PSB.TO vs. ZIC.TO

Last updated Jul 4, 2026

PSB.TO (Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF) and ZIC.TO (BMO Mid-Term US Investment Grade 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 ZIC.TO tracks the Bloomberg US Investment Grade 5 to 10 Year Corporate Bond Capped Index. Both are passively managed. Over the past 10 years, PSB.TO returned 2.68%/yr vs 3.54%/yr for ZIC.TO. At a 0.32 correlation, their price movements are largely independent. PSB.TO charges 0.28%/yr vs 0.25%/yr for ZIC.TO.

Performance

PSB.TO vs. ZIC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF (PSB.TO) and BMO Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSB.TO achieves a 1.49% return, which is significantly lower than ZIC.TO's 4.10% return. Over the past 10 years, PSB.TO has underperformed ZIC.TO with an annualized return of 2.68%, while ZIC.TO has yielded a comparatively higher 3.54% annualized return.

PSB.TO

• 1D: 0.11%
• 1M: 0.21%
• 6M: 1.49%
• YTD: 1.49%
• 1Y: 3.77%
• 3Y*: 6.00%
• 5Y*: 2.96%
• 10Y*: 2.68%

ZIC.TO

• 1D: 0.37%
• 1M: 3.00%
• 6M: 4.26%
• YTD: 4.10%
• 1Y: 9.55%
• 3Y*: 8.87%
• 5Y*: 3.94%
• 10Y*: 3.54%

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

PSB.TO vs. ZIC.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	1.49%	4.68%	7.08%	6.44%	-3.89%	-0.97%	6.08%	4.25%	1.59%	0.23%
ZIC.TO BMO Mid-Term US Investment Grade Corporate Bond Index ETF	4.10%	4.46%	11.87%	6.34%	-8.92%	-1.35%	6.52%	9.04%	6.41%	-1.25%

Correlation

The correlation between PSB.TO and ZIC.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Mar 27, 2013	0.32

The correlation between PSB.TO and ZIC.TO shifts across timeframes, from 0.24 (1 year) to 0.42 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

PSB.TO vs. ZIC.TO — Risk / Return Rank

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

PSB.TO

PSB.TO Risk / Return Rank: 52
PSB.TO Sharpe Ratio Rank: 46
PSB.TO Sortino Ratio Rank: 45
PSB.TO Omega Ratio Rank: 45
PSB.TO Calmar Ratio Rank: 67
PSB.TO Martin Ratio Rank: 57

ZIC.TO

ZIC.TO Risk / Return Rank: 60
ZIC.TO Sharpe Ratio Rank: 65
ZIC.TO Sortino Ratio Rank: 69
ZIC.TO Omega Ratio Rank: 67
ZIC.TO Calmar Ratio Rank: 57
ZIC.TO Martin Ratio Rank: 39

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.

PSB.TO vs. ZIC.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 Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.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	ZIC.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.75	-0.39
Sortino ratio: Return per unit of downside risk	1.92	2.58	-0.66
Omega ratio: Gain probability vs. loss probability	1.25	1.33	-0.08
Calmar ratio: Return relative to maximum drawdown	2.74	2.36	+0.38
Martin ratio: Return relative to average drawdown	8.23	5.14	+3.09

PSB.TO vs. ZIC.TO - Sharpe Ratio Comparison

The current PSB.TO Sharpe Ratio is 1.37, which is comparable to the ZIC.TO Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of PSB.TO and ZIC.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

PSB.TO vs. ZIC.TO - Drawdown Comparison

The maximum PSB.TO drawdown since its inception was -13.24%, smaller than the maximum ZIC.TO drawdown of -19.48%. Use the drawdown chart below to compare losses from any high point for PSB.TO and ZIC.TO.

Drawdown Indicators

	PSB.TO	ZIC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-13.24%	-19.48%	+6.24%
Max Drawdown (1Y) Largest decline over 1 year	-1.38%	-4.06%	+2.68%
Max Drawdown (3Y) Largest decline over 3 years	-1.89%	-6.96%	+5.07%
Max Drawdown (5Y) Largest decline over 5 years	-7.93%	-15.65%	+7.72%
Max Drawdown (10Y) Largest decline over 10 years	-13.24%	-19.48%	+6.24%
Current Drawdown Current decline from peak	-0.23%	-0.26%	+0.03%
Average Drawdown Average peak-to-trough decline	-1.00%	-5.11%	+4.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	1.86%	-1.40%

Volatility

PSB.TO vs. ZIC.TO - Volatility Comparison

The current volatility for Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF (PSB.TO) is 0.61%, while BMO Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.TO) has a volatility of 1.53%. This indicates that PSB.TO experiences smaller price fluctuations and is considered to be less risky than ZIC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSB.TO	ZIC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.61%	1.53%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	1.91%	4.27%	-2.36%
Volatility (1Y) Calculated over the trailing 1-year period	2.77%	5.47%	-2.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.31%	7.94%	-4.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.85%	8.87%	-4.02%

PSB.TO vs. ZIC.TO - Expense Ratio Comparison

PSB.TO has a 0.28% expense ratio, which is higher than ZIC.TO's 0.25% expense ratio.

Dividends

PSB.TO vs. ZIC.TO - Dividend Comparison

PSB.TO's dividend yield for the trailing twelve months is around 3.21%, less than ZIC.TO's 4.26% 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%
ZIC.TO BMO Mid-Term US Investment Grade Corporate Bond Index ETF	4.26%	4.03%	3.80%	3.85%	3.94%	3.53%	3.46%	3.57%	3.46%	3.33%	3.29%	3.12%

Frequently Asked Questions

Can I hold both PSB.TO and ZIC.TO in my portfolio?

PSB.TO and ZIC.TO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PSB.TO or ZIC.TO?

On fees, ZIC.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PSB.TO or ZIC.TO?

ZIC.TO is cheaper with a 0.25% expense ratio, compared with 0.28% for PSB.TO.

What is the main difference between PSB.TO and ZIC.TO?

PSB.TO tracks FTSE Canada Investment Grade 1-5 Year Laddered Corporate Bond Index, while ZIC.TO tracks Bloomberg US Investment Grade 5 to 10 Year Corporate Bond Capped Index. They also come from different issuers: Invesco and BMO. Their fees differ too: 0.28% for PSB.TO and 0.25% for ZIC.TO.