XSH.TO vs. ZSDB.TO
XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) and ZSDB.TO (BMO Short-Term Discount Bond ETF) are both Short-Term Bond funds. XSH.TO is passively managed, while ZSDB.TO is actively managed. Over the past year, XSH.TO returned 3.11% vs -0.16% for ZSDB.TO. Their 0.67 correlation means they have sometimes moved together and sometimes differently. XSH.TO charges 0.10%/yr vs 0.09%/yr for ZSDB.TO.
Performance
XSH.TO vs. ZSDB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XSH.TO achieves a 1.42% return, which is significantly higher than ZSDB.TO's 0.81% return.
XSH.TO
- 1D
- -0.11%
- 1M
- -0.19%
- 6M
- 0.83%
- YTD
- 1.42%
- 1Y
- 3.11%
- 3Y*
- 6.10%
- 5Y*
- 2.84%
- 10Y*
- 2.79%
- ALL TIME*
- 2.84%
ZSDB.TO
- 1D
- -0.16%
- 1M
- -0.28%
- 6M
- 0.56%
- YTD
- 0.81%
- 1Y
- -0.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.24%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$1.66M | CA$1.41M | CA$1.29M | |
| CA$105.22K | CA$118.85K | CA$164.86K |
XSH.TO vs. ZSDB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XSH.TO iShares Core Canadian Short Term Corporate Bond Index ETF | 1.42% | 4.61% | 7.11% | 0.20% |
ZSDB.TO BMO Short-Term Discount Bond ETF | 0.81% | 1.23% | 6.02% | 0.38% |
Correlation
The correlation between XSH.TO and ZSDB.TO is 0.69, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2023 | 0.67 |
The correlation between XSH.TO and ZSDB.TO has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.
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Return for Risk
XSH.TO vs. ZSDB.TO — Risk / Return Rank
XSH.TO
ZSDB.TO
XSH.TO vs. ZSDB.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-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.
| XSH.TO | ZSDB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.54 | ||
| Sortino ratioReturn per unit of downside risk | +2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.00 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | -0.02 | +2.24 |
| Martin ratioReturn relative to average drawdown | 8.67 | -0.04 | +8.70 |
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Drawdowns
XSH.TO vs. ZSDB.TO - Drawdown Comparison
The maximum XSH.TO drawdown since its inception was -14.24%, 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 XSH.TO and ZSDB.TO.
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Drawdown Indicators
| XSH.TO | ZSDB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.24% | -3.20% | -11.04% |
Max Drawdown (1Y)Largest decline over 1 year | -1.51% | -3.20% | +1.69% |
Max Drawdown (3Y)Largest decline over 3 years | -1.51% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -7.80% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | — | — |
Current DrawdownCurrent decline from peak | -0.30% | -1.89% | +1.59% |
Average DrawdownAverage peak-to-trough decline | -0.92% | -0.68% | -0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 1.78% | -1.40% |
Volatility
XSH.TO vs. ZSDB.TO - Volatility Comparison
iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) and BMO Short-Term Discount Bond ETF (ZSDB.TO) have volatilities of 0.59% and 0.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XSH.TO | ZSDB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 0.61% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 1.85% | 1.58% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.21% | 3.31% | -1.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.85% | 2.77% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 2.77% | +1.65% |
XSH.TO vs. ZSDB.TO - Expense Ratio Comparison
XSH.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
XSH.TO vs. ZSDB.TO - Dividend Comparison
XSH.TO's dividend yield for the trailing twelve months is around 3.94%, more than ZSDB.TO's 1.35% 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 | 3.94% | 3.82% | 3.64% | 3.24% | 2.97% | 2.65% | 2.61% | 2.80% | 2.86% | 2.93% | 3.08% | 3.18% |
ZSDB.TO BMO Short-Term Discount Bond ETF | 1.35% | 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
XSH.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 XSH.TO.
They also come from different issuers: iShares and BMO. Their fees differ too: 0.10% for XSH.TO and 0.09% for ZSDB.TO.
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