XFR.TO vs. CLF.TO
XFR.TO (iShares Floating Rate Index ETF) and CLF.TO (iShares 1-5 Year Laddered Government Bond Index ETF) are both Canadian Government Bonds funds from iShares - XFR.TO tracks the FTSE Canada Floating Rate Note Index while CLF.TO tracks the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, XFR.TO returned 2.27%/yr vs 1.57%/yr for CLF.TO. Their 0.01 correlation means their historical movements had little consistent relationship. XFR.TO charges 0.13%/yr vs 0.17%/yr for CLF.TO.
Performance
XFR.TO vs. CLF.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XFR.TO achieves a 1.49% return, which is significantly higher than CLF.TO's 0.82% return. Over the past 10 years, XFR.TO has outperformed CLF.TO with an annualized return of 2.27%, while CLF.TO has yielded a comparatively lower 1.57% annualized return.
XFR.TO
- 1D
- 0.00%
- 1M
- 0.17%
- 6M
- 1.22%
- YTD
- 1.49%
- 1Y
- 2.74%
- 3Y*
- 3.85%
- 5Y*
- 3.30%
- 10Y*
- 2.27%
- ALL TIME*
- 1.92%
CLF.TO
- 1D
- -0.17%
- 1M
- -0.37%
- 6M
- 0.40%
- YTD
- 0.82%
- 1Y
- 2.23%
- 3Y*
- 4.39%
- 5Y*
- 1.70%
- 10Y*
- 1.57%
- ALL TIME*
- 2.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$127.34K | CA$161.40K | CA$219.74K | |
| CA$782.48K | CA$603.81K | CA$966.23K |
XFR.TO vs. CLF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XFR.TO iShares Floating Rate Index ETF | 1.49% | 3.33% | 4.57% | 5.29% | 1.81% | 0.15% | 0.98% | 2.26% | 1.20% | 1.43% |
CLF.TO iShares 1-5 Year Laddered Government Bond Index ETF | 0.82% | 3.36% | 4.82% | 4.58% | -3.98% | -1.27% | 4.82% | 2.47% | 1.68% | -0.49% |
Correlation
The correlation between XFR.TO and CLF.TO is 0.15, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.15 |
Correlation (3Y) Balances recent behavior with more history. | 0.01 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2011 | 0.01 |
The correlation between XFR.TO and CLF.TO shifts across timeframes, from 0.01 (3 years) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XFR.TO vs. CLF.TO — Risk / Return Rank
XFR.TO
CLF.TO
XFR.TO vs. CLF.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Floating Rate Index ETF (XFR.TO) and iShares 1-5 Year Laddered Government Bond Index ETF (CLF.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.
| XFR.TO | CLF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.74 | ||
| Sortino ratioReturn per unit of downside risk | +4.87 | ||
| Omega ratioGain probability vs. loss probability | 1.94 | 1.23 | +0.71 |
| Calmar ratioReturn relative to maximum drawdown | 28.60 | 1.83 | +26.77 |
| Martin ratioReturn relative to average drawdown | 82.37 | 5.31 | +77.06 |
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Drawdowns
XFR.TO vs. CLF.TO - Drawdown Comparison
The maximum XFR.TO drawdown since its inception was -4.12%, smaller than the maximum CLF.TO drawdown of -6.91%. Use the drawdown chart below to compare losses from any high point for XFR.TO and CLF.TO.
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Drawdown Indicators
| XFR.TO | CLF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.12% | -6.91% | +2.79% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -1.35% | +1.25% |
Max Drawdown (3Y)Largest decline over 3 years | -0.30% | -1.40% | +1.10% |
Max Drawdown (5Y)Largest decline over 5 years | -0.30% | -6.80% | +6.50% |
Max Drawdown (10Y)Largest decline over 10 years | -4.12% | -6.91% | +2.79% |
Current DrawdownCurrent decline from peak | -0.10% | -0.48% | +0.38% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -1.07% | +1.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.46% | -0.43% |
Volatility
XFR.TO vs. CLF.TO - Volatility Comparison
The current volatility for iShares Floating Rate Index ETF (XFR.TO) is 0.19%, while iShares 1-5 Year Laddered Government Bond Index ETF (CLF.TO) has a volatility of 0.62%. This indicates that XFR.TO experiences smaller price fluctuations and is considered to be less risky than CLF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XFR.TO | CLF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 0.62% | -0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 0.45% | 1.59% | -1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.72% | 2.02% | -1.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.84% | 2.99% | -2.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.86% | 3.36% | -1.50% |
XFR.TO vs. CLF.TO - Expense Ratio Comparison
XFR.TO has a 0.13% expense ratio, which is lower than CLF.TO's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XFR.TO vs. CLF.TO - Dividend Comparison
XFR.TO's dividend yield for the trailing twelve months is around 2.71%, more than CLF.TO's 2.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CLF.TO iShares 1-5 Year Laddered Government Bond Index ETF | 2.28% | 2.22% | 2.22% | 2.23% | 2.10% | 1.98% | 2.15% | 2.46% | 2.67% | 2.91% | 3.12% | 3.29% |
XFR.TO iShares Floating Rate Index ETF | 2.71% | 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
XFR.TO and CLF.TO have a correlation of 0.15, 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 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XFR.TO is cheaper with a 0.13% expense ratio, compared with 0.17% for CLF.TO.
XFR.TO tracks FTSE Canada Floating Rate Note Index, while CLF.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. Their fees differ too: 0.13% for XFR.TO and 0.17% for CLF.TO.
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