The bond fund equivalents of GICs are short-term bond funds, which do not fluctuate as much. Long-term bond funds, or aggregate bond funds (that hold a significant amount of long-term bonds) are long-term investments.

If you need the money at a certain medium term, you should be setting your GICs to mature at that time. A GIC ladder means that a certain percentage of your GIC assets will not yet be available. [A GIC ladder is very useful in a situation where you actually want parts of your money annually, such as in the last years of a RESP, when the beneficiary would be using the money for school over several years.]

Cashable GICs have lower interest rates, but could be used for emergency funds, or if you aren't sure when you need the money.