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NA.TO vs. ZST.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NA.TO vs. ZST.TO

Last updated Jun 13, 2026

NA.TO (National Bank of Canada) is a stock, while ZST.TO (BMO Ultra Short-Term Bond ETF) is Canadian Government Bonds fund actively managed by BMO. Over the past 10 years, NA.TO returned 21.48%/yr vs 2.38%/yr for ZST.TO. At a 0.03 correlation, their price movements are largely independent.

Performance

NA.TO vs. ZST.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in National Bank of Canada (NA.TO) and BMO Ultra Short-Term Bond ETF (ZST.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, NA.TO achieves a 22.40% return, which is significantly higher than ZST.TO's 1.16% return. Over the past 10 years, NA.TO has outperformed ZST.TO with an annualized return of 21.48%, while ZST.TO has yielded a comparatively lower 2.38% annualized return.

NA.TO

1D
0.62%
1M
2.53%
YTD
22.40%
6M
23.26%
1Y
59.71%
3Y*
33.78%
5Y*
22.51%
10Y*
21.48%

ZST.TO

1D
0.00%
1M
0.27%
YTD
1.16%
6M
0.31%
1Y
1.72%
3Y*
3.89%
5Y*
3.00%
10Y*
2.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NA.TO vs. ZST.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
NA.TO
National Bank of Canada		22.40%36.15%34.65%15.53%-1.45%39.02%4.01%34.04%-6.92%19.77%
ZST.TO
BMO Ultra Short-Term Bond ETF		1.16%2.06%5.21%5.38%1.22%0.24%1.77%2.39%1.99%1.47%

Correlation

The correlation between NA.TO and ZST.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.13

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

0.07

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

0.08

Correlation (10Y)
Calculated over the trailing 10-year period

0.04

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2011

0.03

The correlation between NA.TO and ZST.TO shifts across timeframes, from 0.03 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.

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National Bank of Canada

BMO Ultra Short-Term Bond ETF

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Often compared with ZST.TO:
ZST.TO vs. ZAG.TOZST.TO vs. CASH.TOZST.TO vs. CBIL.TOZST.TO vs. VXC.TOZST.TO vs. DXV.TOZST.TO vs. ZMMK.TOZST.TO vs. VDY.TO

Return for Risk

NA.TO vs. ZST.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NA.TO
NA.TO Risk / Return Rank: 9797
Overall Rank
NA.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
NA.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
NA.TO Omega Ratio Rank: 9898
Omega Ratio Rank
NA.TO Calmar Ratio Rank: 9595
Calmar Ratio Rank
NA.TO Martin Ratio Rank: 9797
Martin Ratio Rank
ZST.TO
ZST.TO Risk / Return Rank: 5252
Overall Rank
ZST.TO Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
ZST.TO Sortino Ratio Rank: 3636
Sortino Ratio Rank
ZST.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZST.TO Calmar Ratio Rank: 3939
Calmar Ratio Rank
ZST.TO Martin Ratio Rank: 3535
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.

NA.TO vs. ZST.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for National Bank of Canada (NA.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.

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.

NA.TOZST.TODifference
Sharpe ratioReturn per unit of total volatility
3.77
1.59

+2.18

Sortino ratioReturn per unit of downside risk
5.06
1.68

+3.39

Omega ratioGain probability vs. loss probability

1.70

1.85

-0.14

Calmar ratioReturn relative to maximum drawdown

6.73

1.72

+5.02

Martin ratioReturn relative to average drawdown

22.50

4.62

+17.88

NA.TO vs. ZST.TO - Sharpe Ratio Comparison

The current NA.TO Sharpe Ratio is 3.77, which is higher than the ZST.TO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of NA.TO and ZST.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

NA.TO vs. ZST.TO - Drawdown Comparison

The maximum NA.TO drawdown since its inception was -55.45%, which is greater than ZST.TO's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for NA.TO and ZST.TO.

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Drawdown Indicators

NA.TOZST.TODifference

Max Drawdown

Largest peak-to-trough decline

-55.45%

-3.60%

-51.85%

Max Drawdown (1Y)

Largest decline over 1 year

-8.99%

-1.01%

-7.98%

Max Drawdown (3Y)

Largest decline over 3 years

-22.58%

-1.01%

-21.57%

Max Drawdown (5Y)

Largest decline over 5 years

-22.58%

-1.01%

-21.57%

Max Drawdown (10Y)

Largest decline over 10 years

-48.22%

-1.06%

-47.16%

Current Drawdown

Current decline from peak

-1.68%

0.00%

-1.68%

Average Drawdown

Average peak-to-trough decline

-6.76%

-0.58%

-6.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.68%

0.37%

+2.31%

Volatility

NA.TO vs. ZST.TO - Volatility Comparison

National Bank of Canada (NA.TO) has a higher volatility of 6.17% compared to BMO Ultra Short-Term Bond ETF (ZST.TO) at 0.08%. This indicates that NA.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

NA.TOZST.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.17%

0.08%

+6.09%

Volatility (6M)

Calculated over the trailing 6-month period

13.64%

1.05%

+12.59%

Volatility (1Y)

Calculated over the trailing 1-year period

16.05%

1.08%

+14.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.50%

0.72%

+16.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.94%

0.71%

+20.23%

Dividends

NA.TO vs. ZST.TO - Dividend Comparison

NA.TO's dividend yield for the trailing twelve months is around 2.31%, less than ZST.TO's 2.56% yield.

PositionTTM20252024202320222021202020192018201720162015
NA.TO
National Bank of Canada		2.31%2.75%3.36%4.03%4.03%3.11%3.96%3.77%4.44%3.70%4.03%5.16%
ZST.TO
BMO Ultra Short-Term Bond ETF		2.56%2.85%4.70%4.84%2.78%2.31%2.68%2.84%3.47%4.09%3.96%3.94%

Frequently Asked Questions

NA.TO and ZST.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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