TDB.TO vs. CBO.TO
TDB.TO (TD Canadian Aggregate Bond Index ETF) and CBO.TO (iShares 1-5 Year Laddered Corporate Bond Index ETF) are both Canadian Government Bonds funds - TDB.TO tracks the Solactive Broad Canadian Bond Universe Index while CBO.TO tracks the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, TDB.TO returned 1.60%/yr vs 2.50%/yr for CBO.TO. A 0.60 correlation means they provide meaningful diversification when combined. TDB.TO charges 0.08%/yr vs 0.28%/yr for CBO.TO.
Performance
TDB.TO vs. CBO.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TDB.TO achieves a 1.60% return, which is significantly higher than CBO.TO's 1.02% return. Over the past 10 years, TDB.TO has underperformed CBO.TO with an annualized return of 1.60%, while CBO.TO has yielded a comparatively higher 2.50% annualized return.
TDB.TO
- 1D
- -0.08%
- 1M
- 1.60%
- YTD
- 1.60%
- 6M
- 0.82%
- 1Y
- 3.01%
- 3Y*
- 4.14%
- 5Y*
- 0.78%
- 10Y*
- 1.60%
CBO.TO
- 1D
- -0.05%
- 1M
- 0.94%
- YTD
- 1.02%
- 6M
- 1.01%
- 1Y
- 3.73%
- 3Y*
- 5.68%
- 5Y*
- 2.60%
- 10Y*
- 2.50%
TDB.TO vs. CBO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TDB.TO TD Canadian Aggregate Bond Index ETF | 1.60% | 2.24% | 4.11% | 6.57% | -10.94% | -2.98% | 8.31% | 6.24% | 1.46% | 2.55% |
CBO.TO iShares 1-5 Year Laddered Corporate Bond Index ETF | 1.02% | 4.69% | 6.82% | 6.47% | -4.89% | -1.04% | 5.84% | 4.54% | 1.27% | 0.52% |
Correlation
The correlation between TDB.TO and CBO.TO is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2016 | 0.60 |
The correlation between TDB.TO and CBO.TO shifts across timeframes, from 0.60 (all time) to 0.78 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TDB.TO vs. CBO.TO — Risk / Return Rank
TDB.TO
CBO.TO
TDB.TO vs. CBO.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TD Canadian Aggregate Bond Index ETF (TDB.TO) and iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO.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.
| TDB.TO | CBO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.29 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.10 | 2.32 | -1.22 |
| Martin ratioReturn relative to average drawdown | 2.55 | 8.72 | -6.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TDB.TO | CBO.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.69 | 1.57 | -0.88 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 0.88 | -0.76 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | 0.70 | -0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.27 | 0.94 | -0.68 |
Drawdowns
TDB.TO vs. CBO.TO - Drawdown Comparison
The maximum TDB.TO drawdown since its inception was -17.29%, which is greater than CBO.TO's maximum drawdown of -11.67%. Use the drawdown chart below to compare losses from any high point for TDB.TO and CBO.TO.
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Drawdown Indicators
| TDB.TO | CBO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.29% | -11.67% | -5.62% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -1.61% | -1.13% |
Max Drawdown (3Y)Largest decline over 3 years | -5.11% | -1.61% | -3.50% |
Max Drawdown (5Y)Largest decline over 5 years | -15.14% | -8.22% | -6.92% |
Max Drawdown (10Y)Largest decline over 10 years | -17.29% | -11.67% | -5.62% |
Current DrawdownCurrent decline from peak | -0.85% | -0.05% | -0.80% |
Average DrawdownAverage peak-to-trough decline | -4.73% | -0.96% | -3.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.18% | 0.43% | +0.75% |
Volatility
TDB.TO vs. CBO.TO - Volatility Comparison
TD Canadian Aggregate Bond Index ETF (TDB.TO) has a higher volatility of 1.64% compared to iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO.TO) at 0.83%. This indicates that TDB.TO's price experiences larger fluctuations and is considered to be riskier than CBO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TDB.TO | CBO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.64% | 0.83% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 1.86% | +1.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.40% | 2.39% | +2.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.38% | 2.97% | +3.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.59% | 3.59% | +3.00% |
TDB.TO vs. CBO.TO - Expense Ratio Comparison
TDB.TO has a 0.08% expense ratio, which is lower than CBO.TO's 0.28% expense ratio.
Dividends
TDB.TO vs. CBO.TO - Dividend Comparison
TDB.TO's dividend yield for the trailing twelve months is around 3.51%, more than CBO.TO's 3.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBO.TO iShares 1-5 Year Laddered Corporate Bond Index ETF | 3.45% | 3.37% | 3.09% | 2.81% | 2.67% | 2.55% | 2.55% | 2.65% | 2.74% | 2.80% | 3.03% | 3.86% |
TDB.TO TD Canadian Aggregate Bond Index ETF | 3.51% | 3.71% | 4.11% | 4.11% | 2.67% | 2.37% | 2.38% | 2.05% | 4.32% | 2.94% | 2.45% | 0.00% |
Frequently Asked Questions
TDB.TO and CBO.TO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TDB.TO is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TDB.TO is cheaper with a 0.08% expense ratio, compared with 0.28% for CBO.TO.
TDB.TO tracks Solactive Broad Canadian Bond Universe Index, while CBO.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. They also come from different issuers: TD and iShares. Their fees differ too: 0.08% for TDB.TO and 0.28% for CBO.TO.
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