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CBO.TO vs. PFL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CBO.TO vs. PFL.TO

Last updated Jul 14, 2026
Documentation

CBO.TO (iShares 1-5 Year Laddered Corporate Bond Index ETF) and PFL.TO (Invesco Canadian Government Floating Rate Index ETF) are both Canadian Government Bonds funds - CBO.TO tracks the Morningstar Can 1-5Y Core Bd GR CAD while PFL.TO tracks the FTSE Canada Government Floating Rate Note Index. Both are passively managed. Over the past 10 years, CBO.TO returned 2.48%/yr vs 2.15%/yr for PFL.TO. At a 0.03 correlation, their price movements are largely independent.

Performance

CBO.TO vs. PFL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO.TO) and Invesco Canadian Government Floating Rate Index ETF (PFL.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CBO.TO achieves a 0.98% return, which is significantly lower than PFL.TO's 1.26% return. Over the past 10 years, CBO.TO has outperformed PFL.TO with an annualized return of 2.48%, while PFL.TO has yielded a comparatively lower 2.15% annualized return.

CBO.TO

1D
-0.22%
1M
-0.04%
6M
0.92%
YTD
0.98%
1Y
3.51%
3Y*
5.66%
5Y*
2.63%
10Y*
2.48%

PFL.TO

1D
0.00%
1M
0.30%
6M
1.15%
YTD
1.26%
1Y
2.67%
3Y*
3.72%
5Y*
3.13%
10Y*
2.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CBO.TO vs. PFL.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CBO.TO
iShares 1-5 Year Laddered Corporate Bond Index ETF		0.98%4.69%6.82%6.47%-4.89%-1.04%5.84%4.54%1.27%0.52%
PFL.TO
Invesco Canadian Government Floating Rate Index ETF		1.26%3.00%4.53%5.09%1.78%0.25%0.91%1.80%1.09%1.46%

Correlation

The correlation between CBO.TO and PFL.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.13

Correlation (3Y)
Calculated over the trailing 3-year period

0.07

Correlation (5Y)
Calculated over the trailing 5-year period

0.04

Correlation (10Y)
Calculated over the trailing 10-year period

0.03

Correlation (All Time)
Calculated using the full available price history since Aug 18, 2014

0.03

The correlation between CBO.TO and PFL.TO shifts across timeframes, from 0.03 (10 years) to 0.13 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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iShares 1-5 Year Laddered Corporate Bond Index ETF

Invesco Canadian Government Floating Rate Index ETF

Often compared with CBO.TO:
CBO.TO vs. XSH.TOCBO.TO vs. CBH.TOCBO.TO vs. CBIL.TOCBO.TO vs. XHB.TOCBO.TO vs. CLF.TOCBO.TO vs. ZCS.TOCBO.TO vs. XSB.TO
Often compared with PFL.TO:
PFL.TO vs. ESG.TOPFL.TO vs. XLB.TOPFL.TO vs. ZSB.TOPFL.TO vs. XSTB.TOPFL.TO vs. XFR.TOPFL.TO vs. ESGC.TOPFL.TO vs. QQC-F.TO

Return for Risk

CBO.TO vs. PFL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CBO.TO
CBO.TO Risk / Return Rank: 5656
Overall Rank
CBO.TO Sharpe Ratio Rank: 5454
Sharpe Ratio Rank
CBO.TO Sortino Ratio Rank: 5656
Sortino Ratio Rank
CBO.TO Omega Ratio Rank: 5555
Omega Ratio Rank
CBO.TO Calmar Ratio Rank: 5555
Calmar Ratio Rank
CBO.TO Martin Ratio Rank: 6060
Martin Ratio Rank
PFL.TO
PFL.TO Risk / Return Rank: 9797
Overall Rank
PFL.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
PFL.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
PFL.TO Omega Ratio Rank: 9797
Omega Ratio Rank
PFL.TO Calmar Ratio Rank: 9999
Calmar Ratio Rank
PFL.TO Martin Ratio Rank: 9898
Martin Ratio Rank
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.

CBO.TO vs. PFL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO.TO) and Invesco Canadian Government Floating Rate Index ETF (PFL.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.

CBO.TOPFL.TODifference
Sharpe ratioReturn per unit of total volatility
1.48
3.26

-1.78

Sortino ratioReturn per unit of downside risk
2.15
5.65

-3.50

Omega ratioGain probability vs. loss probability

1.27

1.77

-0.50

Calmar ratioReturn relative to maximum drawdown

2.19

17.43

-15.24

Martin ratioReturn relative to average drawdown

8.33

56.45

-48.12

CBO.TO vs. PFL.TO - Sharpe Ratio Comparison

The current CBO.TO Sharpe Ratio is 1.48, which is lower than the PFL.TO Sharpe Ratio of 3.26. The chart below compares the historical Sharpe Ratios of CBO.TO and PFL.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.

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Drawdowns

CBO.TO vs. PFL.TO - Drawdown Comparison

The maximum CBO.TO drawdown since its inception was -11.67%, which is greater than PFL.TO's maximum drawdown of -2.07%. Use the drawdown chart below to compare losses from any high point for CBO.TO and PFL.TO.

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Drawdown Indicators

CBO.TOPFL.TODifference

Max Drawdown

Largest peak-to-trough decline

-11.67%

-2.07%

-9.60%

Max Drawdown (1Y)

Largest decline over 1 year

-1.61%

-0.15%

-1.46%

Max Drawdown (3Y)

Largest decline over 3 years

-1.61%

-0.22%

-1.39%

Max Drawdown (5Y)

Largest decline over 5 years

-8.24%

-0.30%

-7.94%

Max Drawdown (10Y)

Largest decline over 10 years

-11.67%

-2.07%

-9.60%

Current Drawdown

Current decline from peak

-0.38%

0.00%

-0.38%

Average Drawdown

Average peak-to-trough decline

-0.96%

-0.08%

-0.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.42%

0.05%

+0.37%

Volatility

CBO.TO vs. PFL.TO - Volatility Comparison

iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO.TO) has a higher volatility of 0.56% compared to Invesco Canadian Government Floating Rate Index ETF (PFL.TO) at 0.27%. This indicates that CBO.TO's price experiences larger fluctuations and is considered to be riskier than PFL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CBO.TOPFL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.56%

0.27%

+0.29%

Volatility (6M)

Calculated over the trailing 6-month period

1.82%

0.56%

+1.26%

Volatility (1Y)

Calculated over the trailing 1-year period

2.39%

0.82%

+1.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.98%

0.97%

+2.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.59%

1.33%

+2.26%

Dividends

CBO.TO vs. PFL.TO - Dividend Comparison

CBO.TO's dividend yield for the trailing twelve months is around 3.48%, more than PFL.TO's 2.63% yield.

PositionTTM20252024202320222021202020192018201720162015
CBO.TO
iShares 1-5 Year Laddered Corporate Bond Index ETF		3.48%3.37%3.09%2.81%2.67%2.55%2.55%2.65%2.74%2.80%3.03%3.86%
PFL.TO
Invesco Canadian Government Floating Rate Index ETF		2.63%2.95%5.23%5.13%2.22%0.36%1.21%2.10%1.59%0.95%0.81%0.95%

Frequently Asked Questions

CBO.TO and PFL.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CBO.TO tracks Morningstar Can 1-5Y Core Bd GR CAD, while PFL.TO tracks FTSE Canada Government Floating Rate Note Index. They also come from different issuers: iShares and Invesco.

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