XCB.TO vs. ZCB.TO
XCB.TO (iShares Core Canadian Corporate Bond Index ETF) and ZCB.TO (BMO Corporate Bond Index ETF) are both Corporate Bonds funds - XCB.TO tracks the Morningstar Can Corp Bd GR CAD while ZCB.TO tracks the FTSE Canada All Corporate Bond Index. Both are passively managed. Over the past 5 years, XCB.TO returned 2.30%/yr vs 2.19%/yr for ZCB.TO. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.17% expense ratio.
Performance
XCB.TO vs. ZCB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCB.TO achieves a 1.75% return, which is significantly lower than ZCB.TO's 1.93% return.
XCB.TO
- 1D
- -0.10%
- 1M
- 1.66%
- YTD
- 1.75%
- 6M
- 1.49%
- 1Y
- 4.27%
- 3Y*
- 6.23%
- 5Y*
- 2.30%
- 10Y*
- 2.77%
ZCB.TO
- 1D
- -0.08%
- 1M
- 1.58%
- YTD
- 1.93%
- 6M
- 1.46%
- 1Y
- 4.16%
- 3Y*
- 6.00%
- 5Y*
- 2.19%
- 10Y*
- —
XCB.TO vs. ZCB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
XCB.TO iShares Core Canadian Corporate Bond Index ETF | 1.75% | 4.45% | 6.72% | 8.30% | -9.79% | -1.81% | 8.36% | 7.90% | 0.86% |
ZCB.TO BMO Corporate Bond Index ETF | 1.93% | 3.81% | 6.60% | 8.73% | -10.20% | -2.22% | 8.33% | 8.03% | 1.27% |
Correlation
The correlation between XCB.TO and ZCB.TO is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2018 | 0.65 |
The correlation between XCB.TO and ZCB.TO shifts across timeframes, from 0.65 (all time) to 0.79 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
XCB.TO vs. ZCB.TO — Risk / Return Rank
XCB.TO
ZCB.TO
XCB.TO vs. ZCB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Corporate Bond Index ETF (XCB.TO) and BMO Corporate Bond Index ETF (ZCB.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.
| XCB.TO | ZCB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.21 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 1.64 | +0.08 |
| Martin ratioReturn relative to average drawdown | 5.08 | 4.82 | +0.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XCB.TO | ZCB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.15 | 1.12 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.43 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.56 | +0.07 |
Drawdowns
XCB.TO vs. ZCB.TO - Drawdown Comparison
The maximum XCB.TO drawdown since its inception was -22.59%, which is greater than ZCB.TO's maximum drawdown of -15.70%. Use the drawdown chart below to compare losses from any high point for XCB.TO and ZCB.TO.
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Drawdown Indicators
| XCB.TO | ZCB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.59% | -15.70% | -6.89% |
Max Drawdown (1Y)Largest decline over 1 year | -2.49% | -2.55% | +0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -3.56% | -3.27% | -0.29% |
Max Drawdown (5Y)Largest decline over 5 years | -14.17% | -14.20% | +0.03% |
Max Drawdown (10Y)Largest decline over 10 years | -22.59% | — | — |
Current DrawdownCurrent decline from peak | -0.10% | -0.10% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.12% | -3.70% | +1.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 0.86% | -0.02% |
Volatility
XCB.TO vs. ZCB.TO - Volatility Comparison
iShares Core Canadian Corporate Bond Index ETF (XCB.TO) and BMO Corporate Bond Index ETF (ZCB.TO) have volatilities of 1.45% and 1.50%, 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
| XCB.TO | ZCB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 1.50% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 3.00% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.74% | 3.72% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.67% | 5.17% | +0.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.23% | 5.41% | +1.82% |
XCB.TO vs. ZCB.TO - Expense Ratio Comparison
Both XCB.TO and ZCB.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
XCB.TO vs. ZCB.TO - Dividend Comparison
XCB.TO's dividend yield for the trailing twelve months is around 4.13%, more than ZCB.TO's 4.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XCB.TO iShares Core Canadian Corporate Bond Index ETF | 4.13% | 4.10% | 4.00% | 3.69% | 3.55% | 3.01% | 2.75% | 2.95% | 3.10% | 3.07% | 3.19% | 3.31% |
ZCB.TO BMO Corporate Bond Index ETF | 4.03% | 4.00% | 3.84% | 3.89% | 3.62% | 3.13% | 2.97% | 3.12% | 3.27% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XCB.TO and ZCB.TO have a correlation of 0.78, 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.
XCB.TO and ZCB.TO have the same expense ratio: 0.17% per year.
XCB.TO tracks Morningstar Can Corp Bd GR CAD, while ZCB.TO tracks FTSE Canada All Corporate Bond Index. They also come from different issuers: iShares and BMO.
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