RATE.TO vs. IGOV
RATE.TO (Arrow EC Income Advantage Alternative Fund) and IGOV (iShares International Treasury Bond ETF) are both exchange-traded funds - RATE.TO is a Investment Grade Bonds fund actively managed by Arrow Capital Management Inc., while IGOV is a International Government Bonds fund tracking the FTSE World Government Bond Index - Developed Markets Capped Select Index. RATE.TO is actively managed, while IGOV is passively managed. Over the past 5 years, RATE.TO returned 4.83%/yr vs -2.40%/yr for IGOV. Their -0.04 correlation means they have often moved in opposite directions in the past. RATE.TO charges 2.01%/yr vs 0.35%/yr for IGOV.
Performance
RATE.TO vs. IGOV - Performance Comparison
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Different Trading Currencies
RATE.TO is traded in CAD, while IGOV is traded in USD. To make them comparable, the IGOV values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, RATE.TO achieves a 1.38% return, which is significantly higher than IGOV's 1.29% return.
RATE.TO
- 1D
- -0.19%
- 1M
- 0.00%
- 6M
- 1.13%
- YTD
- 1.38%
- 1Y
- 2.80%
- 3Y*
- 5.22%
- 5Y*
- 4.83%
- 10Y*
- —
- ALL TIME*
- 4.08%
IGOV
- 1D
- 0.57%
- 1M
- -0.96%
- 6M
- 0.38%
- YTD
- 1.29%
- 1Y
- 0.41%
- 3Y*
- 3.83%
- 5Y*
- -2.40%
- 10Y*
- -0.79%
- ALL TIME*
- 0.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$12.62M | CA$22.45M | CA$23.18M | |
| CA$63.23K | CA$64.17K | CA$66.35K |
RATE.TO vs. IGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RATE.TO Arrow EC Income Advantage Alternative Fund | 1.38% | 4.60% | 5.59% | 10.12% | 2.34% | 2.46% | 3.49% | 6.56% | -0.84% | -0.05% |
IGOV iShares International Treasury Bond ETF | 1.29% | 4.94% | 1.41% | 3.06% | -17.13% | -9.29% | 8.25% | -0.52% | 5.59% | -2.29% |
Correlation
The correlation between RATE.TO and IGOV is 0.00, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.00 |
Correlation (3Y) Balances recent behavior with more history. | -0.03 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.07 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2017 | -0.04 |
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Return for Risk
RATE.TO vs. IGOV — Risk / Return Rank
RATE.TO
IGOV
RATE.TO vs. IGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Arrow EC Income Advantage Alternative Fund (RATE.TO) and iShares International Treasury Bond ETF (IGOV). 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.
| RATE.TO | IGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.22 | ||
| Sortino ratioReturn per unit of downside risk | +1.79 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.01 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 3.56 | 0.07 | +3.50 |
| Martin ratioReturn relative to average drawdown | 11.80 | 0.15 | +11.65 |
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Drawdowns
RATE.TO vs. IGOV - Drawdown Comparison
The maximum RATE.TO drawdown since its inception was -14.01%, smaller than the maximum IGOV drawdown of -31.87%. Use the drawdown chart below to compare losses from any high point for RATE.TO and IGOV.
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Drawdown Indicators
| RATE.TO | IGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.01% | -31.87% | +17.86% |
Max Drawdown (1Y)Largest decline over 1 year | -0.80% | -6.15% | +5.35% |
Max Drawdown (3Y)Largest decline over 3 years | -2.78% | -6.15% | +3.37% |
Max Drawdown (5Y)Largest decline over 5 years | -3.38% | -27.30% | +23.92% |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.87% | — |
Current DrawdownCurrent decline from peak | -0.23% | -18.09% | +17.86% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -10.54% | +9.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.24% | 2.67% | -2.43% |
Volatility
RATE.TO vs. IGOV - Volatility Comparison
The current volatility for Arrow EC Income Advantage Alternative Fund (RATE.TO) is 0.66%, while iShares International Treasury Bond ETF (IGOV) has a volatility of 1.86%. This indicates that RATE.TO experiences smaller price fluctuations and is considered to be less risky than IGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RATE.TO | IGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.66% | 1.86% | -1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 1.58% | 6.59% | -5.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.25% | 8.81% | -6.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.05% | 11.48% | -7.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.73% | 10.45% | -4.72% |
RATE.TO vs. IGOV - Expense Ratio Comparison
RATE.TO has a 2.01% expense ratio, which is higher than IGOV's 0.35% expense ratio.
Dividends
RATE.TO vs. IGOV - Dividend Comparison
RATE.TO's dividend yield for the trailing twelve months is around 4.66%, more than IGOV's 1.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IGOV iShares International Treasury Bond ETF | 1.42% | 1.41% | 0.59% | 0.00% | 0.11% | 0.39% | 0.00% | 0.24% | 0.31% | 0.19% | 0.69% | 0.12% |
RATE.TO Arrow EC Income Advantage Alternative Fund | 4.66% | 4.60% | 4.69% | 4.74% | 4.11% | 3.52% | 2.98% | 2.99% | 2.32% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
RATE.TO and IGOV have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IGOV is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IGOV is cheaper with a 0.35% expense ratio, compared with 2.01% for RATE.TO.
RATE.TO is categorized as Investment Grade Bonds, while IGOV is International Government Bonds. They also come from different issuers: Arrow Capital Management Inc. and iShares. Their fees differ too: 2.01% for RATE.TO and 0.35% for IGOV.
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