CLG.TO vs. ZDB.TO
CLG.TO (iShares 1-10 Year Laddered Government Bond Index ETF) and ZDB.TO (BMO Discount Bond) are both Canadian Government Bonds funds - CLG.TO tracks the Morningstar Can Core Bd GR CAD while ZDB.TO tracks the FTSE Canada Universe Discount Bond Index. Both are passively managed. Over the past 10 years, CLG.TO returned 1.54%/yr vs 1.61%/yr for ZDB.TO. A 0.72 correlation means they provide meaningful diversification when combined. CLG.TO charges 0.17%/yr vs 0.10%/yr for ZDB.TO.
Performance
CLG.TO vs. ZDB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CLG.TO achieves a 1.12% return, which is significantly lower than ZDB.TO's 1.53% return. Both investments have delivered pretty close results over the past 10 years, with CLG.TO having a 1.54% annualized return and ZDB.TO not far ahead at 1.61%.
CLG.TO
- 1D
- 0.00%
- 1M
- 1.03%
- YTD
- 1.12%
- 6M
- 0.70%
- 1Y
- 2.75%
- 3Y*
- 4.14%
- 5Y*
- 1.34%
- 10Y*
- 1.54%
ZDB.TO
- 1D
- 0.00%
- 1M
- 1.51%
- YTD
- 1.53%
- 6M
- 0.99%
- 1Y
- 2.51%
- 3Y*
- 4.17%
- 5Y*
- 0.56%
- 10Y*
- 1.61%
CLG.TO vs. ZDB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CLG.TO iShares 1-10 Year Laddered Government Bond Index ETF | 1.12% | 3.35% | 4.30% | 4.82% | -6.21% | -2.23% | 6.66% | 3.40% | 1.69% | -0.02% |
ZDB.TO BMO Discount Bond | 1.53% | 2.03% | 4.26% | 6.69% | -11.99% | -2.77% | 9.50% | 6.74% | 1.33% | 2.00% |
Correlation
The correlation between CLG.TO and ZDB.TO is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Feb 19, 2014 | 0.72 |
The correlation between CLG.TO and ZDB.TO shifts across timeframes, from 0.72 (all time) to 0.93 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
CLG.TO vs. ZDB.TO — Risk / Return Rank
CLG.TO
ZDB.TO
CLG.TO vs. ZDB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 1-10 Year Laddered Government Bond Index ETF (CLG.TO) and BMO Discount Bond (ZDB.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.
| CLG.TO | ZDB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.10 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 0.90 | +0.53 |
| Martin ratioReturn relative to average drawdown | 3.56 | 2.07 | +1.50 |
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
| CLG.TO | ZDB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.92 | 0.58 | +0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.31 | 0.09 | +0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | 0.25 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.38 | +0.15 |
Drawdowns
CLG.TO vs. ZDB.TO - Drawdown Comparison
The maximum CLG.TO drawdown since its inception was -10.74%, smaller than the maximum ZDB.TO drawdown of -18.09%. Use the drawdown chart below to compare losses from any high point for CLG.TO and ZDB.TO.
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Drawdown Indicators
| CLG.TO | ZDB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.74% | -18.09% | +7.35% |
Max Drawdown (1Y)Largest decline over 1 year | -1.93% | -2.79% | +0.86% |
Max Drawdown (3Y)Largest decline over 3 years | -3.38% | -5.07% | +1.69% |
Max Drawdown (5Y)Largest decline over 5 years | -9.96% | -16.25% | +6.29% |
Max Drawdown (10Y)Largest decline over 10 years | -10.74% | -18.09% | +7.35% |
Current DrawdownCurrent decline from peak | -0.56% | -1.45% | +0.89% |
Average DrawdownAverage peak-to-trough decline | -2.00% | -4.21% | +2.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 1.22% | -0.45% |
Volatility
CLG.TO vs. ZDB.TO - Volatility Comparison
The current volatility for iShares 1-10 Year Laddered Government Bond Index ETF (CLG.TO) is 1.13%, while BMO Discount Bond (ZDB.TO) has a volatility of 1.55%. This indicates that CLG.TO experiences smaller price fluctuations and is considered to be less risky than ZDB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CLG.TO | ZDB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.13% | 1.55% | -0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 2.34% | 3.31% | -0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 4.34% | -1.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 6.52% | -2.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.34% | 6.40% | -2.06% |
CLG.TO vs. ZDB.TO - Expense Ratio Comparison
CLG.TO has a 0.17% expense ratio, which is higher than ZDB.TO's 0.10% 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
CLG.TO vs. ZDB.TO - Dividend Comparison
CLG.TO's dividend yield for the trailing twelve months is around 2.54%, more than ZDB.TO's 2.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CLG.TO iShares 1-10 Year Laddered Government Bond Index ETF | 2.54% | 2.54% | 2.53% | 2.51% | 2.55% | 2.61% | 2.59% | 2.88% | 3.02% | 3.17% | 3.25% | 3.34% |
ZDB.TO BMO Discount Bond | 2.00% | 2.28% | 2.38% | 2.42% | 2.52% | 2.16% | 2.06% | 2.20% | 2.07% | 2.06% | 1.95% | 1.99% |
Frequently Asked Questions
CLG.TO and ZDB.TO have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZDB.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZDB.TO is cheaper with a 0.10% expense ratio, compared with 0.17% for CLG.TO.
CLG.TO tracks Morningstar Can Core Bd GR CAD, while ZDB.TO tracks FTSE Canada Universe Discount Bond Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.17% for CLG.TO and 0.10% for ZDB.TO.
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