VBG.NEO vs. CLF.TO
VBG.NEO (Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)) and CLF.TO (iShares 1-5 Year Laddered Government Bond Index ETF) are both exchange-traded funds - VBG.NEO is a Global Bonds fund tracking the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (CAD Hedged), while CLF.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, VBG.NEO returned 0.33%/yr vs 1.81%/yr for CLF.TO. A 0.51 correlation means they provide meaningful diversification when combined. VBG.NEO charges 0.39%/yr vs 0.17%/yr for CLF.TO.
Performance
VBG.NEO vs. CLF.TO - Performance Comparison
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Returns By Period
In the year-to-date period, VBG.NEO achieves a -0.27% return, which is significantly lower than CLF.TO's 0.91% return. Over the past 10 years, VBG.NEO has underperformed CLF.TO with an annualized return of 0.33%, while CLF.TO has yielded a comparatively higher 1.81% annualized return.
VBG.NEO
- 1D
- 0.09%
- 1M
- 0.02%
- YTD
- -0.27%
- 6M
- -0.75%
- 1Y
- -0.38%
- 3Y*
- 1.83%
- 5Y*
- -1.35%
- 10Y*
- 0.33%
CLF.TO
- 1D
- 0.09%
- 1M
- 0.47%
- YTD
- 0.91%
- 6M
- 1.28%
- 1Y
- 2.48%
- 3Y*
- 4.19%
- 5Y*
- 1.74%
- 10Y*
- 1.81%
VBG.NEO vs. CLF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VBG.NEO Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) | -0.27% | 0.14% | 1.68% | 6.85% | -13.38% | -3.03% | 3.87% | 6.33% | 1.34% | 1.78% |
CLF.TO iShares 1-5 Year Laddered Government Bond Index ETF | 0.91% | 3.36% | 4.82% | 4.58% | -3.98% | -1.27% | 5.53% | 3.97% | 1.68% | -0.49% |
Correlation
The correlation between VBG.NEO and CLF.TO is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2014 | 0.51 |
The correlation between VBG.NEO and CLF.TO shifts across timeframes, from 0.51 (1 year) to 0.62 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VBG.NEO vs. CLF.TO — Risk / Return Rank
VBG.NEO
CLF.TO
VBG.NEO vs. CLF.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) (VBG.NEO) and iShares 1-5 Year Laddered Government Bond Index ETF (CLF.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.
| VBG.NEO | CLF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.41 | ||
| Sortino ratioReturn per unit of downside risk | -1.91 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.23 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.23 | 1.80 | -2.03 |
| Martin ratioReturn relative to average drawdown | -0.55 | 5.18 | -5.73 |
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
| VBG.NEO | CLF.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.19 | 1.22 | -1.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.26 | 0.59 | -0.85 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.07 | 0.54 | -0.47 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.72 | -0.49 |
Drawdowns
VBG.NEO vs. CLF.TO - Drawdown Comparison
The maximum VBG.NEO drawdown since its inception was -17.31%, which is greater than CLF.TO's maximum drawdown of -6.91%. Use the drawdown chart below to compare losses from any high point for VBG.NEO and CLF.TO.
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Drawdown Indicators
| VBG.NEO | CLF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.31% | -6.91% | -10.40% |
Max Drawdown (1Y)Largest decline over 1 year | -3.17% | -1.38% | -1.79% |
Max Drawdown (3Y)Largest decline over 3 years | -3.17% | -1.40% | -1.77% |
Max Drawdown (5Y)Largest decline over 5 years | -16.66% | -6.80% | -9.86% |
Max Drawdown (10Y)Largest decline over 10 years | -17.31% | -6.91% | -10.40% |
Current DrawdownCurrent decline from peak | -9.05% | -0.26% | -8.79% |
Average DrawdownAverage peak-to-trough decline | -4.86% | -1.08% | -3.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.31% | 0.48% | +0.83% |
Volatility
VBG.NEO vs. CLF.TO - Volatility Comparison
Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) (VBG.NEO) has a higher volatility of 1.84% compared to iShares 1-5 Year Laddered Government Bond Index ETF (CLF.TO) at 0.72%. This indicates that VBG.NEO's price experiences larger fluctuations and is considered to be riskier than CLF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VBG.NEO | CLF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 0.72% | +1.12% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 1.62% | +1.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.77% | 2.04% | +1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.20% | 2.98% | +2.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.62% | 3.37% | +1.25% |
VBG.NEO vs. CLF.TO - Expense Ratio Comparison
VBG.NEO has a 0.39% expense ratio, which is higher than CLF.TO's 0.17% expense ratio.
Dividends
VBG.NEO vs. CLF.TO - Dividend Comparison
VBG.NEO's dividend yield for the trailing twelve months is around 3.61%, more than CLF.TO's 2.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CLF.TO iShares 1-5 Year Laddered Government Bond Index ETF | 2.25% | 2.22% | 2.22% | 2.23% | 2.10% | 1.98% | 2.81% | 3.93% | 2.67% | 2.91% | 3.12% | 3.29% |
VBG.NEO Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) | 3.61% | 3.46% | 3.25% | 3.44% | 1.14% | 2.91% | 0.64% | 2.54% | 2.34% | 1.74% | 1.41% | 1.26% |
Frequently Asked Questions
VBG.NEO and CLF.TO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CLF.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CLF.TO is cheaper with a 0.17% expense ratio, compared with 0.39% for VBG.NEO.
VBG.NEO is categorized as Global Bonds, while CLF.TO is Canadian Government Bonds. VBG.NEO tracks Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (CAD Hedged), while CLF.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.39% for VBG.NEO and 0.17% for CLF.TO.
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