PBD.TO vs. ZHY.TO
PBD.TO (Purpose Total Return Bond Fund) and ZHY.TO (BMO High Yield US Corporate Bond Hedged to CAD Index ETF) are both exchange-traded funds - PBD.TO is a Multisector Bonds fund actively managed by Purpose Investments Inc., while ZHY.TO is a High Yield Bonds fund tracking the Bloomberg U.S. High Yield Very Liquid Index CAD Hedged. PBD.TO is actively managed, while ZHY.TO is passively managed. Over the past 10 years, PBD.TO returned 2.02%/yr vs 3.48%/yr for ZHY.TO. At a 0.32 correlation, their price movements are largely independent. PBD.TO charges 0.88%/yr vs 0.61%/yr for ZHY.TO.
Performance
PBD.TO vs. ZHY.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PBD.TO achieves a 0.08% return, which is significantly lower than ZHY.TO's 0.42% return. Over the past 10 years, PBD.TO has underperformed ZHY.TO with an annualized return of 2.02%, while ZHY.TO has yielded a comparatively higher 3.48% annualized return.
PBD.TO
- 1D
- -0.43%
- 1M
- -0.98%
- 6M
- -0.28%
- YTD
- 0.08%
- 1Y
- 1.56%
- 3Y*
- 4.57%
- 5Y*
- 1.51%
- 10Y*
- 2.02%
- ALL TIME*
- 2.30%
ZHY.TO
- 1D
- 0.00%
- 1M
- -0.56%
- 6M
- -0.12%
- YTD
- 0.42%
- 1Y
- 2.81%
- 3Y*
- 6.27%
- 5Y*
- 2.22%
- 10Y*
- 3.48%
- ALL TIME*
- 4.61%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$31.97K | CA$21.56K | CA$18.22K | |
| CA$244.38K | CA$275.05K | CA$293.70K |
PBD.TO vs. ZHY.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBD.TO Purpose Total Return Bond Fund | 0.08% | 4.22% | 4.89% | 4.80% | -6.19% | 0.05% | 6.85% | 6.23% | -3.51% | 2.15% |
ZHY.TO BMO High Yield US Corporate Bond Hedged to CAD Index ETF | 0.42% | 6.27% | 6.04% | 11.48% | -12.79% | 4.03% | 3.31% | 13.45% | -3.88% | 5.06% |
Correlation
The correlation between PBD.TO and ZHY.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Sep 4, 2013 | 0.32 |
The correlation between PBD.TO and ZHY.TO shifts across timeframes, from 0.22 (3 years) to 0.32 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PBD.TO vs. ZHY.TO — Risk / Return Rank
PBD.TO
ZHY.TO
PBD.TO vs. ZHY.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose Total Return Bond Fund (PBD.TO) and BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.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.
| PBD.TO | ZHY.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.10 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | 0.95 | -0.24 |
| Martin ratioReturn relative to average drawdown | 2.55 | 3.52 | -0.97 |
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Drawdowns
PBD.TO vs. ZHY.TO - Drawdown Comparison
The maximum PBD.TO drawdown since its inception was -17.68%, smaller than the maximum ZHY.TO drawdown of -28.44%. Use the drawdown chart below to compare losses from any high point for PBD.TO and ZHY.TO.
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Drawdown Indicators
| PBD.TO | ZHY.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.68% | -28.44% | +10.76% |
Max Drawdown (1Y)Largest decline over 1 year | -2.19% | -2.96% | +0.77% |
Max Drawdown (3Y)Largest decline over 3 years | -3.41% | -5.65% | +2.24% |
Max Drawdown (5Y)Largest decline over 5 years | -10.12% | -17.11% | +6.99% |
Max Drawdown (10Y)Largest decline over 10 years | -17.68% | -28.44% | +10.76% |
Current DrawdownCurrent decline from peak | -1.40% | -1.46% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -2.85% | +0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.61% | 0.80% | -0.19% |
Volatility
PBD.TO vs. ZHY.TO - Volatility Comparison
Purpose Total Return Bond Fund (PBD.TO) has a higher volatility of 1.25% compared to BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO) at 0.94%. This indicates that PBD.TO's price experiences larger fluctuations and is considered to be riskier than ZHY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBD.TO | ZHY.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.25% | 0.94% | +0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 2.82% | 4.24% | -1.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 5.31% | -1.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.81% | 9.54% | -4.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.79% | 10.86% | -4.07% |
PBD.TO vs. ZHY.TO - Expense Ratio Comparison
PBD.TO has a 0.88% expense ratio, which is higher than ZHY.TO's 0.61% expense ratio.
Dividends
PBD.TO vs. ZHY.TO - Dividend Comparison
PBD.TO's dividend yield for the trailing twelve months is around 4.36%, less than ZHY.TO's 6.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBD.TO Purpose Total Return Bond Fund | 4.36% | 4.28% | 4.27% | 4.25% | 3.80% | 3.43% | 3.32% | 3.68% | 3.85% | 4.50% | 3.68% | 3.81% |
ZHY.TO BMO High Yield US Corporate Bond Hedged to CAD Index ETF | 6.46% | 6.10% | 6.13% | 6.43% | 6.71% | 5.49% | 6.09% | 6.50% | 6.25% | 6.10% | 5.84% | 7.12% |
Frequently Asked Questions
PBD.TO and ZHY.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZHY.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZHY.TO is cheaper with a 0.61% expense ratio, compared with 0.88% for PBD.TO.
PBD.TO is categorized as Multisector Bonds, while ZHY.TO is High Yield Bonds. They also come from different issuers: Purpose Investments Inc. and BMO. Their fees differ too: 0.88% for PBD.TO and 0.61% for ZHY.TO.
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