XSTP.TO vs. ZTIP.TO

Last updated Jun 4, 2026

XSTP.TO (iShares 0-5 Year TIPS Bond Index ETF) and ZTIP.TO (BMO Short-Term US TIPS Index ETF) are both Inflation-Protected Bonds funds - XSTP.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, XSTP.TO returned 6.18%/yr vs 6.13%/yr for ZTIP.TO. At a 0.49 correlation, their price movements are largely independent. XSTP.TO charges 0.16%/yr vs 0.17%/yr for ZTIP.TO.

Performance

XSTP.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 (XSTP.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

The year-to-date returns for both stocks are quite close, with XSTP.TO having a 3.35% return and ZTIP.TO slightly lower at 3.34%.

XSTP.TO

• 1D: 0.51%
• 1M: 2.16%
• YTD: 3.35%
• 6M: 1.23%
• 1Y: 5.54%
• 3Y*: 6.18%
• 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)

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

	2026 (YTD)	2025	2024	2023	2022	2021
XSTP.TO iShares 0-5 Year TIPS Bond Index ETF	3.35%	0.64%	13.59%	2.31%	17.76%	4.89%
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 XSTP.TO and ZTIP.TO is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jul 13, 2021	0.49

The correlation between XSTP.TO and ZTIP.TO shifts across timeframes, from 0.49 (all time) to 0.66 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

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

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

XSTP.TO

XSTP.TO Risk / Return Rank: 28
XSTP.TO Sharpe Ratio Rank: 31
XSTP.TO Sortino Ratio Rank: 28
XSTP.TO Omega Ratio Rank: 32
XSTP.TO Calmar Ratio Rank: 25
XSTP.TO Martin Ratio Rank: 23

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.

XSTP.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 (XSTP.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.

	XSTP.TO	ZTIP.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.30	-0.17
Sortino ratio: Return per unit of downside risk	1.54	1.84	-0.30
Omega ratio: Gain probability vs. loss probability	1.22	1.30	-0.08
Calmar ratio: Return relative to maximum drawdown	1.17	1.59	-0.42
Martin ratio: Return relative to average drawdown	2.84	4.26	-1.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current XSTP.TO Sharpe Ratio is 1.13, which is comparable to the ZTIP.TO Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of XSTP.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

	XSTP.TO	ZTIP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	1.30	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.98	0.84	+0.13

Drawdowns

XSTP.TO vs. ZTIP.TO - Drawdown Comparison

The maximum XSTP.TO drawdown since its inception was -5.68%, roughly equal to the maximum ZTIP.TO drawdown of -5.60%. Use the drawdown chart below to compare losses from any high point for XSTP.TO and ZTIP.TO.

Drawdown Indicators

	XSTP.TO	ZTIP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-5.68%	-5.60%	-0.08%
Max Drawdown (1Y) Largest decline over 1 year	-4.76%	-3.78%	-0.98%
Max Drawdown (3Y) Largest decline over 3 years	-5.68%	-5.60%	-0.08%
Max Drawdown (5Y) Largest decline over 5 years	—	-5.60%	—
Current Drawdown Current decline from peak	-0.33%	0.00%	-0.33%
Average Drawdown Average peak-to-trough decline	-1.66%	-1.53%	-0.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.41%	+0.55%

Volatility

XSTP.TO vs. ZTIP.TO - Volatility Comparison

iShares 0-5 Year TIPS Bond Index ETF (XSTP.TO) has a higher volatility of 0.94% compared to BMO Short-Term US TIPS Index ETF (ZTIP.TO) at 0.77%. This indicates that XSTP.TO's price experiences larger fluctuations and is considered to be riskier than ZTIP.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSTP.TO	ZTIP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.94%	0.77%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	3.50%	3.13%	+0.37%
Volatility (1Y) Calculated over the trailing 1-year period	4.91%	4.67%	+0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.13%	6.36%	+2.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.13%	6.28%	+2.85%

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

XSTP.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

XSTP.TO vs. ZTIP.TO - Dividend Comparison

XSTP.TO's dividend yield for the trailing twelve months is around 3.57%, more than ZTIP.TO's 3.43% yield.

Position	TTM	2025	2024	2023	2022	2021
XSTP.TO iShares 0-5 Year TIPS Bond Index ETF	3.57%	4.06%	2.41%	3.08%	5.70%	2.35%
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 XSTP.TO and ZTIP.TO in my portfolio?

XSTP.TO and ZTIP.TO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, XSTP.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, XSTP.TO or ZTIP.TO?

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

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

XSTP.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 XSTP.TO and 0.17% for ZTIP.TO.