CCBI.TO vs. ZAG.TO

Last updated Apr 4, 2026

Compare and contrast key facts about CIBC Canadian Bond Index ETF (CCBI.TO) and BMO Aggregate Bond Index ETF (ZAG.TO).

CCBI.TO and ZAG.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZAG.TO is a passively managed fund by BMO that tracks the performance of the FTSE Canada Universe Bond Index. It was launched on Jan 19, 2010.

Performance

CCBI.TO vs. ZAG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CIBC Canadian Bond Index ETF (CCBI.TO) and BMO Aggregate Bond Index ETF (ZAG.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CCBI.TO achieves a 0.27% return, which is significantly higher than ZAG.TO's 0.11% return.

CCBI.TO

• 1D: -0.06%
• 1M: -0.82%
• YTD: 0.27%
• 6M: 0.12%
• 1Y: 0.58%
• 3Y*: 3.06%
• 5Y*: 0.67%
• 10Y*: —

ZAG.TO

• 1D: 0.22%
• 1M: -0.95%
• YTD: 0.11%
• 6M: -0.18%
• 1Y: 0.42%
• 3Y*: 3.21%
• 5Y*: 0.59%
• 10Y*: 1.66%

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

CCBI.TO vs. ZAG.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CCBI.TO CIBC Canadian Bond Index ETF	0.27%	2.17%	4.26%	4.11%	-9.05%	2.30%
ZAG.TO BMO Aggregate Bond Index ETF	0.11%	2.25%	4.48%	6.41%	-11.60%	2.25%

Correlation

The correlation between CCBI.TO and ZAG.TO is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined. Holding both can reduce overall portfolio volatility compared to holding either one alone.

CCBI.TO vs. ZAG.TO - Expense Ratio Comparison

ZAG.TO

BMO Aggregate Bond Index ETF

Return for Risk

CCBI.TO vs. ZAG.TO — Risk / Return Rank

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

CCBI.TO

CCBI.TO Risk / Return Rank: 13
CCBI.TO Sharpe Ratio Rank: 15
CCBI.TO Sortino Ratio Rank: 12
CCBI.TO Omega Ratio Rank: 13
CCBI.TO Calmar Ratio Rank: 14
CCBI.TO Martin Ratio Rank: 13

ZAG.TO

ZAG.TO Risk / Return Rank: 12
ZAG.TO Sharpe Ratio Rank: 14
ZAG.TO Sortino Ratio Rank: 12
ZAG.TO Omega Ratio Rank: 11
ZAG.TO Calmar Ratio Rank: 12
ZAG.TO Martin Ratio Rank: 11

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.

CCBI.TO vs. ZAG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CIBC Canadian Bond Index ETF (CCBI.TO) and BMO Aggregate Bond Index ETF (ZAG.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.

	CCBI.TO	ZAG.TO	Difference
Sharpe ratio Return per unit of total volatility	0.15	0.12	+0.03
Sortino ratio Return per unit of downside risk	0.23	0.19	+0.04
Omega ratio Gain probability vs. loss probability	1.03	1.02	+0.01
Calmar ratio Return relative to maximum drawdown	0.24	0.10	+0.14
Martin ratio Return relative to average drawdown	0.52	0.20	+0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CCBI.TO vs. ZAG.TO - Sharpe Ratio Comparison

The current CCBI.TO Sharpe Ratio is 0.15, which is comparable to the ZAG.TO Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of CCBI.TO and ZAG.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

	CCBI.TO	ZAG.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.15	0.12	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	0.09	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.44	-0.35

Drawdowns

CCBI.TO vs. ZAG.TO - Drawdown Comparison

The maximum CCBI.TO drawdown since its inception was -17.72%, roughly equal to the maximum ZAG.TO drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for CCBI.TO and ZAG.TO.

Drawdown Indicators

	CCBI.TO	ZAG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.72%	-18.03%	+0.31%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	-2.79%	-0.03%
Max Drawdown (5Y) Largest decline over 5 years	-17.72%	-15.77%	-1.95%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.03%	—
Current Drawdown Current decline from peak	-3.18%	-2.63%	-0.55%
Average Drawdown Average peak-to-trough decline	-8.25%	-3.56%	-4.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	1.35%	-0.02%

Volatility

CCBI.TO vs. ZAG.TO - Volatility Comparison

CIBC Canadian Bond Index ETF (CCBI.TO) and BMO Aggregate Bond Index ETF (ZAG.TO) have volatilities of 1.86% and 1.93%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CCBI.TO	ZAG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.86%	1.93%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.85%	2.97%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	4.47%	4.64%	-0.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.10%	6.53%	+0.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.08%	7.09%	-0.01%

Dividends

CCBI.TO vs. ZAG.TO - Dividend Comparison

CCBI.TO's dividend yield for the trailing twelve months is around 3.30%, less than ZAG.TO's 3.48% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCBI.TO CIBC Canadian Bond Index ETF	3.30%	3.22%	2.85%	2.78%	2.60%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZAG.TO BMO Aggregate Bond Index ETF	3.48%	3.48%	3.44%	3.47%	3.56%	3.04%	2.88%	3.03%	2.92%	2.95%	3.07%	3.13%