HFR.TO vs. FIE.TO
HFR.TO (Global X Active Ultra-Short Term Investment Grade Bond ETF) and FIE.TO (iShares Canadian Financial Monthly Income ETF) are both exchange-traded funds - HFR.TO is a Ultrashort Bond fund actively managed by Global X, while FIE.TO is a Financials Equities fund actively managed by iShares. Both are actively managed. Over the past 10 years, HFR.TO returned 3.30%/yr vs 12.28%/yr for FIE.TO. At a 0.03 correlation, their price movements are largely independent. HFR.TO charges 0.46%/yr vs 0.74%/yr for FIE.TO.
Performance
HFR.TO vs. FIE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HFR.TO achieves a 1.57% return, which is significantly lower than FIE.TO's 16.92% return. Over the past 10 years, HFR.TO has underperformed FIE.TO with an annualized return of 3.30%, while FIE.TO has yielded a comparatively higher 12.28% annualized return.
HFR.TO
- 1D
- 0.00%
- 1M
- 0.19%
- 6M
- 1.37%
- YTD
- 1.57%
- 1Y
- 3.38%
- 3Y*
- 5.50%
- 5Y*
- 3.90%
- 10Y*
- 3.30%
FIE.TO
- 1D
- -0.35%
- 1M
- 4.19%
- 6M
- 15.64%
- YTD
- 16.92%
- 1Y
- 32.25%
- 3Y*
- 25.63%
- 5Y*
- 13.55%
- 10Y*
- 12.28%
HFR.TO vs. FIE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HFR.TO Global X Active Ultra-Short Term Investment Grade Bond ETF | 1.57% | 4.04% | 6.89% | 7.86% | -0.77% | 0.68% | 3.52% | 4.41% | 0.84% | 2.34% |
FIE.TO iShares Canadian Financial Monthly Income ETF | 16.92% | 24.36% | 27.62% | 12.58% | -14.35% | 27.34% | 1.33% | 18.97% | -9.12% | 12.01% |
Correlation
The correlation between HFR.TO and FIE.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2010 | 0.03 |
The correlation between HFR.TO and FIE.TO shifts across timeframes, from 0.03 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HFR.TO vs. FIE.TO — Risk / Return Rank
HFR.TO
FIE.TO
HFR.TO vs. FIE.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR.TO) and iShares Canadian Financial Monthly Income ETF (FIE.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.
| HFR.TO | FIE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.69 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 8.47 | 4.51 | +3.97 |
| Martin ratioReturn relative to average drawdown | 32.37 | 14.64 | +17.74 |
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Drawdowns
HFR.TO vs. FIE.TO - Drawdown Comparison
The maximum HFR.TO drawdown since its inception was -22.56%, smaller than the maximum FIE.TO drawdown of -42.24%. Use the drawdown chart below to compare losses from any high point for HFR.TO and FIE.TO.
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Drawdown Indicators
| HFR.TO | FIE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.56% | -42.24% | +19.68% |
Max Drawdown (1Y)Largest decline over 1 year | -0.40% | -7.19% | +6.79% |
Max Drawdown (3Y)Largest decline over 3 years | -0.52% | -10.70% | +10.18% |
Max Drawdown (5Y)Largest decline over 5 years | -3.51% | -22.93% | +19.42% |
Max Drawdown (10Y)Largest decline over 10 years | -22.56% | -42.24% | +19.68% |
Current DrawdownCurrent decline from peak | -0.10% | -0.35% | +0.25% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -4.86% | +4.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.11% | 2.21% | -2.10% |
Volatility
HFR.TO vs. FIE.TO - Volatility Comparison
The current volatility for Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR.TO) is 0.30%, while iShares Canadian Financial Monthly Income ETF (FIE.TO) has a volatility of 2.10%. This indicates that HFR.TO experiences smaller price fluctuations and is considered to be less risky than FIE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HFR.TO | FIE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.30% | 2.10% | -1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 0.88% | 7.27% | -6.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.25% | 9.15% | -7.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.79% | 10.56% | -8.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.78% | 14.05% | -8.27% |
HFR.TO vs. FIE.TO - Expense Ratio Comparison
HFR.TO has a 0.46% expense ratio, which is lower than FIE.TO's 0.74% expense ratio.
Dividends
HFR.TO vs. FIE.TO - Dividend Comparison
HFR.TO's dividend yield for the trailing twelve months is around 3.63%, less than FIE.TO's 4.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIE.TO iShares Canadian Financial Monthly Income ETF | 4.26% | 4.94% | 5.83% | 6.98% | 7.31% | 5.92% | 7.10% | 6.65% | 7.38% | 6.28% | 6.59% | 7.43% |
HFR.TO Global X Active Ultra-Short Term Investment Grade Bond ETF | 3.63% | 3.76% | 4.50% | 5.67% | 3.40% | 1.28% | 2.69% | 2.60% | 2.36% | 2.12% | 2.00% | 2.14% |
Frequently Asked Questions
HFR.TO and FIE.TO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HFR.TO is cheaper at 0.46% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HFR.TO is cheaper with a 0.46% expense ratio, compared with 0.74% for FIE.TO.
HFR.TO is categorized as Ultrashort Bond, while FIE.TO is Financials Equities. They also come from different issuers: Global X and iShares. Their fees differ too: 0.46% for HFR.TO and 0.74% for FIE.TO.
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