CBIL.TO vs. AVEM

Last updated Jun 13, 2026

CBIL.TO (Global X 0-3 Month T-Bill ETF) and AVEM (Avantis Emerging Markets Equity ETF) are both exchange-traded funds - CBIL.TO is a Canadian Government Bonds fund actively managed by Global X, while AVEM is a Emerging Markets Equities fund actively managed by Avantis. Both are actively managed. Over the past 3 years, CBIL.TO returned 3.62%/yr vs 25.90%/yr for AVEM. At a 0.01 correlation, their price movements are largely independent. CBIL.TO charges 0.10%/yr vs 0.33%/yr for AVEM.

Performance

CBIL.TO vs. AVEM - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X 0-3 Month T-Bill ETF (CBIL.TO) and Avantis Emerging Markets Equity ETF (AVEM). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, CBIL.TO achieves a 0.93% return, which is significantly lower than AVEM's 27.62% return.

CBIL.TO

• 1D: 0.02%
• 1M: 0.20%
• YTD: 0.93%
• 6M: 1.08%
• 1Y: 2.34%
• 3Y*: 3.62%
• 5Y*: —
• 10Y*: —

AVEM

• 1D: 0.60%
• 1M: 3.28%
• YTD: 27.62%
• 6M: 29.69%
• 1Y: 51.25%
• 3Y*: 25.90%
• 5Y*: 12.87%
• 10Y*: —

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

CBIL.TO vs. AVEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CBIL.TO Global X 0-3 Month T-Bill ETF	0.93%	2.68%	4.47%	3.36%
AVEM Avantis Emerging Markets Equity ETF	27.62%	28.35%	16.60%	6.35%

Correlation

The correlation between CBIL.TO and AVEM is -0.05, 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	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Apr 14, 2023	0.01

Return for Risk

CBIL.TO vs. AVEM — Risk / Return Rank

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

CBIL.TO

CBIL.TO Risk / Return Rank: 99
CBIL.TO Sharpe Ratio Rank: 99
CBIL.TO Sortino Ratio Rank: 99
CBIL.TO Omega Ratio Rank: 99
CBIL.TO Calmar Ratio Rank: 99
CBIL.TO Martin Ratio Rank: 99

AVEM

AVEM Risk / Return Rank: 77
AVEM Sharpe Ratio Rank: 78
AVEM Sortino Ratio Rank: 72
AVEM Omega Ratio Rank: 79
AVEM Calmar Ratio Rank: 77
AVEM Martin Ratio Rank: 79

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.

CBIL.TO vs. AVEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X 0-3 Month T-Bill ETF (CBIL.TO) and Avantis Emerging Markets Equity ETF (AVEM). 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.

	CBIL.TO	AVEM	Difference
Sharpe ratio: Return per unit of total volatility	9.29	2.28	+7.01
Sortino ratio: Return per unit of downside risk	21.67	2.96	+18.72
Omega ratio: Gain probability vs. loss probability	5.59	1.42	+4.17
Calmar ratio: Return relative to maximum drawdown	59.18	4.10	+55.08
Martin ratio: Return relative to average drawdown	326.28	14.59	+311.70

CBIL.TO vs. AVEM - Sharpe Ratio Comparison

The current CBIL.TO Sharpe Ratio is 9.29, which is higher than the AVEM Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of CBIL.TO and AVEM, 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

CBIL.TO vs. AVEM - Drawdown Comparison

The maximum CBIL.TO drawdown since its inception was -0.06%, smaller than the maximum AVEM drawdown of -29.16%. Use the drawdown chart below to compare losses from any high point for CBIL.TO and AVEM.

Drawdown Indicators

	CBIL.TO	AVEM	Difference
Max Drawdown Largest peak-to-trough decline	-0.06%	-29.16%	+29.10%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-11.87%	+11.83%
Max Drawdown (3Y) Largest decline over 3 years	-0.06%	-15.70%	+15.64%
Max Drawdown (5Y) Largest decline over 5 years	—	-26.88%	—
Current Drawdown Current decline from peak	0.00%	-2.40%	+2.40%
Average Drawdown Average peak-to-trough decline	-0.00%	-7.58%	+7.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	3.34%	-3.33%

Volatility

CBIL.TO vs. AVEM - Volatility Comparison

The current volatility for Global X 0-3 Month T-Bill ETF (CBIL.TO) is 0.06%, while Avantis Emerging Markets Equity ETF (AVEM) has a volatility of 10.99%. This indicates that CBIL.TO experiences smaller price fluctuations and is considered to be less risky than AVEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBIL.TO	AVEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	10.99%	-10.93%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	19.04%	-18.85%
Volatility (1Y) Calculated over the trailing 1-year period	0.25%	21.39%	-21.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	19.66%	-19.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	21.78%	-21.46%

CBIL.TO vs. AVEM - Expense Ratio Comparison

CBIL.TO has a 0.10% expense ratio, which is lower than AVEM's 0.33% expense ratio.

Dividends

CBIL.TO vs. AVEM - Dividend Comparison

CBIL.TO's dividend yield for the trailing twelve months is around 2.29%, less than AVEM's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AVEM Avantis Emerging Markets Equity ETF	2.59%	2.45%	3.17%	3.06%	2.77%	2.61%	1.60%	0.35%
CBIL.TO Global X 0-3 Month T-Bill ETF	2.29%	2.58%	4.38%	3.39%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CBIL.TO and AVEM in my portfolio?

CBIL.TO and AVEM have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBIL.TO or AVEM?

On fees, CBIL.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBIL.TO or AVEM?

CBIL.TO is cheaper with a 0.10% expense ratio, compared with 0.33% for AVEM.

What is the main difference between CBIL.TO and AVEM?

CBIL.TO is categorized as Canadian Government Bonds, while AVEM is Emerging Markets Equities. They also come from different issuers: Global X and Avantis. Their fees differ too: 0.10% for CBIL.TO and 0.33% for AVEM.