CORE.TO vs. ZDB.TO

Last updated Apr 1, 2026

Compare and contrast key facts about PIMCO Canadian Core Bond Fund (CORE.TO) and BMO Discount Bond (ZDB.TO).

CORE.TO and ZDB.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CORE.TO is an actively managed fund by PIMCO. It was launched on Jan 20, 2011. ZDB.TO is a passively managed fund by BMO that tracks the performance of the FTSE Canada Universe Discount Bond Index. It was launched on Feb 10, 2014.

Performance

CORE.TO vs. ZDB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in PIMCO Canadian Core Bond Fund (CORE.TO) and BMO Discount Bond (ZDB.TO). The values are adjusted to include any dividend payments, if applicable.

CORE.TO vs. ZDB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CORE.TO PIMCO Canadian Core Bond Fund	0.15%	4.02%	0.77%
ZDB.TO BMO Discount Bond	0.17%	2.03%	1.54%

Returns By Period

In the year-to-date period, CORE.TO achieves a 0.15% return, which is significantly lower than ZDB.TO's 0.17% return.

CORE.TO

• 1D: 0.25%
• 1M: -2.31%
• YTD: 0.15%
• 6M: -0.27%
• 1Y: 1.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZDB.TO

• 1D: 0.33%
• 1M: -1.94%
• YTD: 0.17%
• 6M: -0.46%
• 1Y: 0.41%
• 3Y*: 3.25%
• 5Y*: 0.50%
• 10Y*: 1.58%

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

CORE.TO vs. ZDB.TO - Expense Ratio Comparison

CORE.TO has a 0.32% expense ratio, which is higher than ZDB.TO's 0.10% expense ratio.

CORE.TO

PIMCO Canadian Core Bond Fund

ZDB.TO

BMO Discount Bond

Return for Risk

CORE.TO vs. ZDB.TO — Risk / Return Rank

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

CORE.TO

CORE.TO Risk / Return Rank: 20
CORE.TO Sharpe Ratio Rank: 20
CORE.TO Sortino Ratio Rank: 17
CORE.TO Omega Ratio Rank: 17
CORE.TO Calmar Ratio Rank: 25
CORE.TO Martin Ratio Rank: 20

ZDB.TO

ZDB.TO Risk / Return Rank: 14
ZDB.TO Sharpe Ratio Rank: 14
ZDB.TO Sortino Ratio Rank: 12
ZDB.TO Omega Ratio Rank: 12
ZDB.TO Calmar Ratio Rank: 17
ZDB.TO Martin Ratio Rank: 15

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.

CORE.TO vs. ZDB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Canadian Core Bond Fund (CORE.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.

	CORE.TO	ZDB.TO	Difference
Sharpe ratio Return per unit of total volatility	0.30	0.09	+0.21
Sortino ratio Return per unit of downside risk	0.43	0.15	+0.28
Omega ratio Gain probability vs. loss probability	1.06	1.02	+0.04
Calmar ratio Return relative to maximum drawdown	0.56	0.23	+0.33
Martin ratio Return relative to average drawdown	1.08	0.47	+0.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CORE.TO vs. ZDB.TO - Sharpe Ratio Comparison

The current CORE.TO Sharpe Ratio is 0.30, which is higher than the ZDB.TO Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of CORE.TO and ZDB.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CORE.TO	ZDB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.30	0.09	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.08	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.25	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.37	+0.24

Correlation

The correlation between CORE.TO and ZDB.TO is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

CORE.TO vs. ZDB.TO - Dividend Comparison

CORE.TO's dividend yield for the trailing twelve months is around 3.43%, more than ZDB.TO's 2.13% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CORE.TO PIMCO Canadian Core Bond Fund	3.43%	3.42%	0.32%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZDB.TO BMO Discount Bond	2.13%	2.28%	2.38%	2.42%	2.52%	2.16%	2.06%	2.20%	2.07%	2.06%	1.95%	1.99%

Drawdowns

CORE.TO vs. ZDB.TO - Drawdown Comparison

The maximum CORE.TO drawdown since its inception was -3.48%, smaller than the maximum ZDB.TO drawdown of -18.09%. Use the drawdown chart below to compare losses from any high point for CORE.TO and ZDB.TO.

Drawdown Indicators

	CORE.TO	ZDB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-3.48%	-18.09%	+14.61%
Max Drawdown (1Y) Largest decline over 1 year	-3.00%	-2.87%	-0.13%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.25%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-18.09%	—
Current Drawdown Current decline from peak	-2.31%	-2.76%	+0.45%
Average Drawdown Average peak-to-trough decline	-1.34%	-4.24%	+2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.56%	1.43%	+0.13%

Volatility

CORE.TO vs. ZDB.TO - Volatility Comparison

The current volatility for PIMCO Canadian Core Bond Fund (CORE.TO) is 1.77%, while BMO Discount Bond (ZDB.TO) has a volatility of 1.95%. This indicates that CORE.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.

Volatility by Period

	CORE.TO	ZDB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	1.95%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	2.89%	3.06%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	4.62%	4.64%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.04%	6.50%	-1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	6.39%	-1.35%