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TDB.TO vs. ZDB.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

TDB.TO vs. ZDB.TO

Last updated Apr 1, 2026

Compare and contrast key facts about TD Canadian Aggregate Bond Index ETF (TDB.TO) and BMO Discount Bond (ZDB.TO).

TDB.TO and ZDB.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TDB.TO is a passively managed fund by TD that tracks the performance of the Solactive Broad Canadian Bond Universe Index. It was launched on Mar 22, 2016. ZDB.TO is a passively managed fund by BMO that tracks the performance of the FTSE Canada Universe Discount Bond Index. It was launched on Feb 10, 2014. Both TDB.TO and ZDB.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

TDB.TO vs. ZDB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Canadian Aggregate Bond Index ETF (TDB.TO) and BMO Discount Bond (ZDB.TO). The values are adjusted to include any dividend payments, if applicable.

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TDB.TO vs. ZDB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TDB.TO
TD Canadian Aggregate Bond Index ETF		0.19%2.24%4.11%6.57%-10.94%-2.98%8.31%6.24%1.46%2.55%
ZDB.TO
BMO Discount Bond		0.17%2.03%4.26%6.69%-11.99%-2.77%9.50%6.74%1.33%2.00%

Returns By Period

In the year-to-date period, TDB.TO achieves a 0.19% return, which is significantly higher than ZDB.TO's 0.17% return. Both investments have delivered pretty close results over the past 10 years, with TDB.TO having a 1.60% annualized return and ZDB.TO not far behind at 1.58%.

TDB.TO

1D
0.23%
1M
-1.94%
YTD
0.19%
6M
-0.31%
1Y
0.66%
3Y*
3.34%
5Y*
0.65%
10Y*
1.60%

ZDB.TO

1D
0.33%
1M
-1.94%
YTD
0.17%
6M
-0.46%
1Y
0.41%
3Y*
3.25%
5Y*
0.50%
10Y*
1.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

TD Canadian Aggregate Bond Index ETF

BMO Discount Bond

Often compared with TDB.TO:
TDB.TO vs. XEB.TOTDB.TO vs. ZST.TOTDB.TO vs. VAB.TOTDB.TO vs. CLF.TOTDB.TO vs. TBAL.TOTDB.TO vs. TPE.TOTDB.TO vs. TEC.TO
Often compared with ZDB.TO:
ZDB.TO vs. ZAG.TOZDB.TO vs. ZMMK.TOZDB.TO vs. XSAB.TOZDB.TO vs. ZST.TOZDB.TO vs. XDV.TOZDB.TO vs. VAB.TOZDB.TO vs. HSAV.TO

TDB.TO vs. ZDB.TO - Expense Ratio Comparison

TDB.TO has a 0.08% expense ratio, which is lower than ZDB.TO's 0.10% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

ZDB.TO
BMO Discount Bond
TDB.TO
TD Canadian Aggregate Bond Index ETF

Return for Risk

TDB.TO vs. ZDB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TDB.TO
TDB.TO Risk / Return Rank: 1515
Overall Rank
TDB.TO Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
TDB.TO Sortino Ratio Rank: 1313
Sortino Ratio Rank
TDB.TO Omega Ratio Rank: 1313
Omega Ratio Rank
TDB.TO Calmar Ratio Rank: 1919
Calmar Ratio Rank
TDB.TO Martin Ratio Rank: 1717
Martin Ratio Rank
ZDB.TO
ZDB.TO Risk / Return Rank: 1414
Overall Rank
ZDB.TO Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
ZDB.TO Sortino Ratio Rank: 1212
Sortino Ratio Rank
ZDB.TO Omega Ratio Rank: 1212
Omega Ratio Rank
ZDB.TO Calmar Ratio Rank: 1717
Calmar Ratio Rank
ZDB.TO Martin Ratio Rank: 1515
Martin Ratio Rank
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.

TDB.TO vs. ZDB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Canadian Aggregate Bond Index ETF (TDB.TO) and BMO Discount Bond (ZDB.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.

TDB.TOZDB.TODifference

Sharpe ratio

Return per unit of total volatility

0.15

0.09

+0.06

Sortino ratio

Return per unit of downside risk

0.22

0.15

+0.08

Omega ratio

Gain probability vs. loss probability

1.03

1.02

+0.01

Calmar ratio

Return relative to maximum drawdown

0.35

0.23

+0.11

Martin ratio

Return relative to average drawdown

0.69

0.47

+0.22

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TDB.TO vs. ZDB.TO - Sharpe Ratio Comparison

The current TDB.TO Sharpe Ratio is 0.15, which is higher than the ZDB.TO Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of TDB.TO and ZDB.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.

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Sharpe Ratios by Period

TDB.TOZDB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.15

0.09

+0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.10

0.08

+0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.24

0.25

-0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.25

0.37

-0.12

Correlation

The correlation between TDB.TO and ZDB.TO is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

TDB.TO vs. ZDB.TO - Dividend Comparison

TDB.TO's dividend yield for the trailing twelve months is around 3.62%, more than ZDB.TO's 2.13% yield.

TTM20252024202320222021202020192018201720162015
TDB.TO
TD Canadian Aggregate Bond Index ETF		3.62%3.71%4.11%4.11%2.67%2.37%2.38%2.05%4.32%2.94%2.45%0.00%
ZDB.TO
BMO Discount Bond		2.13%2.28%2.38%2.42%2.52%2.16%2.06%2.20%2.07%2.06%1.95%1.99%

Drawdowns

TDB.TO vs. ZDB.TO - Drawdown Comparison

The maximum TDB.TO drawdown since its inception was -17.29%, roughly equal to the maximum ZDB.TO drawdown of -18.09%. Use the drawdown chart below to compare losses from any high point for TDB.TO and ZDB.TO.

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Drawdown Indicators

TDB.TOZDB.TODifference

Max Drawdown

Largest peak-to-trough decline

-17.29%

-18.09%

+0.80%

Max Drawdown (1Y)

Largest decline over 1 year

-2.80%

-2.87%

+0.07%

Max Drawdown (5Y)

Largest decline over 5 years

-15.14%

-16.25%

+1.11%

Max Drawdown (10Y)

Largest decline over 10 years

-17.29%

-18.09%

+0.80%

Current Drawdown

Current decline from peak

-2.23%

-2.76%

+0.53%

Average Drawdown

Average peak-to-trough decline

-4.79%

-4.24%

-0.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.40%

1.43%

-0.03%

Volatility

TDB.TO vs. ZDB.TO - Volatility Comparison

TD Canadian Aggregate Bond Index ETF (TDB.TO) and BMO Discount Bond (ZDB.TO) have volatilities of 1.99% and 1.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TDB.TOZDB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.99%

1.95%

+0.04%

Volatility (6M)

Calculated over the trailing 6-month period

2.99%

3.06%

-0.07%

Volatility (1Y)

Calculated over the trailing 1-year period

4.61%

4.64%

-0.03%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.34%

6.50%

-0.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.57%

6.39%

+0.18%