PFL.TO vs. XQB.TO
PFL.TO (Invesco Canadian Government Floating Rate Index ETF) and XQB.TO (iShares High Quality Canadian Bond Index ETF) are both Canadian Government Bonds funds - PFL.TO tracks the FTSE Canada Government Floating Rate Note Index while XQB.TO tracks the Morningstar Can Core Bd GR CAD. Both are passively managed. Over the past 10 years, PFL.TO returned 2.15%/yr vs 1.48%/yr for XQB.TO. At a 0.01 correlation, their price movements are largely independent. Both charge a 0.13% expense ratio.
Performance
PFL.TO vs. XQB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PFL.TO achieves a 1.31% return, which is significantly higher than XQB.TO's 0.76% return. Over the past 10 years, PFL.TO has outperformed XQB.TO with an annualized return of 2.15%, while XQB.TO has yielded a comparatively lower 1.48% 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%
XQB.TO
- 1D
- 0.32%
- 1M
- -1.19%
- 6M
- 0.39%
- YTD
- 0.76%
- 1Y
- 3.47%
- 3Y*
- 4.56%
- 5Y*
- 0.54%
- 10Y*
- 1.48%
- ALL TIME*
- 2.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$198.67K | CA$201.51K | CA$232.79K | |
| CA$186.47K | CA$265.13K | CA$188.86K |
PFL.TO vs. XQB.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% |
XQB.TO iShares High Quality Canadian Bond Index ETF | 0.76% | 2.94% | 4.39% | 6.51% | -10.61% | -2.84% | 8.32% | 6.05% | 1.38% | 1.61% |
Correlation
The correlation between PFL.TO and XQB.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
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 |
The correlation between PFL.TO and XQB.TO shifts across timeframes, from 0.01 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PFL.TO vs. XQB.TO — Risk / Return Rank
PFL.TO
XQB.TO
PFL.TO vs. XQB.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 iShares High Quality Canadian Bond Index ETF (XQB.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 | XQB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.37 | ||
| Sortino ratioReturn per unit of downside risk | +4.41 | ||
| Omega ratioGain probability vs. loss probability | 1.76 | 1.15 | +0.61 |
| Calmar ratioReturn relative to maximum drawdown | 17.09 | 1.29 | +15.80 |
| Martin ratioReturn relative to average drawdown | 55.86 | 3.28 | +52.57 |
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Drawdowns
PFL.TO vs. XQB.TO - Drawdown Comparison
The maximum PFL.TO drawdown since its inception was -2.07%, smaller than the maximum XQB.TO drawdown of -16.57%. Use the drawdown chart below to compare losses from any high point for PFL.TO and XQB.TO.
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Drawdown Indicators
| PFL.TO | XQB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.07% | -16.57% | +14.50% |
Max Drawdown (1Y)Largest decline over 1 year | -0.15% | -2.70% | +2.55% |
Max Drawdown (3Y)Largest decline over 3 years | -0.22% | -3.39% | +3.17% |
Max Drawdown (5Y)Largest decline over 5 years | -0.30% | -14.59% | +14.29% |
Max Drawdown (10Y)Largest decline over 10 years | -2.07% | -16.57% | +14.50% |
Current DrawdownCurrent decline from peak | -0.05% | -1.26% | +1.21% |
Average DrawdownAverage peak-to-trough decline | -0.08% | -3.13% | +3.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 1.06% | -1.01% |
Volatility
PFL.TO vs. XQB.TO - Volatility Comparison
The current volatility for Invesco Canadian Government Floating Rate Index ETF (PFL.TO) is 0.20%, while iShares High Quality Canadian Bond Index ETF (XQB.TO) has a volatility of 0.97%. This indicates that PFL.TO experiences smaller price fluctuations and is considered to be less risky than XQB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFL.TO | XQB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.20% | 0.97% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 0.56% | 3.23% | -2.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.81% | 4.01% | -3.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.97% | 5.87% | -4.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.33% | 5.77% | -4.44% |
PFL.TO vs. XQB.TO - Expense Ratio Comparison
Both PFL.TO and XQB.TO have an expense ratio of 0.13%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
PFL.TO vs. XQB.TO - Dividend Comparison
PFL.TO's dividend yield for the trailing twelve months is around 2.63%, less than XQB.TO's 3.45% 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% |
XQB.TO iShares High Quality Canadian Bond Index ETF | 3.45% | 3.39% | 3.23% | 2.93% | 2.75% | 2.37% | 2.37% | 2.53% | 2.59% | 2.54% | 2.67% | 2.80% |
Frequently Asked Questions
PFL.TO and XQB.TO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.13% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
PFL.TO and XQB.TO have the same expense ratio: 0.13% per year.
PFL.TO tracks FTSE Canada Government Floating Rate Note Index, while XQB.TO tracks Morningstar Can Core Bd GR CAD. They also come from different issuers: Invesco and iShares.
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