VGV.TO vs. ZST.TO
VGV.TO (Vanguard Canadian Government Bond Index ETF) and ZST.TO (BMO Ultra Short-Term Bond ETF) are both Canadian Government Bonds funds. VGV.TO is passively managed, while ZST.TO is actively managed. Over the past 5 years, VGV.TO returned 0.02%/yr vs 3.01%/yr for ZST.TO. At a 0.21 correlation, their price movements are largely independent. Both charge a 0.17% expense ratio.
Performance
VGV.TO vs. ZST.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VGV.TO achieves a 1.92% return, which is significantly higher than ZST.TO's 1.18% return.
VGV.TO
- 1D
- 0.13%
- 1M
- 2.35%
- YTD
- 1.92%
- 6M
- 2.24%
- 1Y
- 3.98%
- 3Y*
- 3.79%
- 5Y*
- 0.02%
- 10Y*
- —
ZST.TO
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.18%
- 6M
- 0.29%
- 1Y
- 1.74%
- 3Y*
- 3.87%
- 5Y*
- 3.01%
- 10Y*
- 2.38%
VGV.TO vs. ZST.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGV.TO Vanguard Canadian Government Bond Index ETF | 1.92% | 1.90% | 3.24% | 5.61% | -12.28% | -3.53% | 7.64% | 6.40% | -0.20% | 2.91% |
ZST.TO BMO Ultra Short-Term Bond ETF | 1.18% | 2.06% | 5.21% | 5.38% | 1.22% | 0.24% | 1.77% | 2.39% | 1.99% | 1.20% |
Correlation
The correlation between VGV.TO and ZST.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2017 | 0.21 |
The correlation between VGV.TO and ZST.TO shifts across timeframes, from 0.21 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VGV.TO vs. ZST.TO — Risk / Return Rank
VGV.TO
ZST.TO
VGV.TO vs. ZST.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Canadian Government Bond Index ETF (VGV.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.
| VGV.TO | ZST.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.81 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.86 | -0.71 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 1.74 | -0.37 |
| Martin ratioReturn relative to average drawdown | 2.96 | 4.67 | -1.71 |
Loading charts...
Drawdowns
VGV.TO vs. ZST.TO - Drawdown Comparison
The maximum VGV.TO drawdown since its inception was -20.77%, 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 VGV.TO and ZST.TO.
Loading charts...
Drawdown Indicators
| VGV.TO | ZST.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.77% | -3.60% | -17.17% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -1.01% | -1.92% |
Max Drawdown (3Y)Largest decline over 3 years | -6.05% | -1.01% | -5.04% |
Max Drawdown (5Y)Largest decline over 5 years | -16.94% | -1.01% | -15.93% |
Max Drawdown (10Y)Largest decline over 10 years | — | -1.06% | — |
Current DrawdownCurrent decline from peak | -6.20% | 0.00% | -6.20% |
Average DrawdownAverage peak-to-trough decline | -7.27% | -0.58% | -6.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.35% | 0.37% | +0.98% |
Volatility
VGV.TO vs. ZST.TO - Volatility Comparison
Vanguard Canadian Government Bond Index ETF (VGV.TO) has a higher volatility of 1.42% compared to BMO Ultra Short-Term Bond ETF (ZST.TO) at 0.08%. This indicates that VGV.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.
Loading charts...
Volatility by Period
| VGV.TO | ZST.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 0.08% | +1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 3.77% | 1.05% | +2.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.99% | 1.08% | +3.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.00% | 0.72% | +6.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.02% | 0.71% | +6.31% |
VGV.TO vs. ZST.TO - Expense Ratio Comparison
Both VGV.TO and ZST.TO have an expense ratio of 0.17%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
VGV.TO vs. ZST.TO - Dividend Comparison
VGV.TO's dividend yield for the trailing twelve months is around 3.10%, more than ZST.TO's 2.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VGV.TO Vanguard Canadian Government Bond Index ETF | 3.10% | 3.04% | 2.97% | 2.78% | 2.63% | 2.35% | 2.28% | 2.36% | 2.52% | 2.26% | 0.00% | 0.00% |
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
VGV.TO and ZST.TO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.17% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
VGV.TO and ZST.TO have the same expense ratio: 0.17% per year.
They also come from different issuers: Vanguard and BMO.
Find the right allocation for VGV.TO and ZST.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer