XSB.TO vs. ZSDB.TO
XSB.TO (iShares Core Canadian Short Term Bond Index ETF) and ZSDB.TO (BMO Short-Term Discount Bond ETF) are both Short-Term Bond funds. XSB.TO is passively managed, while ZSDB.TO is actively managed. Over the past year, XSB.TO returned 3.11% vs 0.21% for ZSDB.TO. A 0.71 correlation means they provide meaningful diversification when combined. XSB.TO charges 0.10%/yr vs 0.09%/yr for ZSDB.TO.
Performance
XSB.TO vs. ZSDB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XSB.TO achieves a 1.36% return, which is significantly higher than ZSDB.TO's 1.06% return.
XSB.TO
- 1D
- 0.11%
- 1M
- 0.52%
- YTD
- 1.36%
- 6M
- 1.33%
- 1Y
- 3.11%
- 3Y*
- 5.03%
- 5Y*
- 2.15%
- 10Y*
- 2.01%
ZSDB.TO
- 1D
- 0.06%
- 1M
- 0.47%
- YTD
- 1.06%
- 6M
- -1.40%
- 1Y
- 0.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XSB.TO vs. ZSDB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 1.36% | 3.70% | 5.87% | -0.06% |
ZSDB.TO BMO Short-Term Discount Bond ETF | 1.06% | 1.23% | 6.02% | 0.38% |
Correlation
The correlation between XSB.TO and ZSDB.TO is 0.69, 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 | 0.69 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2023 | 0.71 |
The correlation between XSB.TO and ZSDB.TO has been stable across timeframes, ranging from 0.69 to 0.71 - a consistent structural relationship.
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Return for Risk
XSB.TO vs. ZSDB.TO — Risk / Return Rank
XSB.TO
ZSDB.TO
XSB.TO vs. ZSDB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Short Term Bond Index ETF (XSB.TO) and BMO Short-Term Discount Bond ETF (ZSDB.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.
| XSB.TO | ZSDB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.49 | ||
| Sortino ratioReturn per unit of downside risk | +2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.02 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.12 | 0.07 | +2.05 |
| Martin ratioReturn relative to average drawdown | 7.02 | 0.13 | +6.90 |
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Drawdowns
XSB.TO vs. ZSDB.TO - Drawdown Comparison
The maximum XSB.TO drawdown since its inception was -8.65%, which is greater than ZSDB.TO's maximum drawdown of -3.20%. Use the drawdown chart below to compare losses from any high point for XSB.TO and ZSDB.TO.
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Drawdown Indicators
| XSB.TO | ZSDB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.65% | -3.20% | -5.45% |
Max Drawdown (1Y)Largest decline over 1 year | -1.47% | -3.20% | +1.73% |
Max Drawdown (3Y)Largest decline over 3 years | -1.47% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -6.99% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -8.65% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.65% | +1.65% |
Average DrawdownAverage peak-to-trough decline | -0.79% | -0.64% | -0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.44% | 1.69% | -1.25% |
Volatility
XSB.TO vs. ZSDB.TO - Volatility Comparison
iShares Core Canadian Short Term Bond Index ETF (XSB.TO) has a higher volatility of 0.50% compared to BMO Short-Term Discount Bond ETF (ZSDB.TO) at 0.42%. This indicates that XSB.TO's price experiences larger fluctuations and is considered to be riskier than ZSDB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XSB.TO | ZSDB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.50% | 0.42% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 1.63% | 3.12% | -1.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.01% | 3.28% | -1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.72% | 2.79% | -0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.40% | 2.79% | +0.61% |
XSB.TO vs. ZSDB.TO - Expense Ratio Comparison
XSB.TO has a 0.10% expense ratio, which is higher than ZSDB.TO's 0.09% 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
XSB.TO vs. ZSDB.TO - Dividend Comparison
XSB.TO's dividend yield for the trailing twelve months is around 3.10%, more than ZSDB.TO's 1.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XSB.TO iShares Core Canadian Short Term Bond Index ETF | 3.10% | 3.15% | 3.05% | 2.67% | 2.28% | 2.05% | 2.21% | 2.39% | 2.39% | 2.36% | 2.36% | 2.50% |
ZSDB.TO BMO Short-Term Discount Bond ETF | 1.31% | 1.29% | 1.33% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XSB.TO and ZSDB.TO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZSDB.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZSDB.TO is cheaper with a 0.09% expense ratio, compared with 0.10% for XSB.TO.
They also come from different issuers: iShares and BMO. Their fees differ too: 0.10% for XSB.TO and 0.09% for ZSDB.TO.
Find the right allocation for XSB.TO and ZSDB.TO
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