TD.TO vs. ZST.TO
TD.TO (The Toronto-Dominion Bank) is a stock, while ZST.TO (BMO Ultra Short-Term Bond ETF) is Canadian Government Bonds fund actively managed by BMO. Over the past 10 years, TD.TO returned 16.09%/yr vs 2.38%/yr for ZST.TO. At a 0.02 correlation, their price movements are largely independent.
Performance
TD.TO vs. ZST.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TD.TO achieves a 28.85% return, which is significantly higher than ZST.TO's 1.16% return. Over the past 10 years, TD.TO has outperformed ZST.TO with an annualized return of 16.09%, while ZST.TO has yielded a comparatively lower 2.38% annualized return.
TD.TO
- 1D
- 1.10%
- 1M
- 10.59%
- YTD
- 28.85%
- 6M
- 32.50%
- 1Y
- 76.68%
- 3Y*
- 33.03%
- 5Y*
- 18.47%
- 10Y*
- 16.09%
ZST.TO
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.16%
- 6M
- 0.31%
- 1Y
- 1.72%
- 3Y*
- 3.89%
- 5Y*
- 3.00%
- 10Y*
- 2.38%
TD.TO vs. ZST.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TD.TO The Toronto-Dominion Bank | 28.85% | 77.06% | -6.05% | 2.34% | -6.01% | 40.15% | 3.72% | 11.66% | -4.57% | 15.15% |
ZST.TO BMO Ultra Short-Term Bond ETF | 1.16% | 2.06% | 5.21% | 5.38% | 1.22% | 0.24% | 1.77% | 2.39% | 1.99% | 1.47% |
Correlation
The correlation between TD.TO and ZST.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2011 | 0.02 |
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Return for Risk
TD.TO vs. ZST.TO — Risk / Return Rank
TD.TO
ZST.TO
TD.TO vs. ZST.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for The Toronto-Dominion Bank (TD.TO) and BMO Ultra Short-Term Bond ETF (ZST.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.
| TD.TO | ZST.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.48 | ||
| Sortino ratioReturn per unit of downside risk | +4.43 | ||
| Omega ratioGain probability vs. loss probability | 1.89 | 1.85 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 11.51 | 1.72 | +9.80 |
| Martin ratioReturn relative to average drawdown | 48.39 | 4.62 | +43.77 |
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Drawdowns
TD.TO vs. ZST.TO - Drawdown Comparison
The maximum TD.TO drawdown since its inception was -52.42%, which is greater than ZST.TO's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for TD.TO and ZST.TO.
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Drawdown Indicators
| TD.TO | ZST.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.42% | -3.60% | -48.82% |
Max Drawdown (1Y)Largest decline over 1 year | -6.68% | -1.01% | -5.67% |
Max Drawdown (3Y)Largest decline over 3 years | -15.04% | -1.01% | -14.03% |
Max Drawdown (5Y)Largest decline over 5 years | -26.06% | -1.01% | -25.05% |
Max Drawdown (10Y)Largest decline over 10 years | -35.80% | -1.06% | -34.74% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -7.29% | -0.58% | -6.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.59% | 0.37% | +1.22% |
Volatility
TD.TO vs. ZST.TO - Volatility Comparison
The Toronto-Dominion Bank (TD.TO) has a higher volatility of 5.14% compared to BMO Ultra Short-Term Bond ETF (ZST.TO) at 0.08%. This indicates that TD.TO's price experiences larger fluctuations and is considered to be riskier than ZST.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TD.TO | ZST.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.14% | 0.08% | +5.06% |
Volatility (6M)Calculated over the trailing 6-month period | 11.73% | 1.05% | +10.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.16% | 1.08% | +14.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.17% | 0.72% | +16.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.29% | 0.71% | +18.58% |
Dividends
TD.TO vs. ZST.TO - Dividend Comparison
TD.TO's dividend yield for the trailing twelve months is around 2.60%, more than ZST.TO's 2.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TD.TO The Toronto-Dominion Bank | 2.60% | 3.25% | 5.33% | 4.48% | 4.06% | 3.26% | 4.32% | 3.97% | 3.85% | 3.19% | 3.26% | 3.69% |
ZST.TO BMO Ultra Short-Term Bond ETF | 2.56% | 2.85% | 4.70% | 4.84% | 2.78% | 2.31% | 2.68% | 2.84% | 3.47% | 4.09% | 3.96% | 3.94% |
Frequently Asked Questions
TD.TO and ZST.TO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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