TCSB.TO vs. ZSU.TO
TCSB.TO (TD Select Short Term Corporate Bond Ladder ETF) and ZSU.TO (BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF) are both Short-Term Bond funds. Over the past 5 years, TCSB.TO returned 2.98%/yr vs 1.20%/yr for ZSU.TO. At a 0.27 correlation, their price movements are largely independent.
Performance
TCSB.TO vs. ZSU.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TCSB.TO achieves a 1.49% return, which is significantly higher than ZSU.TO's -0.12% return.
TCSB.TO
- 1D
- 0.14%
- 1M
- 0.03%
- 6M
- 1.22%
- YTD
- 1.49%
- 1Y
- 4.14%
- 3Y*
- 5.97%
- 5Y*
- 2.98%
- 10Y*
- —
ZSU.TO
- 1D
- 0.31%
- 1M
- 0.07%
- 6M
- -0.12%
- YTD
- -0.12%
- 1Y
- 2.06%
- 3Y*
- 4.00%
- 5Y*
- 1.20%
- 10Y*
- 1.67%
TCSB.TO vs. ZSU.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TCSB.TO TD Select Short Term Corporate Bond Ladder ETF | 1.49% | 4.71% | 6.89% | 6.95% | -4.39% | 0.14% | 5.36% | 5.72% | 0.13% |
ZSU.TO BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF | -0.12% | 4.61% | 3.84% | 5.18% | -6.17% | -0.99% | 4.54% | 5.57% | 0.46% |
Correlation
The correlation between TCSB.TO and ZSU.TO is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Nov 14, 2018 | 0.27 |
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Return for Risk
TCSB.TO vs. ZSU.TO — Risk / Return Rank
TCSB.TO
ZSU.TO
TCSB.TO vs. ZSU.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 US IG Corporate Bond Hedged to CAD Index ETF (ZSU.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.
| TCSB.TO | ZSU.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.15 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 1.39 | +1.15 |
| Martin ratioReturn relative to average drawdown | 10.87 | 3.66 | +7.22 |
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Drawdowns
TCSB.TO vs. ZSU.TO - Drawdown Comparison
The maximum TCSB.TO drawdown since its inception was -14.90%, which is greater than ZSU.TO's maximum drawdown of -12.35%. Use the drawdown chart below to compare losses from any high point for TCSB.TO and ZSU.TO.
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Drawdown Indicators
| TCSB.TO | ZSU.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.90% | -12.35% | -2.55% |
Max Drawdown (1Y)Largest decline over 1 year | -1.64% | -1.49% | -0.15% |
Max Drawdown (3Y)Largest decline over 3 years | -1.64% | -1.49% | -0.15% |
Max Drawdown (5Y)Largest decline over 5 years | -7.23% | -10.02% | +2.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -12.35% | — |
Current DrawdownCurrent decline from peak | -0.27% | -0.70% | +0.43% |
Average DrawdownAverage peak-to-trough decline | -1.30% | -1.62% | +0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.56% | -0.18% |
Volatility
TCSB.TO vs. ZSU.TO - Volatility Comparison
The current volatility for TD Select Short Term Corporate Bond Ladder ETF (TCSB.TO) is 0.49%, while BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF (ZSU.TO) has a volatility of 0.66%. This indicates that TCSB.TO experiences smaller price fluctuations and is considered to be less risky than ZSU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TCSB.TO | ZSU.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.49% | 0.66% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 1.71% | 1.79% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.16% | 2.59% | -0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.95% | 3.68% | -0.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.90% | 4.46% | +1.44% |
Dividends
TCSB.TO vs. ZSU.TO - Dividend Comparison
TCSB.TO's dividend yield for the trailing twelve months is around 3.66%, less than ZSU.TO's 4.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TCSB.TO TD Select Short Term Corporate Bond Ladder ETF | 3.66% | 3.65% | 4.89% | 4.97% | 2.72% | 2.37% | 3.84% | 3.00% | 0.07% | 0.00% | 0.00% | 0.00% |
ZSU.TO BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF | 4.30% | 3.76% | 3.31% | 3.17% | 3.23% | 2.97% | 2.99% | 2.78% | 2.49% | 2.30% | 2.07% | 2.29% |
Frequently Asked Questions
TCSB.TO and ZSU.TO have a correlation of 0.32, 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: TD and BMO.
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