XSH.TO vs. ZFH.TO
XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) and ZFH.TO (BMO Floating Rate High Yield ETF) are both exchange-traded funds - XSH.TO is a Canadian Government Bonds fund tracking the Morningstar Can 1-5Y Core Bd GR CAD, while ZFH.TO is a High Yield Bonds fund actively managed by BMO. XSH.TO is passively managed, while ZFH.TO is actively managed. Over the past 10 years, XSH.TO returned 2.82%/yr vs 5.61%/yr for ZFH.TO. At a 0.02 correlation, their price movements are largely independent. XSH.TO charges 0.10%/yr vs 0.40%/yr for ZFH.TO.
Performance
XSH.TO vs. ZFH.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XSH.TO achieves a 1.33% return, which is significantly lower than ZFH.TO's 2.17% return. Over the past 10 years, XSH.TO has underperformed ZFH.TO with an annualized return of 2.82%, while ZFH.TO has yielded a comparatively higher 5.61% annualized return.
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%
ZFH.TO
- 1D
- 0.00%
- 1M
- 0.62%
- YTD
- 2.17%
- 6M
- 1.34%
- 1Y
- 5.99%
- 3Y*
- 9.48%
- 5Y*
- 6.72%
- 10Y*
- 5.61%
XSH.TO vs. ZFH.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% |
ZFH.TO BMO Floating Rate High Yield ETF | 2.17% | 5.53% | 11.55% | 13.55% | -0.94% | 4.73% | -3.93% | 11.12% | 0.72% | 5.39% |
Correlation
The correlation between XSH.TO and ZFH.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2014 | 0.02 |
The correlation between XSH.TO and ZFH.TO shifts across timeframes, from 0.02 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
XSH.TO vs. ZFH.TO — Risk / Return Rank
XSH.TO
ZFH.TO
XSH.TO vs. ZFH.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 Floating Rate High Yield ETF (ZFH.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 | ZFH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.29 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 1.84 | +0.73 |
| Martin ratioReturn relative to average drawdown | 10.05 | 6.33 | +3.72 |
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
| XSH.TO | ZFH.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | 1.54 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.02 | 1.05 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.68 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 0.64 | +0.10 |
Drawdowns
XSH.TO vs. ZFH.TO - Drawdown Comparison
The maximum XSH.TO drawdown since its inception was -14.24%, smaller than the maximum ZFH.TO drawdown of -20.98%. Use the drawdown chart below to compare losses from any high point for XSH.TO and ZFH.TO.
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Drawdown Indicators
| XSH.TO | ZFH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.24% | -20.98% | +6.74% |
Max Drawdown (1Y)Largest decline over 1 year | -1.51% | -3.27% | +1.76% |
Max Drawdown (3Y)Largest decline over 3 years | -1.51% | -6.40% | +4.89% |
Max Drawdown (5Y)Largest decline over 5 years | -7.80% | -9.53% | +1.73% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -20.98% | +6.74% |
Current DrawdownCurrent decline from peak | 0.00% | -0.20% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -0.93% | -1.80% | +0.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.95% | -0.57% |
Volatility
XSH.TO vs. ZFH.TO - Volatility Comparison
The current volatility for iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) is 0.80%, while BMO Floating Rate High Yield ETF (ZFH.TO) has a volatility of 0.96%. This indicates that XSH.TO experiences smaller price fluctuations and is considered to be less risky than ZFH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XSH.TO | ZFH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 0.96% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 1.83% | 3.01% | -1.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.16% | 3.92% | -1.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.83% | 6.42% | -3.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 8.33% | -3.91% |
XSH.TO vs. ZFH.TO - Expense Ratio Comparison
XSH.TO has a 0.10% expense ratio, which is lower than ZFH.TO's 0.40% expense ratio.
Dividends
XSH.TO vs. ZFH.TO - Dividend Comparison
XSH.TO's dividend yield for the trailing twelve months is around 3.89%, less than ZFH.TO's 5.21% 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% |
ZFH.TO BMO Floating Rate High Yield ETF | 5.21% | 5.52% | 7.72% | 6.98% | 4.75% | 4.48% | 4.51% | 4.27% | 4.45% | 4.58% | 4.64% | 4.94% |
Frequently Asked Questions
XSH.TO and ZFH.TO have a correlation of 0.17, 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 0.40% for ZFH.TO.
XSH.TO is categorized as Canadian Government Bonds, while ZFH.TO is High Yield Bonds. They also come from different issuers: iShares and BMO. Their fees differ too: 0.10% for XSH.TO and 0.40% for ZFH.TO.
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