CCBI.TO vs. DXO.TO

Last updated Jul 25, 2026

CCBI.TO (CIBC Canadian Bond Index ETF) and DXO.TO (Dynamic Active Crossover Bond ETF) are both exchange-traded funds - CCBI.TO is a Total Bond Market fund tracking the FTSE Canada Universe Bond Index, while DXO.TO is a Corporate Bonds fund actively managed by Dynamic. CCBI.TO is passively managed, while DXO.TO is actively managed. Over the past 5 years, CCBI.TO returned -0.50%/yr vs 2.62%/yr for DXO.TO. At a 0.23 correlation, their price movements are largely independent.

Performance

CCBI.TO vs. DXO.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CIBC Canadian Bond Index ETF (CCBI.TO) and Dynamic Active Crossover Bond ETF (DXO.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CCBI.TO achieves a 0.83% return, which is significantly lower than DXO.TO's 1.24% return.

CCBI.TO

• 1D: -0.11%
• 1M: -1.48%
• 6M: 0.27%
• YTD: 0.83%
• 1Y: 3.73%
• 3Y*: 4.09%
• 5Y*: -0.50%
• 10Y*: —
• ALL TIME*: 0.75%

DXO.TO

• 1D: 0.10%
• 1M: -0.76%
• 6M: 0.83%
• YTD: 1.24%
• 1Y: 4.50%
• 3Y*: 6.93%
• 5Y*: 2.62%
• 10Y*: —
• ALL TIME*: 4.35%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CCBI.TO CIBC Canadian Bond Index ETF	CA$275.96K	CA$286.08K	CA$301.22K
DXO.TO Dynamic Active Crossover Bond ETF	CA$45.66K	CA$46.91K	CA$36.08K

CCBI.TO vs. DXO.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CCBI.TO CIBC Canadian Bond Index ETF	0.83%	2.17%	4.26%	4.11%	-9.05%	2.30%
DXO.TO Dynamic Active Crossover Bond ETF	1.24%	6.82%	6.51%	11.28%	-12.16%	5.50%

Correlation

The correlation between CCBI.TO and DXO.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since Mar 24, 2021	0.23

Over the past year, CCBI.TO and DXO.TO have become more correlated (0.44) than their long-term average of 0.23, meaning their price movements have been converging.

Return for Risk

CCBI.TO vs. DXO.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CCBI.TO

CCBI.TO Risk / Return Rank: 36
CCBI.TO Sharpe Ratio Rank: 35
CCBI.TO Sortino Ratio Rank: 34
CCBI.TO Omega Ratio Rank: 37
CCBI.TO Calmar Ratio Rank: 39
CCBI.TO Martin Ratio Rank: 34

DXO.TO

DXO.TO Risk / Return Rank: 60
DXO.TO Sharpe Ratio Rank: 56
DXO.TO Sortino Ratio Rank: 58
DXO.TO Omega Ratio Rank: 67
DXO.TO Calmar Ratio Rank: 53
DXO.TO Martin Ratio Rank: 65

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.

CCBI.TO vs. DXO.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CIBC Canadian Bond Index ETF (CCBI.TO) and Dynamic Active Crossover Bond ETF (DXO.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.

	CCBI.TO	DXO.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.34	-0.46
Sortino ratio: Return per unit of downside risk	1.30	1.98	-0.68
Omega ratio: Gain probability vs. loss probability	1.18	1.28	-0.11
Calmar ratio: Return relative to maximum drawdown	1.36	1.88	-0.52
Martin ratio: Return relative to average drawdown	3.35	7.85	-4.50

CCBI.TO vs. DXO.TO - Sharpe Ratio Comparison

The current CCBI.TO Sharpe Ratio is 0.88, which is lower than the DXO.TO Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of CCBI.TO and DXO.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.

Drawdowns

CCBI.TO vs. DXO.TO - Drawdown Comparison

The maximum CCBI.TO drawdown since its inception was -17.72%, roughly equal to the maximum DXO.TO drawdown of -17.61%. Use the drawdown chart below to compare losses from any high point for CCBI.TO and DXO.TO.

Drawdown Indicators

	CCBI.TO	DXO.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.72%	-17.61%	-0.11%
Max Drawdown (1Y) Largest decline over 1 year	-2.72%	-2.41%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-4.34%	-3.78%	-0.56%
Max Drawdown (5Y) Largest decline over 5 years	-17.72%	-15.91%	-1.81%
Current Drawdown Current decline from peak	-2.64%	-1.12%	-1.52%
Average Drawdown Average peak-to-trough decline	-7.90%	-2.94%	-4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	0.57%	+0.53%

Volatility

CCBI.TO vs. DXO.TO - Volatility Comparison

CIBC Canadian Bond Index ETF (CCBI.TO) has a higher volatility of 1.15% compared to Dynamic Active Crossover Bond ETF (DXO.TO) at 0.98%. This indicates that CCBI.TO's price experiences larger fluctuations and is considered to be riskier than DXO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCBI.TO	DXO.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	0.98%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	3.34%	2.70%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	4.20%	3.37%	+0.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.82%	5.63%	+1.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.97%	7.73%	-0.76%

Dividends

CCBI.TO vs. DXO.TO - Dividend Comparison

CCBI.TO's dividend yield for the trailing twelve months is around 3.36%, less than DXO.TO's 5.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CCBI.TO CIBC Canadian Bond Index ETF	3.36%	3.22%	2.85%	2.78%	2.60%	1.78%	0.00%	0.00%	0.00%	0.00%
DXO.TO Dynamic Active Crossover Bond ETF	5.35%	5.55%	5.61%	5.65%	5.29%	4.15%	4.20%	3.96%	4.31%	2.15%

Frequently Asked Questions

Can I hold both CCBI.TO and DXO.TO in my portfolio?

CCBI.TO and DXO.TO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between CCBI.TO and DXO.TO?

CCBI.TO is categorized as Total Bond Market, while DXO.TO is Corporate Bonds. They also come from different issuers: CIBC Asset Management Inc. and Dynamic.