CBIL.TO vs. ZSDB.TO

Last updated Jun 4, 2026

CBIL.TO (Global X 0-3 Month T-Bill ETF) and ZSDB.TO (BMO Short-Term Discount Bond ETF) are both exchange-traded funds - CBIL.TO is a Canadian Government Bonds fund actively managed by Global X, while ZSDB.TO is a Short-Term Bond fund actively managed by BMO. Both are actively managed. Over the past 3 years, CBIL.TO returned 3.63%/yr vs 4.81%/yr for ZSDB.TO. At a 0.07 correlation, their price movements are largely independent. CBIL.TO charges 0.10%/yr vs 0.09%/yr for ZSDB.TO.

Performance

CBIL.TO vs. ZSDB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X 0-3 Month T-Bill ETF (CBIL.TO) and BMO Short-Term Discount Bond ETF (ZSDB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CBIL.TO achieves a 0.85% return, which is significantly higher than ZSDB.TO's 0.74% return.

CBIL.TO

• 1D: 0.02%
• 1M: 0.20%
• YTD: 0.85%
• 6M: 1.08%
• 1Y: 2.34%
• 3Y*: 3.63%
• 5Y*: —
• 10Y*: —

ZSDB.TO

• 1D: -0.03%
• 1M: 0.86%
• YTD: 0.74%
• 6M: 0.77%
• 1Y: 2.82%
• 3Y*: 4.81%
• 5Y*: —
• 10Y*: —

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

CBIL.TO vs. ZSDB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
CBIL.TO Global X 0-3 Month T-Bill ETF	0.85%	2.68%	4.47%	3.36%
ZSDB.TO BMO Short-Term Discount Bond ETF	0.74%	3.93%	5.94%	3.15%

Correlation

The correlation between CBIL.TO and ZSDB.TO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Apr 17, 2023	0.07

Return for Risk

CBIL.TO vs. ZSDB.TO — Risk / Return Rank

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

CBIL.TO

CBIL.TO Risk / Return Rank: 99
CBIL.TO Sharpe Ratio Rank: 99
CBIL.TO Sortino Ratio Rank: 100
CBIL.TO Omega Ratio Rank: 99
CBIL.TO Calmar Ratio Rank: 100
CBIL.TO Martin Ratio Rank: 100

ZSDB.TO

ZSDB.TO Risk / Return Rank: 43
ZSDB.TO Sharpe Ratio Rank: 44
ZSDB.TO Sortino Ratio Rank: 42
ZSDB.TO Omega Ratio Rank: 47
ZSDB.TO Calmar Ratio Rank: 41
ZSDB.TO Martin Ratio Rank: 42

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.

CBIL.TO vs. ZSDB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X 0-3 Month T-Bill ETF (CBIL.TO) and BMO Short-Term Discount Bond ETF (ZSDB.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.

	CBIL.TO	ZSDB.TO	Difference
Sharpe ratio: Return per unit of total volatility	9.47	1.53	+7.94
Sortino ratio: Return per unit of downside risk	23.59	2.11	+21.48
Omega ratio: Gain probability vs. loss probability	5.38	1.29	+4.09
Calmar ratio: Return relative to maximum drawdown	58.74	1.99	+56.74
Martin ratio: Return relative to average drawdown	339.60	6.59	+333.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBIL.TO vs. ZSDB.TO - Sharpe Ratio Comparison

The current CBIL.TO Sharpe Ratio is 9.47, which is higher than the ZSDB.TO Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of CBIL.TO and ZSDB.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

	CBIL.TO	ZSDB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	9.47	1.53	+7.94
Sharpe Ratio (All Time) Calculated using the full available price history	11.64	1.17	+10.46

Drawdowns

CBIL.TO vs. ZSDB.TO - Drawdown Comparison

The maximum CBIL.TO drawdown since its inception was -0.06%, smaller than the maximum ZSDB.TO drawdown of -4.88%. Use the drawdown chart below to compare losses from any high point for CBIL.TO and ZSDB.TO.

Drawdown Indicators

	CBIL.TO	ZSDB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.06%	-4.88%	+4.82%
Max Drawdown (1Y) Largest decline over 1 year	-0.04%	-1.44%	+1.40%
Max Drawdown (3Y) Largest decline over 3 years	-0.06%	-1.44%	+1.38%
Current Drawdown Current decline from peak	0.00%	-0.18%	+0.18%
Average Drawdown Average peak-to-trough decline	-0.00%	-0.72%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.43%	-0.42%

Volatility

CBIL.TO vs. ZSDB.TO - Volatility Comparison

The current volatility for Global X 0-3 Month T-Bill ETF (CBIL.TO) is 0.08%, while BMO Short-Term Discount Bond ETF (ZSDB.TO) has a volatility of 0.63%. This indicates that CBIL.TO experiences smaller price fluctuations and is considered to be less risky than ZSDB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBIL.TO	ZSDB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	0.63%	-0.55%
Volatility (6M) Calculated over the trailing 6-month period	0.19%	1.58%	-1.39%
Volatility (1Y) Calculated over the trailing 1-year period	0.25%	1.89%	-1.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.31%	3.52%	-3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.31%	3.52%	-3.21%

CBIL.TO vs. ZSDB.TO - Expense Ratio Comparison

CBIL.TO has a 0.10% expense ratio, which is higher than ZSDB.TO's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CBIL.TO vs. ZSDB.TO - Dividend Comparison

CBIL.TO's dividend yield for the trailing twelve months is around 2.29%, more than ZSDB.TO's 1.30% yield.

Position	TTM	2025	2024	2023	2022
CBIL.TO Global X 0-3 Month T-Bill ETF	2.29%	2.59%	4.38%	3.39%	0.00%
ZSDB.TO BMO Short-Term Discount Bond ETF	1.30%	1.28%	1.35%	1.77%	1.77%

Frequently Asked Questions

Can I hold both CBIL.TO and ZSDB.TO in my portfolio?

CBIL.TO and ZSDB.TO have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CBIL.TO or ZSDB.TO?

On fees, ZSDB.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CBIL.TO or ZSDB.TO?

ZSDB.TO is cheaper with a 0.09% expense ratio, compared with 0.10% for CBIL.TO.

What is the main difference between CBIL.TO and ZSDB.TO?

CBIL.TO is categorized as Canadian Government Bonds, while ZSDB.TO is Short-Term Bond. They also come from different issuers: Global X and BMO. Their fees differ too: 0.10% for CBIL.TO and 0.09% for ZSDB.TO.