PSB.TO vs. ZMU.TO
PSB.TO (Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF) and ZMU.TO (BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF) are both Corporate Bonds funds. Over the past 10 years, PSB.TO returned 2.69%/yr vs 1.66%/yr for ZMU.TO. At a 0.41 correlation, their price movements are largely independent.
Performance
PSB.TO vs. ZMU.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PSB.TO achieves a 1.49% return, which is significantly higher than ZMU.TO's -0.96% return. Over the past 10 years, PSB.TO has outperformed ZMU.TO with an annualized return of 2.69%, while ZMU.TO has yielded a comparatively lower 1.66% annualized return.
PSB.TO
- 1D
- -0.11%
- 1M
- -0.07%
- 6M
- 1.15%
- YTD
- 1.49%
- 1Y
- 3.94%
- 3Y*
- 5.98%
- 5Y*
- 2.93%
- 10Y*
- 2.69%
ZMU.TO
- 1D
- 0.08%
- 1M
- -0.18%
- 6M
- -0.89%
- YTD
- -0.96%
- 1Y
- 2.51%
- 3Y*
- 3.99%
- 5Y*
- -0.42%
- 10Y*
- 1.66%
PSB.TO vs. ZMU.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% |
ZMU.TO BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF | -0.96% | 7.47% | 1.42% | 7.89% | -14.71% | -1.75% | 8.27% | 12.98% | -2.77% | 4.58% |
Correlation
The correlation between PSB.TO and ZMU.TO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2013 | 0.41 |
The correlation between PSB.TO and ZMU.TO shifts across timeframes, from 0.41 (all time) to 0.56 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PSB.TO vs. ZMU.TO — Risk / Return Rank
PSB.TO
ZMU.TO
PSB.TO vs. ZMU.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 IG Corporate Bond Hedged to CAD Index ETF (ZMU.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 | ZMU.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.10 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | 0.81 | +2.05 |
| Martin ratioReturn relative to average drawdown | 8.73 | 1.83 | +6.90 |
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Drawdowns
PSB.TO vs. ZMU.TO - Drawdown Comparison
The maximum PSB.TO drawdown since its inception was -13.24%, smaller than the maximum ZMU.TO drawdown of -21.30%. Use the drawdown chart below to compare losses from any high point for PSB.TO and ZMU.TO.
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Drawdown Indicators
| PSB.TO | ZMU.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.24% | -21.30% | +8.06% |
Max Drawdown (1Y)Largest decline over 1 year | -1.38% | -3.11% | +1.73% |
Max Drawdown (3Y)Largest decline over 3 years | -1.89% | -5.90% | +4.01% |
Max Drawdown (5Y)Largest decline over 5 years | -7.93% | -21.30% | +13.37% |
Max Drawdown (10Y)Largest decline over 10 years | -13.24% | -21.30% | +8.06% |
Current DrawdownCurrent decline from peak | -0.28% | -2.79% | +2.51% |
Average DrawdownAverage peak-to-trough decline | -1.00% | -4.53% | +3.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.45% | 1.37% | -0.92% |
Volatility
PSB.TO vs. ZMU.TO - Volatility Comparison
The current volatility for Invesco 1-5 Year Laddered Investment Grade Corporate Bond Index ETF (PSB.TO) is 0.68%, while BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF (ZMU.TO) has a volatility of 1.45%. This indicates that PSB.TO experiences smaller price fluctuations and is considered to be less risky than ZMU.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 | ZMU.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 1.45% | -0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 1.95% | 3.51% | -1.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.75% | 4.73% | -1.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.32% | 6.90% | -3.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.85% | 7.88% | -3.03% |
Dividends
PSB.TO vs. ZMU.TO - Dividend Comparison
PSB.TO's dividend yield for the trailing twelve months is around 3.21%, less than ZMU.TO's 4.51% 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% |
ZMU.TO BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF | 4.51% | 4.10% | 4.15% | 4.22% | 4.35% | 3.56% | 3.51% | 3.66% | 3.70% | 3.28% | 3.37% | 3.53% |
Frequently Asked Questions
PSB.TO and ZMU.TO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: Invesco and BMO.
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