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DCG.TO vs. ZCS.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DCG.TO vs. ZCS.TO

Last updated Jul 16, 2026
Documentation

DCG.TO (Desjardins 1-5 Year Laddered Canadian Government Bond Index ETF) and ZCS.TO (BMO Short Corporate Bond Index ETF) are both Canadian Government Bonds funds. DCG.TO is actively managed, while ZCS.TO is passively managed. Over the past 5 years, DCG.TO returned 1.70%/yr vs 2.90%/yr for ZCS.TO. At a 0.37 correlation, their price movements are largely independent.

Performance

DCG.TO vs. ZCS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Desjardins 1-5 Year Laddered Canadian Government Bond Index ETF (DCG.TO) and BMO Short Corporate Bond Index ETF (ZCS.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DCG.TO achieves a 1.27% return, which is significantly lower than ZCS.TO's 1.53% return.

DCG.TO

1D
0.16%
1M
-0.03%
6M
0.89%
YTD
1.27%
1Y
3.26%
3Y*
4.52%
5Y*
1.70%
10Y*
—

ZCS.TO

1D
0.22%
1M
0.05%
6M
1.17%
YTD
1.53%
1Y
4.16%
3Y*
6.07%
5Y*
2.90%
10Y*
2.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DCG.TO vs. ZCS.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DCG.TO
Desjardins 1-5 Year Laddered Canadian Government Bond Index ETF		1.27%3.26%5.08%4.55%-4.45%-1.35%5.28%3.82%0.22%-0.15%
ZCS.TO
BMO Short Corporate Bond Index ETF		1.53%4.41%7.42%6.67%-4.48%-0.76%6.10%5.01%1.23%-0.23%

Correlation

The correlation between DCG.TO and ZCS.TO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.47

Correlation (3Y)
Calculated over the trailing 3-year period

0.36

Correlation (5Y)
Calculated over the trailing 5-year period

0.41

Correlation (All Time)
Calculated using the full available price history since Apr 4, 2017

0.37

The correlation between DCG.TO and ZCS.TO shifts across timeframes, from 0.36 (3 years) to 0.47 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Desjardins 1-5 Year Laddered Canadian Government Bond Index ETF

BMO Short Corporate Bond Index ETF

Often compared with ZCS.TO:
ZCS.TO vs. ZAG.TOZCS.TO vs. XSB.TOZCS.TO vs. XCB.TOZCS.TO vs. XSH.TOZCS.TO vs. VSB.TOZCS.TO vs. ZCM.TOZCS.TO vs. PSA.TO

Return for Risk

DCG.TO vs. ZCS.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DCG.TO
DCG.TO Risk / Return Rank: 5050
Overall Rank
DCG.TO Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
DCG.TO Sortino Ratio Rank: 4444
Sortino Ratio Rank
DCG.TO Omega Ratio Rank: 6161
Omega Ratio Rank
DCG.TO Calmar Ratio Rank: 4949
Calmar Ratio Rank
DCG.TO Martin Ratio Rank: 4747
Martin Ratio Rank
ZCS.TO
ZCS.TO Risk / Return Rank: 7575
Overall Rank
ZCS.TO Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
ZCS.TO Sortino Ratio Rank: 7676
Sortino Ratio Rank
ZCS.TO Omega Ratio Rank: 8787
Omega Ratio Rank
ZCS.TO Calmar Ratio Rank: 6464
Calmar Ratio Rank
ZCS.TO Martin Ratio Rank: 7070
Martin Ratio Rank
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.

DCG.TO vs. ZCS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Desjardins 1-5 Year Laddered Canadian Government Bond Index ETF (DCG.TO) and BMO Short Corporate Bond Index ETF (ZCS.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

DCG.TOZCS.TODifference
Sharpe ratioReturn per unit of total volatility
1.36
2.00

-0.64

Sortino ratioReturn per unit of downside risk
1.90
2.71

-0.81

Omega ratioGain probability vs. loss probability

1.30

1.42

-0.12

Calmar ratioReturn relative to maximum drawdown

2.04

2.56

-0.52

Martin ratioReturn relative to average drawdown

6.50

10.21

-3.71

DCG.TO vs. ZCS.TO - Sharpe Ratio Comparison

The current DCG.TO Sharpe Ratio is 1.36, which is lower than the ZCS.TO Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of DCG.TO and ZCS.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.

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Drawdowns

DCG.TO vs. ZCS.TO - Drawdown Comparison

The maximum DCG.TO drawdown since its inception was -8.19%, smaller than the maximum ZCS.TO drawdown of -13.95%. Use the drawdown chart below to compare losses from any high point for DCG.TO and ZCS.TO.

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Drawdown Indicators

DCG.TOZCS.TODifference

Max Drawdown

Largest peak-to-trough decline

-8.19%

-13.95%

+5.76%

Max Drawdown (1Y)

Largest decline over 1 year

-1.61%

-1.63%

+0.02%

Max Drawdown (3Y)

Largest decline over 3 years

-1.61%

-1.63%

+0.02%

Max Drawdown (5Y)

Largest decline over 5 years

-7.39%

-7.76%

+0.37%

Max Drawdown (10Y)

Largest decline over 10 years

—

-13.95%

—

Current Drawdown

Current decline from peak

-0.22%

-0.21%

-0.01%

Average Drawdown

Average peak-to-trough decline

-1.82%

-0.89%

-0.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.50%

0.41%

+0.09%

Volatility

DCG.TO vs. ZCS.TO - Volatility Comparison

Desjardins 1-5 Year Laddered Canadian Government Bond Index ETF (DCG.TO) and BMO Short Corporate Bond Index ETF (ZCS.TO) have volatilities of 0.58% and 0.56%, 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.

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Volatility by Period

DCG.TOZCS.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.58%

0.56%

+0.02%

Volatility (6M)

Calculated over the trailing 6-month period

1.73%

1.80%

-0.07%

Volatility (1Y)

Calculated over the trailing 1-year period

2.43%

2.10%

+0.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.17%

2.90%

+0.27%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.86%

4.38%

-1.52%

Dividends

DCG.TO vs. ZCS.TO - Dividend Comparison

DCG.TO's dividend yield for the trailing twelve months is around 2.18%, less than ZCS.TO's 3.95% yield.

PositionTTM20252024202320222021202020192018201720162015
DCG.TO
Desjardins 1-5 Year Laddered Canadian Government Bond Index ETF		2.18%2.23%2.26%2.20%2.79%2.56%3.08%3.14%3.16%2.30%0.00%0.00%
ZCS.TO
BMO Short Corporate Bond Index ETF		3.95%3.60%3.27%3.35%3.23%2.99%2.88%2.96%2.88%3.04%3.34%3.53%

Frequently Asked Questions

DCG.TO and ZCS.TO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: Desjardins and BMO.

Portfolio Optimizer

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