ZAAA.NEO vs. ZST.TO
ZAAA.NEO (BMO AAA CLO ETF) and ZST.TO (BMO Ultra Short-Term Bond ETF) are both exchange-traded funds - ZAAA.NEO is a CLO fund actively managed by BMO, while ZST.TO is a Ultrashort Bond fund actively managed by BMO. Both are actively managed. Over the past year, ZAAA.NEO returned 7.68% vs 1.72% for ZST.TO. At a correlation of -0.02, they often move in opposite directions. ZAAA.NEO charges 0.23%/yr vs 0.17%/yr for ZST.TO.
Performance
ZAAA.NEO vs. ZST.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZAAA.NEO achieves a 4.84% return, which is significantly higher than ZST.TO's 1.35% return.
ZAAA.NEO
- 1D
- -0.65%
- 1M
- 1.60%
- 6M
- 3.53%
- YTD
- 4.84%
- 1Y
- 7.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZST.TO
- 1D
- 0.00%
- 1M
- 0.19%
- 6M
- 1.27%
- YTD
- 1.35%
- 1Y
- 1.72%
- 3Y*
- 3.79%
- 5Y*
- 3.04%
- 10Y*
- 2.37%
ZAAA.NEO vs. ZST.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZAAA.NEO BMO AAA CLO ETF | 4.84% | 3.10% |
ZST.TO BMO Ultra Short-Term Bond ETF | 1.35% | 0.90% |
Correlation
The correlation between ZAAA.NEO and ZST.TO is -0.06, 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 | -0.06 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | -0.02 |
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Return for Risk
ZAAA.NEO vs. ZST.TO — Risk / Return Rank
ZAAA.NEO
ZST.TO
ZAAA.NEO vs. ZST.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO AAA CLO ETF (ZAAA.NEO) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| ZAAA.NEO | ZST.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.85 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 1.72 | +0.86 |
| Martin ratioReturn relative to average drawdown | 6.24 | 4.62 | +1.62 |
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Drawdowns
ZAAA.NEO vs. ZST.TO - Drawdown Comparison
The maximum ZAAA.NEO drawdown since its inception was -3.01%, smaller than the maximum ZST.TO drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for ZAAA.NEO and ZST.TO.
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Drawdown Indicators
| ZAAA.NEO | ZST.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.01% | -3.60% | +0.59% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -1.01% | -2.00% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.01% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -1.01% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -1.06% | — |
Current DrawdownCurrent decline from peak | -0.98% | -0.02% | -0.96% |
Average DrawdownAverage peak-to-trough decline | -1.00% | -0.58% | -0.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 0.37% | +0.87% |
Volatility
ZAAA.NEO vs. ZST.TO - Volatility Comparison
BMO AAA CLO ETF (ZAAA.NEO) has a higher volatility of 1.52% compared to BMO Ultra Short-Term Bond ETF (ZST.TO) at 0.11%. This indicates that ZAAA.NEO'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
| ZAAA.NEO | ZST.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.52% | 0.11% | +1.41% |
Volatility (6M)Calculated over the trailing 6-month period | 3.35% | 0.25% | +3.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.57% | 1.08% | +3.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.63% | 0.72% | +3.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.63% | 0.70% | +3.93% |
ZAAA.NEO vs. ZST.TO - Expense Ratio Comparison
ZAAA.NEO has a 0.23% expense ratio, which is higher than ZST.TO's 0.17% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ZAAA.NEO vs. ZST.TO - Dividend Comparison
ZAAA.NEO's dividend yield for the trailing twelve months is around 5.12%, more than ZST.TO's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZAAA.NEO BMO AAA CLO ETF | 5.12% | 3.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZST.TO BMO Ultra Short-Term Bond ETF | 2.54% | 2.85% | 4.70% | 4.84% | 2.78% | 2.31% | 2.68% | 2.84% | 3.47% | 4.09% | 3.96% | 3.94% |
Frequently Asked Questions
ZAAA.NEO and ZST.TO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZST.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZST.TO is cheaper with a 0.17% expense ratio, compared with 0.23% for ZAAA.NEO.
ZAAA.NEO is categorized as CLO, while ZST.TO is Ultrashort Bond. Their fees differ too: 0.23% for ZAAA.NEO and 0.17% for ZST.TO.
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