CBIL.TO vs. XFR.TO
CBIL.TO (Global X 0-3 Month T-Bill ETF) and XFR.TO (iShares Floating Rate Index ETF) are both Canadian Government Bonds funds. CBIL.TO is actively managed, while XFR.TO is passively managed. Over the past 3 years, CBIL.TO returned 3.63%/yr vs 3.98%/yr for XFR.TO. At a 0.09 correlation, their price movements are largely independent. CBIL.TO charges 0.10%/yr vs 0.14%/yr for XFR.TO.
Performance
CBIL.TO vs. XFR.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CBIL.TO achieves a 0.85% return, which is significantly lower than XFR.TO's 1.00% return.
CBIL.TO
- 1D
- 0.02%
- 1M
- 0.20%
- YTD
- 0.85%
- 6M
- 1.08%
- 1Y
- 2.34%
- 3Y*
- 3.63%
- 5Y*
- —
- 10Y*
- —
XFR.TO
- 1D
- -0.05%
- 1M
- 0.21%
- YTD
- 1.00%
- 6M
- 1.33%
- 1Y
- 2.96%
- 3Y*
- 3.98%
- 5Y*
- 3.20%
- 10Y*
- 2.24%
CBIL.TO vs. XFR.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CBIL.TO Global X 0-3 Month T-Bill ETF | 0.85% | 2.68% | 4.47% | 3.36% |
XFR.TO iShares Floating Rate Index ETF | 1.00% | 3.33% | 4.57% | 3.62% |
Correlation
The correlation between CBIL.TO and XFR.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 | 0.09 |
Correlation (All Time) Calculated using the full available price history since Apr 17, 2023 | 0.09 |
The correlation between CBIL.TO and XFR.TO shifts across timeframes, from -0.05 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CBIL.TO vs. XFR.TO — Risk / Return Rank
CBIL.TO
XFR.TO
CBIL.TO vs. XFR.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 iShares Floating Rate Index ETF (XFR.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.
| CBIL.TO | XFR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.35 | ||
| Sortino ratioReturn per unit of downside risk | +16.61 | ||
| Omega ratioGain probability vs. loss probability | 5.38 | 1.96 | +3.42 |
| Calmar ratioReturn relative to maximum drawdown | 58.74 | 29.79 | +28.94 |
| Martin ratioReturn relative to average drawdown | 339.60 | 88.61 | +250.99 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CBIL.TO | XFR.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 9.47 | 4.12 | +5.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 3.92 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.22 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 11.64 | 1.19 | +10.45 |
Drawdowns
CBIL.TO vs. XFR.TO - Drawdown Comparison
The maximum CBIL.TO drawdown since its inception was -0.06%, smaller than the maximum XFR.TO drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for CBIL.TO and XFR.TO.
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Drawdown Indicators
| CBIL.TO | XFR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.06% | -4.12% | +4.06% |
Max Drawdown (1Y)Largest decline over 1 year | -0.04% | -0.10% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -0.06% | -0.30% | +0.24% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -4.12% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.05% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -0.06% | +0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.03% | -0.02% |
Volatility
CBIL.TO vs. XFR.TO - Volatility Comparison
The current volatility for Global X 0-3 Month T-Bill ETF (CBIL.TO) is 0.08%, while iShares Floating Rate Index ETF (XFR.TO) has a volatility of 0.18%. This indicates that CBIL.TO experiences smaller price fluctuations and is considered to be less risky than XFR.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 | XFR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 0.18% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 0.19% | 0.48% | -0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.25% | 0.72% | -0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.31% | 0.82% | -0.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.31% | 1.85% | -1.54% |
CBIL.TO vs. XFR.TO - Expense Ratio Comparison
CBIL.TO has a 0.10% expense ratio, which is lower than XFR.TO's 0.14% expense ratio. Despite the difference, 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. XFR.TO - Dividend Comparison
CBIL.TO's dividend yield for the trailing twelve months is around 2.29%, less than XFR.TO's 2.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBIL.TO Global X 0-3 Month T-Bill ETF | 2.29% | 2.59% | 4.38% | 3.39% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
XFR.TO iShares Floating Rate Index ETF | 2.77% | 3.23% | 4.93% | 4.91% | 1.85% | 0.30% | 1.07% | 1.96% | 1.60% | 0.95% | 0.77% | 0.94% |
Frequently Asked Questions
CBIL.TO and XFR.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 0.14% for XFR.TO.
They also come from different issuers: Global X and iShares. Their fees differ too: 0.10% for CBIL.TO and 0.14% for XFR.TO.
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