PFL.TO vs. CCBI.TO

Last updated Jul 25, 2026

PFL.TO (Invesco Canadian Government Floating Rate Index ETF) and CCBI.TO (CIBC Canadian Bond Index ETF) are both exchange-traded funds - PFL.TO is a Canadian Government Bonds fund tracking the FTSE Canada Government Floating Rate Note Index, while CCBI.TO is a Total Bond Market fund tracking the FTSE Canada Universe Bond Index. Both are passively managed. Over the past 5 years, PFL.TO returned 3.15%/yr vs -0.50%/yr for CCBI.TO. At a 0.02 correlation, their price movements are largely independent. PFL.TO charges 0.13%/yr vs 0.07%/yr for CCBI.TO.

Performance

PFL.TO vs. CCBI.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, PFL.TO achieves a 1.31% return, which is significantly higher than CCBI.TO's 0.83% return.

PFL.TO

• 1D: -0.05%
• 1M: 0.20%
• 6M: 1.15%
• YTD: 1.31%
• 1Y: 2.62%
• 3Y*: 3.68%
• 5Y*: 3.15%
• 10Y*: 2.15%
• ALL TIME*: 1.90%

CCBI.TO

• 1D: -0.11%
• 1M: -1.48%
• 6M: 0.27%
• YTD: 0.83%
• 1Y: 3.73%
• 3Y*: 4.09%
• 5Y*: -0.50%
• 10Y*: —
• ALL TIME*: 0.75%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CCBI.TO CIBC Canadian Bond Index ETF	CA$275.96K	CA$286.08K	CA$301.22K
PFL.TO Invesco Canadian Government Floating Rate Index ETF	CA$198.67K	CA$201.51K	CA$232.79K

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

	2026 (YTD)	2025	2024	2023	2022	2021
PFL.TO Invesco Canadian Government Floating Rate Index ETF	1.31%	3.00%	4.53%	5.09%	1.78%	0.19%
CCBI.TO CIBC Canadian Bond Index ETF	0.83%	2.17%	4.26%	4.11%	-9.05%	2.30%

Correlation

The correlation between PFL.TO and CCBI.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.02
Correlation (All Time) Calculated using the full available price history since Mar 24, 2021	0.02

Return for Risk

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

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

PFL.TO

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

CCBI.TO

CCBI.TO Risk / Return Rank: 36
CCBI.TO Sharpe Ratio Rank: 35
CCBI.TO Sortino Ratio Rank: 34
CCBI.TO Omega Ratio Rank: 37
CCBI.TO Calmar Ratio Rank: 39
CCBI.TO Martin Ratio Rank: 34

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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco Canadian Government Floating Rate Index ETF (PFL.TO) and CIBC Canadian Bond Index ETF (CCBI.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.

	PFL.TO	CCBI.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.24	0.88	+2.35
Sortino ratio: Return per unit of downside risk	5.64	1.30	+4.35
Omega ratio: Gain probability vs. loss probability	1.76	1.18	+0.59
Calmar ratio: Return relative to maximum drawdown	17.09	1.36	+15.73
Martin ratio: Return relative to average drawdown	55.86	3.35	+52.51

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

The current PFL.TO Sharpe Ratio is 3.24, which is higher than the CCBI.TO Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of PFL.TO and CCBI.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

PFL.TO vs. CCBI.TO - Drawdown Comparison

The maximum PFL.TO drawdown since its inception was -2.07%, smaller than the maximum CCBI.TO drawdown of -17.72%. Use the drawdown chart below to compare losses from any high point for PFL.TO and CCBI.TO.

Drawdown Indicators

	PFL.TO	CCBI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-2.07%	-17.72%	+15.65%
Max Drawdown (1Y) Largest decline over 1 year	-0.15%	-2.72%	+2.57%
Max Drawdown (3Y) Largest decline over 3 years	-0.22%	-4.34%	+4.12%
Max Drawdown (5Y) Largest decline over 5 years	-0.30%	-17.72%	+17.42%
Max Drawdown (10Y) Largest decline over 10 years	-2.07%	—	—
Current Drawdown Current decline from peak	-0.05%	-2.64%	+2.59%
Average Drawdown Average peak-to-trough decline	-0.08%	-7.90%	+7.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	1.10%	-1.05%

Volatility

PFL.TO vs. CCBI.TO - Volatility Comparison

The current volatility for Invesco Canadian Government Floating Rate Index ETF (PFL.TO) is 0.20%, while CIBC Canadian Bond Index ETF (CCBI.TO) has a volatility of 1.15%. This indicates that PFL.TO experiences smaller price fluctuations and is considered to be less risky than CCBI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFL.TO	CCBI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	1.15%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	0.56%	3.34%	-2.78%
Volatility (1Y) Calculated over the trailing 1-year period	0.81%	4.20%	-3.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.97%	6.82%	-5.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	6.97%	-5.64%

PFL.TO vs. CCBI.TO - Expense Ratio Comparison

PFL.TO has a 0.13% expense ratio, which is higher than CCBI.TO's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

PFL.TO vs. CCBI.TO - Dividend Comparison

PFL.TO's dividend yield for the trailing twelve months is around 2.63%, less than CCBI.TO's 3.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCBI.TO CIBC Canadian Bond Index ETF	3.36%	3.22%	2.85%	2.78%	2.60%	1.78%	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 PFL.TO and CCBI.TO in my portfolio?

PFL.TO and CCBI.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PFL.TO or CCBI.TO?

On fees, CCBI.TO is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PFL.TO or CCBI.TO?

CCBI.TO is cheaper with a 0.07% expense ratio, compared with 0.13% for PFL.TO.

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

PFL.TO is categorized as Canadian Government Bonds, while CCBI.TO is Total Bond Market. PFL.TO tracks FTSE Canada Government Floating Rate Note Index, while CCBI.TO tracks FTSE Canada Universe Bond Index. They also come from different issuers: Invesco and CIBC Asset Management Inc.. Their fees differ too: 0.13% for PFL.TO and 0.07% for CCBI.TO.