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BMO Ultra Short-Term Bond ETF (ZST.TO) Diversifiers

ETF · Currency in CAD · Last updated Jun 4, 2026

The ETF aims to provide exposure to a diversified mix of short-term fixed income asset classes with maturities under one year, including investment grade corporate bonds, government bonds, and other fixed income securities, while utilizing active management strategies for portfolio rebalancing.

Looking to diversify beyond ZST.TO? The ETFs below have the lowest correlation with ZST.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from ZST.TO.

Best Diversifiers for ZST.TO

44 ETFs have low correlation with ZST.TO (below 0.3), 3 of which are negatively correlated. The least correlated is Purpose High Interest Savings Fund (PSA.TO) (Money Market) with a 1Y correlation of -0.16, down from 0.16 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
PSA.TO
Purpose High Interest Savings Fund-0.160.130.16
100
Money MarketZST.TO vs PSA.TO
CBIL.TO
Global X 0-3 Month T-Bill ETF-0.080.20—
99
Canadian Government BondsZST.TO vs CBIL.TO
XEI.TO
iShares S&P/TSX Composite High Dividend Index ETF-0.020.110.09
98
Canada EquitiesZST.TO vs XEI.TO
ZSML.TO
BMO S&P US Small Cap Index ETF0.000.030.05
63
Small Cap Blend EquitiesZST.TO vs ZSML.TO
MNU-U.TO
Purpose USD Cash Management ETF0.000.00-0.00
99
Ultrashort Bond, Money MarketZST.TO vs MNU-U.TO
See all 47 diversifiers for ZST.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from ZST.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZST.TO and solid risk/return profiles. The least correlated is Fortis Inc. (FTS.TO) (Utilities) with a 1Y correlation of 0.08, roughly unchanged from 0.12 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
FTS.TO
Fortis Inc.0.080.130.12
79
Utilities
CM.TO
Canadian Imperial Bank of Commerce0.130.070.07
96
Financial Services
NA.TO
National Bank of Canada0.130.080.09
95
Financial Services
TD.TO
The Toronto-Dominion Bank0.140.120.10
98
Financial Services
CRT-UN.TO
CT Real Estate Investment Trust0.180.110.11
78
Real Estate

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Diversification Analysis

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