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FGO.TO vs. CAGS.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FGO.TO vs. CAGS.TO

Last updated Jul 22, 2026
Documentation

FGO.TO (CI Enhanced Government Bond ETF) and CAGS.TO (CI Canadian Short-Term Aggregate Bond Index ETF) are both exchange-traded funds - FGO.TO is a Government Bonds fund actively managed by CI, while CAGS.TO is a Short-Term Bond fund managed by CI. Over the past 5 years, FGO.TO returned -0.09%/yr vs 2.10%/yr for CAGS.TO. At a 0.20 correlation, their price movements are largely independent.

Performance

FGO.TO vs. CAGS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Enhanced Government Bond ETF (FGO.TO) and CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FGO.TO achieves a 0.71% return, which is significantly lower than CAGS.TO's 1.19% return.

FGO.TO

1D
0.00%
1M
-0.43%
6M
0.61%
YTD
0.71%
1Y
2.55%
3Y*
2.70%
5Y*
-0.09%
10Y*
—
ALL TIME*
1.52%

CAGS.TO

1D
0.08%
1M
-0.02%
6M
0.87%
YTD
1.19%
1Y
3.25%
3Y*
5.01%
5Y*
2.10%
10Y*
—
ALL TIME*
2.33%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FGO.TO vs. CAGS.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
FGO.TO
CI Enhanced Government Bond ETF		0.71%3.02%1.37%4.36%-8.78%-1.53%6.75%6.35%0.75%
CAGS.TO
CI Canadian Short-Term Aggregate Bond Index ETF		1.19%3.95%6.07%5.02%-4.30%-1.22%4.47%4.33%1.28%

Correlation

The correlation between FGO.TO and CAGS.TO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.27

Correlation (3Y)
Calculated over the trailing 3-year period

0.24

Correlation (5Y)
Calculated over the trailing 5-year period

0.25

Correlation (All Time)
Calculated using the full available price history since Aug 2, 2018

0.20

Compare stocks, funds, or ETFs

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

CI Enhanced Government Bond ETF

CI Canadian Short-Term Aggregate Bond Index ETF

Often compared with FGO.TO:
FGO.TO vs. ZFS.TOFGO.TO vs. ZMP.TOFGO.TO vs. BXF.TOFGO.TO vs. ZPS.TOFGO.TO vs. ZFM.TOFGO.TO vs. ZPL.TOFGO.TO vs. XTLT.TO
Often compared with CAGS.TO:
CAGS.TO vs. ZSU.TOCAGS.TO vs. RCDB.NEOCAGS.TO vs. ONEQ.TOCAGS.TO vs. CMNY.TOCAGS.TO vs. CGXF.TOCAGS.TO vs. VSC.TOCAGS.TO vs. VXM-B.TO

Return for Risk

FGO.TO vs. CAGS.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FGO.TO
FGO.TO Risk / Return Rank: 2323
Overall Rank
FGO.TO Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
FGO.TO Sortino Ratio Rank: 2121
Sortino Ratio Rank
FGO.TO Omega Ratio Rank: 2222
Omega Ratio Rank
FGO.TO Calmar Ratio Rank: 2626
Calmar Ratio Rank
FGO.TO Martin Ratio Rank: 2424
Martin Ratio Rank
CAGS.TO
CAGS.TO Risk / Return Rank: 6363
Overall Rank
CAGS.TO Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
CAGS.TO Sortino Ratio Rank: 6161
Sortino Ratio Rank
CAGS.TO Omega Ratio Rank: 7171
Omega Ratio Rank
CAGS.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
CAGS.TO Martin Ratio Rank: 5757
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.

FGO.TO vs. CAGS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Enhanced Government Bond ETF (FGO.TO) and CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.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.

FGO.TOCAGS.TODifference
Sharpe ratioReturn per unit of total volatility
0.60
1.59

-0.99

Sortino ratioReturn per unit of downside risk
0.85
2.21

-1.36

Omega ratioGain probability vs. loss probability

1.11

1.32

-0.21

Calmar ratioReturn relative to maximum drawdown

0.91

2.45

-1.54

Martin ratioReturn relative to average drawdown

2.01

7.38

-5.37

FGO.TO vs. CAGS.TO - Sharpe Ratio Comparison

The current FGO.TO Sharpe Ratio is 0.60, which is lower than the CAGS.TO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of FGO.TO and CAGS.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.

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Drawdowns

FGO.TO vs. CAGS.TO - Drawdown Comparison

The maximum FGO.TO drawdown since its inception was -14.83%, which is greater than CAGS.TO's maximum drawdown of -11.60%. Use the drawdown chart below to compare losses from any high point for FGO.TO and CAGS.TO.

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Drawdown Indicators

FGO.TOCAGS.TODifference

Max Drawdown

Largest peak-to-trough decline

-14.83%

-11.60%

-3.23%

Max Drawdown (1Y)

Largest decline over 1 year

-2.82%

-1.33%

-1.49%

Max Drawdown (3Y)

Largest decline over 3 years

-5.46%

-1.33%

-4.13%

Max Drawdown (5Y)

Largest decline over 5 years

-13.26%

-7.58%

-5.68%

Current Drawdown

Current decline from peak

-2.42%

-0.27%

-2.15%

Average Drawdown

Average peak-to-trough decline

-4.64%

-1.45%

-3.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.27%

0.44%

+0.83%

Volatility

FGO.TO vs. CAGS.TO - Volatility Comparison

CI Enhanced Government Bond ETF (FGO.TO) has a higher volatility of 1.16% compared to CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.TO) at 0.68%. This indicates that FGO.TO's price experiences larger fluctuations and is considered to be riskier than CAGS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

FGO.TOCAGS.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.16%

0.68%

+0.48%

Volatility (6M)

Calculated over the trailing 6-month period

3.15%

1.62%

+1.53%

Volatility (1Y)

Calculated over the trailing 1-year period

4.34%

2.06%

+2.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.13%

2.76%

+3.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.80%

4.62%

+1.18%

Dividends

FGO.TO vs. CAGS.TO - Dividend Comparison

FGO.TO's dividend yield for the trailing twelve months is around 2.44%, less than CAGS.TO's 3.28% yield.

PositionTTM202520242023202220212020201920182017
CAGS.TO
CI Canadian Short-Term Aggregate Bond Index ETF		3.28%3.16%3.37%2.62%2.61%1.96%2.59%2.83%2.72%1.06%
FGO.TO
CI Enhanced Government Bond ETF		2.44%2.80%3.10%2.33%1.46%0.62%0.68%0.92%0.15%0.00%

Frequently Asked Questions

FGO.TO and CAGS.TO have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

FGO.TO is categorized as Government Bonds, while CAGS.TO is Short-Term Bond.

Portfolio Optimizer

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

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