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VVSG.TO vs. CBO.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VVSG.TO vs. CBO.TO

Last updated Jun 5, 2026

VVSG.TO (Vanguard Canadian Ultra-Short Government Bond Index ETF) and CBO.TO (iShares 1-5 Year Laddered Corporate Bond Index ETF) are both Canadian Government Bonds funds - VVSG.TO tracks the Bloomberg Canadian Short Treasury 1-12M Float Adjusted Index while CBO.TO tracks the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past year, VVSG.TO returned 2.32% vs 3.56% for CBO.TO. At a 0.23 correlation, their price movements are largely independent. VVSG.TO charges 0.12%/yr vs 0.28%/yr for CBO.TO.

Performance

VVSG.TO vs. CBO.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard Canadian Ultra-Short Government Bond Index ETF (VVSG.TO) and iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both investments are quite close, with VVSG.TO having a 0.93% return and CBO.TO slightly higher at 0.96%.

VVSG.TO

1D
0.02%
1M
0.25%
YTD
0.93%
6M
0.97%
1Y
2.32%
3Y*
—
5Y*
—
10Y*
—

CBO.TO

1D
-0.05%
1M
0.78%
YTD
0.96%
6M
1.00%
1Y
3.56%
3Y*
5.62%
5Y*
2.59%
10Y*
2.50%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VVSG.TO vs. CBO.TO - Yearly Performance Comparison

2026 (YTD)20252024
VVSG.TO
Vanguard Canadian Ultra-Short Government Bond Index ETF		0.93%2.69%1.20%
CBO.TO
iShares 1-5 Year Laddered Corporate Bond Index ETF		0.96%4.69%1.49%

Correlation

The correlation between VVSG.TO and CBO.TO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.19

Correlation (All Time)
Calculated using the full available price history since Sep 13, 2024

0.23

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Canadian Ultra-Short Government Bond Index ETF

iShares 1-5 Year Laddered Corporate Bond Index ETF

Often compared with VVSG.TO:
VVSG.TO vs. VSB.TOVVSG.TO vs. MNU-U.TOVVSG.TO vs. VAB.TOVVSG.TO vs. XSHG.TOVVSG.TO vs. CBIL.TOVVSG.TO vs. XSTB.TOVVSG.TO vs. ZBI.TO
Often compared with CBO.TO:
CBO.TO vs. XSH.TOCBO.TO vs. CBH.TOCBO.TO vs. CBIL.TOCBO.TO vs. CLF.TOCBO.TO vs. XHB.TOCBO.TO vs. XSB.TOCBO.TO vs. ZCS.TO

Return for Risk

VVSG.TO vs. CBO.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VVSG.TO
VVSG.TO Risk / Return Rank: 9999
Overall Rank
VVSG.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
VVSG.TO Sortino Ratio Rank: 9999
Sortino Ratio Rank
VVSG.TO Omega Ratio Rank: 9999
Omega Ratio Rank
VVSG.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
VVSG.TO Martin Ratio Rank: 9999
Martin Ratio Rank
CBO.TO
CBO.TO Risk / Return Rank: 4545
Overall Rank
CBO.TO Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
CBO.TO Sortino Ratio Rank: 4545
Sortino Ratio Rank
CBO.TO Omega Ratio Rank: 4343
Omega Ratio Rank
CBO.TO Calmar Ratio Rank: 4646
Calmar Ratio Rank
CBO.TO Martin Ratio Rank: 5050
Martin Ratio Rank
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.

VVSG.TO vs. CBO.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Canadian Ultra-Short Government Bond Index ETF (VVSG.TO) and iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO.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.

VVSG.TOCBO.TODifference
Sharpe ratioReturn per unit of total volatility
6.38
1.50

+4.88

Sortino ratioReturn per unit of downside risk
11.09
2.19

+8.90

Omega ratioGain probability vs. loss probability

3.55

1.27

+2.28

Calmar ratioReturn relative to maximum drawdown

16.76

2.22

+14.55

Martin ratioReturn relative to average drawdown

142.52

8.33

+134.19

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VVSG.TO vs. CBO.TO - Sharpe Ratio Comparison

The current VVSG.TO Sharpe Ratio is 6.38, which is higher than the CBO.TO Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of VVSG.TO and CBO.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.

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Sharpe Ratios by Period

VVSG.TOCBO.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

6.38

1.50

+4.88

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.88

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.70

—

Sharpe Ratio (All Time)

Calculated using the full available price history

7.58

0.94

+6.64

Drawdowns

VVSG.TO vs. CBO.TO - Drawdown Comparison

The maximum VVSG.TO drawdown since its inception was -0.14%, smaller than the maximum CBO.TO drawdown of -11.67%. Use the drawdown chart below to compare losses from any high point for VVSG.TO and CBO.TO.

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Drawdown Indicators

VVSG.TOCBO.TODifference

Max Drawdown

Largest peak-to-trough decline

-0.14%

-11.67%

+11.53%

Max Drawdown (1Y)

Largest decline over 1 year

-0.14%

-1.61%

+1.47%

Max Drawdown (3Y)

Largest decline over 3 years

—

-1.61%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-8.22%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-11.67%

—

Current Drawdown

Current decline from peak

0.00%

-0.11%

+0.11%

Average Drawdown

Average peak-to-trough decline

-0.01%

-0.96%

+0.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.02%

0.43%

-0.41%

Volatility

VVSG.TO vs. CBO.TO - Volatility Comparison

The current volatility for Vanguard Canadian Ultra-Short Government Bond Index ETF (VVSG.TO) is 0.07%, while iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO.TO) has a volatility of 0.83%. This indicates that VVSG.TO experiences smaller price fluctuations and is considered to be less risky than CBO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

VVSG.TOCBO.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.07%

0.83%

-0.76%

Volatility (6M)

Calculated over the trailing 6-month period

0.21%

1.86%

-1.65%

Volatility (1Y)

Calculated over the trailing 1-year period

0.36%

2.39%

-2.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.37%

2.97%

-2.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.37%

3.59%

-3.22%

VVSG.TO vs. CBO.TO - Expense Ratio Comparison

VVSG.TO has a 0.12% expense ratio, which is lower than CBO.TO's 0.28% expense ratio.

Dividends

VVSG.TO vs. CBO.TO - Dividend Comparison

VVSG.TO's dividend yield for the trailing twelve months is around 2.41%, less than CBO.TO's 3.46% yield.

PositionTTM20252024202320222021202020192018201720162015
CBO.TO
iShares 1-5 Year Laddered Corporate Bond Index ETF		3.46%3.37%3.09%2.81%2.67%2.55%2.55%2.65%2.74%2.80%3.03%3.86%
VVSG.TO
Vanguard Canadian Ultra-Short Government Bond Index ETF		2.41%2.50%0.73%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

VVSG.TO and CBO.TO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, VVSG.TO is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

VVSG.TO is cheaper with a 0.12% expense ratio, compared with 0.28% for CBO.TO.

VVSG.TO tracks Bloomberg Canadian Short Treasury 1-12M Float Adjusted Index, while CBO.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.12% for VVSG.TO and 0.28% for CBO.TO.

Portfolio Optimizer

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