TCLB.TO vs. PFL.TO
TCLB.TO (TD Canadian Long Term Federal Bond ETF) and PFL.TO (Invesco Canadian Government Floating Rate Index ETF) are both Canadian Government Bonds funds - TCLB.TO tracks the FTSE Canada Long Term Federal Bond Index while PFL.TO tracks the FTSE Canada Government Floating Rate Note Index. Both are passively managed. Over the past year, TCLB.TO returned 3.32% vs 2.72% for PFL.TO. At a 0.06 correlation, their price movements are largely independent.
Performance
TCLB.TO vs. PFL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TCLB.TO achieves a 0.73% return, which is significantly lower than PFL.TO's 1.31% return.
TCLB.TO
- 1D
- 0.00%
- 1M
- -1.91%
- 6M
- -0.21%
- YTD
- 0.73%
- 1Y
- 3.32%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PFL.TO
- 1D
- 0.00%
- 1M
- 0.20%
- 6M
- 1.26%
- YTD
- 1.31%
- 1Y
- 2.72%
- 3Y*
- 3.74%
- 5Y*
- 3.15%
- 10Y*
- 2.16%
TCLB.TO vs. PFL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TCLB.TO TD Canadian Long Term Federal Bond ETF | 0.73% | -3.46% | -1.09% | 0.36% |
PFL.TO Invesco Canadian Government Floating Rate Index ETF | 1.31% | 3.00% | 4.53% | 0.20% |
Correlation
The correlation between TCLB.TO and PFL.TO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2023 | 0.06 |
The correlation between TCLB.TO and PFL.TO shifts across timeframes, from 0.06 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TCLB.TO vs. PFL.TO — Risk / Return Rank
TCLB.TO
PFL.TO
TCLB.TO vs. PFL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TD Canadian Long Term Federal Bond ETF (TCLB.TO) and Invesco Canadian Government Floating Rate Index ETF (PFL.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.
| TCLB.TO | PFL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.98 | ||
| Sortino ratioReturn per unit of downside risk | -5.33 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.81 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | 0.60 | 17.78 | -17.18 |
| Martin ratioReturn relative to average drawdown | 1.11 | 58.11 | -57.00 |
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Drawdowns
TCLB.TO vs. PFL.TO - Drawdown Comparison
The maximum TCLB.TO drawdown since its inception was -10.64%, which is greater than PFL.TO's maximum drawdown of -2.07%. Use the drawdown chart below to compare losses from any high point for TCLB.TO and PFL.TO.
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Drawdown Indicators
| TCLB.TO | PFL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.64% | -2.07% | -8.57% |
Max Drawdown (1Y)Largest decline over 1 year | -5.57% | -0.15% | -5.42% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.22% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -2.07% | — |
Current DrawdownCurrent decline from peak | -7.29% | 0.00% | -7.29% |
Average DrawdownAverage peak-to-trough decline | -5.34% | -0.08% | -5.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 0.05% | +2.95% |
Volatility
TCLB.TO vs. PFL.TO - Volatility Comparison
TD Canadian Long Term Federal Bond ETF (TCLB.TO) has a higher volatility of 2.35% compared to Invesco Canadian Government Floating Rate Index ETF (PFL.TO) at 0.22%. This indicates that TCLB.TO's price experiences larger fluctuations and is considered to be riskier than PFL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TCLB.TO | PFL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.35% | 0.22% | +2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 6.36% | 0.55% | +5.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.71% | 0.82% | +7.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.79% | 0.97% | +9.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.79% | 1.33% | +9.46% |
Dividends
TCLB.TO vs. PFL.TO - Dividend Comparison
TCLB.TO's dividend yield for the trailing twelve months is around 3.39%, more than PFL.TO's 2.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFL.TO Invesco Canadian Government Floating Rate Index ETF | 2.63% | 2.95% | 5.23% | 5.13% | 2.22% | 0.36% | 1.21% | 2.10% | 1.59% | 0.95% | 0.81% | 0.95% |
TCLB.TO TD Canadian Long Term Federal Bond ETF | 3.39% | 3.25% | 2.94% | 0.34% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TCLB.TO and PFL.TO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TCLB.TO tracks FTSE Canada Long Term Federal Bond Index, while PFL.TO tracks FTSE Canada Government Floating Rate Note Index. They also come from different issuers: TD and Invesco.
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