ZBI.TO vs. CORE.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Canadian Bank Income Index ETF (ZBI.TO) and PIMCO Canadian Core Bond Fund (CORE.TO).

ZBI.TO and CORE.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZBI.TO is a passively managed fund by BMO that tracks the performance of the Solactive Canadian Bank Income Index. It was launched on Feb 7, 2022. CORE.TO is an actively managed fund by PIMCO. It was launched on Jan 20, 2011.

Performance

ZBI.TO vs. CORE.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 PIMCO Canadian Core Bond Fund (CORE.TO). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024
ZBI.TO BMO Canadian Bank Income Index ETF	0.55%	5.10%	3.65%
CORE.TO PIMCO Canadian Core Bond Fund	0.15%	4.02%	0.77%

Returns By Period

In the year-to-date period, ZBI.TO achieves a 0.55% return, which is significantly higher than CORE.TO's 0.15% return.

ZBI.TO

• 1D: 0.16%
• 1M: -0.52%
• YTD: 0.55%
• 6M: 1.16%
• 1Y: 4.75%
• 3Y*: 7.83%
• 5Y*: —
• 10Y*: —

CORE.TO

• 1D: 0.25%
• 1M: -2.31%
• YTD: 0.15%
• 6M: -0.27%
• 1Y: 1.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

ZBI.TO has a 0.28% expense ratio, which is lower than CORE.TO's 0.32% expense ratio.

CORE.TO

PIMCO Canadian Core Bond Fund

ZBI.TO

BMO Canadian Bank Income Index ETF

Return for Risk

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

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

ZBI.TO

ZBI.TO Risk / Return Rank: 94
ZBI.TO Sharpe Ratio Rank: 92
ZBI.TO Sortino Ratio Rank: 94
ZBI.TO Omega Ratio Rank: 95
ZBI.TO Calmar Ratio Rank: 94
ZBI.TO Martin Ratio Rank: 95

CORE.TO

CORE.TO Risk / Return Rank: 20
CORE.TO Sharpe Ratio Rank: 20
CORE.TO Sortino Ratio Rank: 17
CORE.TO Omega Ratio Rank: 17
CORE.TO Calmar Ratio Rank: 25
CORE.TO Martin Ratio Rank: 20

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.

ZBI.TO vs. CORE.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 PIMCO Canadian Core Bond Fund (CORE.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.

	ZBI.TO	CORE.TO	Difference
Sharpe ratio Return per unit of total volatility	2.09	0.30	+1.79
Sortino ratio Return per unit of downside risk	2.97	0.43	+2.54
Omega ratio Gain probability vs. loss probability	1.47	1.06	+0.41
Calmar ratio Return relative to maximum drawdown	3.71	0.56	+3.15
Martin ratio Return relative to average drawdown	15.19	1.08	+14.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZBI.TO Sharpe Ratio is 2.09, which is higher than the CORE.TO Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of ZBI.TO and CORE.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.

Sharpe Ratios by Period

	ZBI.TO	CORE.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	0.30	+1.79
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	0.61	+0.51

Correlation

The correlation between ZBI.TO and CORE.TO is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZBI.TO vs. CORE.TO - Dividend Comparison

ZBI.TO's dividend yield for the trailing twelve months is around 4.28%, more than CORE.TO's 3.43% yield.

	TTM	2025	2024	2023	2022
ZBI.TO BMO Canadian Bank Income Index ETF	4.28%	4.01%	3.36%	3.58%	2.66%
CORE.TO PIMCO Canadian Core Bond Fund	3.43%	3.42%	0.32%	0.00%	0.00%

Drawdowns

ZBI.TO vs. CORE.TO - Drawdown Comparison

The maximum ZBI.TO drawdown since its inception was -8.22%, which is greater than CORE.TO's maximum drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for ZBI.TO and CORE.TO.

Drawdown Indicators

	ZBI.TO	CORE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-8.22%	-3.48%	-4.74%
Max Drawdown (1Y) Largest decline over 1 year	-1.25%	-3.00%	+1.75%
Current Drawdown Current decline from peak	-0.57%	-2.31%	+1.74%
Average Drawdown Average peak-to-trough decline	-2.34%	-1.34%	-1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.31%	1.56%	-1.25%

Volatility

ZBI.TO vs. CORE.TO - Volatility Comparison

The current volatility for BMO Canadian Bank Income Index ETF (ZBI.TO) is 0.93%, while PIMCO Canadian Core Bond Fund (CORE.TO) has a volatility of 1.77%. This indicates that ZBI.TO experiences smaller price fluctuations and is considered to be less risky than CORE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZBI.TO	CORE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	1.77%	-0.84%
Volatility (6M) Calculated over the trailing 6-month period	1.45%	2.89%	-1.44%
Volatility (1Y) Calculated over the trailing 1-year period	2.28%	4.62%	-2.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.70%	5.04%	-1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.70%	5.04%	-1.34%