HBB.TO vs. ZST.TO
HBB.TO (Global X Canadian Select Universe Bond Index Corporate Class ETF) and ZST.TO (BMO Ultra Short-Term Bond ETF) are both exchange-traded funds - HBB.TO is a Total Bond Market fund tracking the Solactive Canadian Select Universe Bond, while ZST.TO is a Canadian Government Bonds fund actively managed by BMO. HBB.TO is passively managed, while ZST.TO is actively managed. Over the past 10 years, HBB.TO returned 1.30%/yr vs 2.34%/yr for ZST.TO. At a 0.23 correlation, their price movements are largely independent. HBB.TO charges 0.09%/yr vs 0.17%/yr for ZST.TO.
Performance
HBB.TO vs. ZST.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HBB.TO achieves a 1.48% return, which is significantly higher than ZST.TO's 1.08% return. Over the past 10 years, HBB.TO has underperformed ZST.TO with an annualized return of 1.30%, while ZST.TO has yielded a comparatively higher 2.34% annualized return.
HBB.TO
- 1D
- -0.04%
- 1M
- 1.71%
- YTD
- 1.48%
- 6M
- 0.58%
- 1Y
- 2.70%
- 3Y*
- 3.63%
- 5Y*
- 0.33%
- 10Y*
- 1.30%
ZST.TO
- 1D
- 0.02%
- 1M
- 0.25%
- YTD
- 1.08%
- 6M
- 0.26%
- 1Y
- 1.68%
- 3Y*
- 3.84%
- 5Y*
- 2.95%
- 10Y*
- 2.34%
HBB.TO vs. ZST.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HBB.TO Global X Canadian Select Universe Bond Index Corporate Class ETF | 1.48% | 1.84% | 3.96% | 5.76% | -11.94% | -2.35% | 8.33% | 5.81% | 1.19% | 1.98% |
ZST.TO BMO Ultra Short-Term Bond ETF | 1.08% | 2.03% | 5.16% | 5.33% | 1.19% | 0.22% | 1.74% | 2.36% | 1.95% | 1.43% |
Correlation
The correlation between HBB.TO and ZST.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since May 9, 2014 | 0.23 |
The correlation between HBB.TO and ZST.TO shifts across timeframes, from 0.23 (all time) to 0.38 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HBB.TO vs. ZST.TO — Risk / Return Rank
HBB.TO
ZST.TO
HBB.TO vs. ZST.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Canadian Select Universe Bond Index Corporate Class ETF (HBB.TO) and BMO Ultra Short-Term Bond ETF (ZST.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.
| HBB.TO | ZST.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.83 | -0.72 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.68 | -0.71 |
| Martin ratioReturn relative to average drawdown | 2.20 | 4.51 | -2.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HBB.TO | ZST.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.61 | 1.56 | -0.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 4.12 | -4.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | 3.30 | -3.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 1.81 | -1.51 |
Drawdowns
HBB.TO vs. ZST.TO - Drawdown Comparison
The maximum HBB.TO drawdown since its inception was -18.23%, which is greater than ZST.TO's maximum drawdown of -1.06%. Use the drawdown chart below to compare losses from any high point for HBB.TO and ZST.TO.
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Drawdown Indicators
| HBB.TO | ZST.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.23% | -1.06% | -17.17% |
Max Drawdown (1Y)Largest decline over 1 year | -2.78% | -1.01% | -1.77% |
Max Drawdown (3Y)Largest decline over 3 years | -5.56% | -1.01% | -4.55% |
Max Drawdown (5Y)Largest decline over 5 years | -16.19% | -1.01% | -15.18% |
Max Drawdown (10Y)Largest decline over 10 years | -18.23% | -1.06% | -17.17% |
Current DrawdownCurrent decline from peak | -2.97% | -0.00% | -2.97% |
Average DrawdownAverage peak-to-trough decline | -4.58% | -0.13% | -4.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 0.37% | +0.86% |
Volatility
HBB.TO vs. ZST.TO - Volatility Comparison
Global X Canadian Select Universe Bond Index Corporate Class ETF (HBB.TO) has a higher volatility of 1.58% compared to BMO Ultra Short-Term Bond ETF (ZST.TO) at 0.08%. This indicates that HBB.TO's price experiences larger fluctuations and is considered to be riskier than ZST.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HBB.TO | ZST.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 0.08% | +1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 3.43% | 1.05% | +2.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.44% | 1.08% | +3.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.54% | 0.72% | +5.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.09% | 0.71% | +6.38% |
HBB.TO vs. ZST.TO - Expense Ratio Comparison
HBB.TO has a 0.09% expense ratio, which is lower than ZST.TO's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
HBB.TO vs. ZST.TO - Dividend Comparison
HBB.TO has not paid dividends to shareholders, while ZST.TO's dividend yield for the trailing twelve months is around 2.55%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HBB.TO Global X Canadian Select Universe Bond Index Corporate Class ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZST.TO BMO Ultra Short-Term Bond ETF | 2.55% | 2.82% | 4.65% | 4.79% | 2.75% | 2.29% | 2.65% | 2.82% | 3.43% | 4.05% | 3.92% | 3.90% |
Frequently Asked Questions
HBB.TO and ZST.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HBB.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HBB.TO is cheaper with a 0.09% expense ratio, compared with 0.17% for ZST.TO.
HBB.TO is categorized as Total Bond Market, while ZST.TO is Canadian Government Bonds. They also come from different issuers: Global X and BMO. Their fees differ too: 0.09% for HBB.TO and 0.17% for ZST.TO.
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