XSI.TO vs. ZHY.TO

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Short Term Strategic Fixed Income ETF (XSI.TO) and BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO).

XSI.TO and ZHY.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XSI.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Gbl HY Bd GR CAD. It was launched on Jan 20, 2015. ZHY.TO is a passively managed fund by BMO that tracks the performance of the Bloomberg U.S. High Yield Very Liquid Index CAD Hedged. It was launched on Oct 20, 2009. Both XSI.TO and ZHY.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XSI.TO vs. ZHY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Short Term Strategic Fixed Income ETF (XSI.TO) and BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO). The values are adjusted to include any dividend payments, if applicable.

XSI.TO vs. ZHY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XSI.TO iShares Short Term Strategic Fixed Income ETF	-0.36%	3.82%	5.36%	7.51%	-8.90%	0.59%	3.70%	7.09%	-1.07%	2.94%
ZHY.TO BMO High Yield US Corporate Bond Hedged to CAD Index ETF	-0.64%	6.27%	6.04%	11.48%	-12.80%	4.03%	3.31%	13.45%	-3.88%	5.06%

Returns By Period

In the year-to-date period, XSI.TO achieves a -0.36% return, which is significantly higher than ZHY.TO's -0.64% return. Over the past 10 years, XSI.TO has underperformed ZHY.TO with an annualized return of 2.32%, while ZHY.TO has yielded a comparatively higher 4.09% annualized return.

XSI.TO

• 1D: 0.00%
• 1M: -1.19%
• YTD: -0.36%
• 6M: -0.35%
• 1Y: 2.18%
• 3Y*: 4.60%
• 5Y*: 1.61%
• 10Y*: 2.32%

ZHY.TO

• 1D: 0.46%
• 1M: -1.13%
• YTD: -0.64%
• 6M: -0.18%
• 1Y: 5.25%
• 3Y*: 6.61%
• 5Y*: 2.45%
• 10Y*: 4.09%

*Multi-year figures are annualized to reflect compound growth (CAGR)

XSI.TO vs. ZHY.TO - Expense Ratio Comparison

XSI.TO has a 0.55% expense ratio, which is lower than ZHY.TO's 0.61% expense ratio.

ZHY.TO

BMO High Yield US Corporate Bond Hedged to CAD Index ETF

XSI.TO

iShares Short Term Strategic Fixed Income ETF

Return for Risk

XSI.TO vs. ZHY.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XSI.TO

XSI.TO Risk / Return Rank: 27
XSI.TO Sharpe Ratio Rank: 27
XSI.TO Sortino Ratio Rank: 24
XSI.TO Omega Ratio Rank: 24
XSI.TO Calmar Ratio Rank: 33
XSI.TO Martin Ratio Rank: 30

ZHY.TO

ZHY.TO Risk / Return Rank: 36
ZHY.TO Sharpe Ratio Rank: 36
ZHY.TO Sortino Ratio Rank: 34
ZHY.TO Omega Ratio Rank: 33
ZHY.TO Calmar Ratio Rank: 33
ZHY.TO Martin Ratio Rank: 42

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XSI.TO vs. ZHY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short Term Strategic Fixed Income ETF (XSI.TO) and BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.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.

	XSI.TO	ZHY.TO	Difference
Sharpe ratio Return per unit of total volatility	0.54	0.74	-0.20
Sortino ratio Return per unit of downside risk	0.76	1.07	-0.32
Omega ratio Gain probability vs. loss probability	1.11	1.15	-0.04
Calmar ratio Return relative to maximum drawdown	0.97	1.02	-0.04
Martin ratio Return relative to average drawdown	2.90	4.72	-1.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSI.TO vs. ZHY.TO - Sharpe Ratio Comparison

The current XSI.TO Sharpe Ratio is 0.54, which is comparable to the ZHY.TO Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of XSI.TO and ZHY.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XSI.TO	ZHY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.54	0.74	-0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.26	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.38	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.45	-0.12

Correlation

The correlation between XSI.TO and ZHY.TO is 0.25, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

XSI.TO vs. ZHY.TO - Dividend Comparison

XSI.TO's dividend yield for the trailing twelve months is around 4.42%, less than ZHY.TO's 6.34% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XSI.TO iShares Short Term Strategic Fixed Income ETF	4.42%	4.42%	4.43%	4.28%	3.49%	2.88%	3.04%	3.41%	3.31%	3.22%	3.30%	3.60%
ZHY.TO BMO High Yield US Corporate Bond Hedged to CAD Index ETF	6.34%	6.10%	6.13%	6.43%	6.71%	5.49%	6.09%	6.50%	6.25%	6.10%	5.84%	7.12%

Drawdowns

XSI.TO vs. ZHY.TO - Drawdown Comparison

The maximum XSI.TO drawdown since its inception was -18.53%, smaller than the maximum ZHY.TO drawdown of -28.44%. Use the drawdown chart below to compare losses from any high point for XSI.TO and ZHY.TO.

Drawdown Indicators

	XSI.TO	ZHY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-18.53%	-28.44%	+9.91%
Max Drawdown (1Y) Largest decline over 1 year	-2.42%	-5.25%	+2.83%
Max Drawdown (5Y) Largest decline over 5 years	-12.03%	-17.11%	+5.08%
Max Drawdown (10Y) Largest decline over 10 years	-18.53%	-28.44%	+9.91%
Current Drawdown Current decline from peak	-1.60%	-1.53%	-0.07%
Average Drawdown Average peak-to-trough decline	-2.28%	-2.89%	+0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	1.13%	-0.32%

Volatility

XSI.TO vs. ZHY.TO - Volatility Comparison

The current volatility for iShares Short Term Strategic Fixed Income ETF (XSI.TO) is 1.91%, while BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO) has a volatility of 2.74%. This indicates that XSI.TO experiences smaller price fluctuations and is considered to be less risky than ZHY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSI.TO	ZHY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.91%	2.74%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	2.79%	3.85%	-1.06%
Volatility (1Y) Calculated over the trailing 1-year period	4.05%	7.12%	-3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.21%	9.51%	-5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.80%	10.93%	-5.13%