FSB.TO vs. ZFS.TO

Last updated Jul 25, 2026

FSB.TO (CI Enhanced Short Duration Bond Fund) and ZFS.TO (BMO Short Federal Bond Index ETF) are both exchange-traded funds - FSB.TO is a Short-Term Bond fund actively managed by CI Global Asset Management, while ZFS.TO is a Government Bonds fund tracking the FTSE Canada Short Term Federal Bond Index. FSB.TO is actively managed, while ZFS.TO is passively managed. Over the past 5 years, FSB.TO returned 2.59%/yr vs 1.44%/yr for ZFS.TO. At a 0.25 correlation, their price movements are largely independent. FSB.TO charges 0.73%/yr vs 0.22%/yr for ZFS.TO.

Performance

FSB.TO vs. ZFS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI Enhanced Short Duration Bond Fund (FSB.TO) and BMO Short Federal Bond Index ETF (ZFS.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FSB.TO achieves a 1.28% return, which is significantly higher than ZFS.TO's 0.82% return.

FSB.TO

• 1D: 0.00%
• 1M: -0.10%
• 6M: 0.86%
• YTD: 1.28%
• 1Y: 2.77%
• 3Y*: 4.21%
• 5Y*: 2.59%
• 10Y*: —
• ALL TIME*: 2.54%

ZFS.TO

• 1D: 0.22%
• 1M: -0.37%
• 6M: 0.61%
• YTD: 0.82%
• 1Y: 2.65%
• 3Y*: 4.11%
• 5Y*: 1.44%
• 10Y*: 1.33%
• ALL TIME*: 1.66%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FSB.TO CI Enhanced Short Duration Bond Fund	CA$46.58K	CA$37.38K	CA$75.82K
ZFS.TO BMO Short Federal Bond Index ETF	CA$95.50K	CA$124.08K	CA$155.05K

FSB.TO vs. ZFS.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FSB.TO CI Enhanced Short Duration Bond Fund	1.28%	3.84%	4.40%	5.21%	-1.97%	0.67%	4.09%	3.49%	0.91%	0.80%
ZFS.TO BMO Short Federal Bond Index ETF	0.82%	3.10%	4.61%	3.93%	-4.03%	-1.43%	4.42%	2.15%	1.47%	0.30%

Correlation

The correlation between FSB.TO and ZFS.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Sep 12, 2017	0.25

Return for Risk

FSB.TO vs. ZFS.TO — Risk / Return Rank

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

FSB.TO

FSB.TO Risk / Return Rank: 64
FSB.TO Sharpe Ratio Rank: 48
FSB.TO Sortino Ratio Rank: 50
FSB.TO Omega Ratio Rank: 47
FSB.TO Calmar Ratio Rank: 86
FSB.TO Martin Ratio Rank: 88

ZFS.TO

ZFS.TO Risk / Return Rank: 53
ZFS.TO Sharpe Ratio Rank: 56
ZFS.TO Sortino Ratio Rank: 52
ZFS.TO Omega Ratio Rank: 61
ZFS.TO Calmar Ratio Rank: 49
ZFS.TO Martin Ratio Rank: 49

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.

FSB.TO vs. ZFS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI Enhanced Short Duration Bond Fund (FSB.TO) and BMO Short Federal Bond Index ETF (ZFS.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.

	FSB.TO	ZFS.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.19	1.33	-0.14
Sortino ratio: Return per unit of downside risk	1.79	1.84	-0.06
Omega ratio: Gain probability vs. loss probability	1.22	1.26	-0.05
Calmar ratio: Return relative to maximum drawdown	3.44	1.77	+1.67
Martin ratio: Return relative to average drawdown	13.37	5.67	+7.70

FSB.TO vs. ZFS.TO - Sharpe Ratio Comparison

The current FSB.TO Sharpe Ratio is 1.19, which is comparable to the ZFS.TO Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of FSB.TO and ZFS.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.

Drawdowns

FSB.TO vs. ZFS.TO - Drawdown Comparison

The maximum FSB.TO drawdown since its inception was -5.94%, smaller than the maximum ZFS.TO drawdown of -6.80%. Use the drawdown chart below to compare losses from any high point for FSB.TO and ZFS.TO.

Drawdown Indicators

	FSB.TO	ZFS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-5.94%	-6.80%	+0.86%
Max Drawdown (1Y) Largest decline over 1 year	-0.81%	-1.50%	+0.69%
Max Drawdown (3Y) Largest decline over 3 years	-1.24%	-1.50%	+0.26%
Max Drawdown (5Y) Largest decline over 5 years	-3.99%	-6.43%	+2.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-6.80%	—
Current Drawdown Current decline from peak	-0.31%	-0.37%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.47%	-1.06%	+0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	0.47%	-0.26%

Volatility

FSB.TO vs. ZFS.TO - Volatility Comparison

CI Enhanced Short Duration Bond Fund (FSB.TO) and BMO Short Federal Bond Index ETF (ZFS.TO) have volatilities of 0.63% and 0.64%, 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

	FSB.TO	ZFS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.63%	0.64%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	1.71%	1.66%	+0.05%
Volatility (1Y) Calculated over the trailing 1-year period	2.34%	2.00%	+0.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.63%	2.65%	-0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.61%	2.27%	+0.34%

FSB.TO vs. ZFS.TO - Expense Ratio Comparison

FSB.TO has a 0.73% expense ratio, which is higher than ZFS.TO's 0.22% expense ratio.

Dividends

FSB.TO vs. ZFS.TO - Dividend Comparison

FSB.TO's dividend yield for the trailing twelve months is around 4.02%, more than ZFS.TO's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FSB.TO CI Enhanced Short Duration Bond Fund	4.02%	3.99%	3.98%	3.99%	2.25%	1.87%	2.68%	2.42%	2.44%	1.20%	0.00%	0.00%
ZFS.TO BMO Short Federal Bond Index ETF	2.55%	2.41%	2.06%	1.96%	1.99%	1.88%	1.81%	1.86%	1.59%	1.59%	1.77%	1.90%

Frequently Asked Questions

Can I hold both FSB.TO and ZFS.TO in my portfolio?

FSB.TO and ZFS.TO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FSB.TO or ZFS.TO?

On fees, ZFS.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FSB.TO or ZFS.TO?

ZFS.TO is cheaper with a 0.22% expense ratio, compared with 0.73% for FSB.TO.

What is the main difference between FSB.TO and ZFS.TO?

FSB.TO is categorized as Short-Term Bond, while ZFS.TO is Government Bonds. They also come from different issuers: CI Global Asset Management and BMO. Their fees differ too: 0.73% for FSB.TO and 0.22% for ZFS.TO.