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XIGS.TO vs. ZMU.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XIGS.TO vs. ZMU.TO

Last updated Jul 16, 2026
Documentation

XIGS.TO (iShares 1-5 Year U.S. IG Corporate Bond Index ETF (CAD-Hedged)) and ZMU.TO (BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF) are both Corporate Bonds funds. Over the past 5 years, XIGS.TO returned 1.33%/yr vs -0.43%/yr for ZMU.TO. A 0.59 correlation means they provide meaningful diversification when combined.

Performance

XIGS.TO vs. ZMU.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares 1-5 Year U.S. IG Corporate Bond Index ETF (CAD-Hedged) (XIGS.TO) and BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF (ZMU.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XIGS.TO achieves a -0.01% return, which is significantly higher than ZMU.TO's -1.04% return.

XIGS.TO

1D
0.16%
1M
-0.01%
6M
-0.13%
YTD
-0.01%
1Y
2.22%
3Y*
4.03%
5Y*
1.33%
10Y*
—

ZMU.TO

1D
0.24%
1M
-0.58%
6M
-1.35%
YTD
-1.04%
1Y
2.75%
3Y*
4.07%
5Y*
-0.43%
10Y*
1.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XIGS.TO vs. ZMU.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021
XIGS.TO
iShares 1-5 Year U.S. IG Corporate Bond Index ETF (CAD-Hedged)		-0.01%4.82%3.76%5.39%-5.89%-0.97%
ZMU.TO
BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF		-1.04%7.47%1.42%7.89%-14.71%-1.10%

Correlation

The correlation between XIGS.TO and ZMU.TO is 0.81, 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

0.81

Correlation (3Y)
Calculated over the trailing 3-year period

0.66

Correlation (5Y)
Calculated over the trailing 5-year period

0.59

Correlation (All Time)
Calculated using the full available price history since Jul 12, 2021

0.59

Over the past year, XIGS.TO and ZMU.TO have become more correlated (0.81) than their long-term average of 0.59, meaning their price movements have been converging.

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iShares 1-5 Year U.S. IG Corporate Bond Index ETF (CAD-Hedged)

BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF

Often compared with XIGS.TO:
XIGS.TO vs. XSTH.TOXIGS.TO vs. ISTBXIGS.TO vs. RATE.TOXIGS.TO vs. XIG.TOXIGS.TO vs. CBH.TOXIGS.TO vs. ZIC.TOXIGS.TO vs. ZCS.TO
Often compared with ZMU.TO:
ZMU.TO vs. VAB.TOZMU.TO vs. ZQB.TOZMU.TO vs. FLCI.TOZMU.TO vs. ZSP.TOZMU.TO vs. DCBC.TOZMU.TO vs. XHB.TOZMU.TO vs. XIC.TO

Return for Risk

XIGS.TO vs. ZMU.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XIGS.TO
XIGS.TO Risk / Return Rank: 3333
Overall Rank
XIGS.TO Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
XIGS.TO Sortino Ratio Rank: 3333
Sortino Ratio Rank
XIGS.TO Omega Ratio Rank: 3333
Omega Ratio Rank
XIGS.TO Calmar Ratio Rank: 3232
Calmar Ratio Rank
XIGS.TO Martin Ratio Rank: 3232
Martin Ratio Rank
ZMU.TO
ZMU.TO Risk / Return Rank: 2020
Overall Rank
ZMU.TO Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
ZMU.TO Sortino Ratio Rank: 1818
Sortino Ratio Rank
ZMU.TO Omega Ratio Rank: 1818
Omega Ratio Rank
ZMU.TO Calmar Ratio Rank: 2222
Calmar Ratio Rank
ZMU.TO Martin Ratio Rank: 2121
Martin Ratio Rank
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.

XIGS.TO vs. ZMU.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 1-5 Year U.S. IG Corporate Bond Index ETF (CAD-Hedged) (XIGS.TO) and BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF (ZMU.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.

XIGS.TOZMU.TODifference
Sharpe ratioReturn per unit of total volatility
1.03
0.58

+0.44

Sortino ratioReturn per unit of downside risk
1.51
0.84

+0.68

Omega ratioGain probability vs. loss probability

1.19

1.10

+0.08

Calmar ratioReturn relative to maximum drawdown

1.39

0.89

+0.50

Martin ratioReturn relative to average drawdown

3.93

2.03

+1.90

XIGS.TO vs. ZMU.TO - Sharpe Ratio Comparison

The current XIGS.TO Sharpe Ratio is 1.03, which is higher than the ZMU.TO Sharpe Ratio of 0.58. The chart below compares the historical Sharpe Ratios of XIGS.TO and ZMU.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.

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Drawdowns

XIGS.TO vs. ZMU.TO - Drawdown Comparison

The maximum XIGS.TO drawdown since its inception was -10.12%, smaller than the maximum ZMU.TO drawdown of -21.30%. Use the drawdown chart below to compare losses from any high point for XIGS.TO and ZMU.TO.

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Drawdown Indicators

XIGS.TOZMU.TODifference

Max Drawdown

Largest peak-to-trough decline

-10.12%

-21.30%

+11.18%

Max Drawdown (1Y)

Largest decline over 1 year

-1.60%

-3.11%

+1.51%

Max Drawdown (3Y)

Largest decline over 3 years

-1.60%

-5.97%

+4.37%

Max Drawdown (5Y)

Largest decline over 5 years

-10.12%

-21.30%

+11.18%

Max Drawdown (10Y)

Largest decline over 10 years

—

-21.30%

—

Current Drawdown

Current decline from peak

-0.73%

-2.86%

+2.13%

Average Drawdown

Average peak-to-trough decline

-2.87%

-4.53%

+1.66%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.56%

1.36%

-0.80%

Volatility

XIGS.TO vs. ZMU.TO - Volatility Comparison

The current volatility for iShares 1-5 Year U.S. IG Corporate Bond Index ETF (CAD-Hedged) (XIGS.TO) is 0.74%, while BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF (ZMU.TO) has a volatility of 1.50%. This indicates that XIGS.TO experiences smaller price fluctuations and is considered to be less risky than ZMU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XIGS.TOZMU.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.74%

1.50%

-0.76%

Volatility (6M)

Calculated over the trailing 6-month period

1.73%

3.52%

-1.79%

Volatility (1Y)

Calculated over the trailing 1-year period

2.17%

4.75%

-2.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.30%

6.90%

-3.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.30%

7.88%

-4.58%

Dividends

XIGS.TO vs. ZMU.TO - Dividend Comparison

XIGS.TO's dividend yield for the trailing twelve months is around 4.54%, which matches ZMU.TO's 4.51% yield.

PositionTTM20252024202320222021202020192018201720162015
XIGS.TO
iShares 1-5 Year U.S. IG Corporate Bond Index ETF (CAD-Hedged)		4.54%4.10%3.71%3.03%1.75%0.84%0.00%0.00%0.00%0.00%0.00%0.00%
ZMU.TO
BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF		4.51%4.10%4.15%4.22%4.35%3.56%3.51%3.66%3.70%3.28%3.37%3.53%

Frequently Asked Questions

XIGS.TO and ZMU.TO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: iShares and BMO.

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