TBIL.TO vs. CCAD.TO

Last updated Apr 15, 2026

TBIL.TO (Harvest Canadian T-Bill ETF) and CCAD.TO (CIBC Premium Cash Management ETF) are both Money Market funds. Both are actively managed. At -0.01, they often move in opposite directions. TBIL.TO charges 0.00%/yr vs 0.14%/yr for CCAD.TO.

Performance

TBIL.TO vs. CCAD.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Canadian T-Bill ETF (TBIL.TO) and CIBC Premium Cash Management ETF (CCAD.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBIL.TO achieves a 0.54% return, which is significantly lower than CCAD.TO's 0.65% return.

TBIL.TO

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.54%
• 6M: 1.10%
• 1Y: 2.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CCAD.TO

• 1D: 0.00%
• 1M: 0.18%
• YTD: 0.65%
• 6M: 1.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBIL.TO vs. CCAD.TO - Yearly Performance Comparison

	2026 (YTD)	2025
TBIL.TO Harvest Canadian T-Bill ETF	0.54%	1.59%
CCAD.TO CIBC Premium Cash Management ETF	0.65%	1.69%

Correlation

The correlation between TBIL.TO and CCAD.TO is -0.01, 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 (All Time) Calculated using the full available price history since May 15, 2025	-0.01

Return for Risk

TBIL.TO vs. CCAD.TO — Risk / Return Rank

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

TBIL.TO

TBIL.TO Risk / Return Rank: 99
TBIL.TO Sharpe Ratio Rank: 99
TBIL.TO Sortino Ratio Rank: 99
TBIL.TO Omega Ratio Rank: 99
TBIL.TO Calmar Ratio Rank: 100
TBIL.TO Martin Ratio Rank: 99

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.

TBIL.TO vs. CCAD.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Canadian T-Bill ETF (TBIL.TO) and CIBC Premium Cash Management ETF (CCAD.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.

	TBIL.TO	CCAD.TO	Difference
Sharpe ratio Return per unit of total volatility	7.75	—	—
Sortino ratio Return per unit of downside risk	17.97	—	—
Omega ratio Gain probability vs. loss probability	3.75	—	—
Calmar ratio Return relative to maximum drawdown	59.29	—	—
Martin ratio Return relative to average drawdown	245.48	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TBIL.TO	CCAD.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.32	7.16	-1.84

Drawdowns

TBIL.TO vs. CCAD.TO - Drawdown Comparison

The maximum TBIL.TO drawdown since its inception was -0.38%, which is greater than CCAD.TO's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for TBIL.TO and CCAD.TO.

Drawdown Indicators

	TBIL.TO	CCAD.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.38%	-0.08%	-0.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	-0.01%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	—	—

Volatility

Volatility by Period

	TBIL.TO	CCAD.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.21%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	0.30%	0.36%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.11%	0.36%	+0.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.11%	0.36%	+0.75%

TBIL.TO vs. CCAD.TO - Expense Ratio Comparison

TBIL.TO has a 0.00% expense ratio, which is lower than CCAD.TO's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

TBIL.TO vs. CCAD.TO - Dividend Comparison

TBIL.TO's dividend yield for the trailing twelve months is around 2.34%, more than CCAD.TO's 2.23% yield.

	TTM	2025	2024
TBIL.TO Harvest Canadian T-Bill ETF	2.34%	2.57%	8.81%
CCAD.TO CIBC Premium Cash Management ETF	2.23%	1.62%	0.00%