XSTH.TO vs. ZTIP.TO

Last updated Jun 4, 2026

XSTH.TO (iShares 0-5 Year TIPS Bond Index ETF (CAD-Hedged)) and ZTIP.TO (BMO Short-Term US TIPS Index ETF) are both Inflation-Protected Bonds funds - XSTH.TO tracks the Morningstar Gbl Core Bd GR CAD while ZTIP.TO tracks the Bloomberg Barclays U.S. Government Inflation-Linked 0-5 Year Bond Index. Both are passively managed. Over the past 3 years, XSTH.TO returned 3.85%/yr vs 6.13%/yr for ZTIP.TO. At a 0.07 correlation, their price movements are largely independent. XSTH.TO charges 0.16%/yr vs 0.17%/yr for ZTIP.TO.

Performance

XSTH.TO vs. ZTIP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares 0-5 Year TIPS Bond Index ETF (CAD-Hedged) (XSTH.TO) and BMO Short-Term US TIPS Index ETF (ZTIP.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XSTH.TO achieves a 1.24% return, which is significantly lower than ZTIP.TO's 3.34% return.

XSTH.TO

• 1D: -0.03%
• 1M: -0.13%
• YTD: 1.24%
• 6M: 1.11%
• 1Y: 2.77%
• 3Y*: 3.85%
• 5Y*: —
• 10Y*: —

ZTIP.TO

• 1D: 0.39%
• 1M: 2.04%
• YTD: 3.34%
• 6M: 1.60%
• 1Y: 5.97%
• 3Y*: 6.13%
• 5Y*: 6.29%
• 10Y*: —

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

XSTH.TO vs. ZTIP.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XSTH.TO iShares 0-5 Year TIPS Bond Index ETF (CAD-Hedged)	1.24%	4.20%	3.68%	3.90%	-3.36%	1.76%
ZTIP.TO BMO Short-Term US TIPS Index ETF	3.34%	1.12%	13.84%	1.93%	3.96%	4.32%

Correlation

The correlation between XSTH.TO and ZTIP.TO is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Jul 15, 2021	0.07

Return for Risk

XSTH.TO vs. ZTIP.TO — Risk / Return Rank

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

XSTH.TO

XSTH.TO Risk / Return Rank: 39
XSTH.TO Sharpe Ratio Rank: 35
XSTH.TO Sortino Ratio Rank: 37
XSTH.TO Omega Ratio Rank: 43
XSTH.TO Calmar Ratio Rank: 38
XSTH.TO Martin Ratio Rank: 45

ZTIP.TO

ZTIP.TO Risk / Return Rank: 36
ZTIP.TO Sharpe Ratio Rank: 37
ZTIP.TO Sortino Ratio Rank: 36
ZTIP.TO Omega Ratio Rank: 47
ZTIP.TO Calmar Ratio Rank: 33
ZTIP.TO Martin Ratio Rank: 30

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.

XSTH.TO vs. ZTIP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 0-5 Year TIPS Bond Index ETF (CAD-Hedged) (XSTH.TO) and BMO Short-Term US TIPS Index ETF (ZTIP.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.

	XSTH.TO	ZTIP.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.28	1.30	-0.02
Sortino ratio: Return per unit of downside risk	1.92	1.84	+0.08
Omega ratio: Gain probability vs. loss probability	1.28	1.30	-0.01
Calmar ratio: Return relative to maximum drawdown	1.86	1.59	+0.28
Martin ratio: Return relative to average drawdown	7.42	4.26	+3.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XSTH.TO vs. ZTIP.TO - Sharpe Ratio Comparison

The current XSTH.TO Sharpe Ratio is 1.28, which is comparable to the ZTIP.TO Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of XSTH.TO and ZTIP.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XSTH.TO	ZTIP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.28	1.30	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.84	-0.21

Drawdowns

XSTH.TO vs. ZTIP.TO - Drawdown Comparison

The maximum XSTH.TO drawdown since its inception was -5.98%, which is greater than ZTIP.TO's maximum drawdown of -5.60%. Use the drawdown chart below to compare losses from any high point for XSTH.TO and ZTIP.TO.

Drawdown Indicators

	XSTH.TO	ZTIP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-5.98%	-5.60%	-0.38%
Max Drawdown (1Y) Largest decline over 1 year	-1.49%	-3.78%	+2.29%
Max Drawdown (3Y) Largest decline over 3 years	-1.49%	-5.60%	+4.11%
Max Drawdown (5Y) Largest decline over 5 years	—	-5.60%	—
Current Drawdown Current decline from peak	-0.19%	0.00%	-0.19%
Average Drawdown Average peak-to-trough decline	-1.56%	-1.53%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	1.41%	-1.04%

Volatility

XSTH.TO vs. ZTIP.TO - Volatility Comparison

The current volatility for iShares 0-5 Year TIPS Bond Index ETF (CAD-Hedged) (XSTH.TO) is 0.43%, while BMO Short-Term US TIPS Index ETF (ZTIP.TO) has a volatility of 0.77%. This indicates that XSTH.TO experiences smaller price fluctuations and is considered to be less risky than ZTIP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSTH.TO	ZTIP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	0.77%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	1.52%	3.13%	-1.61%
Volatility (1Y) Calculated over the trailing 1-year period	2.18%	4.67%	-2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.64%	6.36%	-2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.64%	6.28%	-2.64%

XSTH.TO vs. ZTIP.TO - Expense Ratio Comparison

XSTH.TO has a 0.16% expense ratio, which is lower than ZTIP.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

XSTH.TO vs. ZTIP.TO - Dividend Comparison

XSTH.TO's dividend yield for the trailing twelve months is around 3.55%, more than ZTIP.TO's 3.43% yield.

Position	TTM	2025	2024	2023	2022	2021
XSTH.TO iShares 0-5 Year TIPS Bond Index ETF (CAD-Hedged)	3.55%	3.94%	2.53%	3.15%	6.07%	2.05%
ZTIP.TO BMO Short-Term US TIPS Index ETF	3.43%	3.63%	3.63%	4.91%	4.93%	0.38%

Frequently Asked Questions

Can I hold both XSTH.TO and ZTIP.TO in my portfolio?

XSTH.TO and ZTIP.TO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XSTH.TO or ZTIP.TO?

On fees, XSTH.TO is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XSTH.TO or ZTIP.TO?

XSTH.TO is cheaper with a 0.16% expense ratio, compared with 0.17% for ZTIP.TO.

What is the main difference between XSTH.TO and ZTIP.TO?

XSTH.TO tracks Morningstar Gbl Core Bd GR CAD, while ZTIP.TO tracks Bloomberg Barclays U.S. Government Inflation-Linked 0-5 Year Bond Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.16% for XSTH.TO and 0.17% for ZTIP.TO.