XSH.TO vs. ZCS.TO
XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) and ZCS.TO (BMO Short Corporate Bond Index ETF) are both Canadian Government Bonds funds - XSH.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, XSH.TO returned 2.82%/yr vs 2.79%/yr for ZCS.TO. A 0.53 correlation means they provide meaningful diversification when combined. XSH.TO charges 0.10%/yr vs 0.11%/yr for ZCS.TO.
Performance
XSH.TO vs. ZCS.TO - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with XSH.TO having a 1.33% return and ZCS.TO slightly lower at 1.29%. Both investments have delivered pretty close results over the past 10 years, with XSH.TO having a 2.82% annualized return and ZCS.TO not far behind at 2.79%.
XSH.TO
- 1D
- 0.00%
- 1M
- 1.13%
- YTD
- 1.33%
- 6M
- 1.34%
- 1Y
- 3.85%
- 3Y*
- 6.05%
- 5Y*
- 2.86%
- 10Y*
- 2.82%
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%
XSH.TO vs. ZCS.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 1.33% | 4.61% | 7.11% | 6.80% | -4.52% | -0.81% | 6.28% | 5.02% | 1.28% | 0.78% |
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 XSH.TO and ZCS.TO is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011 | 0.53 |
The correlation between XSH.TO and ZCS.TO shifts across timeframes, from 0.53 (all time) to 0.78 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
XSH.TO vs. ZCS.TO — Risk / Return Rank
XSH.TO
ZCS.TO
XSH.TO vs. ZCS.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.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.
| XSH.TO | ZCS.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.41 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 2.44 | +0.13 |
| Martin ratioReturn relative to average drawdown | 10.05 | 9.64 | +0.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| XSH.TO | ZCS.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | 1.95 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.02 | 1.00 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.64 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.80 | -0.06 |
Drawdowns
XSH.TO vs. ZCS.TO - Drawdown Comparison
The maximum XSH.TO drawdown since its inception was -14.24%, roughly equal to the maximum ZCS.TO drawdown of -13.95%. Use the drawdown chart below to compare losses from any high point for XSH.TO and ZCS.TO.
Loading charts...
Drawdown Indicators
| XSH.TO | ZCS.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.24% | -13.95% | -0.29% |
Max Drawdown (1Y)Largest decline over 1 year | -1.51% | -1.63% | +0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -1.51% | -1.63% | +0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -7.80% | -7.76% | -0.04% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -13.95% | -0.29% |
Current DrawdownCurrent decline from peak | 0.00% | -0.04% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -0.93% | -0.89% | -0.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.41% | -0.03% |
Volatility
XSH.TO vs. ZCS.TO - Volatility Comparison
iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) has a higher volatility of 0.80% compared to BMO Short Corporate Bond Index ETF (ZCS.TO) at 0.69%. This indicates that XSH.TO's price experiences larger fluctuations and is considered to be riskier than ZCS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| XSH.TO | ZCS.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 0.69% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 1.83% | 1.79% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.16% | 2.05% | +0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.83% | 2.87% | -0.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 4.38% | +0.04% |
XSH.TO vs. ZCS.TO - Expense Ratio Comparison
XSH.TO has a 0.10% expense ratio, which is lower than ZCS.TO's 0.11% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XSH.TO vs. ZCS.TO - Dividend Comparison
XSH.TO's dividend yield for the trailing twelve months is around 3.89%, less than ZCS.TO's 3.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 3.89% | 3.82% | 3.64% | 3.24% | 2.97% | 2.65% | 2.61% | 2.80% | 2.86% | 2.93% | 3.08% | 3.18% |
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
XSH.TO and ZCS.TO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XSH.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XSH.TO is cheaper with a 0.10% expense ratio, compared with 0.11% for ZCS.TO.
XSH.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: 0.10% for XSH.TO and 0.11% for ZCS.TO.
Find the right allocation for XSH.TO and ZCS.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer