INAI.TO vs. PFL.TO

Last updated Jul 16, 2026

INAI.TO (Invesco Morningstar Global Next Gen AI Index ETF) and PFL.TO (Invesco Canadian Government Floating Rate Index ETF) are both exchange-traded funds - INAI.TO is a Technology Equities fund tracking the Morningstar Global Next Gen AI Index, while PFL.TO is a Canadian Government Bonds fund tracking the FTSE Canada Government Floating Rate Note Index. Both are passively managed. Over the past year, INAI.TO returned 39.33% vs 2.67% for PFL.TO. At a correlation of -0.03, they often move in opposite directions.

Performance

INAI.TO vs. PFL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco Morningstar Global Next Gen AI Index ETF (INAI.TO) and Invesco Canadian Government Floating Rate Index ETF (PFL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INAI.TO achieves a 27.50% return, which is significantly higher than PFL.TO's 1.31% return.

INAI.TO

• 1D: -1.15%
• 1M: -5.79%
• 6M: 21.81%
• YTD: 27.50%
• 1Y: 39.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PFL.TO

• 1D: 0.05%
• 1M: 0.25%
• 6M: 1.26%
• YTD: 1.31%
• 1Y: 2.67%
• 3Y*: 3.74%
• 5Y*: 3.15%
• 10Y*: 2.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

INAI.TO vs. PFL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
INAI.TO Invesco Morningstar Global Next Gen AI Index ETF	27.50%	24.92%	36.26%
PFL.TO Invesco Canadian Government Floating Rate Index ETF	1.31%	3.00%	4.32%

Correlation

The correlation between INAI.TO and PFL.TO is -0.03, 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	-0.03
Correlation (All Time) Calculated using the full available price history since Jan 22, 2024	-0.03

Return for Risk

INAI.TO vs. PFL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INAI.TO

INAI.TO Risk / Return Rank: 41
INAI.TO Sharpe Ratio Rank: 47
INAI.TO Sortino Ratio Rank: 42
INAI.TO Omega Ratio Rank: 46
INAI.TO Calmar Ratio Rank: 37
INAI.TO Martin Ratio Rank: 33

PFL.TO

PFL.TO Risk / Return Rank: 97
PFL.TO Sharpe Ratio Rank: 96
PFL.TO Sortino Ratio Rank: 97
PFL.TO Omega Ratio Rank: 97
PFL.TO Calmar Ratio Rank: 99
PFL.TO Martin Ratio Rank: 98

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.

INAI.TO vs. PFL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Morningstar Global Next Gen AI Index ETF (INAI.TO) and Invesco Canadian Government Floating Rate Index ETF (PFL.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.

	INAI.TO	PFL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.34	3.26	-1.91
Sortino ratio: Return per unit of downside risk	1.79	5.65	-3.86
Omega ratio: Gain probability vs. loss probability	1.24	1.77	-0.53
Calmar ratio: Return relative to maximum drawdown	1.56	17.43	-15.87
Martin ratio: Return relative to average drawdown	4.02	56.45	-52.43

INAI.TO vs. PFL.TO - Sharpe Ratio Comparison

The current INAI.TO Sharpe Ratio is 1.34, which is lower than the PFL.TO Sharpe Ratio of 3.26. The chart below compares the historical Sharpe Ratios of INAI.TO and PFL.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.

Drawdowns

INAI.TO vs. PFL.TO - Drawdown Comparison

The maximum INAI.TO drawdown since its inception was -26.78%, which is greater than PFL.TO's maximum drawdown of -2.07%. Use the drawdown chart below to compare losses from any high point for INAI.TO and PFL.TO.

Drawdown Indicators

	INAI.TO	PFL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-26.78%	-2.07%	-24.71%
Max Drawdown (1Y) Largest decline over 1 year	-25.34%	-0.15%	-25.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-2.07%	—
Current Drawdown Current decline from peak	-9.12%	0.00%	-9.12%
Average Drawdown Average peak-to-trough decline	-5.69%	-0.08%	-5.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.81%	0.05%	+9.76%

Volatility

INAI.TO vs. PFL.TO - Volatility Comparison

Invesco Morningstar Global Next Gen AI Index ETF (INAI.TO) has a higher volatility of 9.38% compared to Invesco Canadian Government Floating Rate Index ETF (PFL.TO) at 0.24%. This indicates that INAI.TO's price experiences larger fluctuations and is considered to be riskier than PFL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INAI.TO	PFL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.38%	0.24%	+9.14%
Volatility (6M) Calculated over the trailing 6-month period	23.47%	0.56%	+22.91%
Volatility (1Y) Calculated over the trailing 1-year period	29.45%	0.82%	+28.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.98%	0.97%	+27.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.98%	1.33%	+26.65%

Dividends

INAI.TO vs. PFL.TO - Dividend Comparison

INAI.TO's dividend yield for the trailing twelve months is around 0.02%, less than PFL.TO's 2.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INAI.TO Invesco Morningstar Global Next Gen AI Index ETF	0.02%	0.07%	0.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PFL.TO Invesco Canadian Government Floating Rate Index ETF	2.63%	2.95%	5.23%	5.13%	2.22%	0.36%	1.21%	2.10%	1.59%	0.95%	0.81%	0.95%

Frequently Asked Questions

Can I hold both INAI.TO and PFL.TO in my portfolio?

INAI.TO and PFL.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between INAI.TO and PFL.TO?

INAI.TO is categorized as Technology Equities, while PFL.TO is Canadian Government Bonds. INAI.TO tracks Morningstar Global Next Gen AI Index, while PFL.TO tracks FTSE Canada Government Floating Rate Note Index.