VUN.TO vs. ZST.TO

Last updated Jun 4, 2026

VUN.TO (Vanguard U.S. Total Market Index ETF) and ZST.TO (BMO Ultra Short-Term Bond ETF) are both exchange-traded funds - VUN.TO is a Large Cap Blend Equities fund tracking the CRSP US Total Market Index CAD, while ZST.TO is a Canadian Government Bonds fund actively managed by BMO. VUN.TO is passively managed, while ZST.TO is actively managed. Over the past 10 years, VUN.TO returned 15.43%/yr vs 2.34%/yr for ZST.TO. At a 0.08 correlation, their price movements are largely independent. Both charge a 0.17% expense ratio.

Performance

VUN.TO vs. ZST.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard U.S. Total Market Index ETF (VUN.TO) and BMO Ultra Short-Term Bond ETF (ZST.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VUN.TO achieves a 12.43% return, which is significantly higher than ZST.TO's 1.08% return. Over the past 10 years, VUN.TO has outperformed ZST.TO with an annualized return of 15.43%, while ZST.TO has yielded a comparatively lower 2.34% annualized return.

VUN.TO

• 1D: -0.39%
• 1M: 7.17%
• YTD: 12.43%
• 6M: 10.44%
• 1Y: 29.34%
• 3Y*: 23.05%
• 5Y*: 15.50%
• 10Y*: 15.43%

ZST.TO

• 1D: 0.02%
• 1M: 0.25%
• YTD: 1.08%
• 6M: 0.26%
• 1Y: 1.68%
• 3Y*: 3.84%
• 5Y*: 2.95%
• 10Y*: 2.34%

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

VUN.TO vs. ZST.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VUN.TO Vanguard U.S. Total Market Index ETF	12.43%	11.43%	33.76%	23.00%	-14.20%	24.54%	18.22%	23.99%	2.35%	13.01%
ZST.TO BMO Ultra Short-Term Bond ETF	1.08%	2.03%	5.16%	5.33%	1.19%	0.22%	1.74%	2.36%	1.95%	1.43%

Correlation

The correlation between VUN.TO and ZST.TO is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.09
Correlation (All Time) Calculated using the full available price history since Aug 13, 2013	0.08

Return for Risk

VUN.TO vs. ZST.TO — Risk / Return Rank

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

VUN.TO

VUN.TO Risk / Return Rank: 72
VUN.TO Sharpe Ratio Rank: 74
VUN.TO Sortino Ratio Rank: 73
VUN.TO Omega Ratio Rank: 74
VUN.TO Calmar Ratio Rank: 68
VUN.TO Martin Ratio Rank: 69

ZST.TO

ZST.TO Risk / Return Rank: 47
ZST.TO Sharpe Ratio Rank: 44
ZST.TO Sortino Ratio Rank: 30
ZST.TO Omega Ratio Rank: 96
ZST.TO Calmar Ratio Rank: 34
ZST.TO Martin Ratio Rank: 30

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.

VUN.TO vs. ZST.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard U.S. Total Market Index ETF (VUN.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.

	VUN.TO	ZST.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.47	1.56	+0.91
Sortino ratio: Return per unit of downside risk	3.39	1.64	+1.76
Omega ratio: Gain probability vs. loss probability	1.45	1.83	-0.38
Calmar ratio: Return relative to maximum drawdown	3.46	1.68	+1.78
Martin ratio: Return relative to average drawdown	12.96	4.51	+8.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VUN.TO vs. ZST.TO - Sharpe Ratio Comparison

The current VUN.TO Sharpe Ratio is 2.47, which is higher than the ZST.TO Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of VUN.TO and ZST.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.

Sharpe Ratios by Period

	VUN.TO	ZST.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	1.56	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.01	4.12	-3.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	3.30	-2.37
Sharpe Ratio (All Time) Calculated using the full available price history	1.01	1.81	-0.80

Drawdowns

VUN.TO vs. ZST.TO - Drawdown Comparison

The maximum VUN.TO drawdown since its inception was -28.19%, which is greater than ZST.TO's maximum drawdown of -1.06%. Use the drawdown chart below to compare losses from any high point for VUN.TO and ZST.TO.

Drawdown Indicators

	VUN.TO	ZST.TO	Difference
Max Drawdown Largest peak-to-trough decline	-28.19%	-1.06%	-27.13%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-1.01%	-7.50%
Max Drawdown (3Y) Largest decline over 3 years	-19.88%	-1.01%	-18.87%
Max Drawdown (5Y) Largest decline over 5 years	-23.67%	-1.01%	-22.66%
Max Drawdown (10Y) Largest decline over 10 years	-28.19%	-1.06%	-27.13%
Current Drawdown Current decline from peak	-0.39%	-0.00%	-0.39%
Average Drawdown Average peak-to-trough decline	-3.80%	-0.13%	-3.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	0.37%	+1.90%

Volatility

VUN.TO vs. ZST.TO - Volatility Comparison

Vanguard U.S. Total Market Index ETF (VUN.TO) has a higher volatility of 3.04% compared to BMO Ultra Short-Term Bond ETF (ZST.TO) at 0.08%. This indicates that VUN.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.

Volatility by Period

	VUN.TO	ZST.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	0.08%	+2.96%
Volatility (6M) Calculated over the trailing 6-month period	8.81%	1.05%	+7.76%
Volatility (1Y) Calculated over the trailing 1-year period	11.97%	1.08%	+10.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.43%	0.72%	+14.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.70%	0.71%	+15.99%

VUN.TO vs. ZST.TO - Expense Ratio Comparison

Both VUN.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

VUN.TO vs. ZST.TO - Dividend Comparison

VUN.TO's dividend yield for the trailing twelve months is around 0.74%, less than ZST.TO's 2.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VUN.TO Vanguard U.S. Total Market Index ETF	0.74%	0.84%	0.93%	1.10%	1.21%	0.97%	1.15%	1.45%	1.52%	1.39%	1.49%	1.49%
ZST.TO BMO Ultra Short-Term Bond ETF	2.55%	2.82%	4.65%	4.79%	2.75%	2.29%	2.65%	2.82%	3.43%	4.05%	3.92%	3.90%

Frequently Asked Questions

Can I hold both VUN.TO and ZST.TO in my portfolio?

VUN.TO and ZST.TO have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VUN.TO or ZST.TO?

Both ETFs have the same 0.17% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VUN.TO or ZST.TO?

VUN.TO and ZST.TO have the same expense ratio: 0.17% per year.

What is the main difference between VUN.TO and ZST.TO?

VUN.TO is categorized as Large Cap Blend Equities, while ZST.TO is Canadian Government Bonds. They also come from different issuers: Vanguard and BMO.