PFL.TO vs. PDC.TO

Last updated Jul 25, 2026

PFL.TO (Invesco Canadian Government Floating Rate Index ETF) and PDC.TO (Invesco Canadian Dividend 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 PDC.TO is a Dividend fund tracking the NASDAQ Select Canadian Dividend Index. Both are passively managed. Over the past 10 years, PFL.TO returned 2.15%/yr vs 11.35%/yr for PDC.TO. At a 0.00 correlation, their price movements are largely independent. PFL.TO charges 0.13%/yr vs 0.58%/yr for PDC.TO.

Performance

PFL.TO vs. PDC.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 Invesco Canadian Dividend Index ETF (PDC.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 lower than PDC.TO's 26.09% return. Over the past 10 years, PFL.TO has underperformed PDC.TO with an annualized return of 2.15%, while PDC.TO has yielded a comparatively higher 11.35% annualized 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%

PDC.TO

• 1D: 0.69%
• 1M: 3.43%
• 6M: 22.60%
• YTD: 26.09%
• 1Y: 38.58%
• 3Y*: 22.29%
• 5Y*: 14.82%
• 10Y*: 11.35%
• ALL TIME*: 10.59%

*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)
PDC.TO Invesco Canadian Dividend Index ETF	CA$76.46K	CA$67.75K	CA$95.06K
PFL.TO Invesco Canadian Government Floating Rate Index ETF	CA$198.67K	CA$201.51K	CA$232.79K

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFL.TO Invesco Canadian Government Floating Rate Index ETF	1.31%	3.00%	4.53%	5.09%	1.78%	0.25%	0.91%	1.80%	1.09%	1.46%
PDC.TO Invesco Canadian Dividend Index ETF	26.09%	21.80%	16.38%	6.97%	-4.17%	30.14%	-5.48%	25.00%	-11.85%	10.27%

Correlation

The correlation between PFL.TO and PDC.TO is -0.06, 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	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (5Y) Calculated over the trailing 5-year period	0.00
Correlation (10Y) Calculated over the trailing 10-year period	0.01
Correlation (All Time) Calculated using the full available price history since Aug 18, 2014	0.00

Return for Risk

PFL.TO vs. PDC.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

PDC.TO

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

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. PDC.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 Invesco Canadian Dividend Index ETF (PDC.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	PDC.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.24	4.52	-1.29
Sortino ratio: Return per unit of downside risk	5.64	5.88	-0.24
Omega ratio: Gain probability vs. loss probability	1.76	1.89	-0.13
Calmar ratio: Return relative to maximum drawdown	17.09	10.03	+7.06
Martin ratio: Return relative to average drawdown	55.86	36.85	+19.01

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

The current PFL.TO Sharpe Ratio is 3.24, which is comparable to the PDC.TO Sharpe Ratio of 4.52. The chart below compares the historical Sharpe Ratios of PFL.TO and PDC.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. PDC.TO - Drawdown Comparison

The maximum PFL.TO drawdown since its inception was -2.07%, smaller than the maximum PDC.TO drawdown of -41.93%. Use the drawdown chart below to compare losses from any high point for PFL.TO and PDC.TO.

Drawdown Indicators

	PFL.TO	PDC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-2.07%	-41.93%	+39.86%
Max Drawdown (1Y) Largest decline over 1 year	-0.15%	-3.86%	+3.71%
Max Drawdown (3Y) Largest decline over 3 years	-0.22%	-10.52%	+10.30%
Max Drawdown (5Y) Largest decline over 5 years	-0.30%	-17.98%	+17.68%
Max Drawdown (10Y) Largest decline over 10 years	-2.07%	-41.93%	+39.86%
Current Drawdown Current decline from peak	-0.05%	-0.33%	+0.28%
Average Drawdown Average peak-to-trough decline	-0.08%	-4.48%	+4.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	1.05%	-1.00%

Volatility

PFL.TO vs. PDC.TO - Volatility Comparison

The current volatility for Invesco Canadian Government Floating Rate Index ETF (PFL.TO) is 0.20%, while Invesco Canadian Dividend Index ETF (PDC.TO) has a volatility of 2.41%. This indicates that PFL.TO experiences smaller price fluctuations and is considered to be less risky than PDC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFL.TO	PDC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.20%	2.41%	-2.21%
Volatility (6M) Calculated over the trailing 6-month period	0.56%	6.51%	-5.95%
Volatility (1Y) Calculated over the trailing 1-year period	0.81%	8.58%	-7.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.97%	10.83%	-9.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	15.28%	-13.95%

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

PFL.TO has a 0.13% expense ratio, which is lower than PDC.TO's 0.58% expense ratio.

Dividends

PFL.TO vs. PDC.TO - Dividend Comparison

PFL.TO's dividend yield for the trailing twelve months is around 2.63%, less than PDC.TO's 3.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PDC.TO Invesco Canadian Dividend Index ETF	3.14%	3.96%	4.48%	4.77%	4.24%	3.65%	5.07%	4.33%	5.12%	4.23%	3.77%	4.39%
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 PDC.TO in my portfolio?

PFL.TO and PDC.TO have a correlation of -0.06, 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 PDC.TO?

On fees, PFL.TO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

PFL.TO is cheaper with a 0.13% expense ratio, compared with 0.58% for PDC.TO.

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

PFL.TO is categorized as Canadian Government Bonds, while PDC.TO is Dividend. PFL.TO tracks FTSE Canada Government Floating Rate Note Index, while PDC.TO tracks NASDAQ Select Canadian Dividend Index. Their fees differ too: 0.13% for PFL.TO and 0.58% for PDC.TO.