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XSTB.TO vs. ZST.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

XSTB.TO vs. ZST.TO

Last updated Apr 1, 2026

Compare and contrast key facts about iShares ESG Aware Canadian Short Term Bond Index ETF (XSTB.TO) and BMO Ultra Short-Term Bond ETF (ZST.TO).

XSTB.TO and ZST.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XSTB.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Can 1-5Y Core Bd GR CAD. It was launched on Mar 18, 2019. ZST.TO is an actively managed fund by BMO. It was launched on Jan 27, 2011.

Performance

XSTB.TO vs. ZST.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares ESG Aware Canadian Short Term Bond Index ETF (XSTB.TO) and BMO Ultra Short-Term Bond ETF (ZST.TO). The values are adjusted to include any dividend payments, if applicable.

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XSTB.TO vs. ZST.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
XSTB.TO
iShares ESG Aware Canadian Short Term Bond Index ETF		0.26%3.60%5.28%4.86%-3.91%-1.12%4.95%1.18%
ZST.TO
BMO Ultra Short-Term Bond ETF		0.59%2.03%5.16%5.33%1.19%0.22%1.74%1.52%

Returns By Period

In the year-to-date period, XSTB.TO achieves a 0.26% return, which is significantly lower than ZST.TO's 0.59% return.

XSTB.TO

1D
0.20%
1M
-0.87%
YTD
0.26%
6M
0.48%
1Y
2.30%
3Y*
4.10%
5Y*
1.86%
10Y*
—

ZST.TO

1D
0.06%
1M
0.21%
YTD
0.59%
6M
0.20%
1Y
1.71%
3Y*
3.95%
5Y*
2.86%
10Y*
2.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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iShares ESG Aware Canadian Short Term Bond Index ETF

BMO Ultra Short-Term Bond ETF

Often compared with XSTB.TO:
XSTB.TO vs. XSTH.TOXSTB.TO vs. XSAB.TOXSTB.TO vs. BNDXSTB.TO vs. XCSR.TOXSTB.TO vs. XSHG.TOXSTB.TO vs. GCNS.TOXSTB.TO vs. XCBG.TO
Often compared with ZST.TO:
ZST.TO vs. ZAG.TOZST.TO vs. CASH.TOZST.TO vs. CBIL.TOZST.TO vs. VXC.TOZST.TO vs. DXV.TOZST.TO vs. VDY.TOZST.TO vs. MNY

XSTB.TO vs. ZST.TO - Expense Ratio Comparison

Both XSTB.TO and ZST.TO have an expense ratio of 0.17%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

XSTB.TO
iShares ESG Aware Canadian Short Term Bond Index ETF
ZST.TO
BMO Ultra Short-Term Bond ETF

Return for Risk

XSTB.TO vs. ZST.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XSTB.TO
XSTB.TO Risk / Return Rank: 6868
Overall Rank
XSTB.TO Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
XSTB.TO Sortino Ratio Rank: 7070
Sortino Ratio Rank
XSTB.TO Omega Ratio Rank: 6969
Omega Ratio Rank
XSTB.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
XSTB.TO Martin Ratio Rank: 6262
Martin Ratio Rank
ZST.TO
ZST.TO Risk / Return Rank: 7474
Overall Rank
ZST.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
ZST.TO Sortino Ratio Rank: 6868
Sortino Ratio Rank
ZST.TO Omega Ratio Rank: 9898
Omega Ratio Rank
ZST.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
ZST.TO Martin Ratio Rank: 5252
Martin Ratio Rank
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.

XSTB.TO vs. ZST.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Aware Canadian Short Term Bond Index ETF (XSTB.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.

XSTB.TOZST.TODifference

Sharpe ratio

Return per unit of total volatility

1.29

1.57

-0.28

Sortino ratio

Return per unit of downside risk

1.77

1.66

+0.11

Omega ratio

Gain probability vs. loss probability

1.25

1.78

-0.52

Calmar ratio

Return relative to maximum drawdown

1.70

1.72

-0.01

Martin ratio

Return relative to average drawdown

6.15

4.78

+1.38

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSTB.TO vs. ZST.TO - Sharpe Ratio Comparison

The current XSTB.TO Sharpe Ratio is 1.29, which is comparable to the ZST.TO Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of XSTB.TO and ZST.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.

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Sharpe Ratios by Period

XSTB.TOZST.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.29

1.57

-0.28

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.75

3.99

-3.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

3.25

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.78

1.79

-1.01

Correlation

The correlation between XSTB.TO and ZST.TO is 0.32, 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

XSTB.TO vs. ZST.TO - Dividend Comparison

XSTB.TO's dividend yield for the trailing twelve months is around 2.89%, more than ZST.TO's 2.62% yield.

TTM20252024202320222021202020192018201720162015
XSTB.TO
iShares ESG Aware Canadian Short Term Bond Index ETF		2.89%2.88%2.64%2.22%1.93%1.82%2.10%1.83%0.00%0.00%0.00%0.00%
ZST.TO
BMO Ultra Short-Term Bond ETF		2.62%2.82%4.65%4.79%2.75%2.29%2.65%2.82%3.43%4.05%3.92%3.90%

Drawdowns

XSTB.TO vs. ZST.TO - Drawdown Comparison

The maximum XSTB.TO drawdown since its inception was -6.92%, 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 XSTB.TO and ZST.TO.

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Drawdown Indicators

XSTB.TOZST.TODifference

Max Drawdown

Largest peak-to-trough decline

-6.92%

-1.06%

-5.86%

Max Drawdown (1Y)

Largest decline over 1 year

-1.35%

-1.01%

-0.34%

Max Drawdown (5Y)

Largest decline over 5 years

-6.76%

-1.01%

-5.75%

Max Drawdown (10Y)

Largest decline over 10 years

—

-1.06%

—

Current Drawdown

Current decline from peak

-0.87%

-0.40%

-0.47%

Average Drawdown

Average peak-to-trough decline

-1.44%

-0.13%

-1.31%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.37%

0.36%

+0.01%

Volatility

XSTB.TO vs. ZST.TO - Volatility Comparison

iShares ESG Aware Canadian Short Term Bond Index ETF (XSTB.TO) has a higher volatility of 0.85% compared to BMO Ultra Short-Term Bond ETF (ZST.TO) at 0.15%. This indicates that XSTB.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

XSTB.TOZST.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.85%

0.15%

+0.70%

Volatility (6M)

Calculated over the trailing 6-month period

1.29%

1.05%

+0.24%

Volatility (1Y)

Calculated over the trailing 1-year period

1.79%

1.09%

+0.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.50%

0.72%

+1.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.73%

0.72%

+2.01%