ZBI.TO vs. PFL.TO
ZBI.TO (BMO Canadian Bank Income Index ETF) and PFL.TO (Invesco Canadian Government Floating Rate Index ETF) are both Canadian Government Bonds funds - ZBI.TO tracks the Solactive Canadian Bank Income Index while PFL.TO tracks the FTSE Canada Government Floating Rate Note Index. Both are passively managed. Over the past 3 years, ZBI.TO returned 8.05%/yr vs 3.72%/yr for PFL.TO. At a correlation of -0.00, they often move in opposite directions.
Performance
ZBI.TO vs. PFL.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZBI.TO achieves a 1.95% return, which is significantly higher than PFL.TO's 1.26% return.
ZBI.TO
- 1D
- -0.10%
- 1M
- 0.21%
- 6M
- 1.62%
- YTD
- 1.95%
- 1Y
- 4.55%
- 3Y*
- 8.05%
- 5Y*
- —
- 10Y*
- —
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%
ZBI.TO vs. PFL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ZBI.TO BMO Canadian Bank Income Index ETF | 1.95% | 4.79% | 12.50% | 6.85% | -7.29% |
PFL.TO Invesco Canadian Government Floating Rate Index ETF | 1.26% | 3.00% | 4.53% | 5.09% | 1.85% |
Correlation
The correlation between ZBI.TO and PFL.TO is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Feb 11, 2022 | -0.00 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZBI.TO vs. PFL.TO — Risk / Return Rank
ZBI.TO
PFL.TO
ZBI.TO vs. PFL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Canadian Bank Income Index ETF (ZBI.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.
| ZBI.TO | PFL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -2.52 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.77 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 3.78 | 17.43 | -13.65 |
| Martin ratioReturn relative to average drawdown | 17.13 | 56.45 | -39.32 |
Loading charts...
Drawdowns
ZBI.TO vs. PFL.TO - Drawdown Comparison
The maximum ZBI.TO drawdown since its inception was -8.31%, 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 ZBI.TO and PFL.TO.
Loading charts...
Drawdown Indicators
| ZBI.TO | PFL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.31% | -2.07% | -6.24% |
Max Drawdown (1Y)Largest decline over 1 year | -1.21% | -0.15% | -1.06% |
Max Drawdown (3Y)Largest decline over 3 years | -1.47% | -0.22% | -1.25% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.30% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -2.07% | — |
Current DrawdownCurrent decline from peak | -0.20% | 0.00% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -2.25% | -0.08% | -2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.27% | 0.05% | +0.22% |
Volatility
ZBI.TO vs. PFL.TO - Volatility Comparison
BMO Canadian Bank Income Index ETF (ZBI.TO) has a higher volatility of 0.49% compared to Invesco Canadian Government Floating Rate Index ETF (PFL.TO) at 0.27%. This indicates that ZBI.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.
Loading charts...
Volatility by Period
| ZBI.TO | PFL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.49% | 0.27% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 1.52% | 0.56% | +0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.09% | 0.82% | +1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.62% | 0.97% | +2.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.62% | 1.33% | +2.29% |
Dividends
ZBI.TO vs. PFL.TO - Dividend Comparison
ZBI.TO's dividend yield for the trailing twelve months is around 4.36%, more than PFL.TO's 2.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZBI.TO BMO Canadian Bank Income Index ETF | 4.36% | 4.02% | 3.36% | 3.58% | 2.66% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZBI.TO and PFL.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZBI.TO tracks Solactive Canadian Bank Income Index, while PFL.TO tracks FTSE Canada Government Floating Rate Note Index. They also come from different issuers: BMO and Invesco.
Find the right allocation for ZBI.TO and PFL.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer