CACB.TO vs. ZCB.TO

Last updated Jun 4, 2026

CACB.TO (CIBC Active Investment Grade Corporate Bond ETF) and ZCB.TO (BMO Corporate Bond Index ETF) are both Corporate Bonds funds. CACB.TO is actively managed, while ZCB.TO is passively managed. Over the past 5 years, CACB.TO returned 3.34%/yr vs 2.19%/yr for ZCB.TO. At a 0.49 correlation, their price movements are largely independent. CACB.TO charges 0.40%/yr vs 0.17%/yr for ZCB.TO.

Performance

CACB.TO vs. ZCB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CIBC Active Investment Grade Corporate Bond ETF (CACB.TO) and BMO Corporate Bond Index ETF (ZCB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CACB.TO having a 1.98% return and ZCB.TO slightly lower at 1.93%.

CACB.TO

• 1D: 0.00%
• 1M: 1.83%
• YTD: 1.98%
• 6M: 1.75%
• 1Y: 4.87%
• 3Y*: 6.64%
• 5Y*: 3.34%
• 10Y*: —

ZCB.TO

• 1D: -0.08%
• 1M: 1.58%
• YTD: 1.93%
• 6M: 1.46%
• 1Y: 4.16%
• 3Y*: 6.00%
• 5Y*: 2.19%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CACB.TO vs. ZCB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CACB.TO CIBC Active Investment Grade Corporate Bond ETF	1.98%	4.34%	7.21%	10.68%	-8.04%	-0.64%	12.31%	7.89%
ZCB.TO BMO Corporate Bond Index ETF	1.93%	3.81%	6.60%	8.73%	-10.20%	-2.22%	8.33%	5.85%

Correlation

The correlation between CACB.TO and ZCB.TO is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Mar 5, 2019	0.49

The correlation between CACB.TO and ZCB.TO shifts across timeframes, from 0.49 (all time) to 0.65 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

CACB.TO vs. ZCB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CACB.TO

CACB.TO Risk / Return Rank: 39
CACB.TO Sharpe Ratio Rank: 38
CACB.TO Sortino Ratio Rank: 38
CACB.TO Omega Ratio Rank: 40
CACB.TO Calmar Ratio Rank: 39
CACB.TO Martin Ratio Rank: 38

ZCB.TO

ZCB.TO Risk / Return Rank: 31
ZCB.TO Sharpe Ratio Rank: 31
ZCB.TO Sortino Ratio Rank: 29
ZCB.TO Omega Ratio Rank: 31
ZCB.TO Calmar Ratio Rank: 33
ZCB.TO Martin Ratio Rank: 32

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.

CACB.TO vs. ZCB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CIBC Active Investment Grade Corporate Bond ETF (CACB.TO) and BMO Corporate Bond Index ETF (ZCB.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.

	CACB.TO	ZCB.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.12	+0.22
Sortino ratio: Return per unit of downside risk	1.92	1.55	+0.37
Omega ratio: Gain probability vs. loss probability	1.25	1.21	+0.04
Calmar ratio: Return relative to maximum drawdown	1.89	1.64	+0.25
Martin ratio: Return relative to average drawdown	5.75	4.82	+0.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CACB.TO vs. ZCB.TO - Sharpe Ratio Comparison

The current CACB.TO Sharpe Ratio is 1.35, which is comparable to the ZCB.TO Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of CACB.TO and ZCB.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.

Sharpe Ratios by Period

	CACB.TO	ZCB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.35	1.12	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	0.43	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.56	+0.20

Drawdowns

CACB.TO vs. ZCB.TO - Drawdown Comparison

The maximum CACB.TO drawdown since its inception was -12.97%, smaller than the maximum ZCB.TO drawdown of -15.70%. Use the drawdown chart below to compare losses from any high point for CACB.TO and ZCB.TO.

Drawdown Indicators

	CACB.TO	ZCB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-12.97%	-15.70%	+2.73%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	-2.55%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-3.15%	-3.27%	+0.12%
Max Drawdown (5Y) Largest decline over 5 years	-12.87%	-14.20%	+1.33%
Current Drawdown Current decline from peak	0.00%	-0.10%	+0.10%
Average Drawdown Average peak-to-trough decline	-2.52%	-3.70%	+1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.86%	-0.01%

Volatility

CACB.TO vs. ZCB.TO - Volatility Comparison

The current volatility for CIBC Active Investment Grade Corporate Bond ETF (CACB.TO) is 1.36%, while BMO Corporate Bond Index ETF (ZCB.TO) has a volatility of 1.50%. This indicates that CACB.TO experiences smaller price fluctuations and is considered to be less risky than ZCB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CACB.TO	ZCB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	1.50%	-0.14%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	3.00%	-0.21%
Volatility (1Y) Calculated over the trailing 1-year period	3.64%	3.72%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.66%	5.17%	+0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.24%	5.41%	+0.83%

CACB.TO vs. ZCB.TO - Expense Ratio Comparison

CACB.TO has a 0.40% expense ratio, which is higher than ZCB.TO's 0.17% expense ratio.

Dividends

CACB.TO vs. ZCB.TO - Dividend Comparison

CACB.TO's dividend yield for the trailing twelve months is around 4.40%, more than ZCB.TO's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CACB.TO CIBC Active Investment Grade Corporate Bond ETF	4.40%	4.46%	4.24%	5.48%	4.97%	4.64%	4.58%	4.60%	0.00%
ZCB.TO BMO Corporate Bond Index ETF	4.03%	4.00%	3.84%	3.89%	3.62%	3.13%	2.97%	3.12%	3.27%

Frequently Asked Questions

Can I hold both CACB.TO and ZCB.TO in my portfolio?

CACB.TO and ZCB.TO have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CACB.TO or ZCB.TO?

On fees, ZCB.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CACB.TO or ZCB.TO?

ZCB.TO is cheaper with a 0.17% expense ratio, compared with 0.40% for CACB.TO.

What is the main difference between CACB.TO and ZCB.TO?

They also come from different issuers: CIBC and BMO. Their fees differ too: 0.40% for CACB.TO and 0.17% for ZCB.TO.