VGV.TO vs. CORE.TO
VGV.TO (Vanguard Canadian Government Bond Index ETF) and CORE.TO (PIMCO Canadian Core Bond Fund) are both Canadian Government Bonds funds. VGV.TO is passively managed, while CORE.TO is actively managed. Over the past year, VGV.TO returned 3.98% vs 5.82% for CORE.TO. Their correlation of 0.81 suggests significant overlap in exposure. VGV.TO charges 0.17%/yr vs 0.32%/yr for CORE.TO.
Performance
VGV.TO vs. CORE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, VGV.TO achieves a 1.92% return, which is significantly lower than CORE.TO's 2.64% return.
VGV.TO
- 1D
- 0.13%
- 1M
- 2.35%
- YTD
- 1.92%
- 6M
- 2.24%
- 1Y
- 3.98%
- 3Y*
- 3.79%
- 5Y*
- 0.02%
- 10Y*
- —
CORE.TO
- 1D
- 0.24%
- 1M
- 2.59%
- YTD
- 2.64%
- 6M
- 2.76%
- 1Y
- 5.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VGV.TO vs. CORE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
VGV.TO Vanguard Canadian Government Bond Index ETF | 1.92% | 1.90% | 0.63% |
CORE.TO PIMCO Canadian Core Bond Fund | 2.64% | 4.02% | 0.92% |
Correlation
The correlation between VGV.TO and CORE.TO is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2024 | 0.81 |
The correlation between VGV.TO and CORE.TO has been stable across timeframes, ranging from 0.81 to 0.85 - a consistent structural relationship.
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Return for Risk
VGV.TO vs. CORE.TO — Risk / Return Rank
VGV.TO
CORE.TO
VGV.TO vs. CORE.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Canadian Government Bond Index ETF (VGV.TO) and PIMCO Canadian Core Bond Fund (CORE.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.
| VGV.TO | CORE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.25 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 1.96 | -0.59 |
| Martin ratioReturn relative to average drawdown | 2.96 | 4.84 | -1.88 |
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Drawdowns
VGV.TO vs. CORE.TO - Drawdown Comparison
The maximum VGV.TO drawdown since its inception was -20.77%, which is greater than CORE.TO's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for VGV.TO and CORE.TO.
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Drawdown Indicators
| VGV.TO | CORE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.77% | -3.48% | -17.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -2.99% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -6.05% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.94% | — | — |
Current DrawdownCurrent decline from peak | -6.20% | 0.00% | -6.20% |
Average DrawdownAverage peak-to-trough decline | -7.27% | -1.34% | -5.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.35% | 1.20% | +0.15% |
Volatility
VGV.TO vs. CORE.TO - Volatility Comparison
Vanguard Canadian Government Bond Index ETF (VGV.TO) has a higher volatility of 1.42% compared to PIMCO Canadian Core Bond Fund (CORE.TO) at 1.27%. This indicates that VGV.TO's price experiences larger fluctuations and is considered to be riskier than CORE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VGV.TO | CORE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 1.27% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 3.77% | 3.10% | +0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.99% | 4.18% | +0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.00% | 5.00% | +2.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.02% | 5.00% | +2.02% |
VGV.TO vs. CORE.TO - Expense Ratio Comparison
VGV.TO has a 0.17% expense ratio, which is lower than CORE.TO's 0.32% expense ratio.
Dividends
VGV.TO vs. CORE.TO - Dividend Comparison
VGV.TO's dividend yield for the trailing twelve months is around 3.10%, less than CORE.TO's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CORE.TO PIMCO Canadian Core Bond Fund | 3.35% | 3.42% | 0.32% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VGV.TO Vanguard Canadian Government Bond Index ETF | 3.10% | 3.04% | 2.97% | 2.78% | 2.63% | 2.35% | 2.28% | 2.36% | 2.52% | 2.26% |
Frequently Asked Questions
VGV.TO and CORE.TO have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VGV.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VGV.TO is cheaper with a 0.17% expense ratio, compared with 0.32% for CORE.TO.
They also come from different issuers: Vanguard and PIMCO. Their fees differ too: 0.17% for VGV.TO and 0.32% for CORE.TO.
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