SYLD.TO vs. CFRN.TO

Last updated Jul 25, 2026

SYLD.TO (Purpose Strategic Yield Fund) and CFRN.TO (CIBC Active Investment Grade Floating Rate Bond ETF) are both exchange-traded funds - SYLD.TO is a High Yield Bonds fund actively managed by Purpose Investments Inc., while CFRN.TO is a Corporate Bonds fund actively managed by CIBC. Both are actively managed. Over the past 5 years, SYLD.TO returned 4.88%/yr vs 3.40%/yr for CFRN.TO. At a 0.06 correlation, their price movements are largely independent.

Performance

SYLD.TO vs. CFRN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Strategic Yield Fund (SYLD.TO) and CIBC Active Investment Grade Floating Rate Bond ETF (CFRN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SYLD.TO achieves a 3.38% return, which is significantly higher than CFRN.TO's 1.46% return.

SYLD.TO

• 1D: -0.10%
• 1M: 0.03%
• 6M: 2.66%
• YTD: 3.38%
• 1Y: 9.54%
• 3Y*: 10.24%
• 5Y*: 4.88%
• 10Y*: —
• ALL TIME*: 6.24%

CFRN.TO

• 1D: 0.05%
• 1M: 0.20%
• 6M: 1.36%
• YTD: 1.46%
• 1Y: 2.95%
• 3Y*: 4.26%
• 5Y*: 3.40%
• 10Y*: —
• ALL TIME*: 2.71%

*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)
CFRN.TO CIBC Active Investment Grade Floating Rate Bond ETF	CA$190.32K	CA$159.02K	CA$112.37K
SYLD.TO Purpose Strategic Yield Fund	CA$51.46K	CA$69.71K	CA$109.09K

SYLD.TO vs. CFRN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SYLD.TO Purpose Strategic Yield Fund	3.38%	10.15%	13.23%	6.84%	-8.64%	12.53%	10.72%	5.20%
CFRN.TO CIBC Active Investment Grade Floating Rate Bond ETF	1.46%	3.32%	5.21%	5.83%	1.40%	0.25%	1.04%	1.97%

Correlation

The correlation between SYLD.TO and CFRN.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	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.08
Correlation (All Time) Calculated using the full available price history since Jan 16, 2019	0.06

The correlation between SYLD.TO and CFRN.TO shifts across timeframes, from -0.02 (1 year) to 0.10 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SYLD.TO vs. CFRN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SYLD.TO

SYLD.TO Risk / Return Rank: 96
SYLD.TO Sharpe Ratio Rank: 95
SYLD.TO Sortino Ratio Rank: 97
SYLD.TO Omega Ratio Rank: 96
SYLD.TO Calmar Ratio Rank: 96
SYLD.TO Martin Ratio Rank: 97

CFRN.TO

CFRN.TO Risk / Return Rank: 94
CFRN.TO Sharpe Ratio Rank: 91
CFRN.TO Sortino Ratio Rank: 93
CFRN.TO Omega Ratio Rank: 95
CFRN.TO Calmar Ratio Rank: 96
CFRN.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.

SYLD.TO vs. CFRN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Strategic Yield Fund (SYLD.TO) and CIBC Active Investment Grade Floating Rate Bond ETF (CFRN.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.

	SYLD.TO	CFRN.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.87	2.26	+0.61
Sortino ratio: Return per unit of downside risk	4.78	3.56	+1.22
Omega ratio: Gain probability vs. loss probability	1.60	1.55	+0.05
Calmar ratio: Return relative to maximum drawdown	6.91	6.56	+0.35
Martin ratio: Return relative to average drawdown	27.25	31.54	-4.29

SYLD.TO vs. CFRN.TO - Sharpe Ratio Comparison

The current SYLD.TO Sharpe Ratio is 2.87, which is comparable to the CFRN.TO Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of SYLD.TO and CFRN.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

SYLD.TO vs. CFRN.TO - Drawdown Comparison

The maximum SYLD.TO drawdown since its inception was -32.17%, which is greater than CFRN.TO's maximum drawdown of -1.00%. Use the drawdown chart below to compare losses from any high point for SYLD.TO and CFRN.TO.

Drawdown Indicators

	SYLD.TO	CFRN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-32.17%	-1.00%	-31.17%
Max Drawdown (1Y) Largest decline over 1 year	-1.39%	-0.45%	-0.94%
Max Drawdown (3Y) Largest decline over 3 years	-3.40%	-0.66%	-2.74%
Max Drawdown (5Y) Largest decline over 5 years	-9.48%	-1.00%	-8.48%
Current Drawdown Current decline from peak	-0.25%	0.00%	-0.25%
Average Drawdown Average peak-to-trough decline	-2.56%	-0.15%	-2.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.09%	+0.26%

Volatility

SYLD.TO vs. CFRN.TO - Volatility Comparison

Purpose Strategic Yield Fund (SYLD.TO) has a higher volatility of 0.61% compared to CIBC Active Investment Grade Floating Rate Bond ETF (CFRN.TO) at 0.21%. This indicates that SYLD.TO's price experiences larger fluctuations and is considered to be riskier than CFRN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SYLD.TO	CFRN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	0.21%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	0.82%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	3.43%	1.31%	+2.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.49%	2.10%	+2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.06%	1.78%	+8.28%

Dividends

SYLD.TO vs. CFRN.TO - Dividend Comparison

SYLD.TO's dividend yield for the trailing twelve months is around 5.82%, more than CFRN.TO's 3.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CFRN.TO CIBC Active Investment Grade Floating Rate Bond ETF	3.16%	3.47%	4.46%	4.43%	2.26%	1.26%	1.74%	1.70%	0.00%
SYLD.TO Purpose Strategic Yield Fund	5.82%	5.85%	6.07%	6.45%	6.46%	5.56%	5.91%	6.13%	4.70%

Frequently Asked Questions

Can I hold both SYLD.TO and CFRN.TO in my portfolio?

SYLD.TO and CFRN.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 SYLD.TO and CFRN.TO?

SYLD.TO is categorized as High Yield Bonds, while CFRN.TO is Corporate Bonds. They also come from different issuers: Purpose Investments Inc. and CIBC.