CMR.TO vs. VSB.TO
CMR.TO (iShares Premium Money Market ETF) and VSB.TO (Vanguard Canadian Short Term Bond) are both exchange-traded funds - CMR.TO is a Money Market fund actively managed by iShares, while VSB.TO is a Canadian Government Bonds fund tracking the FTSE Canada Short Term Government Bond Index. CMR.TO is actively managed, while VSB.TO is passively managed. Over the past 10 years, CMR.TO returned 1.93%/yr vs 1.90%/yr for VSB.TO. At a correlation of -0.00, they often move in opposite directions. CMR.TO charges 0.13%/yr vs 0.15%/yr for VSB.TO.
Performance
CMR.TO vs. VSB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CMR.TO achieves a 1.23% return, which is significantly higher than VSB.TO's 0.98% return. Both investments have delivered pretty close results over the past 10 years, with CMR.TO having a 1.93% annualized return and VSB.TO not far behind at 1.90%.
CMR.TO
- 1D
- 0.02%
- 1M
- 0.19%
- 6M
- 1.15%
- YTD
- 1.23%
- 1Y
- 2.46%
- 3Y*
- 3.69%
- 5Y*
- 3.02%
- 10Y*
- 1.93%
VSB.TO
- 1D
- -0.17%
- 1M
- -0.20%
- 6M
- 0.85%
- YTD
- 0.98%
- 1Y
- 2.90%
- 3Y*
- 4.57%
- 5Y*
- 1.96%
- 10Y*
- 1.90%
CMR.TO vs. VSB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 1.23% | 2.78% | 4.70% | 4.70% | 1.72% | 0.01% | 0.47% | 1.63% | 1.29% | 0.63% |
VSB.TO Vanguard Canadian Short Term Bond | 0.98% | 3.66% | 5.11% | 4.92% | -3.93% | -1.15% | 5.29% | 3.06% | 1.67% | -0.36% |
Correlation
The correlation between CMR.TO and VSB.TO is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2011 | -0.00 |
The correlation between CMR.TO and VSB.TO shifts across timeframes, from -0.11 (1 year) to 0.03 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CMR.TO vs. VSB.TO — Risk / Return Rank
CMR.TO
VSB.TO
CMR.TO vs. VSB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Premium Money Market ETF (CMR.TO) and Vanguard Canadian Short Term Bond (VSB.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.
| CMR.TO | VSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +10.79 | ||
| Sortino ratioReturn per unit of downside risk | +36.43 | ||
| Omega ratioGain probability vs. loss probability | 13.16 | 1.29 | +11.87 |
| Calmar ratioReturn relative to maximum drawdown | 123.47 | 2.04 | +121.43 |
| Martin ratioReturn relative to average drawdown | 564.92 | 6.96 | +557.96 |
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Drawdowns
CMR.TO vs. VSB.TO - Drawdown Comparison
The maximum CMR.TO drawdown since its inception was -0.52%, smaller than the maximum VSB.TO drawdown of -8.38%. Use the drawdown chart below to compare losses from any high point for CMR.TO and VSB.TO.
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Drawdown Indicators
| CMR.TO | VSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.52% | -8.38% | +7.86% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -1.43% | +1.41% |
Max Drawdown (3Y)Largest decline over 3 years | -0.04% | -1.43% | +1.39% |
Max Drawdown (5Y)Largest decline over 5 years | -0.04% | -6.88% | +6.84% |
Max Drawdown (10Y)Largest decline over 10 years | -0.14% | -8.38% | +8.24% |
Current DrawdownCurrent decline from peak | 0.00% | -0.38% | +0.38% |
Average DrawdownAverage peak-to-trough decline | -0.01% | -0.95% | +0.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.42% | -0.42% |
Volatility
CMR.TO vs. VSB.TO - Volatility Comparison
The current volatility for iShares Premium Money Market ETF (CMR.TO) is 0.05%, while Vanguard Canadian Short Term Bond (VSB.TO) has a volatility of 0.65%. This indicates that CMR.TO experiences smaller price fluctuations and is considered to be less risky than VSB.TO 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 | VSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.65% | -0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 0.15% | 1.62% | -1.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 1.95% | -1.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.27% | 2.59% | -2.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.27% | 3.49% | -3.22% |
CMR.TO vs. VSB.TO - Expense Ratio Comparison
CMR.TO has a 0.13% expense ratio, which is lower than VSB.TO's 0.15% expense ratio. Despite the difference, 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. VSB.TO - Dividend Comparison
CMR.TO's dividend yield for the trailing twelve months is around 2.45%, less than VSB.TO's 3.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 2.45% | 2.81% | 4.56% | 4.64% | 1.63% | 0.01% | 0.47% | 1.60% | 1.33% | 0.61% | 0.43% | 0.48% |
VSB.TO Vanguard Canadian Short Term Bond | 3.01% | 3.04% | 2.64% | 2.66% | 2.24% | 2.02% | 2.24% | 2.31% | 2.29% | 2.34% | 2.45% | 2.38% |
Frequently Asked Questions
CMR.TO and VSB.TO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMR.TO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMR.TO is cheaper with a 0.13% expense ratio, compared with 0.15% for VSB.TO.
CMR.TO is categorized as Money Market, while VSB.TO is Canadian Government Bonds. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.13% for CMR.TO and 0.15% for VSB.TO.
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