ZBBB.TO vs. CFRN.TO
ZBBB.TO (BMO BBB Corporate Bond Index ETF) and CFRN.TO (CIBC Active Investment Grade Floating Rate Bond ETF) are both Corporate Bonds funds. ZBBB.TO is passively managed, while CFRN.TO is actively managed. Over the past 5 years, ZBBB.TO returned 3.08%/yr vs 3.42%/yr for CFRN.TO. At a 0.01 correlation, their price movements are largely independent.
Performance
ZBBB.TO vs. CFRN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZBBB.TO achieves a 1.74% return, which is significantly higher than CFRN.TO's 1.36% return.
ZBBB.TO
- 1D
- 0.00%
- 1M
- 0.00%
- 6M
- 1.22%
- YTD
- 1.74%
- 1Y
- 4.98%
- 3Y*
- 6.94%
- 5Y*
- 3.08%
- 10Y*
- —
CFRN.TO
- 1D
- 0.00%
- 1M
- 0.20%
- 6M
- 1.31%
- YTD
- 1.36%
- 1Y
- 3.11%
- 3Y*
- 4.22%
- 5Y*
- 3.42%
- 10Y*
- —
ZBBB.TO vs. CFRN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ZBBB.TO BMO BBB Corporate Bond Index ETF | 1.74% | 4.83% | 8.00% | 5.61% | -4.43% | -1.12% | 6.72% |
CFRN.TO CIBC Active Investment Grade Floating Rate Bond ETF | 1.36% | 3.32% | 5.21% | 5.83% | 1.40% | 0.25% | 0.94% |
Correlation
The correlation between ZBBB.TO and CFRN.TO is 0.01, 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 | 0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2020 | 0.01 |
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Return for Risk
ZBBB.TO vs. CFRN.TO — Risk / Return Rank
ZBBB.TO
CFRN.TO
ZBBB.TO vs. CFRN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO BBB Corporate Bond Index ETF (ZBBB.TO) and CIBC Active Investment Grade Floating Rate Bond ETF (CFRN.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.
| ZBBB.TO | CFRN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.57 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 6.91 | -4.50 |
| Martin ratioReturn relative to average drawdown | 6.77 | 33.05 | -26.28 |
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Drawdowns
ZBBB.TO vs. CFRN.TO - Drawdown Comparison
The maximum ZBBB.TO drawdown since its inception was -11.55%, which is greater than CFRN.TO's maximum drawdown of -1.00%. Use the drawdown chart below to compare losses from any high point for ZBBB.TO and CFRN.TO.
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Drawdown Indicators
| ZBBB.TO | CFRN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.55% | -1.00% | -10.55% |
Max Drawdown (1Y)Largest decline over 1 year | -1.97% | -0.45% | -1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -1.97% | -0.66% | -1.31% |
Max Drawdown (5Y)Largest decline over 5 years | -11.23% | -1.00% | -10.23% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.65% | -0.15% | -2.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 0.09% | +0.61% |
Volatility
ZBBB.TO vs. CFRN.TO - Volatility Comparison
BMO BBB Corporate Bond Index ETF (ZBBB.TO) has a higher volatility of 0.66% compared to CIBC Active Investment Grade Floating Rate Bond ETF (CFRN.TO) at 0.21%. This indicates that ZBBB.TO's price experiences larger fluctuations and is considered to be riskier than CFRN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZBBB.TO | CFRN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.66% | 0.21% | +0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 1.98% | 0.83% | +1.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.13% | 1.34% | +1.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.51% | 2.10% | +2.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.84% | 1.78% | +4.06% |
Dividends
ZBBB.TO vs. CFRN.TO - Dividend Comparison
ZBBB.TO's dividend yield for the trailing twelve months is around 3.18%, which matches CFRN.TO's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CFRN.TO CIBC Active Investment Grade Floating Rate Bond ETF | 3.17% | 3.47% | 4.46% | 4.43% | 2.26% | 1.26% | 1.74% | 1.70% |
ZBBB.TO BMO BBB Corporate Bond Index ETF | 3.18% | 4.11% | 3.72% | 3.47% | 4.42% | 3.23% | 3.10% | 0.00% |
Frequently Asked Questions
ZBBB.TO and CFRN.TO have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and CIBC.
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