TCSB.TO vs. ZSDB.TO

Last updated Apr 1, 2026

Compare and contrast key facts about TD Select Short Term Corporate Bond Ladder ETF (TCSB.TO) and BMO Short-Term Discount Bond ETF (ZSDB.TO).

TCSB.TO and ZSDB.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TCSB.TO is an actively managed fund by TD. It was launched on Nov 8, 2018. ZSDB.TO is an actively managed fund by BMO. It was launched on Jan 24, 2022.

Performance

TCSB.TO vs. ZSDB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Select Short Term Corporate Bond Ladder ETF (TCSB.TO) and BMO Short-Term Discount Bond ETF (ZSDB.TO). The values are adjusted to include any dividend payments, if applicable.

TCSB.TO vs. ZSDB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TCSB.TO TD Select Short Term Corporate Bond Ladder ETF	0.10%	4.71%	6.89%	6.95%	-3.42%
ZSDB.TO BMO Short-Term Discount Bond ETF	0.01%	2.56%	6.02%	5.94%	-2.83%

Returns By Period

In the year-to-date period, TCSB.TO achieves a 0.10% return, which is significantly higher than ZSDB.TO's 0.01% return.

TCSB.TO

• 1D: 0.20%
• 1M: -0.90%
• YTD: 0.10%
• 6M: 0.69%
• 1Y: 3.58%
• 3Y*: 5.48%
• 5Y*: 2.84%
• 10Y*: —

ZSDB.TO

• 1D: 0.18%
• 1M: -0.90%
• YTD: 0.01%
• 6M: -0.73%
• 1Y: 0.96%
• 3Y*: 4.44%
• 5Y*: —
• 10Y*: —

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

TCSB.TO vs. ZSDB.TO - Expense Ratio Comparison

TCSB.TO has a 0.28% expense ratio, which is higher than ZSDB.TO's 0.09% expense ratio.

TCSB.TO

TD Select Short Term Corporate Bond Ladder ETF

ZSDB.TO

BMO Short-Term Discount Bond ETF

Return for Risk

TCSB.TO vs. ZSDB.TO — Risk / Return Rank

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

TCSB.TO

TCSB.TO Risk / Return Rank: 82
TCSB.TO Sharpe Ratio Rank: 82
TCSB.TO Sortino Ratio Rank: 85
TCSB.TO Omega Ratio Rank: 80
TCSB.TO Calmar Ratio Rank: 78
TCSB.TO Martin Ratio Rank: 84

ZSDB.TO

ZSDB.TO Risk / Return Rank: 22
ZSDB.TO Sharpe Ratio Rank: 23
ZSDB.TO Sortino Ratio Rank: 18
ZSDB.TO Omega Ratio Rank: 22
ZSDB.TO Calmar Ratio Rank: 24
ZSDB.TO Martin Ratio Rank: 23

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.

TCSB.TO vs. ZSDB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Select Short Term Corporate Bond Ladder ETF (TCSB.TO) and BMO Short-Term Discount Bond ETF (ZSDB.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.

	TCSB.TO	ZSDB.TO	Difference
Sharpe ratio Return per unit of total volatility	1.60	0.42	+1.19
Sortino ratio Return per unit of downside risk	2.31	0.50	+1.81
Omega ratio Gain probability vs. loss probability	1.32	1.09	+0.22
Calmar ratio Return relative to maximum drawdown	2.18	0.55	+1.63
Martin ratio Return relative to average drawdown	9.85	1.60	+8.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCSB.TO vs. ZSDB.TO - Sharpe Ratio Comparison

The current TCSB.TO Sharpe Ratio is 1.60, which is higher than the ZSDB.TO Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of TCSB.TO and ZSDB.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TCSB.TO	ZSDB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.60	0.42	+1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.98	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	1.05	-0.49

Correlation

The correlation between TCSB.TO and ZSDB.TO is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TCSB.TO vs. ZSDB.TO - Dividend Comparison

TCSB.TO's dividend yield for the trailing twelve months is around 3.68%, more than ZSDB.TO's 1.31% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
TCSB.TO TD Select Short Term Corporate Bond Ladder ETF	3.68%	3.65%	4.89%	4.97%	2.72%	2.37%	3.84%	3.00%	0.06%
ZSDB.TO BMO Short-Term Discount Bond ETF	1.31%	1.28%	1.33%	1.75%	1.77%	0.00%	0.00%	0.00%	0.00%

Drawdowns

TCSB.TO vs. ZSDB.TO - Drawdown Comparison

The maximum TCSB.TO drawdown since its inception was -14.90%, which is greater than ZSDB.TO's maximum drawdown of -4.88%. Use the drawdown chart below to compare losses from any high point for TCSB.TO and ZSDB.TO.

Drawdown Indicators

	TCSB.TO	ZSDB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-14.90%	-4.88%	-10.02%
Max Drawdown (1Y) Largest decline over 1 year	-1.64%	-1.93%	+0.29%
Max Drawdown (5Y) Largest decline over 5 years	-7.22%	—	—
Current Drawdown Current decline from peak	-0.94%	-1.39%	+0.45%
Average Drawdown Average peak-to-trough decline	-1.34%	-0.77%	-0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.36%	0.66%	-0.30%

Volatility

TCSB.TO vs. ZSDB.TO - Volatility Comparison

TD Select Short Term Corporate Bond Ladder ETF (TCSB.TO) has a higher volatility of 1.18% compared to BMO Short-Term Discount Bond ETF (ZSDB.TO) at 0.92%. This indicates that TCSB.TO's price experiences larger fluctuations and is considered to be riskier than ZSDB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCSB.TO	ZSDB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	0.92%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	1.68%	1.98%	-0.30%
Volatility (1Y) Calculated over the trailing 1-year period	2.24%	2.31%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.93%	3.66%	-0.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.00%	3.66%	+2.34%