VGV.TO vs. XFR.TO
VGV.TO (Vanguard Canadian Government Bond Index ETF) and XFR.TO (iShares Floating Rate Index ETF) are both Canadian Government Bonds funds - VGV.TO tracks the Bloomberg Global Aggregate Canadian Government Float Adjusted Bond Index while XFR.TO tracks the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past 5 years, VGV.TO returned 0.02%/yr vs 3.24%/yr for XFR.TO. At a 0.01 correlation, their price movements are largely independent. VGV.TO charges 0.17%/yr vs 0.14%/yr for XFR.TO.
Performance
VGV.TO vs. XFR.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 higher than XFR.TO's 1.20% 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*
- —
XFR.TO
- 1D
- 0.10%
- 1M
- 0.31%
- YTD
- 1.20%
- 6M
- 1.38%
- 1Y
- 3.12%
- 3Y*
- 3.98%
- 5Y*
- 3.24%
- 10Y*
- 2.26%
VGV.TO vs. XFR.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGV.TO Vanguard Canadian Government Bond Index ETF | 1.92% | 1.90% | 3.24% | 5.61% | -12.28% | -3.53% | 7.64% | 6.40% | -0.20% | 2.91% |
XFR.TO iShares Floating Rate Index ETF | 1.20% | 3.33% | 4.57% | 5.29% | 1.81% | 0.15% | 0.98% | 2.26% | 1.20% | 1.31% |
Correlation
The correlation between VGV.TO and XFR.TO is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2017 | 0.01 |
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Return for Risk
VGV.TO vs. XFR.TO — Risk / Return Rank
VGV.TO
XFR.TO
VGV.TO vs. XFR.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 iShares Floating Rate Index ETF (XFR.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 | XFR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.54 | ||
| Sortino ratioReturn per unit of downside risk | -6.33 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 2.05 | -0.90 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 31.34 | -29.97 |
| Martin ratioReturn relative to average drawdown | 2.96 | 94.91 | -91.95 |
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Drawdowns
VGV.TO vs. XFR.TO - Drawdown Comparison
The maximum VGV.TO drawdown since its inception was -20.77%, which is greater than XFR.TO's maximum drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for VGV.TO and XFR.TO.
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Drawdown Indicators
| VGV.TO | XFR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.77% | -4.12% | -16.65% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -0.10% | -2.83% |
Max Drawdown (3Y)Largest decline over 3 years | -6.05% | -0.30% | -5.75% |
Max Drawdown (5Y)Largest decline over 5 years | -16.94% | -0.30% | -16.64% |
Max Drawdown (10Y)Largest decline over 10 years | — | -4.12% | — |
Current DrawdownCurrent decline from peak | -6.20% | 0.00% | -6.20% |
Average DrawdownAverage peak-to-trough decline | -7.27% | -0.06% | -7.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.35% | 0.03% | +1.32% |
Volatility
VGV.TO vs. XFR.TO - Volatility Comparison
Vanguard Canadian Government Bond Index ETF (VGV.TO) has a higher volatility of 1.42% compared to iShares Floating Rate Index ETF (XFR.TO) at 0.25%. This indicates that VGV.TO's price experiences larger fluctuations and is considered to be riskier than XFR.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 | XFR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 0.25% | +1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 3.77% | 0.48% | +3.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.99% | 0.72% | +4.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.00% | 0.85% | +6.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.02% | 1.86% | +5.16% |
VGV.TO vs. XFR.TO - Expense Ratio Comparison
VGV.TO has a 0.17% expense ratio, which is higher than XFR.TO's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VGV.TO vs. XFR.TO - Dividend Comparison
VGV.TO's dividend yield for the trailing twelve months is around 3.10%, more than XFR.TO's 2.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
XFR.TO iShares Floating Rate Index ETF | 2.77% | 3.23% | 4.93% | 4.91% | 1.84% | 0.30% | 1.07% | 1.99% | 1.64% | 0.92% | 0.65% | 0.95% |
Frequently Asked Questions
VGV.TO and XFR.TO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XFR.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XFR.TO is cheaper with a 0.14% expense ratio, compared with 0.17% for VGV.TO.
VGV.TO tracks Bloomberg Global Aggregate Canadian Government Float Adjusted Bond Index, while XFR.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.17% for VGV.TO and 0.14% for XFR.TO.
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