TUSB.TO vs. ZIC.TO

Last updated Jul 17, 2026

TUSB.TO (TD Select U.S. Short Term Corporate Bond Ladder ETF) and ZIC.TO (BMO Mid-Term US Investment Grade Corporate Bond Index ETF) are both exchange-traded funds - TUSB.TO is a Short-Term Bond fund actively managed by TD, while ZIC.TO is a Corporate Bonds fund tracking the Bloomberg US Investment Grade 5 to 10 Year Corporate Bond Capped Index. TUSB.TO is actively managed, while ZIC.TO is passively managed. Over the past 5 years, TUSB.TO returned 5.43%/yr vs 2.85%/yr for ZIC.TO. At a 0.36 correlation, their price movements are largely independent.

Performance

TUSB.TO vs. ZIC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Select U.S. Short Term Corporate Bond Ladder ETF (TUSB.TO) and BMO Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TUSB.TO achieves a 3.49% return, which is significantly higher than ZIC.TO's 1.83% return.

TUSB.TO

• 1D: 0.07%
• 1M: 0.41%
• 6M: 1.98%
• YTD: 3.49%
• 1Y: 7.08%
• 3Y*: 8.06%
• 5Y*: 5.43%
• 10Y*: —

ZIC.TO

• 1D: -0.22%
• 1M: -0.43%
• 6M: 0.42%
• YTD: 1.83%
• 1Y: 6.87%
• 3Y*: 7.68%
• 5Y*: 2.85%
• 10Y*: 3.40%

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

TUSB.TO vs. ZIC.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TUSB.TO TD Select U.S. Short Term Corporate Bond Ladder ETF	3.49%	2.39%	14.59%	3.52%	1.39%	-2.53%	3.22%	1.54%	3.47%
ZIC.TO BMO Mid-Term US Investment Grade Corporate Bond Index ETF	1.83%	4.46%	11.87%	6.34%	-8.92%	-1.35%	6.52%	9.04%	4.24%

Correlation

The correlation between TUSB.TO and ZIC.TO is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Nov 14, 2018	0.36

Over the past year, TUSB.TO and ZIC.TO have become more correlated (0.67) than their long-term average of 0.36, meaning their price movements have been converging.

Return for Risk

TUSB.TO vs. ZIC.TO — Risk / Return Rank

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

TUSB.TO

TUSB.TO Risk / Return Rank: 53
TUSB.TO Sharpe Ratio Rank: 58
TUSB.TO Sortino Ratio Rank: 61
TUSB.TO Omega Ratio Rank: 58
TUSB.TO Calmar Ratio Rank: 48
TUSB.TO Martin Ratio Rank: 39

ZIC.TO

ZIC.TO Risk / Return Rank: 40
ZIC.TO Sharpe Ratio Rank: 43
ZIC.TO Sortino Ratio Rank: 43
ZIC.TO Omega Ratio Rank: 42
ZIC.TO Calmar Ratio Rank: 40
ZIC.TO Martin Ratio Rank: 31

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.

TUSB.TO vs. ZIC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Select U.S. Short Term Corporate Bond Ladder ETF (TUSB.TO) and BMO Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.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.

	TUSB.TO	ZIC.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.25	+0.32
Sortino ratio: Return per unit of downside risk	2.30	1.84	+0.47
Omega ratio: Gain probability vs. loss probability	1.29	1.23	+0.06
Calmar ratio: Return relative to maximum drawdown	1.96	1.70	+0.27
Martin ratio: Return relative to average drawdown	4.96	3.65	+1.32

TUSB.TO vs. ZIC.TO - Sharpe Ratio Comparison

The current TUSB.TO Sharpe Ratio is 1.57, which is comparable to the ZIC.TO Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of TUSB.TO and ZIC.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TUSB.TO vs. ZIC.TO - Drawdown Comparison

The maximum TUSB.TO drawdown since its inception was -11.97%, smaller than the maximum ZIC.TO drawdown of -19.48%. Use the drawdown chart below to compare losses from any high point for TUSB.TO and ZIC.TO.

Drawdown Indicators

	TUSB.TO	ZIC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-11.97%	-19.48%	+7.51%
Max Drawdown (1Y) Largest decline over 1 year	-3.62%	-4.06%	+0.44%
Max Drawdown (3Y) Largest decline over 3 years	-5.20%	-6.96%	+1.76%
Max Drawdown (5Y) Largest decline over 5 years	-7.56%	-15.65%	+8.09%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.48%	—
Current Drawdown Current decline from peak	-1.30%	-2.44%	+1.14%
Average Drawdown Average peak-to-trough decline	-3.46%	-5.10%	+1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.43%	1.89%	-0.46%

Volatility

TUSB.TO vs. ZIC.TO - Volatility Comparison

The current volatility for TD Select U.S. Short Term Corporate Bond Ladder ETF (TUSB.TO) is 1.22%, while BMO Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.TO) has a volatility of 1.66%. This indicates that TUSB.TO experiences smaller price fluctuations and is considered to be less risky than ZIC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TUSB.TO	ZIC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	1.66%	-0.44%
Volatility (6M) Calculated over the trailing 6-month period	3.37%	4.33%	-0.96%
Volatility (1Y) Calculated over the trailing 1-year period	4.53%	5.53%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.53%	7.92%	-1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.72%	8.85%	-2.13%

Dividends

TUSB.TO vs. ZIC.TO - Dividend Comparison

TUSB.TO's dividend yield for the trailing twelve months is around 4.57%, more than ZIC.TO's 4.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TUSB.TO TD Select U.S. Short Term Corporate Bond Ladder ETF	4.57%	5.05%	4.92%	5.35%	3.54%	3.43%	5.07%	4.48%	0.55%	0.00%	0.00%	0.00%
ZIC.TO BMO Mid-Term US Investment Grade Corporate Bond Index ETF	4.36%	4.03%	3.80%	3.85%	3.94%	3.53%	3.46%	3.57%	3.46%	3.33%	3.29%	3.12%

Frequently Asked Questions

Can I hold both TUSB.TO and ZIC.TO in my portfolio?

TUSB.TO and ZIC.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between TUSB.TO and ZIC.TO?

TUSB.TO is categorized as Short-Term Bond, while ZIC.TO is Corporate Bonds. They also come from different issuers: TD and BMO.