CBIL.TO vs. TBIL.TO

Last updated Jun 25, 2026

CBIL.TO (Global X 0-3 Month T-Bill ETF) and TBIL.TO (Harvest Canadian T-Bill ETF) are both exchange-traded funds - CBIL.TO is a Canadian Government Bonds fund actively managed by Global X, while TBIL.TO is a Money Market fund actively managed by Harvest. Both are actively managed. At a 0.21 correlation, their price movements are largely independent. CBIL.TO charges 0.10%/yr vs 0.00%/yr for TBIL.TO.

Performance

CBIL.TO vs. TBIL.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 Harvest Canadian T-Bill ETF (TBIL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CBIL.TO

• 1D: 0.02%
• 1M: 0.20%
• YTD: 0.99%
• 6M: 1.06%
• 1Y: 2.34%
• 3Y*: 3.59%
• 5Y*: —
• 10Y*: —

TBIL.TO

• 1D: 0.01%
• 1M: 0.17%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)
CBIL.TO Global X 0-3 Month T-Bill ETF	0.93%
TBIL.TO Harvest Canadian T-Bill ETF	0.89%

Correlation

The correlation between CBIL.TO and TBIL.TO is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 20, 2026	0.21

Return for Risk

CBIL.TO vs. TBIL.TO — 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

TBIL.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. TBIL.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 Harvest Canadian T-Bill ETF (TBIL.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	TBIL.TO	Difference
Sharpe ratio: Return per unit of total volatility	9.27	—	—
Sortino ratio: Return per unit of downside risk	21.86	—	—
Omega ratio: Gain probability vs. loss probability	5.74	—	—
Calmar ratio: Return relative to maximum drawdown	58.67	—	—
Martin ratio: Return relative to average drawdown	328.45	—	—

Drawdowns

CBIL.TO vs. TBIL.TO - Drawdown Comparison

The maximum CBIL.TO drawdown since its inception was -0.06%, which is greater than TBIL.TO's maximum drawdown of -0.02%. Use the drawdown chart below to compare losses from any high point for CBIL.TO and TBIL.TO.

Drawdown Indicators

	CBIL.TO	TBIL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.06%	-0.02%	-0.04%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-0.06%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	—	—

Volatility

Volatility by Period

	CBIL.TO	TBIL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.19%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.25%	0.25%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.32%	0.25%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.32%	0.25%	+0.07%

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

CBIL.TO has a 0.10% expense ratio, which is higher than TBIL.TO's 0.00% 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. TBIL.TO - Dividend Comparison

CBIL.TO's dividend yield for the trailing twelve months is around 2.29%, more than TBIL.TO's 0.85% yield.

Position	TTM	2025	2024	2023
CBIL.TO Global X 0-3 Month T-Bill ETF	2.29%	2.58%	4.38%	3.39%
TBIL.TO Harvest Canadian T-Bill ETF	0.85%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

CBIL.TO and TBIL.TO have a correlation of 0.21, 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 TBIL.TO?

On fees, TBIL.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

TBIL.TO is cheaper with a 0.00% expense ratio, compared with 0.10% for CBIL.TO.

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

CBIL.TO is categorized as Canadian Government Bonds, while TBIL.TO is Money Market. They also come from different issuers: Global X and Harvest. Their fees differ too: 0.10% for CBIL.TO and 0.00% for TBIL.TO.