ZBI.TO vs. CCBI.TO

Last updated Aug 4, 2026

ZBI.TO (BMO Canadian Bank Income Index ETF) and CCBI.TO (CIBC Canadian Bond Index ETF) are both exchange-traded funds - ZBI.TO is a Canadian Government Bonds fund tracking the Solactive Canadian Bank Income Index, while CCBI.TO is a Total Bond Market fund tracking the FTSE Canada Universe Bond Index. Both are passively managed. Over the past 3 years, ZBI.TO returned 7.99%/yr vs 4.22%/yr for CCBI.TO. Their 0.29 correlation means their historical movements had little consistent relationship. ZBI.TO charges 0.28%/yr vs 0.07%/yr for CCBI.TO.

Performance

ZBI.TO vs. CCBI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Canadian Bank Income Index ETF (ZBI.TO) and CIBC Canadian Bond Index ETF (CCBI.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZBI.TO achieves a 2.05% return, which is significantly higher than CCBI.TO's 0.72% return.

ZBI.TO

• 1D: -0.10%
• 1M: 0.00%
• 6M: 1.33%
• YTD: 2.05%
• 1Y: 3.86%
• 3Y*: 7.99%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.01%

CCBI.TO

• 1D: -0.39%
• 1M: -1.26%
• 6M: 0.01%
• YTD: 0.72%
• 1Y: 2.31%
• 3Y*: 4.22%
• 5Y*: 0.23%
• 10Y*: —
• ALL TIME*: 0.72%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CCBI.TO CIBC Canadian Bond Index ETF	CA$238.27K	CA$302.42K	CA$297.80K
ZBI.TO BMO Canadian Bank Income Index ETF	CA$170.96K	CA$153.00K	CA$202.06K

ZBI.TO vs. CCBI.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ZBI.TO BMO Canadian Bank Income Index ETF	2.05%	4.79%	12.50%	6.85%	-7.29%
CCBI.TO CIBC Canadian Bond Index ETF	0.72%	2.17%	4.26%	4.11%	-5.88%

Correlation

The correlation between ZBI.TO and CCBI.TO is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.39
Correlation (All Time) Calculated using the full available price history since Feb 11, 2022	0.29

Over the past year, ZBI.TO and CCBI.TO have become more correlated (0.49) than their long-term average of 0.29, meaning their price movements have been converging.

Return for Risk

ZBI.TO vs. CCBI.TO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ZBI.TO

ZBI.TO Risk / Return Rank: 88
ZBI.TO Sharpe Ratio Rank: 85
ZBI.TO Sortino Ratio Rank: 86
ZBI.TO Omega Ratio Rank: 92
ZBI.TO Calmar Ratio Rank: 87
ZBI.TO Martin Ratio Rank: 92

CCBI.TO

CCBI.TO Risk / Return Rank: 27
CCBI.TO Sharpe Ratio Rank: 27
CCBI.TO Sortino Ratio Rank: 25
CCBI.TO Omega Ratio Rank: 26
CCBI.TO Calmar Ratio Rank: 30
CCBI.TO Martin Ratio Rank: 28

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ZBI.TO vs. CCBI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Canadian Bank Income Index ETF (ZBI.TO) and CIBC Canadian Bond Index ETF (CCBI.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.

	ZBI.TO	CCBI.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.13	0.66	+1.48
Sortino ratio: Return per unit of downside risk	3.04	0.97	+2.08
Omega ratio: Gain probability vs. loss probability	1.47	1.13	+0.34
Calmar ratio: Return relative to maximum drawdown	3.61	1.02	+2.59
Martin ratio: Return relative to average drawdown	16.36	2.49	+13.88

ZBI.TO vs. CCBI.TO - Sharpe Ratio Comparison

The current ZBI.TO Sharpe Ratio is 2.13, which is higher than the CCBI.TO Sharpe Ratio of 0.66. The chart below compares the historical Sharpe Ratios of ZBI.TO and CCBI.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.

Drawdowns

ZBI.TO vs. CCBI.TO - Drawdown Comparison

The maximum ZBI.TO drawdown since its inception was -8.31%, smaller than the maximum CCBI.TO drawdown of -17.72%. Use the drawdown chart below to compare losses from any high point for ZBI.TO and CCBI.TO.

Drawdown Indicators

	ZBI.TO	CCBI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-8.31%	-17.72%	+9.41%
Max Drawdown (1Y) Largest decline over 1 year	-1.21%	-2.72%	+1.51%
Max Drawdown (3Y) Largest decline over 3 years	-1.47%	-4.04%	+2.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.08%	—
Current Drawdown Current decline from peak	-0.13%	-2.75%	+2.62%
Average Drawdown Average peak-to-trough decline	-2.22%	-7.88%	+5.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.27%	1.12%	-0.85%

Volatility

ZBI.TO vs. CCBI.TO - Volatility Comparison

The current volatility for BMO Canadian Bank Income Index ETF (ZBI.TO) is 0.52%, while CIBC Canadian Bond Index ETF (CCBI.TO) has a volatility of 1.35%. This indicates that ZBI.TO experiences smaller price fluctuations and is considered to be less risky than CCBI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZBI.TO	CCBI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.52%	1.35%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	1.47%	3.42%	-1.95%
Volatility (1Y) Calculated over the trailing 1-year period	2.06%	4.26%	-2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.60%	6.60%	-3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.60%	6.96%	-3.36%

ZBI.TO vs. CCBI.TO - Expense Ratio Comparison

ZBI.TO has a 0.28% expense ratio, which is higher than CCBI.TO's 0.07% expense ratio.

Dividends

ZBI.TO vs. CCBI.TO - Dividend Comparison

ZBI.TO's dividend yield for the trailing twelve months is around 4.35%, more than CCBI.TO's 3.39% yield.

Position	TTM	2025	2024	2023	2022	2021
CCBI.TO CIBC Canadian Bond Index ETF	3.39%	3.22%	2.85%	2.78%	2.60%	1.78%
ZBI.TO BMO Canadian Bank Income Index ETF	4.35%	4.02%	3.36%	3.58%	2.66%	0.00%

Frequently Asked Questions

Can I hold both ZBI.TO and CCBI.TO in my portfolio?

ZBI.TO and CCBI.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZBI.TO or CCBI.TO?

On fees, CCBI.TO is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZBI.TO or CCBI.TO?

CCBI.TO is cheaper with a 0.07% expense ratio, compared with 0.28% for ZBI.TO.

What is the main difference between ZBI.TO and CCBI.TO?

ZBI.TO is categorized as Canadian Government Bonds, while CCBI.TO is Total Bond Market. ZBI.TO tracks Solactive Canadian Bank Income Index, while CCBI.TO tracks FTSE Canada Universe Bond Index. They also come from different issuers: BMO and CIBC. Their fees differ too: 0.28% for ZBI.TO and 0.07% for CCBI.TO.