PFL.TO vs. TLV.TO

Last updated Jul 4, 2026

PFL.TO (Invesco Canadian Government Floating Rate Index ETF) and TLV.TO (Invesco S&P/TSX Composite Low Volatility 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 TLV.TO is a Canada Equities fund tracking the S&P/TSX Composite Low Volatility Index. Both are passively managed. Over the past 10 years, PFL.TO returned 2.16%/yr vs 9.22%/yr for TLV.TO. At a 0.01 correlation, their price movements are largely independent.

Performance

PFL.TO vs. TLV.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 S&P/TSX Composite Low Volatility Index ETF (TLV.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 1.26% return, which is significantly lower than TLV.TO's 16.50% return. Over the past 10 years, PFL.TO has underperformed TLV.TO with an annualized return of 2.16%, while TLV.TO has yielded a comparatively higher 9.22% annualized return.

PFL.TO

• 1D: 0.10%
• 1M: 0.25%
• 6M: 1.26%
• YTD: 1.26%
• 1Y: 2.77%
• 3Y*: 3.75%
• 5Y*: 3.13%
• 10Y*: 2.16%

TLV.TO

• 1D: 0.54%
• 1M: 5.12%
• 6M: 16.11%
• YTD: 16.50%
• 1Y: 28.94%
• 3Y*: 20.92%
• 5Y*: 11.82%
• 10Y*: 9.22%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PFL.TO Invesco Canadian Government Floating Rate Index ETF	1.26%	3.00%	4.53%	5.09%	1.78%	0.25%	0.91%	1.80%	1.09%	1.46%
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF	16.50%	22.51%	20.36%	4.75%	-10.22%	21.67%	-6.10%	22.29%	-6.62%	10.15%

Correlation

The correlation between PFL.TO and TLV.TO is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (5Y) Calculated over the trailing 5-year period	0.01
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	0.01

Return for Risk

PFL.TO vs. TLV.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: 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

TLV.TO

TLV.TO Risk / Return Rank: 97
TLV.TO Sharpe Ratio Rank: 97
TLV.TO Sortino Ratio Rank: 97
TLV.TO Omega Ratio Rank: 97
TLV.TO Calmar Ratio Rank: 96
TLV.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. TLV.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 S&P/TSX Composite Low Volatility Index ETF (TLV.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	TLV.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.39	3.89	-0.49
Sortino ratio: Return per unit of downside risk	5.91	5.88	+0.03
Omega ratio: Gain probability vs. loss probability	1.81	1.81	0.00
Calmar ratio: Return relative to maximum drawdown	18.12	7.14	+10.98
Martin ratio: Return relative to average drawdown	58.96	32.89	+26.07

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

The current PFL.TO Sharpe Ratio is 3.39, which is comparable to the TLV.TO Sharpe Ratio of 3.89. The chart below compares the historical Sharpe Ratios of PFL.TO and TLV.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. TLV.TO - Drawdown Comparison

The maximum PFL.TO drawdown since its inception was -2.07%, smaller than the maximum TLV.TO drawdown of -37.68%. Use the drawdown chart below to compare losses from any high point for PFL.TO and TLV.TO.

Drawdown Indicators

	PFL.TO	TLV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-2.07%	-37.68%	+35.61%
Max Drawdown (1Y) Largest decline over 1 year	-0.15%	-4.07%	+3.92%
Max Drawdown (3Y) Largest decline over 3 years	-0.22%	-9.83%	+9.61%
Max Drawdown (5Y) Largest decline over 5 years	-0.30%	-19.36%	+19.06%
Max Drawdown (10Y) Largest decline over 10 years	-2.07%	-37.68%	+35.61%
Current Drawdown Current decline from peak	0.00%	-0.40%	+0.40%
Average Drawdown Average peak-to-trough decline	-0.08%	-4.04%	+3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.05%	0.88%	-0.83%

Volatility

PFL.TO vs. TLV.TO - Volatility Comparison

The current volatility for Invesco Canadian Government Floating Rate Index ETF (PFL.TO) is 0.28%, while Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO) has a volatility of 1.98%. This indicates that PFL.TO experiences smaller price fluctuations and is considered to be less risky than TLV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PFL.TO	TLV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	1.98%	-1.70%
Volatility (6M) Calculated over the trailing 6-month period	0.56%	6.01%	-5.45%
Volatility (1Y) Calculated over the trailing 1-year period	0.82%	7.48%	-6.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.97%	9.96%	-8.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.33%	12.67%	-11.34%

Dividends

PFL.TO vs. TLV.TO - Dividend Comparison

PFL.TO's dividend yield for the trailing twelve months is around 2.63%, less than TLV.TO's 2.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF	2.91%	3.25%	3.40%	4.12%	4.01%	2.49%	2.75%	3.74%	4.28%	3.58%	3.46%	4.08%

Frequently Asked Questions

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

PFL.TO and TLV.TO have a correlation of -0.02, 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 PFL.TO and TLV.TO?

PFL.TO is categorized as Canadian Government Bonds, while TLV.TO is Canada Equities. PFL.TO tracks FTSE Canada Government Floating Rate Note Index, while TLV.TO tracks S&P/TSX Composite Low Volatility Index.