PSB.TO vs. CBH.TO
PSB.TO (Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF) and CBH.TO (iShares 1-10 Year Laddered Corporate Bond Index ETF) are both Corporate Bonds funds - PSB.TO tracks the FTSE Canada Investment Grade 1-5 Year Laddered Corporate Bond Index while CBH.TO tracks the Morningstar Can Corp Bd GR CAD. Both are passively managed. Over the past 10 years, PSB.TO returned 2.68%/yr vs 2.31%/yr for CBH.TO. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.28% expense ratio.
Performance
PSB.TO vs. CBH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PSB.TO achieves a 1.49% return, which is significantly lower than CBH.TO's 1.58% return. Over the past 10 years, PSB.TO has outperformed CBH.TO with an annualized return of 2.68%, while CBH.TO has yielded a comparatively lower 2.31% annualized return.
PSB.TO
- 1D
- 0.11%
- 1M
- 0.21%
- 6M
- 1.49%
- YTD
- 1.49%
- 1Y
- 3.77%
- 3Y*
- 6.00%
- 5Y*
- 2.96%
- 10Y*
- 2.68%
CBH.TO
- 1D
- 0.00%
- 1M
- 0.28%
- 6M
- 1.81%
- YTD
- 1.58%
- 1Y
- 4.00%
- 3Y*
- 5.66%
- 5Y*
- 2.23%
- 10Y*
- 2.31%
PSB.TO vs. CBH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSB.TO Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF | 1.49% | 4.68% | 7.08% | 6.44% | -3.89% | -0.97% | 6.08% | 4.25% | 1.59% | 0.23% |
CBH.TO iShares 1-10 Year Laddered Corporate Bond Index ETF | 1.58% | 4.60% | 6.19% | 6.48% | -6.85% | -2.08% | 7.99% | 5.62% | 0.92% | 0.65% |
Correlation
The correlation between PSB.TO and CBH.TO is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 2011 | 0.49 |
The correlation between PSB.TO and CBH.TO shifts across timeframes, from 0.49 (all time) to 0.69 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PSB.TO vs. CBH.TO — Risk / Return Rank
PSB.TO
CBH.TO
PSB.TO vs. CBH.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF (PSB.TO) and iShares 1-10 Year Laddered Corporate Bond Index ETF (CBH.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.
| PSB.TO | CBH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.24 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 1.88 | +0.86 |
| Martin ratioReturn relative to average drawdown | 8.23 | 5.62 | +2.61 |
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Drawdowns
PSB.TO vs. CBH.TO - Drawdown Comparison
The maximum PSB.TO drawdown since its inception was -13.24%, smaller than the maximum CBH.TO drawdown of -16.36%. Use the drawdown chart below to compare losses from any high point for PSB.TO and CBH.TO.
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Drawdown Indicators
| PSB.TO | CBH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -16.36% | +3.12% |
Max Drawdown (1Y)Largest decline over 1 year | -1.38% | -2.14% | +0.76% |
Max Drawdown (3Y)Largest decline over 3 years | -1.89% | -2.14% | +0.25% |
Max Drawdown (5Y)Largest decline over 5 years | -7.93% | -10.50% | +2.57% |
Max Drawdown (10Y)Largest decline over 10 years | -13.24% | -16.36% | +3.12% |
Current DrawdownCurrent decline from peak | -0.23% | -0.11% | -0.12% |
Average DrawdownAverage peak-to-trough decline | -1.00% | -1.86% | +0.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 0.71% | -0.25% |
Volatility
PSB.TO vs. CBH.TO - Volatility Comparison
The current volatility for Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF (PSB.TO) is 0.61%, while iShares 1-10 Year Laddered Corporate Bond Index ETF (CBH.TO) has a volatility of 0.90%. This indicates that PSB.TO experiences smaller price fluctuations and is considered to be less risky than CBH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSB.TO | CBH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 0.90% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 1.91% | 2.28% | -0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.77% | 3.12% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.31% | 4.04% | -0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.85% | 6.47% | -1.62% |
PSB.TO vs. CBH.TO - Expense Ratio Comparison
Both PSB.TO and CBH.TO have an expense ratio of 0.28%.
Dividends
PSB.TO vs. CBH.TO - Dividend Comparison
PSB.TO's dividend yield for the trailing twelve months is around 3.21%, less than CBH.TO's 3.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBH.TO iShares 1-10 Year Laddered Corporate Bond Index ETF | 3.37% | 3.32% | 3.21% | 3.28% | 3.17% | 2.91% | 2.92% | 3.33% | 3.65% | 3.82% | 2.59% | 2.94% |
PSB.TO Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF | 3.21% | 3.18% | 3.12% | 3.09% | 3.13% | 2.91% | 2.74% | 3.00% | 3.37% | 3.61% | 4.01% | 4.04% |
Frequently Asked Questions
PSB.TO and CBH.TO have a correlation of 0.51, 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 0.28% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
PSB.TO and CBH.TO have the same expense ratio: 0.28% per year.
PSB.TO tracks FTSE Canada Investment Grade 1-5 Year Laddered Corporate Bond Index, while CBH.TO tracks Morningstar Can Corp Bd GR CAD. They also come from different issuers: Invesco and iShares.
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