XSH.TO vs. ZST.TO
XSH.TO (iShares Core Canadian Short Term Corporate Bond Index ETF) and ZST.TO (BMO Ultra Short-Term Bond ETF) are both Canadian Government Bonds funds. XSH.TO is passively managed, while ZST.TO is actively managed. Over the past 10 years, XSH.TO returned 2.82%/yr vs 2.34%/yr for ZST.TO. At a 0.17 correlation, their price movements are largely independent. XSH.TO charges 0.10%/yr vs 0.17%/yr for ZST.TO.
Performance
XSH.TO vs. ZST.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 higher than ZST.TO's 1.08% return. Over the past 10 years, XSH.TO has outperformed ZST.TO with an annualized return of 2.82%, while ZST.TO has yielded a comparatively lower 2.34% 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%
ZST.TO
- 1D
- 0.02%
- 1M
- 0.25%
- YTD
- 1.08%
- 6M
- 0.26%
- 1Y
- 1.68%
- 3Y*
- 3.84%
- 5Y*
- 2.95%
- 10Y*
- 2.34%
XSH.TO vs. ZST.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% |
ZST.TO BMO Ultra Short-Term Bond ETF | 1.08% | 2.03% | 5.16% | 5.33% | 1.19% | 0.22% | 1.74% | 2.36% | 1.95% | 1.43% |
Correlation
The correlation between XSH.TO and ZST.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Sep 22, 2011 | 0.18 |
The correlation between XSH.TO and ZST.TO shifts across timeframes, from 0.17 (all time) to 0.37 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XSH.TO vs. ZST.TO — Risk / Return Rank
XSH.TO
ZST.TO
XSH.TO vs. ZST.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 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.
| XSH.TO | ZST.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.83 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 1.68 | +0.89 |
| Martin ratioReturn relative to average drawdown | 10.05 | 4.51 | +5.54 |
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 | ZST.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.79 | 1.56 | +0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.02 | 4.12 | -3.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 3.30 | -2.66 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.74 | 1.81 | -1.07 |
Drawdowns
XSH.TO vs. ZST.TO - Drawdown Comparison
The maximum XSH.TO drawdown since its inception was -14.24%, 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 XSH.TO and ZST.TO.
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Drawdown Indicators
| XSH.TO | ZST.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.24% | -1.06% | -13.18% |
Max Drawdown (1Y)Largest decline over 1 year | -1.51% | -1.01% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -1.51% | -1.01% | -0.50% |
Max Drawdown (5Y)Largest decline over 5 years | -7.80% | -1.01% | -6.79% |
Max Drawdown (10Y)Largest decline over 10 years | -14.24% | -1.06% | -13.18% |
Current DrawdownCurrent decline from peak | 0.00% | -0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.93% | -0.13% | -0.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.38% | 0.37% | +0.01% |
Volatility
XSH.TO vs. ZST.TO - Volatility Comparison
iShares Core Canadian Short Term Corporate Bond Index ETF (XSH.TO) has a higher volatility of 0.80% compared to BMO Ultra Short-Term Bond ETF (ZST.TO) at 0.08%. This indicates that XSH.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
| XSH.TO | ZST.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 0.08% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 1.83% | 1.05% | +0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.16% | 1.08% | +1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.83% | 0.72% | +2.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.42% | 0.71% | +3.71% |
XSH.TO vs. ZST.TO - Expense Ratio Comparison
XSH.TO has a 0.10% expense ratio, which is lower than ZST.TO's 0.17% 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. ZST.TO - Dividend Comparison
XSH.TO's dividend yield for the trailing twelve months is around 3.89%, more than ZST.TO's 2.55% 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% |
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
XSH.TO and ZST.TO have a correlation of 0.25, 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 0.17% for ZST.TO.
They also come from different issuers: iShares and BMO. Their fees differ too: 0.10% for XSH.TO and 0.17% for ZST.TO.
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