VSB.TO vs. CMR.TO
VSB.TO (Vanguard Canadian Short Term Bond) and CMR.TO (iShares Premium Money Market ETF) are both exchange-traded funds - VSB.TO is a Canadian Government Bonds fund tracking the FTSE Canada Short Term Government Bond Index, while CMR.TO is a Money Market fund actively managed by iShares. VSB.TO is passively managed, while CMR.TO is actively managed. Over the past 10 years, VSB.TO returned 1.94%/yr vs 1.89%/yr for CMR.TO. At a 0.00 correlation, their price movements are largely independent. VSB.TO charges 0.15%/yr vs 0.14%/yr for CMR.TO.
Performance
VSB.TO vs. CMR.TO - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with VSB.TO at 0.97% and CMR.TO at 0.97%. Both investments have delivered pretty close results over the past 10 years, with VSB.TO having a 1.94% annualized return and CMR.TO not far behind at 1.89%.
VSB.TO
- 1D
- -0.04%
- 1M
- 0.92%
- YTD
- 0.97%
- 6M
- 0.78%
- 1Y
- 2.90%
- 3Y*
- 4.65%
- 5Y*
- 2.02%
- 10Y*
- 1.94%
CMR.TO
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- 0.97%
- 6M
- 1.05%
- 1Y
- 2.37%
- 3Y*
- 3.73%
- 5Y*
- 2.94%
- 10Y*
- 1.89%
VSB.TO vs. CMR.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VSB.TO Vanguard Canadian Short Term Bond | 0.97% | 3.66% | 5.54% | 4.92% | -3.93% | -1.15% | 5.29% | 3.06% | 1.67% | -0.36% |
CMR.TO iShares Premium Money Market ETF | 0.97% | 2.68% | 4.70% | 4.70% | 1.71% | 0.00% | 0.47% | 1.63% | 1.29% | 0.63% |
Correlation
The correlation between VSB.TO and CMR.TO is -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 7, 2011 | 0.00 |
The correlation between VSB.TO and CMR.TO shifts across timeframes, from -0.07 (1 year) to 0.03 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
VSB.TO vs. CMR.TO — Risk / Return Rank
VSB.TO
CMR.TO
VSB.TO vs. CMR.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Canadian Short Term Bond (VSB.TO) and iShares Premium Money Market ETF (CMR.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.
| VSB.TO | CMR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.07 | ||
| Sortino ratioReturn per unit of downside risk | -19.01 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 9.57 | -8.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 25.44 | -23.40 |
| Martin ratioReturn relative to average drawdown | 6.78 | 187.33 | -180.55 |
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
| VSB.TO | CMR.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.53 | 10.61 | -9.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.79 | 10.67 | -9.88 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 7.02 | -6.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 3.84 | -3.20 |
Drawdowns
VSB.TO vs. CMR.TO - Drawdown Comparison
The maximum VSB.TO drawdown since its inception was -8.38%, which is greater than CMR.TO's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for VSB.TO and CMR.TO.
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Drawdown Indicators
| VSB.TO | CMR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.38% | -0.52% | -7.86% |
Max Drawdown (1Y)Largest decline over 1 year | -1.43% | -0.09% | -1.34% |
Max Drawdown (3Y)Largest decline over 3 years | -1.43% | -0.09% | -1.34% |
Max Drawdown (5Y)Largest decline over 5 years | -6.88% | -0.09% | -6.79% |
Max Drawdown (10Y)Largest decline over 10 years | -8.38% | -0.14% | -8.24% |
Current DrawdownCurrent decline from peak | -0.13% | -0.02% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -0.95% | -0.01% | -0.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 0.01% | +0.42% |
Volatility
VSB.TO vs. CMR.TO - Volatility Comparison
Vanguard Canadian Short Term Bond (VSB.TO) has a higher volatility of 0.71% compared to iShares Premium Money Market ETF (CMR.TO) at 0.05%. This indicates that VSB.TO's price experiences larger fluctuations and is considered to be riskier than CMR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VSB.TO | CMR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 0.05% | +0.66% |
Volatility (6M)Calculated over the trailing 6-month period | 1.57% | 0.18% | +1.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.90% | 0.22% | +1.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.57% | 0.28% | +2.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.48% | 0.27% | +3.21% |
VSB.TO vs. CMR.TO - Expense Ratio Comparison
VSB.TO has a 0.15% expense ratio, which is higher than CMR.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
VSB.TO vs. CMR.TO - Dividend Comparison
VSB.TO's dividend yield for the trailing twelve months is around 3.00%, more than CMR.TO's 2.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 2.48% | 2.81% | 4.56% | 4.64% | 1.62% | 0.00% | 0.47% | 1.60% | 1.33% | 0.61% | 0.43% | 0.48% |
VSB.TO Vanguard Canadian Short Term Bond | 3.00% | 3.04% | 3.04% | 2.66% | 2.24% | 2.02% | 2.24% | 2.31% | 2.29% | 2.34% | 2.45% | 2.38% |
Frequently Asked Questions
VSB.TO and CMR.TO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMR.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMR.TO is cheaper with a 0.14% expense ratio, compared with 0.15% for VSB.TO.
VSB.TO is categorized as Canadian Government Bonds, while CMR.TO is Money Market. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.15% for VSB.TO and 0.14% for CMR.TO.
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