XCB.TO vs. ZCM.TO
XCB.TO (iShares Core Canadian Corporate Bond Index ETF) and ZCM.TO (BMO Mid Corporate Bond Index ETF) are both Corporate Bonds funds - XCB.TO tracks the Morningstar Can Corp Bd GR CAD while ZCM.TO tracks the FTSE Canada Mid Term Corporate Bond Index. Both are passively managed. Over the past 10 years, XCB.TO returned 2.77%/yr vs 3.01%/yr for ZCM.TO. A 0.67 correlation means they provide meaningful diversification when combined. XCB.TO charges 0.17%/yr vs 0.33%/yr for ZCM.TO.
Performance
XCB.TO vs. ZCM.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 ZCM.TO's 1.96% return. Over the past 10 years, XCB.TO has underperformed ZCM.TO with an annualized return of 2.77%, while ZCM.TO has yielded a comparatively higher 3.01% annualized 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%
ZCM.TO
- 1D
- -0.06%
- 1M
- 1.85%
- YTD
- 1.96%
- 6M
- 1.40%
- 1Y
- 5.13%
- 3Y*
- 6.78%
- 5Y*
- 2.32%
- 10Y*
- 3.01%
XCB.TO vs. ZCM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.39% | 2.75% |
ZCM.TO BMO Mid Corporate Bond Index ETF | 1.96% | 4.84% | 8.07% | 7.96% | -10.18% | -2.09% | 10.34% | 8.59% | 0.58% | 2.28% |
Correlation
The correlation between XCB.TO and ZCM.TO is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2010 | 0.67 |
Over the past year, XCB.TO and ZCM.TO have become more correlated (0.87) than their long-term average of 0.67, meaning their price movements have been converging.
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Return for Risk
XCB.TO vs. ZCM.TO — Risk / Return Rank
XCB.TO
ZCM.TO
XCB.TO vs. ZCM.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 Mid Corporate Bond Index ETF (ZCM.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 | ZCM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.21 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 1.67 | +0.05 |
| Martin ratioReturn relative to average drawdown | 5.08 | 4.77 | +0.32 |
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 | ZCM.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.15 | 1.14 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.38 | +0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 0.35 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.56 | +0.07 |
Drawdowns
XCB.TO vs. ZCM.TO - Drawdown Comparison
The maximum XCB.TO drawdown since its inception was -22.59%, smaller than the maximum ZCM.TO drawdown of -26.06%. Use the drawdown chart below to compare losses from any high point for XCB.TO and ZCM.TO.
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Drawdown Indicators
| XCB.TO | ZCM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.59% | -26.06% | +3.47% |
Max Drawdown (1Y)Largest decline over 1 year | -2.49% | -3.08% | +0.59% |
Max Drawdown (3Y)Largest decline over 3 years | -3.56% | -4.02% | +0.46% |
Max Drawdown (5Y)Largest decline over 5 years | -14.17% | -15.82% | +1.65% |
Max Drawdown (10Y)Largest decline over 10 years | -22.59% | -26.06% | +3.47% |
Current DrawdownCurrent decline from peak | -0.10% | -0.37% | +0.27% |
Average DrawdownAverage peak-to-trough decline | -2.12% | -2.61% | +0.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 1.08% | -0.24% |
Volatility
XCB.TO vs. ZCM.TO - Volatility Comparison
The current volatility for iShares Core Canadian Corporate Bond Index ETF (XCB.TO) is 1.45%, while BMO Mid Corporate Bond Index ETF (ZCM.TO) has a volatility of 1.81%. This indicates that XCB.TO experiences smaller price fluctuations and is considered to be less risky than ZCM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XCB.TO | ZCM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 1.81% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 3.65% | -0.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.74% | 4.51% | -0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.67% | 6.09% | -0.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.23% | 8.76% | -1.53% |
XCB.TO vs. ZCM.TO - Expense Ratio Comparison
XCB.TO has a 0.17% expense ratio, which is lower than ZCM.TO's 0.33% expense ratio.
Dividends
XCB.TO vs. ZCM.TO - Dividend Comparison
XCB.TO's dividend yield for the trailing twelve months is around 4.13%, less than ZCM.TO's 4.25% 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% |
ZCM.TO BMO Mid Corporate Bond Index ETF | 4.25% | 4.03% | 3.84% | 3.93% | 3.80% | 3.29% | 3.12% | 3.33% | 3.22% | 3.04% | 3.18% | 3.42% |
Frequently Asked Questions
XCB.TO and ZCM.TO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XCB.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XCB.TO is cheaper with a 0.17% expense ratio, compared with 0.33% for ZCM.TO.
XCB.TO tracks Morningstar Can Corp Bd GR CAD, while ZCM.TO tracks FTSE Canada Mid Term Corporate Bond Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.17% for XCB.TO and 0.33% for ZCM.TO.
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