CMR.TO vs. GOVT
CMR.TO (iShares Premium Money Market ETF) and GOVT (iShares U.S. Treasury Bond ETF) are both exchange-traded funds - CMR.TO is a Money Market fund actively managed by iShares, while GOVT is a Government Bonds fund tracking the ICE U.S. Treasury Core Bond Index. CMR.TO is actively managed, while GOVT is passively managed. Over the past 10 years, CMR.TO returned 1.94%/yr vs 1.46%/yr for GOVT. Their -0.01 correlation means they have often moved in opposite directions in the past. CMR.TO charges 0.13%/yr vs 0.05%/yr for GOVT.
Performance
CMR.TO vs. GOVT - Performance Comparison
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Different Trading Currencies
CMR.TO is traded in CAD, while GOVT is traded in USD. To make them comparable, the GOVT values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, CMR.TO achieves a 1.36% return, which is significantly lower than GOVT's 1.72% return. Over the past 10 years, CMR.TO has outperformed GOVT with an annualized return of 1.94%, while GOVT has yielded a comparatively lower 1.46% annualized return.
CMR.TO
- 1D
- 0.02%
- 1M
- 0.19%
- 6M
- 1.14%
- YTD
- 1.36%
- 1Y
- 2.43%
- 3Y*
- 3.65%
- 5Y*
- 3.05%
- 10Y*
- 1.94%
- ALL TIME*
- 1.43%
GOVT
- 1D
- 0.16%
- 1M
- -2.34%
- 6M
- 2.27%
- YTD
- 1.72%
- 1Y
- 2.36%
- 3Y*
- 4.78%
- 5Y*
- 1.26%
- 10Y*
- 1.46%
- ALL TIME*
- 3.61%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$5.47M | CA$4.90M | CA$5.14M | |
| CA$241.94M | CA$233.66M | CA$267.51M |
CMR.TO vs. GOVT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 1.36% | 2.78% | 4.70% | 4.70% | 1.72% | 0.01% | 0.47% | 1.63% | 1.29% | 0.63% |
GOVT iShares U.S. Treasury Bond ETF | 1.72% | -0.97% | 11.67% | 1.69% | -7.90% | -1.16% | 4.74% | 2.93% | 8.69% | -4.73% |
Correlation
The correlation between CMR.TO and GOVT is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.04 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2012 | -0.01 |
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Return for Risk
CMR.TO vs. GOVT — Risk / Return Rank
CMR.TO
GOVT
CMR.TO vs. GOVT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Premium Money Market ETF (CMR.TO) and iShares U.S. Treasury Bond ETF (GOVT). 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.
| CMR.TO | GOVT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +11.63 | ||
| Sortino ratioReturn per unit of downside risk | +35.89 | ||
| Omega ratioGain probability vs. loss probability | 12.00 | 1.07 | +10.92 |
| Calmar ratioReturn relative to maximum drawdown | 122.86 | 0.49 | +122.36 |
| Martin ratioReturn relative to average drawdown | 540.08 | 1.05 | +539.03 |
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Drawdowns
CMR.TO vs. GOVT - Drawdown Comparison
The maximum CMR.TO drawdown since its inception was -0.52%, smaller than the maximum GOVT drawdown of -23.44%. Use the drawdown chart below to compare losses from any high point for CMR.TO and GOVT.
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Drawdown Indicators
| CMR.TO | GOVT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.52% | -23.44% | +22.92% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -4.82% | +4.80% |
Max Drawdown (3Y)Largest decline over 3 years | -0.04% | -6.57% | +6.53% |
Max Drawdown (5Y)Largest decline over 5 years | -0.04% | -12.39% | +12.35% |
Max Drawdown (10Y)Largest decline over 10 years | -0.14% | -23.44% | +23.30% |
Current DrawdownCurrent decline from peak | 0.00% | -8.87% | +8.87% |
Average DrawdownAverage peak-to-trough decline | -0.01% | -9.34% | +9.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 2.26% | -2.26% |
Volatility
CMR.TO vs. GOVT - Volatility Comparison
The current volatility for iShares Premium Money Market ETF (CMR.TO) is 0.06%, while iShares U.S. Treasury Bond ETF (GOVT) has a volatility of 1.31%. This indicates that CMR.TO experiences smaller price fluctuations and is considered to be less risky than GOVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMR.TO | GOVT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 1.31% | -1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 0.15% | 4.01% | -3.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 5.61% | -5.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.27% | 8.64% | -8.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.27% | 8.44% | -8.17% |
CMR.TO vs. GOVT - Expense Ratio Comparison
CMR.TO has a 0.13% expense ratio, which is higher than GOVT's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CMR.TO vs. GOVT - Dividend Comparison
CMR.TO's dividend yield for the trailing twelve months is around 2.42%, less than GOVT's 3.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 2.42% | 2.81% | 4.56% | 4.64% | 1.63% | 0.01% | 0.47% | 1.60% | 1.33% | 0.61% | 0.43% | 0.48% |
GOVT iShares U.S. Treasury Bond ETF | 3.66% | 3.49% | 3.14% | 2.65% | 1.77% | 0.96% | 2.17% | 1.98% | 1.97% | 1.57% | 1.40% | 1.25% |
Frequently Asked Questions
CMR.TO and GOVT have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GOVT is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GOVT is cheaper with a 0.05% expense ratio, compared with 0.13% for CMR.TO.
CMR.TO is categorized as Money Market, while GOVT is Government Bonds. Their fees differ too: 0.13% for CMR.TO and 0.05% for GOVT.
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