CBIL.TO vs. CCBI.TO

Last updated Aug 4, 2026

CBIL.TO (Global X 0-3 Month T-Bill ETF) and CCBI.TO (CIBC Canadian Bond Index ETF) are both exchange-traded funds - CBIL.TO is a Canadian Government Bonds fund actively managed by Global X, while CCBI.TO is a Total Bond Market fund tracking the FTSE Canada Universe Bond Index. CBIL.TO is actively managed, while CCBI.TO is passively managed. Over the past 3 years, CBIL.TO returned 3.51%/yr vs 4.22%/yr for CCBI.TO. Their 0.05 correlation means their historical movements had little consistent relationship. CBIL.TO charges 0.10%/yr vs 0.07%/yr for CCBI.TO.

Performance

CBIL.TO vs. CCBI.TO - 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 CIBC Canadian Bond Index ETF (CCBI.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBIL.TO achieves a 1.23% return, which is significantly higher than CCBI.TO's 0.72% return.

CBIL.TO

• 1D: 0.02%
• 1M: 0.17%
• 6M: 1.08%
• YTD: 1.23%
• 1Y: 2.28%
• 3Y*: 3.51%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.56%

CCBI.TO

• 1D: -0.39%
• 1M: -1.26%
• 6M: 0.01%
• YTD: 0.72%
• 1Y: 2.31%
• 3Y*: 4.22%
• 5Y*: 0.23%
• 10Y*: —
• ALL TIME*: 0.72%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CBIL.TO Global X 0-3 Month T-Bill ETF	CA$7.57M	CA$6.88M	CA$7.20M
CCBI.TO CIBC Canadian Bond Index ETF	CA$238.27K	CA$302.42K	CA$297.80K

CBIL.TO vs. CCBI.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CBIL.TO Global X 0-3 Month T-Bill ETF	1.23%	2.68%	4.47%	3.36%
CCBI.TO CIBC Canadian Bond Index ETF	0.72%	2.17%	4.26%	2.71%

Correlation

The correlation between CBIL.TO and CCBI.TO is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.06
Correlation (3Y) Balances recent behavior with more history.	0.03
Correlation (All Time) Calculated using the full available price history since Apr 14, 2023	0.05

Return for Risk

CBIL.TO vs. CCBI.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 100
CBIL.TO Martin Ratio Rank: 100

CCBI.TO

CCBI.TO Risk / Return Rank: 27
CCBI.TO Sharpe Ratio Rank: 27
CCBI.TO Sortino Ratio Rank: 25
CCBI.TO Omega Ratio Rank: 26
CCBI.TO Calmar Ratio Rank: 30
CCBI.TO Martin Ratio Rank: 28

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

CBIL.TO vs. CCBI.TO - 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 CIBC Canadian Bond Index ETF (CCBI.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.

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	CCBI.TO	Difference
Sharpe ratio: Return per unit of total volatility	8.86	0.66	+8.21
Sortino ratio: Return per unit of downside risk	20.42	0.97	+19.46
Omega ratio: Gain probability vs. loss probability	5.15	1.13	+4.02
Calmar ratio: Return relative to maximum drawdown	57.64	1.02	+56.62
Martin ratio: Return relative to average drawdown	308.61	2.49	+306.12

CBIL.TO vs. CCBI.TO - Sharpe Ratio Comparison

The current CBIL.TO Sharpe Ratio is 8.86, which is higher than the CCBI.TO Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of CBIL.TO and CCBI.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.

Drawdowns

CBIL.TO vs. CCBI.TO - Drawdown Comparison

The maximum CBIL.TO drawdown since its inception was -0.06%, smaller than the maximum CCBI.TO drawdown of -17.72%. Use the drawdown chart below to compare losses from any high point for CBIL.TO and CCBI.TO.

Drawdown Indicators

	CBIL.TO	CCBI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.06%	-17.72%	+17.66%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-2.72%	+2.68%
Max Drawdown (3Y) Largest decline over 3 years	-0.06%	-4.04%	+3.98%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.08%	—
Current Drawdown Current decline from peak	0.00%	-2.75%	+2.75%
Average Drawdown Average peak-to-trough decline	0.00%	-7.88%	+7.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	1.12%	-1.11%

Volatility

CBIL.TO vs. CCBI.TO - Volatility Comparison

The current volatility for Global X 0-3 Month T-Bill ETF (CBIL.TO) is 0.07%, while CIBC Canadian Bond Index ETF (CCBI.TO) has a volatility of 1.35%. This indicates that CBIL.TO experiences smaller price fluctuations and is considered to be less risky than CCBI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBIL.TO	CCBI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	1.35%	-1.28%
Volatility (6M) Calculated over the trailing 6-month period	0.18%	3.42%	-3.24%
Volatility (1Y) Calculated over the trailing 1-year period	0.26%	4.26%	-4.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.31%	6.60%	-6.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.31%	6.96%	-6.65%

CBIL.TO vs. CCBI.TO - Expense Ratio Comparison

CBIL.TO has a 0.10% expense ratio, which is higher than CCBI.TO's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CBIL.TO vs. CCBI.TO - Dividend Comparison

CBIL.TO's dividend yield for the trailing twelve months is around 2.25%, less than CCBI.TO's 3.39% yield.

Position	TTM	2025	2024	2023	2022	2021
CBIL.TO Global X 0-3 Month T-Bill ETF	2.25%	2.58%	4.38%	3.39%	0.00%	0.00%
CCBI.TO CIBC Canadian Bond Index ETF	3.39%	3.22%	2.85%	2.78%	2.60%	1.78%

Frequently Asked Questions

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

CBIL.TO and CCBI.TO have a correlation of 0.06, 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 CCBI.TO?

On fees, CCBI.TO is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBIL.TO or CCBI.TO?

CCBI.TO is cheaper with a 0.07% expense ratio, compared with 0.10% for CBIL.TO.

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

CBIL.TO is categorized as Canadian Government Bonds, while CCBI.TO is Total Bond Market. They also come from different issuers: Global X and CIBC. Their fees differ too: 0.10% for CBIL.TO and 0.07% for CCBI.TO.