CBO.TO vs. VAB.TO
CBO.TO (iShares 1-5 Year Laddered Corporate Bond Index ETF) and VAB.TO (Vanguard Canadian Aggregate Bond Index ETF) are both Canadian Government Bonds funds - CBO.TO tracks the Morningstar Can 1-5Y Core Bd GR CAD while VAB.TO tracks the Bloomberg Global Aggregate Canadian Float Adjusted Bond Index. Both are passively managed. Over the past 10 years, CBO.TO returned 2.50%/yr vs 1.51%/yr for VAB.TO. A 0.61 correlation means they provide meaningful diversification when combined. CBO.TO charges 0.28%/yr vs 0.09%/yr for VAB.TO.
Performance
CBO.TO vs. VAB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CBO.TO achieves a 1.02% return, which is significantly lower than VAB.TO's 1.62% return. Over the past 10 years, CBO.TO has outperformed VAB.TO with an annualized return of 2.50%, while VAB.TO has yielded a comparatively lower 1.51% annualized return.
CBO.TO
- 1D
- -0.05%
- 1M
- 0.94%
- YTD
- 1.02%
- 6M
- 1.01%
- 1Y
- 3.73%
- 3Y*
- 5.68%
- 5Y*
- 2.60%
- 10Y*
- 2.50%
VAB.TO
- 1D
- -0.07%
- 1M
- 1.70%
- YTD
- 1.62%
- 6M
- 0.78%
- 1Y
- 3.12%
- 3Y*
- 4.12%
- 5Y*
- 0.66%
- 10Y*
- 1.51%
CBO.TO vs. VAB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CBO.TO iShares 1-5 Year Laddered Corporate Bond Index ETF | 1.02% | 4.69% | 6.82% | 6.47% | -4.89% | -1.04% | 5.84% | 4.54% | 1.27% | 0.52% |
VAB.TO Vanguard Canadian Aggregate Bond Index ETF | 1.62% | 2.28% | 3.98% | 6.90% | -11.86% | -2.88% | 8.26% | 6.77% | 1.13% | 2.30% |
Correlation
The correlation between CBO.TO and VAB.TO is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2011 | 0.61 |
The correlation between CBO.TO and VAB.TO shifts across timeframes, from 0.61 (all time) to 0.78 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CBO.TO vs. VAB.TO — Risk / Return Rank
CBO.TO
VAB.TO
CBO.TO vs. VAB.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 Vanguard Canadian Aggregate Bond Index ETF (VAB.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.
| CBO.TO | VAB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.12 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 1.10 | +1.22 |
| Martin ratioReturn relative to average drawdown | 8.72 | 2.61 | +6.11 |
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
| CBO.TO | VAB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.57 | 0.72 | +0.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.88 | 0.10 | +0.78 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.70 | 0.23 | +0.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 0.39 | +0.55 |
Drawdowns
CBO.TO vs. VAB.TO - Drawdown Comparison
The maximum CBO.TO drawdown since its inception was -11.67%, smaller than the maximum VAB.TO drawdown of -18.39%. Use the drawdown chart below to compare losses from any high point for CBO.TO and VAB.TO.
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Drawdown Indicators
| CBO.TO | VAB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.67% | -18.39% | +6.72% |
Max Drawdown (1Y)Largest decline over 1 year | -1.61% | -2.83% | +1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -1.61% | -5.31% | +3.70% |
Max Drawdown (5Y)Largest decline over 5 years | -8.22% | -15.82% | +7.60% |
Max Drawdown (10Y)Largest decline over 10 years | -11.67% | -18.39% | +6.72% |
Current DrawdownCurrent decline from peak | -0.05% | -1.92% | +1.87% |
Average DrawdownAverage peak-to-trough decline | -0.96% | -4.11% | +3.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 1.20% | -0.77% |
Volatility
CBO.TO vs. VAB.TO - Volatility Comparison
The current volatility for iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO.TO) is 0.83%, while Vanguard Canadian Aggregate Bond Index ETF (VAB.TO) has a volatility of 1.59%. This indicates that CBO.TO experiences smaller price fluctuations and is considered to be less risky than VAB.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.TO | VAB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 1.59% | -0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 1.86% | 3.45% | -1.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.39% | 4.38% | -1.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.97% | 6.58% | -3.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.59% | 6.48% | -2.89% |
CBO.TO vs. VAB.TO - Expense Ratio Comparison
CBO.TO has a 0.28% expense ratio, which is higher than VAB.TO's 0.09% expense ratio.
Dividends
CBO.TO vs. VAB.TO - Dividend Comparison
CBO.TO's dividend yield for the trailing twelve months is around 3.45%, more than VAB.TO's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBO.TO iShares 1-5 Year Laddered Corporate Bond Index ETF | 3.45% | 3.37% | 3.09% | 2.81% | 2.67% | 2.55% | 2.55% | 2.65% | 2.74% | 2.80% | 3.03% | 3.86% |
VAB.TO Vanguard Canadian Aggregate Bond Index ETF | 3.32% | 3.33% | 3.19% | 2.95% | 2.87% | 2.48% | 2.50% | 2.65% | 2.79% | 2.77% | 2.75% | 2.78% |
Frequently Asked Questions
CBO.TO and VAB.TO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VAB.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VAB.TO is cheaper with a 0.09% expense ratio, compared with 0.28% for CBO.TO.
CBO.TO tracks Morningstar Can 1-5Y Core Bd GR CAD, while VAB.TO tracks Bloomberg Global Aggregate Canadian Float Adjusted Bond Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.28% for CBO.TO and 0.09% for VAB.TO.
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