTLH.TO vs. XTLT.TOXTLH.TO vs. TLTXTLH.TO vs. TLHXTLH.TO vs. XIG.TOXTLH.TO vs. VSBSXXTLH.TO vs. TSLAXTLH.TO vs. XBB.TO
Often compared with XEB.TO:
XEB.TO vs. TDB.TOXEB.TO vs. XCB.TOXEB.TO vs. XLB.TOXEB.TO vs. ZAG.TOXEB.TO vs. VBG.NEOXEB.TO vs. XIC.TOXEB.TO vs. XUS.TO

Return for Risk

XTLH.TO vs. XEB.TO — 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: 1313
Overall Rank
XTLH.TO Sharpe Ratio Rank: 1313
Sharpe Ratio Rank
XTLH.TO Sortino Ratio Rank: 1212
Sortino Ratio Rank
XTLH.TO Omega Ratio Rank: 1212
Omega Ratio Rank
XTLH.TO Calmar Ratio Rank: 1313
Calmar Ratio Rank
XTLH.TO Martin Ratio Rank: 1313
Martin Ratio Rank
XEB.TO
XEB.TO Risk / Return Rank: 4040
Overall Rank
XEB.TO Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
XEB.TO Sortino Ratio Rank: 4141
Sortino Ratio Rank
XEB.TO Omega Ratio Rank: 4343
Omega Ratio Rank
XEB.TO Calmar Ratio Rank: 3636
Calmar Ratio Rank
XEB.TO Martin Ratio Rank: 4242
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.

XTLH.TO vs. XEB.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 iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) (XEB.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.TOXEB.TODifference
Sharpe ratioReturn per unit of total volatility
0.32
1.41

-1.09

Sortino ratioReturn per unit of downside risk
0.53
2.07

-1.54

Omega ratioGain probability vs. loss probability

1.06

1.27

-0.21

Calmar ratioReturn relative to maximum drawdown

0.38

1.76

-1.38

Martin ratioReturn relative to average drawdown

0.94

6.84

-5.91

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

XTLH.TO vs. XEB.TO - Sharpe Ratio Comparison

The current XTLH.TO Sharpe Ratio is 0.32, which is lower than the XEB.TO Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of XTLH.TO and XEB.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

XTLH.TOXEB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.32

1.41

-1.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

-0.01

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.14

—

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.15

0.30

-0.45

Drawdowns

XTLH.TO vs. XEB.TO - Drawdown Comparison

The maximum XTLH.TO drawdown since its inception was -22.72%, smaller than the maximum XEB.TO drawdown of -29.53%. Use the drawdown chart below to compare losses from any high point for XTLH.TO and XEB.TO.

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Drawdown Indicators

XTLH.TOXEB.TODifference

Max Drawdown

Largest peak-to-trough decline

-22.72%

-29.53%

+6.81%

Max Drawdown (1Y)

Largest decline over 1 year

-8.37%

-4.94%

-3.43%

Max Drawdown (3Y)

Largest decline over 3 years

-19.47%

-8.26%

-11.21%

Max Drawdown (5Y)

Largest decline over 5 years

—

-29.47%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-29.53%

—

Current Drawdown

Current decline from peak

-14.80%

-2.44%

-12.36%

Average Drawdown

Average peak-to-trough decline

-12.15%

-6.46%

-5.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.36%

1.27%

+2.09%

Volatility

XTLH.TO vs. XEB.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 iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) (XEB.TO) at 2.52%. This indicates that XTLH.TO's price experiences larger fluctuations and is considered to be riskier than XEB.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.TOXEB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.98%

2.52%

+0.46%

Volatility (6M)

Calculated over the trailing 6-month period

6.42%

4.90%

+1.52%

Volatility (1Y)

Calculated over the trailing 1-year period

9.72%

6.18%

+3.54%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.16%

9.52%

+4.64%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.16%

10.21%

+3.95%

XTLH.TO vs. XEB.TO - Expense Ratio Comparison

XTLH.TO has a 0.18% expense ratio, which is lower than XEB.TO's 0.53% expense ratio.

Dividends

XTLH.TO vs. XEB.TO - Dividend Comparison

XTLH.TO's dividend yield for the trailing twelve months is around 4.62%, less than XEB.TO's 4.98% yield.

PositionTTM20252024202320222021202020192018201720162015
XEB.TO
iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)		4.98%4.98%4.68%4.00%4.26%3.23%3.45%3.65%4.95%3.81%4.31%4.60%
XTLH.TO
iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged)		4.62%4.42%4.32%2.67%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XTLH.TO and XEB.TO have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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 0.53% for XEB.TO.

XTLH.TO is categorized as Government Bonds, while XEB.TO is Emerging Markets Bonds. XTLH.TO tracks ICE U.S. Treasury 20+ Year Bond Index (CAD-Hedged), while XEB.TO tracks J.P. Morgan EMBI Global Core Hedged in CAD Index. Their fees differ too: 0.18% for XTLH.TO and 0.53% for XEB.TO.

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