XFR.TO vs. ZCS.TO
XFR.TO (iShares Floating Rate Index ETF) and ZCS.TO (BMO Short Corporate Bond Index ETF) are both Canadian Government Bonds funds - XFR.TO tracks the Morningstar Can 1-5Y Core Bd GR CAD while ZCS.TO tracks the FTSE Canada Short Term Corporate Bond Index. Both are passively managed. Over the past 10 years, XFR.TO returned 2.24%/yr vs 2.79%/yr for ZCS.TO. At a 0.03 correlation, their price movements are largely independent. XFR.TO charges 0.14%/yr vs 0.11%/yr for ZCS.TO.
Performance
XFR.TO vs. ZCS.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XFR.TO achieves a 1.00% return, which is significantly lower than ZCS.TO's 1.29% return. Over the past 10 years, XFR.TO has underperformed ZCS.TO with an annualized return of 2.24%, while ZCS.TO has yielded a comparatively higher 2.79% annualized return.
XFR.TO
- 1D
- -0.05%
- 1M
- 0.21%
- YTD
- 1.00%
- 6M
- 1.33%
- 1Y
- 2.96%
- 3Y*
- 3.98%
- 5Y*
- 3.20%
- 10Y*
- 2.24%
ZCS.TO
- 1D
- -0.04%
- 1M
- 1.02%
- YTD
- 1.29%
- 6M
- 1.26%
- 1Y
- 3.96%
- 3Y*
- 5.98%
- 5Y*
- 2.85%
- 10Y*
- 2.79%
XFR.TO vs. ZCS.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XFR.TO iShares Floating Rate Index ETF | 1.00% | 3.33% | 4.57% | 5.29% | 1.82% | 0.15% | 0.98% | 2.23% | 1.16% | 1.46% |
ZCS.TO BMO Short Corporate Bond Index ETF | 1.29% | 4.41% | 7.42% | 6.67% | -4.48% | -0.76% | 6.10% | 5.01% | 1.23% | 1.04% |
Correlation
The correlation between XFR.TO and ZCS.TO is 0.06, 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 | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 14, 2011 | 0.03 |
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Return for Risk
XFR.TO vs. ZCS.TO — Risk / Return Rank
XFR.TO
ZCS.TO
XFR.TO vs. ZCS.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Floating Rate Index ETF (XFR.TO) and BMO Short Corporate Bond Index ETF (ZCS.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.
| XFR.TO | ZCS.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.18 | ||
| Sortino ratioReturn per unit of downside risk | +4.36 | ||
| Omega ratioGain probability vs. loss probability | 1.96 | 1.41 | +0.56 |
| Calmar ratioReturn relative to maximum drawdown | 29.79 | 2.44 | +27.35 |
| Martin ratioReturn relative to average drawdown | 88.61 | 9.64 | +78.97 |
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
| XFR.TO | ZCS.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 4.12 | 1.95 | +2.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 3.92 | 1.00 | +2.93 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.22 | 0.64 | +0.58 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.19 | 0.80 | +0.39 |
Drawdowns
XFR.TO vs. ZCS.TO - Drawdown Comparison
The maximum XFR.TO drawdown since its inception was -4.12%, smaller than the maximum ZCS.TO drawdown of -13.95%. Use the drawdown chart below to compare losses from any high point for XFR.TO and ZCS.TO.
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Drawdown Indicators
| XFR.TO | ZCS.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.12% | -13.95% | +9.83% |
Max Drawdown (1Y)Largest decline over 1 year | -0.10% | -1.63% | +1.53% |
Max Drawdown (3Y)Largest decline over 3 years | -0.30% | -1.63% | +1.33% |
Max Drawdown (5Y)Largest decline over 5 years | -0.30% | -7.76% | +7.46% |
Max Drawdown (10Y)Largest decline over 10 years | -4.12% | -13.95% | +9.83% |
Current DrawdownCurrent decline from peak | -0.05% | -0.04% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -0.06% | -0.89% | +0.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.03% | 0.41% | -0.38% |
Volatility
XFR.TO vs. ZCS.TO - Volatility Comparison
The current volatility for iShares Floating Rate Index ETF (XFR.TO) is 0.18%, while BMO Short Corporate Bond Index ETF (ZCS.TO) has a volatility of 0.69%. This indicates that XFR.TO experiences smaller price fluctuations and is considered to be less risky than ZCS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XFR.TO | ZCS.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.18% | 0.69% | -0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 0.48% | 1.79% | -1.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.72% | 2.05% | -1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.82% | 2.87% | -2.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.85% | 4.38% | -2.53% |
XFR.TO vs. ZCS.TO - Expense Ratio Comparison
XFR.TO has a 0.14% expense ratio, which is higher than ZCS.TO's 0.11% 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
XFR.TO vs. ZCS.TO - Dividend Comparison
XFR.TO's dividend yield for the trailing twelve months is around 2.77%, less than ZCS.TO's 3.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XFR.TO iShares Floating Rate Index ETF | 2.77% | 3.23% | 4.93% | 4.91% | 1.85% | 0.30% | 1.07% | 1.96% | 1.60% | 0.95% | 0.77% | 0.94% |
ZCS.TO BMO Short Corporate Bond Index ETF | 3.93% | 3.60% | 3.27% | 3.35% | 3.23% | 2.99% | 2.88% | 2.96% | 2.88% | 3.04% | 3.34% | 3.53% |
Frequently Asked Questions
XFR.TO and ZCS.TO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCS.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCS.TO is cheaper with a 0.11% expense ratio, compared with 0.14% for XFR.TO.
XFR.TO tracks Morningstar Can 1-5Y Core Bd GR CAD, while ZCS.TO tracks FTSE Canada Short Term Corporate Bond Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.14% for XFR.TO and 0.11% for ZCS.TO.
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