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XSH.TO vs. PFL.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XSH.TO vs. PFL.TO

Last updated Jul 14, 2026
Documentation

XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) and PFL.TO (Invesco Canadian Government Floating Rate Index ETF) are both Canadian Government Bonds funds - XSH.TO tracks the Morningstar Can 1-5Y Core Bd GR CAD while PFL.TO tracks the FTSE Canada Government Floating Rate Note Index. Both are passively managed. Over the past 10 years, XSH.TO returned 2.81%/yr vs 2.15%/yr for PFL.TO. At a 0.03 correlation, their price movements are largely independent.

Performance

XSH.TO vs. PFL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) and Invesco Canadian Government Floating Rate Index ETF (PFL.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XSH.TO achieves a 1.35% return, which is significantly higher than PFL.TO's 1.26% return. Over the past 10 years, XSH.TO has outperformed PFL.TO with an annualized return of 2.81%, while PFL.TO has yielded a comparatively lower 2.15% annualized return.

XSH.TO

1D
-0.21%
1M
-0.09%
6M
1.14%
YTD
1.35%
1Y
3.70%
3Y*
6.08%
5Y*
2.88%
10Y*
2.81%

PFL.TO

1D
0.00%
1M
0.30%
6M
1.15%
YTD
1.26%
1Y
2.67%
3Y*
3.72%
5Y*
3.13%
10Y*
2.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XSH.TO vs. PFL.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XSH.TO
iShares Core Canadian Short Term Corporate Bond Index ETF		1.35%4.61%7.11%6.80%-4.52%-0.81%6.28%5.02%1.28%0.78%
PFL.TO
Invesco Canadian Government Floating Rate Index ETF		1.26%3.00%4.53%5.09%1.78%0.25%0.91%1.80%1.09%1.46%

Correlation

The correlation between XSH.TO and PFL.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.11

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

0.04

Correlation (All Time)
Calculated using the full available price history since Aug 18, 2014

0.03

Compare stocks, funds, or ETFs

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iShares Core Canadian Short Term Corporate Bond Index ETF

Invesco Canadian Government Floating Rate Index ETF

Often compared with XSH.TO:
XSH.TO vs. XSB.TOXSH.TO vs. XCB.TOXSH.TO vs. XBB.TOXSH.TO vs. XFR.TOXSH.TO vs. ZMMK.TOXSH.TO vs. ZAG.TOXSH.TO vs. ZCS.TO
Often compared with PFL.TO:
PFL.TO vs. ESG.TOPFL.TO vs. XLB.TOPFL.TO vs. ZSB.TOPFL.TO vs. XSTB.TOPFL.TO vs. XFR.TOPFL.TO vs. ESGC.TOPFL.TO vs. QQC-F.TO

Return for Risk

XSH.TO vs. PFL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XSH.TO
XSH.TO Risk / Return Rank: 6666
Overall Rank
XSH.TO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
XSH.TO Sortino Ratio Rank: 6464
Sortino Ratio Rank
XSH.TO Omega Ratio Rank: 7070
Omega Ratio Rank
XSH.TO Calmar Ratio Rank: 6262
Calmar Ratio Rank
XSH.TO Martin Ratio Rank: 6868
Martin Ratio Rank
PFL.TO
PFL.TO Risk / Return Rank: 9797
Overall Rank
PFL.TO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
PFL.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
PFL.TO Omega Ratio Rank: 9797
Omega Ratio Rank
PFL.TO Calmar Ratio Rank: 9999
Calmar Ratio Rank
PFL.TO Martin Ratio Rank: 9898
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.

XSH.TO vs. PFL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) and Invesco Canadian Government Floating Rate Index ETF (PFL.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.

XSH.TOPFL.TODifference
Sharpe ratioReturn per unit of total volatility
1.69
3.26

-1.57

Sortino ratioReturn per unit of downside risk
2.37
5.65

-3.28

Omega ratioGain probability vs. loss probability

1.33

1.77

-0.44

Calmar ratioReturn relative to maximum drawdown

2.46

17.43

-14.97

Martin ratioReturn relative to average drawdown

9.77

56.45

-46.68

XSH.TO vs. PFL.TO - Sharpe Ratio Comparison

The current XSH.TO Sharpe Ratio is 1.69, which is lower than the PFL.TO Sharpe Ratio of 3.26. The chart below compares the historical Sharpe Ratios of XSH.TO and PFL.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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Drawdowns

XSH.TO vs. PFL.TO - Drawdown Comparison

The maximum XSH.TO drawdown since its inception was -14.24%, which is greater than PFL.TO's maximum drawdown of -2.07%. Use the drawdown chart below to compare losses from any high point for XSH.TO and PFL.TO.

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Drawdown Indicators

XSH.TOPFL.TODifference

Max Drawdown

Largest peak-to-trough decline

-14.24%

-2.07%

-12.17%

Max Drawdown (1Y)

Largest decline over 1 year

-1.51%

-0.15%

-1.36%

Max Drawdown (3Y)

Largest decline over 3 years

-1.51%

-0.22%

-1.29%

Max Drawdown (5Y)

Largest decline over 5 years

-7.80%

-0.30%

-7.50%

Max Drawdown (10Y)

Largest decline over 10 years

-14.24%

-2.07%

-12.17%

Current Drawdown

Current decline from peak

-0.37%

0.00%

-0.37%

Average Drawdown

Average peak-to-trough decline

-0.92%

-0.08%

-0.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.38%

0.05%

+0.33%

Volatility

XSH.TO vs. PFL.TO - Volatility Comparison

iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) has a higher volatility of 0.59% compared to Invesco Canadian Government Floating Rate Index ETF (PFL.TO) at 0.27%. This indicates that XSH.TO's price experiences larger fluctuations and is considered to be riskier than PFL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XSH.TOPFL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.59%

0.27%

+0.32%

Volatility (6M)

Calculated over the trailing 6-month period

1.83%

0.56%

+1.27%

Volatility (1Y)

Calculated over the trailing 1-year period

2.21%

0.82%

+1.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.84%

0.97%

+1.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.42%

1.33%

+3.09%

Dividends

XSH.TO vs. PFL.TO - Dividend Comparison

XSH.TO's dividend yield for the trailing twelve months is around 3.92%, more than PFL.TO's 2.63% yield.

PositionTTM20252024202320222021202020192018201720162015
PFL.TO
Invesco Canadian Government Floating Rate Index ETF		2.63%2.95%5.23%5.13%2.22%0.36%1.21%2.10%1.59%0.95%0.81%0.95%
XSH.TO
iShares Core Canadian Short Term Corporate Bond Index ETF		3.92%3.82%3.64%3.24%2.97%2.65%2.61%2.80%2.86%2.93%3.08%3.18%

Frequently Asked Questions

XSH.TO and PFL.TO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XSH.TO tracks Morningstar Can 1-5Y Core Bd GR CAD, while PFL.TO tracks FTSE Canada Government Floating Rate Note Index. They also come from different issuers: iShares and Invesco.

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