PSB.TO vs. ZCS.TO
PSB.TO (Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF) and ZCS.TO (BMO Short Corporate Bond Index ETF) are both Corporate Bonds funds - PSB.TO tracks the FTSE Canada Investment Grade 1-5 Year Laddered Corporate Bond Index while ZCS.TO tracks the FTSE Canada Short Term Corporate Bond Index. Both are passively managed. Over the past 10 years, PSB.TO returned 2.68%/yr vs 2.77%/yr for ZCS.TO. At a 0.48 correlation, their price movements are largely independent. PSB.TO charges 0.28%/yr vs 0.11%/yr for ZCS.TO.
Performance
PSB.TO vs. ZCS.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PSB.TO achieves a 1.43% return, which is significantly higher than ZCS.TO's 1.31% return. Both investments have delivered pretty close results over the past 10 years, with PSB.TO having a 2.68% annualized return and ZCS.TO not far ahead at 2.77%.
PSB.TO
- 1D
- 0.22%
- 1M
- -0.29%
- 6M
- 0.99%
- YTD
- 1.43%
- 1Y
- 3.77%
- 3Y*
- 6.09%
- 5Y*
- 2.87%
- 10Y*
- 2.68%
- ALL TIME*
- 2.79%
ZCS.TO
- 1D
- 0.14%
- 1M
- -0.38%
- 6M
- 0.95%
- YTD
- 1.31%
- 1Y
- 3.64%
- 3Y*
- 6.13%
- 5Y*
- 2.83%
- 10Y*
- 2.77%
- ALL TIME*
- 2.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$69.46K | CA$67.57K | CA$89.62K | |
| CA$1.39M | CA$1.61M | CA$1.72M |
PSB.TO vs. ZCS.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSB.TO Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF | 1.43% | 4.68% | 7.08% | 6.44% | -3.89% | -0.97% | 6.08% | 4.25% | 1.59% | 0.23% |
ZCS.TO BMO Short Corporate Bond Index ETF | 1.31% | 4.41% | 7.42% | 6.67% | -4.48% | -0.76% | 6.10% | 5.01% | 1.23% | 1.04% |
Correlation
The correlation between PSB.TO and ZCS.TO is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2011 | 0.48 |
The correlation between PSB.TO and ZCS.TO shifts across timeframes, from 0.48 (all time) to 0.69 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PSB.TO vs. ZCS.TO — Risk / Return Rank
PSB.TO
ZCS.TO
PSB.TO vs. ZCS.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF (PSB.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.
| PSB.TO | ZCS.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.36 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 2.24 | +0.50 |
| Martin ratioReturn relative to average drawdown | 8.30 | 8.84 | -0.54 |
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Drawdowns
PSB.TO vs. ZCS.TO - Drawdown Comparison
The maximum PSB.TO drawdown since its inception was -13.24%, smaller than the maximum ZCS.TO drawdown of -13.95%. Use the drawdown chart below to compare losses from any high point for PSB.TO and ZCS.TO.
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Drawdown Indicators
| PSB.TO | ZCS.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -13.95% | +0.71% |
Max Drawdown (1Y)Largest decline over 1 year | -1.38% | -1.63% | +0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -1.89% | -1.63% | -0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -7.93% | -7.76% | -0.17% |
Max Drawdown (10Y)Largest decline over 10 years | -13.24% | -13.95% | +0.71% |
Current DrawdownCurrent decline from peak | -0.33% | -0.43% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -1.00% | -0.89% | -0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.45% | 0.41% | +0.04% |
Volatility
PSB.TO vs. ZCS.TO - Volatility Comparison
Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF (PSB.TO) has a higher volatility of 0.74% compared to BMO Short Corporate Bond Index ETF (ZCS.TO) at 0.59%. This indicates that PSB.TO's price experiences larger fluctuations and is considered to be riskier than ZCS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PSB.TO | ZCS.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.74% | 0.59% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 1.97% | 1.82% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.75% | 2.11% | +0.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.32% | 2.90% | +0.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.85% | 4.38% | +0.47% |
PSB.TO vs. ZCS.TO - Expense Ratio Comparison
PSB.TO has a 0.28% expense ratio, which is higher than ZCS.TO's 0.11% expense ratio.
Dividends
PSB.TO vs. ZCS.TO - Dividend Comparison
PSB.TO's dividend yield for the trailing twelve months is around 3.21%, less than ZCS.TO's 3.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PSB.TO Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF | 3.21% | 3.18% | 3.12% | 3.09% | 3.13% | 2.91% | 2.74% | 3.00% | 3.37% | 3.61% | 4.01% | 4.04% |
ZCS.TO BMO Short Corporate Bond Index ETF | 3.96% | 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
PSB.TO and ZCS.TO have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCS.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCS.TO is cheaper with a 0.11% expense ratio, compared with 0.28% for PSB.TO.
PSB.TO tracks FTSE Canada Investment Grade 1-5 Year Laddered Corporate Bond Index, while ZCS.TO tracks FTSE Canada Short Term Corporate Bond Index. They also come from different issuers: Invesco and BMO. Their fees differ too: 0.28% for PSB.TO and 0.11% for ZCS.TO.
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