HFR.TO vs. VSB.TO
HFR.TO (Global X Active Ultra-Short Term Investment Grade Bond ETF) and VSB.TO (Vanguard Canadian Short Term Bond) are both exchange-traded funds - HFR.TO is a Ultrashort Bond fund actively managed by Global X, while VSB.TO is a Canadian Government Bonds fund tracking the FTSE Canada Short Term Government Bond Index. HFR.TO is actively managed, while VSB.TO is passively managed. Over the past 10 years, HFR.TO returned 3.30%/yr vs 1.90%/yr for VSB.TO. At a 0.13 correlation, their price movements are largely independent. HFR.TO charges 0.46%/yr vs 0.15%/yr for VSB.TO.
Performance
HFR.TO vs. VSB.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HFR.TO achieves a 1.57% return, which is significantly higher than VSB.TO's 0.98% return. Over the past 10 years, HFR.TO has outperformed VSB.TO with an annualized return of 3.30%, while VSB.TO has yielded a comparatively lower 1.90% 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%
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%
HFR.TO vs. VSB.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% |
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 HFR.TO and VSB.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2011 | 0.13 |
The correlation between HFR.TO and VSB.TO shifts across timeframes, from 0.13 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HFR.TO vs. VSB.TO — Risk / Return Rank
HFR.TO
VSB.TO
HFR.TO vs. VSB.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 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.
| HFR.TO | VSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.23 | ||
| Sortino ratioReturn per unit of downside risk | +2.35 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.29 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 8.47 | 2.04 | +6.43 |
| Martin ratioReturn relative to average drawdown | 32.37 | 6.96 | +25.41 |
Loading charts...
Drawdowns
HFR.TO vs. VSB.TO - Drawdown Comparison
The maximum HFR.TO drawdown since its inception was -22.56%, which is greater than VSB.TO's maximum drawdown of -8.38%. Use the drawdown chart below to compare losses from any high point for HFR.TO and VSB.TO.
Loading charts...
Drawdown Indicators
| HFR.TO | VSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.56% | -8.38% | -14.18% |
Max Drawdown (1Y)Largest decline over 1 year | -0.40% | -1.43% | +1.03% |
Max Drawdown (3Y)Largest decline over 3 years | -0.52% | -1.43% | +0.91% |
Max Drawdown (5Y)Largest decline over 5 years | -3.51% | -6.88% | +3.37% |
Max Drawdown (10Y)Largest decline over 10 years | -22.56% | -8.38% | -14.18% |
Current DrawdownCurrent decline from peak | -0.10% | -0.38% | +0.28% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -0.95% | +0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.11% | 0.42% | -0.31% |
Volatility
HFR.TO vs. VSB.TO - Volatility Comparison
The current volatility for Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR.TO) is 0.30%, while Vanguard Canadian Short Term Bond (VSB.TO) has a volatility of 0.65%. This indicates that HFR.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.
Loading charts...
Volatility by Period
| HFR.TO | VSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.30% | 0.65% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 0.88% | 1.62% | -0.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.25% | 1.95% | -0.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.79% | 2.59% | -0.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.78% | 3.49% | +2.29% |
HFR.TO vs. VSB.TO - Expense Ratio Comparison
HFR.TO has a 0.46% expense ratio, which is higher than VSB.TO's 0.15% expense ratio.
Dividends
HFR.TO vs. VSB.TO - Dividend Comparison
HFR.TO's dividend yield for the trailing twelve months is around 3.63%, more than VSB.TO's 3.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
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
HFR.TO and VSB.TO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VSB.TO is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VSB.TO is cheaper with a 0.15% expense ratio, compared with 0.46% for HFR.TO.
HFR.TO is categorized as Ultrashort Bond, while VSB.TO is Canadian Government Bonds. They also come from different issuers: Global X and Vanguard. Their fees differ too: 0.46% for HFR.TO and 0.15% for VSB.TO.
Find the right allocation for HFR.TO and VSB.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