XEI.TO vs. ZST.TO
XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) and ZST.TO (BMO Ultra Short-Term Bond ETF) are both exchange-traded funds - XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index, while ZST.TO is a Canadian Government Bonds fund actively managed by BMO. XEI.TO is passively managed, while ZST.TO is actively managed. Over the past 10 years, XEI.TO returned 12.09%/yr vs 2.38%/yr for ZST.TO. At a 0.03 correlation, their price movements are largely independent. XEI.TO charges 0.22%/yr vs 0.17%/yr for ZST.TO.
Performance
XEI.TO vs. ZST.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XEI.TO achieves a 24.32% return, which is significantly higher than ZST.TO's 1.16% return. Over the past 10 years, XEI.TO has outperformed ZST.TO with an annualized return of 12.09%, while ZST.TO has yielded a comparatively lower 2.38% annualized return.
XEI.TO
- 1D
- 0.58%
- 1M
- 4.80%
- YTD
- 24.32%
- 6M
- 20.22%
- 1Y
- 39.14%
- 3Y*
- 21.39%
- 5Y*
- 14.74%
- 10Y*
- 12.09%
ZST.TO
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.16%
- 6M
- 0.31%
- 1Y
- 1.72%
- 3Y*
- 3.89%
- 5Y*
- 3.00%
- 10Y*
- 2.38%
XEI.TO vs. ZST.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF | 24.32% | 20.86% | 15.26% | 6.59% | 0.32% | 35.76% | -7.60% | 25.30% | -10.95% | 7.14% |
ZST.TO BMO Ultra Short-Term Bond ETF | 1.16% | 2.06% | 5.21% | 5.38% | 1.22% | 0.24% | 1.77% | 2.39% | 1.99% | 1.47% |
Correlation
The correlation between XEI.TO and ZST.TO is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Apr 18, 2011 | 0.03 |
The correlation between XEI.TO and ZST.TO shifts across timeframes, from -0.01 (1 year) to 0.12 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
XEI.TO vs. ZST.TO — Risk / Return Rank
XEI.TO
ZST.TO
XEI.TO vs. ZST.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P/TSX Composite High Dividend Index ETF (XEI.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.
| XEI.TO | ZST.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.43 | ||
| Sortino ratioReturn per unit of downside risk | +5.22 | ||
| Omega ratioGain probability vs. loss probability | 2.02 | 1.85 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 9.32 | 1.72 | +7.61 |
| Martin ratioReturn relative to average drawdown | 41.87 | 4.62 | +37.25 |
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Drawdowns
XEI.TO vs. ZST.TO - Drawdown Comparison
The maximum XEI.TO drawdown since its inception was -45.52%, 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 XEI.TO and ZST.TO.
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Drawdown Indicators
| XEI.TO | ZST.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.52% | -3.60% | -41.92% |
Max Drawdown (1Y)Largest decline over 1 year | -4.22% | -1.01% | -3.21% |
Max Drawdown (3Y)Largest decline over 3 years | -9.96% | -1.01% | -8.95% |
Max Drawdown (5Y)Largest decline over 5 years | -17.35% | -1.01% | -16.34% |
Max Drawdown (10Y)Largest decline over 10 years | -45.52% | -1.06% | -44.46% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -5.10% | -0.58% | -4.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.37% | +0.57% |
Volatility
XEI.TO vs. ZST.TO - Volatility Comparison
iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) has a higher volatility of 2.68% compared to BMO Ultra Short-Term Bond ETF (ZST.TO) at 0.08%. This indicates that XEI.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.
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Volatility by Period
| XEI.TO | ZST.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.68% | 0.08% | +2.60% |
Volatility (6M)Calculated over the trailing 6-month period | 6.71% | 1.05% | +5.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.84% | 1.08% | +6.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.31% | 0.72% | +10.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.02% | 0.71% | +15.31% |
XEI.TO vs. ZST.TO - Expense Ratio Comparison
XEI.TO has a 0.22% expense ratio, which is higher than ZST.TO's 0.17% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XEI.TO vs. ZST.TO - Dividend Comparison
XEI.TO's dividend yield for the trailing twelve months is around 3.53%, more than ZST.TO's 2.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF | 3.53% | 4.47% | 5.45% | 4.97% | 4.68% | 3.58% | 5.03% | 4.62% | 5.42% | 4.29% | 4.41% | 5.64% |
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
XEI.TO and ZST.TO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZST.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZST.TO is cheaper with a 0.17% expense ratio, compared with 0.22% for XEI.TO.
XEI.TO is categorized as Canada Equities, while ZST.TO is Canadian Government Bonds. They also come from different issuers: iShares and BMO. Their fees differ too: 0.22% for XEI.TO and 0.17% for ZST.TO.
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