TLV.TO vs. PSB.TO

Last updated Jul 16, 2026

TLV.TO (Invesco S&P/TSX Composite Low Volatility Index ETF) and PSB.TO (Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF) are both exchange-traded funds - TLV.TO is a Canada Equities fund tracking the S&P/TSX Composite Low Volatility Index, while PSB.TO is a Corporate Bonds fund tracking the FTSE Canada Investment Grade 1-5 Year Laddered Corporate Bond Index. Both are passively managed. Over the past 10 years, TLV.TO returned 9.26%/yr vs 2.71%/yr for PSB.TO. At a 0.09 correlation, their price movements are largely independent. TLV.TO charges 0.33%/yr vs 0.28%/yr for PSB.TO.

Performance

TLV.TO vs. PSB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO) and Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF (PSB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TLV.TO achieves a 18.03% return, which is significantly higher than PSB.TO's 1.60% return. Over the past 10 years, TLV.TO has outperformed PSB.TO with an annualized return of 9.26%, while PSB.TO has yielded a comparatively lower 2.71% annualized return.

TLV.TO

• 1D: 0.44%
• 1M: 3.55%
• 6M: 16.34%
• YTD: 18.03%
• 1Y: 29.52%
• 3Y*: 21.51%
• 5Y*: 11.79%
• 10Y*: 9.26%

PSB.TO

• 1D: 0.11%
• 1M: -0.01%
• 6M: 1.04%
• YTD: 1.60%
• 1Y: 4.40%
• 3Y*: 6.06%
• 5Y*: 2.95%
• 10Y*: 2.71%

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

TLV.TO vs. PSB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF	18.03%	22.51%	20.36%	4.75%	-10.22%	21.67%	-6.10%	22.29%	-6.62%	10.15%
PSB.TO Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF	1.60%	4.68%	7.08%	6.44%	-3.89%	-0.97%	6.08%	4.25%	1.59%	0.23%

Correlation

The correlation between TLV.TO and PSB.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.14
Correlation (All Time) Calculated using the full available price history since May 3, 2012	0.09

Return for Risk

TLV.TO vs. PSB.TO — Risk / Return Rank

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

TLV.TO

TLV.TO Risk / Return Rank: 97
TLV.TO Sharpe Ratio Rank: 98
TLV.TO Sortino Ratio Rank: 97
TLV.TO Omega Ratio Rank: 97
TLV.TO Calmar Ratio Rank: 96
TLV.TO Martin Ratio Rank: 97

PSB.TO

PSB.TO Risk / Return Rank: 64
PSB.TO Sharpe Ratio Rank: 58
PSB.TO Sortino Ratio Rank: 59
PSB.TO Omega Ratio Rank: 57
PSB.TO Calmar Ratio Rank: 77
PSB.TO Martin Ratio Rank: 67

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.

TLV.TO vs. PSB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO) and Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF (PSB.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.

	TLV.TO	PSB.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.95	1.61	+2.34
Sortino ratio: Return per unit of downside risk	5.98	2.28	+3.70
Omega ratio: Gain probability vs. loss probability	1.82	1.29	+0.53
Calmar ratio: Return relative to maximum drawdown	7.29	3.20	+4.09
Martin ratio: Return relative to average drawdown	33.50	9.77	+23.73

TLV.TO vs. PSB.TO - Sharpe Ratio Comparison

The current TLV.TO Sharpe Ratio is 3.95, which is higher than the PSB.TO Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of TLV.TO and PSB.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

TLV.TO vs. PSB.TO - Drawdown Comparison

The maximum TLV.TO drawdown since its inception was -37.68%, which is greater than PSB.TO's maximum drawdown of -13.24%. Use the drawdown chart below to compare losses from any high point for TLV.TO and PSB.TO.

Drawdown Indicators

	TLV.TO	PSB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-37.68%	-13.24%	-24.44%
Max Drawdown (1Y) Largest decline over 1 year	-4.07%	-1.38%	-2.69%
Max Drawdown (3Y) Largest decline over 3 years	-9.83%	-1.89%	-7.94%
Max Drawdown (5Y) Largest decline over 5 years	-19.36%	-7.93%	-11.43%
Max Drawdown (10Y) Largest decline over 10 years	-37.68%	-13.24%	-24.44%
Current Drawdown Current decline from peak	0.00%	-0.17%	+0.17%
Average Drawdown Average peak-to-trough decline	-4.03%	-1.00%	-3.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.45%	+0.43%

Volatility

TLV.TO vs. PSB.TO - Volatility Comparison

Invesco S&P/TSX Composite Low Volatility Index ETF (TLV.TO) has a higher volatility of 2.06% compared to Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF (PSB.TO) at 0.67%. This indicates that TLV.TO's price experiences larger fluctuations and is considered to be riskier than PSB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TLV.TO	PSB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.06%	0.67%	+1.39%
Volatility (6M) Calculated over the trailing 6-month period	6.10%	1.96%	+4.14%
Volatility (1Y) Calculated over the trailing 1-year period	7.53%	2.76%	+4.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.98%	3.32%	+6.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.68%	4.85%	+7.83%

TLV.TO vs. PSB.TO - Expense Ratio Comparison

TLV.TO has a 0.33% expense ratio, which is higher than PSB.TO's 0.28% expense ratio.

Dividends

TLV.TO vs. PSB.TO - Dividend Comparison

TLV.TO's dividend yield for the trailing twelve months is around 2.88%, less than PSB.TO's 3.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PSB.TO Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF	3.20%	3.18%	3.12%	3.09%	3.13%	2.91%	2.74%	3.00%	3.37%	3.61%	4.01%	4.04%
TLV.TO Invesco S&P/TSX Composite Low Volatility Index ETF	2.88%	3.25%	3.40%	4.12%	4.01%	2.49%	2.75%	3.74%	4.28%	3.58%	3.46%	4.08%

Frequently Asked Questions

Can I hold both TLV.TO and PSB.TO in my portfolio?

TLV.TO and PSB.TO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TLV.TO or PSB.TO?

On fees, PSB.TO is cheaper at 0.28% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TLV.TO or PSB.TO?

PSB.TO is cheaper with a 0.28% expense ratio, compared with 0.33% for TLV.TO.

What is the main difference between TLV.TO and PSB.TO?

TLV.TO is categorized as Canada Equities, while PSB.TO is Corporate Bonds. TLV.TO tracks S&P/TSX Composite Low Volatility Index, while PSB.TO tracks FTSE Canada Investment Grade 1-5 Year Laddered Corporate Bond Index. Their fees differ too: 0.33% for TLV.TO and 0.28% for PSB.TO.