VVSG.TO vs. CCBI.TO

Last updated Aug 4, 2026

VVSG.TO (Vanguard Canadian Ultra-Short Government Bond Index ETF) and CCBI.TO (CIBC Canadian Bond Index ETF) are both exchange-traded funds - VVSG.TO is a Canadian Government Bonds fund tracking the Bloomberg Canadian Short Treasury 1-12M Float Adjusted Index, while CCBI.TO is a Total Bond Market fund tracking the FTSE Canada Universe Bond Index. Both are passively managed. Over the past year, VVSG.TO returned 2.39% vs 2.31% for CCBI.TO. Their 0.20 correlation means their historical movements had little consistent relationship. VVSG.TO charges 0.12%/yr vs 0.07%/yr for CCBI.TO.

Performance

VVSG.TO vs. CCBI.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 CIBC Canadian Bond Index ETF (CCBI.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VVSG.TO achieves a 1.28% return, which is significantly higher than CCBI.TO's 0.72% return.

VVSG.TO

• 1D: 0.02%
• 1M: 0.16%
• 6M: 1.06%
• YTD: 1.28%
• 1Y: 2.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.81%

CCBI.TO

• 1D: -0.39%
• 1M: -1.26%
• 6M: 0.01%
• YTD: 0.72%
• 1Y: 2.31%
• 3Y*: 4.22%
• 5Y*: 0.23%
• 10Y*: —
• ALL TIME*: 0.72%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CCBI.TO CIBC Canadian Bond Index ETF	CA$238.27K	CA$302.42K	CA$297.80K
VVSG.TO Vanguard Canadian Ultra-Short Government Bond Index ETF	CA$194.30K	CA$244.08K	CA$304.69K

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

	2026 (YTD)	2025	2024
VVSG.TO Vanguard Canadian Ultra-Short Government Bond Index ETF	1.28%	2.80%	1.20%
CCBI.TO CIBC Canadian Bond Index ETF	0.72%	2.17%	-0.01%

Correlation

The correlation between VVSG.TO and CCBI.TO is 0.21, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.21
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.20

Return for Risk

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

Compare historical risk-adjusted metric ranks over the past 12 months.

VVSG.TO

VVSG.TO Risk / Return Rank: 99
VVSG.TO Sharpe Ratio Rank: 99
VVSG.TO Sortino Ratio Rank: 99
VVSG.TO Omega Ratio Rank: 99
VVSG.TO Calmar Ratio Rank: 99
VVSG.TO Martin Ratio Rank: 99

CCBI.TO

CCBI.TO Risk / Return Rank: 27
CCBI.TO Sharpe Ratio Rank: 27
CCBI.TO Sortino Ratio Rank: 25
CCBI.TO Omega Ratio Rank: 26
CCBI.TO Calmar Ratio Rank: 30
CCBI.TO Martin Ratio Rank: 28

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VVSG.TO vs. CCBI.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 CIBC Canadian Bond Index ETF (CCBI.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.

	VVSG.TO	CCBI.TO	Difference
Sharpe ratio: Return per unit of total volatility	7.21	0.66	+6.56
Sortino ratio: Return per unit of downside risk	13.81	0.97	+12.84
Omega ratio: Gain probability vs. loss probability	4.66	1.13	+3.53
Calmar ratio: Return relative to maximum drawdown	17.56	1.02	+16.53
Martin ratio: Return relative to average drawdown	214.73	2.49	+212.25

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

The current VVSG.TO Sharpe Ratio is 7.21, which is higher than the CCBI.TO Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of VVSG.TO and CCBI.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.

Drawdowns

VVSG.TO vs. CCBI.TO - Drawdown Comparison

The maximum VVSG.TO drawdown since its inception was -0.14%, smaller than the maximum CCBI.TO drawdown of -17.72%. Use the drawdown chart below to compare losses from any high point for VVSG.TO and CCBI.TO.

Drawdown Indicators

	VVSG.TO	CCBI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.14%	-17.72%	+17.58%
Max Drawdown (1Y) Largest decline over 1 year	-0.14%	-2.72%	+2.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.04%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.08%	—
Current Drawdown Current decline from peak	0.00%	-2.75%	+2.75%
Average Drawdown Average peak-to-trough decline	0.00%	-7.88%	+7.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	1.12%	-1.11%

Volatility

VVSG.TO vs. CCBI.TO - Volatility Comparison

The current volatility for Vanguard Canadian Ultra-Short Government Bond Index ETF (VVSG.TO) is 0.07%, while CIBC Canadian Bond Index ETF (CCBI.TO) has a volatility of 1.35%. This indicates that VVSG.TO experiences smaller price fluctuations and is considered to be less risky than CCBI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VVSG.TO	CCBI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.07%	1.35%	-1.28%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	3.42%	-3.23%
Volatility (1Y) Calculated over the trailing 1-year period	0.34%	4.26%	-3.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.35%	6.60%	-6.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.35%	6.96%	-6.61%

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

VVSG.TO has a 0.12% expense ratio, which is higher than CCBI.TO's 0.07% 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

VVSG.TO vs. CCBI.TO - Dividend Comparison

VVSG.TO's dividend yield for the trailing twelve months is around 2.18%, less than CCBI.TO's 3.39% yield.

Position	TTM	2025	2024	2023	2022	2021
CCBI.TO CIBC Canadian Bond Index ETF	3.39%	3.22%	2.85%	2.78%	2.60%	1.78%
VVSG.TO Vanguard Canadian Ultra-Short Government Bond Index ETF	2.18%	2.50%	0.73%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VVSG.TO and CCBI.TO in my portfolio?

VVSG.TO and CCBI.TO have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VVSG.TO or CCBI.TO?

On fees, CCBI.TO is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VVSG.TO or CCBI.TO?

CCBI.TO is cheaper with a 0.07% expense ratio, compared with 0.12% for VVSG.TO.

What is the main difference between VVSG.TO and CCBI.TO?

VVSG.TO is categorized as Canadian Government Bonds, while CCBI.TO is Total Bond Market. VVSG.TO tracks Bloomberg Canadian Short Treasury 1-12M Float Adjusted Index, while CCBI.TO tracks FTSE Canada Universe Bond Index. They also come from different issuers: Vanguard and CIBC. Their fees differ too: 0.12% for VVSG.TO and 0.07% for CCBI.TO.