XSE.TO vs. ZST.TO
XSE.TO (iShares Conservative Strategic Fixed Income ETF) and ZST.TO (BMO Ultra Short-Term Bond ETF) are both exchange-traded funds - XSE.TO is a Intermediate Core Bond fund actively managed by iShares, while ZST.TO is a Canadian Government Bonds fund actively managed by BMO. Both are actively managed. Over the past 10 years, XSE.TO returned 1.74%/yr vs 2.34%/yr for ZST.TO. At a 0.20 correlation, their price movements are largely independent. XSE.TO charges 0.55%/yr vs 0.17%/yr for ZST.TO.
Performance
XSE.TO vs. ZST.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XSE.TO achieves a 0.29% return, which is significantly lower than ZST.TO's 1.10% return. Over the past 10 years, XSE.TO has underperformed ZST.TO with an annualized return of 1.74%, while ZST.TO has yielded a comparatively higher 2.34% annualized return.
XSE.TO
- 1D
- -0.17%
- 1M
- 0.66%
- YTD
- 0.29%
- 6M
- -0.18%
- 1Y
- 2.32%
- 3Y*
- 3.60%
- 5Y*
- 0.25%
- 10Y*
- 1.74%
ZST.TO
- 1D
- 0.02%
- 1M
- 0.29%
- YTD
- 1.10%
- 6M
- 0.26%
- 1Y
- 1.68%
- 3Y*
- 3.86%
- 5Y*
- 2.96%
- 10Y*
- 2.34%
XSE.TO vs. ZST.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSE.TO iShares Conservative Strategic Fixed Income ETF | 0.29% | 3.06% | 2.99% | 6.75% | -11.99% | -2.79% | 7.95% | 8.26% | -0.52% | 4.13% |
ZST.TO BMO Ultra Short-Term Bond ETF | 1.10% | 2.03% | 5.16% | 5.33% | 1.19% | 0.22% | 1.74% | 2.36% | 1.95% | 1.43% |
Correlation
The correlation between XSE.TO and ZST.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2015 | 0.21 |
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Return for Risk
XSE.TO vs. ZST.TO — Risk / Return Rank
XSE.TO
ZST.TO
XSE.TO vs. ZST.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Conservative Strategic Fixed Income ETF (XSE.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.
| XSE.TO | ZST.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.83 | -0.71 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 1.68 | -0.71 |
| Martin ratioReturn relative to average drawdown | 2.39 | 4.51 | -2.12 |
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
| XSE.TO | ZST.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.70 | 1.56 | -0.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.05 | 4.12 | -4.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.20 | 3.30 | -3.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.24 | 1.81 | -1.57 |
Drawdowns
XSE.TO vs. ZST.TO - Drawdown Comparison
The maximum XSE.TO drawdown since its inception was -22.43%, which is greater than ZST.TO's maximum drawdown of -1.06%. Use the drawdown chart below to compare losses from any high point for XSE.TO and ZST.TO.
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Drawdown Indicators
| XSE.TO | ZST.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.43% | -1.06% | -21.37% |
Max Drawdown (1Y)Largest decline over 1 year | -2.62% | -1.01% | -1.61% |
Max Drawdown (3Y)Largest decline over 3 years | -4.73% | -1.01% | -3.72% |
Max Drawdown (5Y)Largest decline over 5 years | -15.86% | -1.01% | -14.85% |
Max Drawdown (10Y)Largest decline over 10 years | -22.43% | -1.06% | -21.37% |
Current DrawdownCurrent decline from peak | -2.99% | 0.00% | -2.99% |
Average DrawdownAverage peak-to-trough decline | -4.72% | -0.13% | -4.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 0.37% | +0.65% |
Volatility
XSE.TO vs. ZST.TO - Volatility Comparison
iShares Conservative Strategic Fixed Income ETF (XSE.TO) has a higher volatility of 1.34% compared to BMO Ultra Short-Term Bond ETF (ZST.TO) at 0.07%. This indicates that XSE.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
| XSE.TO | ZST.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 0.07% | +1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.59% | 1.05% | +1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.62% | 1.08% | +2.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.70% | 0.72% | +4.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.13% | 0.71% | +8.42% |
XSE.TO vs. ZST.TO - Expense Ratio Comparison
XSE.TO has a 0.55% expense ratio, which is higher than ZST.TO's 0.17% expense ratio.
Dividends
XSE.TO vs. ZST.TO - Dividend Comparison
XSE.TO's dividend yield for the trailing twelve months is around 4.34%, more than ZST.TO's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XSE.TO iShares Conservative Strategic Fixed Income ETF | 4.34% | 4.24% | 3.66% | 3.36% | 2.67% | 2.63% | 2.62% | 2.82% | 2.89% | 3.62% | 3.95% | 1.39% |
ZST.TO BMO Ultra Short-Term Bond ETF | 2.55% | 2.82% | 4.65% | 4.79% | 2.75% | 2.29% | 2.65% | 2.82% | 3.43% | 4.05% | 3.92% | 3.90% |
Frequently Asked Questions
XSE.TO and ZST.TO have a correlation of 0.22, 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 0.55% for XSE.TO.
XSE.TO is categorized as Intermediate Core Bond, while ZST.TO is Canadian Government Bonds. They also come from different issuers: iShares and BMO. Their fees differ too: 0.55% for XSE.TO and 0.17% for ZST.TO.
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