PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
CMR.TO vs. TBIL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CMR.TO vs. TBIL.TO

Last updated Jun 4, 2026

CMR.TO (iShares Premium Money Market ETF) and TBIL.TO (Harvest Canadian T-Bill ETF) are both Money Market funds. Both are actively managed. Over the past year, CMR.TO returned 2.37% vs 2.28% for TBIL.TO. At a 0.09 correlation, their price movements are largely independent. CMR.TO charges 0.14%/yr vs 0.00%/yr for TBIL.TO.

Performance

CMR.TO vs. TBIL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Premium Money Market ETF (CMR.TO) and Harvest Canadian T-Bill ETF (TBIL.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, CMR.TO achieves a 0.97% return, which is significantly higher than TBIL.TO's 0.83% return.

CMR.TO

1D
0.00%
1M
0.19%
YTD
0.97%
6M
1.05%
1Y
2.37%
3Y*
3.73%
5Y*
2.94%
10Y*
1.89%

TBIL.TO

1D
0.00%
1M
0.16%
YTD
0.83%
6M
1.04%
1Y
2.28%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

CMR.TO vs. TBIL.TO - Yearly Performance Comparison

2026 (YTD)20252024
CMR.TO
iShares Premium Money Market ETF		0.97%2.68%4.45%
TBIL.TO
Harvest Canadian T-Bill ETF		0.83%2.60%9.21%

Correlation

The correlation between CMR.TO and TBIL.TO is 0.01, 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

0.01

Correlation (All Time)
Calculated using the full available price history since Jan 17, 2024

0.09

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Premium Money Market ETF

Harvest Canadian T-Bill ETF

Often compared with CMR.TO:
CMR.TO vs. ZMMK.TOCMR.TO vs. CASH.TOCMR.TO vs. CBIL.TOCMR.TO vs. XFR.TOCMR.TO vs. MNY.TOCMR.TO vs. HSAV.TOCMR.TO vs. VOO
Often compared with TBIL.TO:
TBIL.TO vs. CASH.TOTBIL.TO vs. NVHE.TOTBIL.TO vs. CSAV.TOTBIL.TO vs. CMNY.TOTBIL.TO vs. HISU-U.TOTBIL.TO vs. CCAD.TOTBIL.TO vs. HSUV-U.TO

Return for Risk

CMR.TO vs. TBIL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CMR.TO
CMR.TO Risk / Return Rank: 9999
Overall Rank
CMR.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
CMR.TO Sortino Ratio Rank: 9999
Sortino Ratio Rank
CMR.TO Omega Ratio Rank: 100100
Omega Ratio Rank
CMR.TO Calmar Ratio Rank: 9999
Calmar Ratio Rank
CMR.TO Martin Ratio Rank: 9999
Martin Ratio Rank
TBIL.TO
TBIL.TO Risk / Return Rank: 9999
Overall Rank
TBIL.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
TBIL.TO Sortino Ratio Rank: 9999
Sortino Ratio Rank
TBIL.TO Omega Ratio Rank: 9999
Omega Ratio Rank
TBIL.TO Calmar Ratio Rank: 100100
Calmar Ratio Rank
TBIL.TO Martin Ratio Rank: 9999
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.

CMR.TO vs. TBIL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Premium Money Market ETF (CMR.TO) and Harvest Canadian T-Bill ETF (TBIL.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.

CMR.TOTBIL.TODifference
Sharpe ratioReturn per unit of total volatility
10.61
8.01

+2.60

Sortino ratioReturn per unit of downside risk
21.13
19.26

+1.86

Omega ratioGain probability vs. loss probability

9.57

4.08

+5.49

Calmar ratioReturn relative to maximum drawdown

25.44

57.46

-32.03

Martin ratioReturn relative to average drawdown

187.33

258.77

-71.45

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMR.TO vs. TBIL.TO - Sharpe Ratio Comparison

The current CMR.TO Sharpe Ratio is 10.61, which is higher than the TBIL.TO Sharpe Ratio of 8.01. The chart below compares the historical Sharpe Ratios of CMR.TO and TBIL.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.

Loading charts...

Sharpe Ratios by Period

CMR.TOTBIL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

10.61

8.01

+2.60

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

10.67

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

7.02

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

3.84

5.26

-1.42

Drawdowns

CMR.TO vs. TBIL.TO - Drawdown Comparison

The maximum CMR.TO drawdown since its inception was -0.52%, which is greater than TBIL.TO's maximum drawdown of -0.38%. Use the drawdown chart below to compare losses from any high point for CMR.TO and TBIL.TO.

Loading charts...

Drawdown Indicators

CMR.TOTBIL.TODifference

Max Drawdown

Largest peak-to-trough decline

-0.52%

-0.38%

-0.14%

Max Drawdown (1Y)

Largest decline over 1 year

-0.09%

-0.04%

-0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-0.09%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-0.09%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-0.14%

—

—

Current Drawdown

Current decline from peak

-0.02%

0.00%

-0.02%

Average Drawdown

Average peak-to-trough decline

-0.01%

-0.00%

-0.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.01%

0.01%

0.00%

Volatility

CMR.TO vs. TBIL.TO - Volatility Comparison

iShares Premium Money Market ETF (CMR.TO) has a higher volatility of 0.05% compared to Harvest Canadian T-Bill ETF (TBIL.TO) at 0.04%. This indicates that CMR.TO's price experiences larger fluctuations and is considered to be riskier than TBIL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

CMR.TOTBIL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.05%

0.04%

+0.01%

Volatility (6M)

Calculated over the trailing 6-month period

0.18%

0.18%

0.00%

Volatility (1Y)

Calculated over the trailing 1-year period

0.22%

0.29%

-0.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.28%

1.08%

-0.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.27%

1.08%

-0.81%

CMR.TO vs. TBIL.TO - Expense Ratio Comparison

CMR.TO has a 0.14% expense ratio, which is higher than TBIL.TO's 0.00% 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. TBIL.TO - Dividend Comparison

CMR.TO's dividend yield for the trailing twelve months is around 2.48%, more than TBIL.TO's 2.27% yield.

PositionTTM20252024202320222021202020192018201720162015
CMR.TO
iShares Premium Money Market ETF		2.48%2.81%4.56%4.64%1.62%0.00%0.47%1.60%1.33%0.61%0.43%0.48%
TBIL.TO
Harvest Canadian T-Bill ETF		2.27%2.57%8.81%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

CMR.TO and TBIL.TO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, TBIL.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

TBIL.TO is cheaper with a 0.00% expense ratio, compared with 0.14% for CMR.TO.

They also come from different issuers: iShares and Harvest. Their fees differ too: 0.14% for CMR.TO and 0.00% for TBIL.TO.

Portfolio Optimizer

Find the right allocation for CMR.TO and TBIL.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer