CBIL.TO vs. TPRF.TO
CBIL.TO (Global X 0-3 Month T-Bill ETF) and TPRF.TO (TD Active Preferred Share ETF) are both exchange-traded funds - CBIL.TO is a Canadian Government Bonds fund actively managed by Global X, while TPRF.TO is a Preferred Stock/Convertible Bonds fund actively managed by TD. Both are actively managed. Over the past 3 years, CBIL.TO returned 3.54%/yr vs 20.07%/yr for TPRF.TO. At a 0.01 correlation, their price movements are largely independent. CBIL.TO charges 0.10%/yr vs 0.50%/yr for TPRF.TO.
Performance
CBIL.TO vs. TPRF.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CBIL.TO achieves a 1.10% return, which is significantly lower than TPRF.TO's 6.87% return.
CBIL.TO
- 1D
- 0.02%
- 1M
- 0.16%
- 6M
- 1.08%
- YTD
- 1.10%
- 1Y
- 2.31%
- 3Y*
- 3.54%
- 5Y*
- —
- 10Y*
- —
TPRF.TO
- 1D
- 0.08%
- 1M
- 1.94%
- 6M
- 6.27%
- YTD
- 6.87%
- 1Y
- 15.19%
- 3Y*
- 20.07%
- 5Y*
- 8.90%
- 10Y*
- —
CBIL.TO vs. TPRF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CBIL.TO Global X 0-3 Month T-Bill ETF | 1.10% | 2.68% | 4.47% | 3.36% |
TPRF.TO TD Active Preferred Share ETF | 6.87% | 18.21% | 28.67% | 3.90% |
Correlation
The correlation between CBIL.TO and TPRF.TO 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 | 0.00 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2023 | 0.01 |
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Return for Risk
CBIL.TO vs. TPRF.TO — Risk / Return Rank
CBIL.TO
TPRF.TO
CBIL.TO vs. TPRF.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 TD Active Preferred Share ETF (TPRF.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 | TPRF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.23 | ||
| Sortino ratioReturn per unit of downside risk | +15.48 | ||
| Omega ratioGain probability vs. loss probability | 5.33 | 1.80 | +3.53 |
| Calmar ratioReturn relative to maximum drawdown | 58.06 | 6.13 | +51.93 |
| Martin ratioReturn relative to average drawdown | 315.36 | 33.09 | +282.27 |
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Drawdowns
CBIL.TO vs. TPRF.TO - Drawdown Comparison
The maximum CBIL.TO drawdown since its inception was -0.06%, smaller than the maximum TPRF.TO drawdown of -44.80%. Use the drawdown chart below to compare losses from any high point for CBIL.TO and TPRF.TO.
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Drawdown Indicators
| CBIL.TO | TPRF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.06% | -44.80% | +44.74% |
Max Drawdown (1Y)Largest decline over 1 year | -0.04% | -2.49% | +2.45% |
Max Drawdown (3Y)Largest decline over 3 years | -0.06% | -8.39% | +8.33% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.90% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -7.53% | +7.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.46% | -0.45% |
Volatility
CBIL.TO vs. TPRF.TO - Volatility Comparison
The current volatility for Global X 0-3 Month T-Bill ETF (CBIL.TO) is 0.07%, while TD Active Preferred Share ETF (TPRF.TO) has a volatility of 0.89%. This indicates that CBIL.TO experiences smaller price fluctuations and is considered to be less risky than TPRF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBIL.TO | TPRF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 0.89% | -0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 0.18% | 2.63% | -2.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.26% | 4.10% | -3.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.32% | 9.64% | -9.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.32% | 15.25% | -14.93% |
CBIL.TO vs. TPRF.TO - Expense Ratio Comparison
CBIL.TO has a 0.10% expense ratio, which is lower than TPRF.TO's 0.50% expense ratio.
Dividends
CBIL.TO vs. TPRF.TO - Dividend Comparison
CBIL.TO's dividend yield for the trailing twelve months is around 2.25%, less than TPRF.TO's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CBIL.TO Global X 0-3 Month T-Bill ETF | 2.25% | 2.58% | 4.38% | 3.39% | 0.00% | 0.00% | 0.00% | 0.00% |
TPRF.TO TD Active Preferred Share ETF | 4.50% | 4.36% | 4.56% | 5.74% | 4.99% | 4.04% | 5.09% | 5.05% |
Frequently Asked Questions
CBIL.TO and TPRF.TO 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.
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.
CBIL.TO is cheaper with a 0.10% expense ratio, compared with 0.50% for TPRF.TO.
CBIL.TO is categorized as Canadian Government Bonds, while TPRF.TO is Preferred Stock/Convertible Bonds. They also come from different issuers: Global X and TD. Their fees differ too: 0.10% for CBIL.TO and 0.50% for TPRF.TO.
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