CBO.TO vs. ZST.TO
CBO.TO (iShares 1-5 Year Laddered Corporate Bond Index ETF) and ZST.TO (BMO Ultra Short-Term Bond ETF) are both Canadian Government Bonds funds. CBO.TO is passively managed, while ZST.TO is actively managed. Over the past 10 years, CBO.TO returned 2.50%/yr vs 2.34%/yr for ZST.TO. At a 0.19 correlation, their price movements are largely independent. CBO.TO charges 0.28%/yr vs 0.17%/yr for ZST.TO.
Performance
CBO.TO vs. ZST.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CBO.TO achieves a 1.02% return, which is significantly lower than ZST.TO's 1.08% return. Over the past 10 years, CBO.TO has outperformed ZST.TO with an annualized return of 2.50%, while ZST.TO has yielded a comparatively lower 2.34% annualized return.
CBO.TO
- 1D
- -0.05%
- 1M
- 0.94%
- YTD
- 1.02%
- 6M
- 1.01%
- 1Y
- 3.73%
- 3Y*
- 5.68%
- 5Y*
- 2.60%
- 10Y*
- 2.50%
ZST.TO
- 1D
- 0.02%
- 1M
- 0.25%
- YTD
- 1.08%
- 6M
- 0.26%
- 1Y
- 1.68%
- 3Y*
- 3.84%
- 5Y*
- 2.95%
- 10Y*
- 2.34%
CBO.TO vs. ZST.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CBO.TO iShares 1-5 Year Laddered Corporate Bond Index ETF | 1.02% | 4.69% | 6.82% | 6.47% | -4.89% | -1.04% | 5.84% | 4.54% | 1.27% | 0.52% |
ZST.TO BMO Ultra Short-Term Bond ETF | 1.08% | 2.03% | 5.16% | 5.33% | 1.19% | 0.22% | 1.74% | 2.36% | 1.95% | 1.43% |
Correlation
The correlation between CBO.TO and ZST.TO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2011 | 0.19 |
The correlation between CBO.TO and ZST.TO shifts across timeframes, from 0.19 (all time) to 0.35 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CBO.TO vs. ZST.TO — Risk / Return Rank
CBO.TO
ZST.TO
CBO.TO vs. ZST.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO.TO) and BMO Ultra Short-Term Bond ETF (ZST.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.
| CBO.TO | ZST.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.83 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 1.68 | +0.65 |
| Martin ratioReturn relative to average drawdown | 8.72 | 4.51 | +4.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CBO.TO | ZST.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.57 | 1.56 | +0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.88 | 4.12 | -3.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.70 | 3.30 | -2.60 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.94 | 1.81 | -0.86 |
Drawdowns
CBO.TO vs. ZST.TO - Drawdown Comparison
The maximum CBO.TO drawdown since its inception was -11.67%, which is greater than ZST.TO's maximum drawdown of -1.06%. Use the drawdown chart below to compare losses from any high point for CBO.TO and ZST.TO.
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Drawdown Indicators
| CBO.TO | ZST.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.67% | -1.06% | -10.61% |
Max Drawdown (1Y)Largest decline over 1 year | -1.61% | -1.01% | -0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -1.61% | -1.01% | -0.60% |
Max Drawdown (5Y)Largest decline over 5 years | -8.22% | -1.01% | -7.21% |
Max Drawdown (10Y)Largest decline over 10 years | -11.67% | -1.06% | -10.61% |
Current DrawdownCurrent decline from peak | -0.05% | -0.00% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -0.96% | -0.13% | -0.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.43% | 0.37% | +0.06% |
Volatility
CBO.TO vs. ZST.TO - Volatility Comparison
iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO.TO) has a higher volatility of 0.83% compared to BMO Ultra Short-Term Bond ETF (ZST.TO) at 0.08%. This indicates that CBO.TO's price experiences larger fluctuations and is considered to be riskier than ZST.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CBO.TO | ZST.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 0.08% | +0.75% |
Volatility (6M)Calculated over the trailing 6-month period | 1.86% | 1.05% | +0.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.39% | 1.08% | +1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.97% | 0.72% | +2.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.59% | 0.71% | +2.88% |
CBO.TO vs. ZST.TO - Expense Ratio Comparison
CBO.TO has a 0.28% expense ratio, which is higher than ZST.TO's 0.17% expense ratio.
Dividends
CBO.TO vs. ZST.TO - Dividend Comparison
CBO.TO's dividend yield for the trailing twelve months is around 3.45%, more than ZST.TO's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBO.TO iShares 1-5 Year Laddered Corporate Bond Index ETF | 3.45% | 3.37% | 3.09% | 2.81% | 2.67% | 2.55% | 2.55% | 2.65% | 2.74% | 2.80% | 3.03% | 3.86% |
ZST.TO BMO Ultra Short-Term Bond ETF | 2.55% | 2.82% | 4.65% | 4.79% | 2.75% | 2.29% | 2.65% | 2.82% | 3.43% | 4.05% | 3.92% | 3.90% |
Frequently Asked Questions
CBO.TO and ZST.TO have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZST.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZST.TO is cheaper with a 0.17% expense ratio, compared with 0.28% for CBO.TO.
They also come from different issuers: iShares and BMO. Their fees differ too: 0.28% for CBO.TO and 0.17% for ZST.TO.
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