TBIL.TO vs. VFV.TO

Last updated Jun 4, 2026

TBIL.TO (Harvest Canadian T-Bill ETF) and VFV.TO (Vanguard S&P 500 Index ETF) are both exchange-traded funds - TBIL.TO is a Money Market fund actively managed by Harvest, while VFV.TO is a S&P 500 fund tracking the S&P 500 Index. TBIL.TO is actively managed, while VFV.TO is passively managed. Over the past year, TBIL.TO returned 2.28% vs 29.48% for VFV.TO. At a 0.01 correlation, their price movements are largely independent. TBIL.TO charges 0.00%/yr vs 0.09%/yr for VFV.TO.

Performance

TBIL.TO vs. VFV.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 Vanguard S&P 500 Index ETF (VFV.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 0.83% return, which is significantly lower than VFV.TO's 12.30% return.

TBIL.TO

• 1D: 0.00%
• 1M: 0.16%
• YTD: 0.83%
• 6M: 1.04%
• 1Y: 2.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VFV.TO

• 1D: -0.18%
• 1M: 7.30%
• YTD: 12.30%
• 6M: 10.47%
• 1Y: 29.48%
• 3Y*: 23.57%
• 5Y*: 16.84%
• 10Y*: 16.04%

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

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

	2026 (YTD)	2025	2024
TBIL.TO Harvest Canadian T-Bill ETF	0.83%	2.60%	9.21%
VFV.TO Vanguard S&P 500 Index ETF	12.30%	12.18%	32.87%

Correlation

The correlation between TBIL.TO and VFV.TO is 0.05, 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	0.05
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024	0.01

Return for Risk

TBIL.TO vs. VFV.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

VFV.TO

VFV.TO Risk / Return Rank: 74
VFV.TO Sharpe Ratio Rank: 78
VFV.TO Sortino Ratio Rank: 77
VFV.TO Omega Ratio Rank: 78
VFV.TO Calmar Ratio Rank: 68
VFV.TO Martin Ratio Rank: 69

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. VFV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Canadian T-Bill ETF (TBIL.TO) and Vanguard S&P 500 Index ETF (VFV.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	VFV.TO	Difference
Sharpe ratio Return per unit of total volatility	8.01	2.59	+5.42
Sortino ratio Return per unit of downside risk	19.26	3.53	+15.73
Omega ratio Gain probability vs. loss probability	4.08	1.48	+2.60
Calmar ratio Return relative to maximum drawdown	57.46	3.44	+54.03
Martin ratio Return relative to average drawdown	258.77	13.10	+245.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBIL.TO vs. VFV.TO - Sharpe Ratio Comparison

The current TBIL.TO Sharpe Ratio is 8.01, which is higher than the VFV.TO Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of TBIL.TO and VFV.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.

Sharpe Ratios by Period

	TBIL.TO	VFV.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	8.01	2.59	+5.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.14	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.26	1.14	+4.12

Drawdowns

TBIL.TO vs. VFV.TO - Drawdown Comparison

The maximum TBIL.TO drawdown since its inception was -0.38%, smaller than the maximum VFV.TO drawdown of -27.43%. Use the drawdown chart below to compare losses from any high point for TBIL.TO and VFV.TO.

Drawdown Indicators

	TBIL.TO	VFV.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.38%	-27.43%	+27.05%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-8.62%	+8.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.05%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.19%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-27.43%	—
Current Drawdown Current decline from peak	0.00%	-0.18%	+0.18%
Average Drawdown Average peak-to-trough decline	-0.00%	-3.35%	+3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	2.26%	-2.25%

Volatility

TBIL.TO vs. VFV.TO - Volatility Comparison

The current volatility for Harvest Canadian T-Bill ETF (TBIL.TO) is 0.04%, while Vanguard S&P 500 Index ETF (VFV.TO) has a volatility of 3.05%. This indicates that TBIL.TO experiences smaller price fluctuations and is considered to be less risky than VFV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIL.TO	VFV.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.04%	3.05%	-3.01%
Volatility (6M) Calculated over the trailing 6-month period	0.18%	8.55%	-8.37%
Volatility (1Y) Calculated over the trailing 1-year period	0.29%	11.46%	-11.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.08%	14.91%	-13.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.08%	16.57%	-15.49%

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

TBIL.TO has a 0.00% expense ratio, which is lower than VFV.TO's 0.09% 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. VFV.TO - Dividend Comparison

TBIL.TO's dividend yield for the trailing twelve months is around 2.27%, more than VFV.TO's 0.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBIL.TO Harvest Canadian T-Bill ETF	2.27%	2.57%	8.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VFV.TO Vanguard S&P 500 Index ETF	0.83%	0.92%	0.99%	1.20%	1.31%	1.06%	1.33%	1.55%	1.68%	1.50%	1.66%	1.63%

Frequently Asked Questions

Can I hold both TBIL.TO and VFV.TO in my portfolio?

TBIL.TO and VFV.TO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TBIL.TO or VFV.TO?

On fees, TBIL.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TBIL.TO or VFV.TO?

TBIL.TO is cheaper with a 0.00% expense ratio, compared with 0.09% for VFV.TO.

What is the main difference between TBIL.TO and VFV.TO?

TBIL.TO is categorized as Money Market, while VFV.TO is S&P 500. They also come from different issuers: Harvest and Vanguard. Their fees differ too: 0.00% for TBIL.TO and 0.09% for VFV.TO.