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ZBI.TO vs. XHY.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZBI.TO vs. XHY.TO

Last updated Apr 2, 2026

Compare and contrast key facts about BMO Canadian Bank Income Index ETF (ZBI.TO) and iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO).

ZBI.TO and XHY.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. XHY.TO is a passively managed fund by iShares that tracks the performance of the Morningstar Gbl HY Bd GR CAD. It was launched on Jan 21, 2010. Both ZBI.TO and XHY.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZBI.TO vs. XHY.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 iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)2025202420232022
ZBI.TO
BMO Canadian Bank Income Index ETF		0.32%5.10%12.50%6.85%-6.45%
XHY.TO
iShares U.S. High Yield Bond Index ETF (CAD-Hedged)		-0.19%6.33%7.05%11.06%-7.52%

Returns By Period

In the year-to-date period, ZBI.TO achieves a 0.32% return, which is significantly higher than XHY.TO's -0.19% return.

ZBI.TO

1D
-0.23%
1M
-0.59%
YTD
0.32%
6M
0.96%
1Y
4.47%
3Y*
7.75%
5Y*
—
10Y*
—

XHY.TO

1D
0.18%
1M
-1.00%
YTD
-0.19%
6M
0.11%
1Y
4.86%
3Y*
6.89%
5Y*
2.88%
10Y*
4.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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BMO Canadian Bank Income Index ETF

iShares U.S. High Yield Bond Index ETF (CAD-Hedged)

Often compared with ZBI.TO:
ZBI.TO vs. GCNS.TOZBI.TO vs. XSH.TOZBI.TO vs. CMR.TOZBI.TO vs. XFN.TOZBI.TO vs. XSHG.TOZBI.TO vs. ZBBB.TOZBI.TO vs. CEW.TO
Often compared with XHY.TO:
XHY.TO vs. XBBXHY.TO vs. XIG.TOXHY.TO vs. CVD.TOXHY.TO vs. XFR.TOXHY.TO vs. XHB.TOXHY.TO vs. FLTRXHY.TO vs. HYG

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

ZBI.TO has a 0.28% expense ratio, which is lower than XHY.TO's 0.56% expense ratio.

XHY.TO
iShares U.S. High Yield Bond Index ETF (CAD-Hedged)
ZBI.TO
BMO Canadian Bank Income Index ETF

Return for Risk

ZBI.TO vs. XHY.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: 9292
Overall Rank
ZBI.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
ZBI.TO Sortino Ratio Rank: 9191
Sortino Ratio Rank
ZBI.TO Omega Ratio Rank: 9393
Omega Ratio Rank
ZBI.TO Calmar Ratio Rank: 9292
Calmar Ratio Rank
ZBI.TO Martin Ratio Rank: 9393
Martin Ratio Rank
XHY.TO
XHY.TO Risk / Return Rank: 4242
Overall Rank
XHY.TO Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
XHY.TO Sortino Ratio Rank: 3636
Sortino Ratio Rank
XHY.TO Omega Ratio Rank: 3838
Omega Ratio Rank
XHY.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
XHY.TO Martin Ratio Rank: 5454
Martin Ratio Rank
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. XHY.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 iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.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.TOXHY.TODifference

Sharpe ratio

Return per unit of total volatility

1.96

0.77

+1.19

Sortino ratio

Return per unit of downside risk

2.77

1.11

+1.66

Omega ratio

Gain probability vs. loss probability

1.43

1.16

+0.27

Calmar ratio

Return relative to maximum drawdown

3.60

1.15

+2.45

Martin ratio

Return relative to average drawdown

14.55

5.63

+8.93

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. XHY.TO - Sharpe Ratio Comparison

The current ZBI.TO Sharpe Ratio is 1.96, which is higher than the XHY.TO Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of ZBI.TO and XHY.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.

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Sharpe Ratios by Period

ZBI.TOXHY.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.96

0.77

+1.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.34

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.41

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.14

0.49

+0.64

Correlation

The correlation between ZBI.TO and XHY.TO is 0.18, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ZBI.TO vs. XHY.TO - Dividend Comparison

ZBI.TO's dividend yield for the trailing twelve months is around 4.29%, less than XHY.TO's 6.14% yield.

TTM20252024202320222021202020192018201720162015
ZBI.TO
BMO Canadian Bank Income Index ETF		4.29%4.01%3.36%3.58%2.66%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
XHY.TO
iShares U.S. High Yield Bond Index ETF (CAD-Hedged)		6.14%6.04%5.87%5.56%5.70%4.72%5.18%5.38%5.87%5.46%5.64%6.83%

Drawdowns

ZBI.TO vs. XHY.TO - Drawdown Comparison

The maximum ZBI.TO drawdown since its inception was -8.22%, smaller than the maximum XHY.TO drawdown of -28.48%. Use the drawdown chart below to compare losses from any high point for ZBI.TO and XHY.TO.

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Drawdown Indicators

ZBI.TOXHY.TODifference

Max Drawdown

Largest peak-to-trough decline

-8.22%

-28.48%

+20.26%

Max Drawdown (1Y)

Largest decline over 1 year

-1.21%

-4.62%

+3.41%

Max Drawdown (5Y)

Largest decline over 5 years

—

-16.67%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-28.48%

—

Current Drawdown

Current decline from peak

-0.79%

-1.30%

+0.51%

Average Drawdown

Average peak-to-trough decline

-2.34%

-2.57%

+0.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.31%

0.94%

-0.63%

Volatility

ZBI.TO vs. XHY.TO - Volatility Comparison

The current volatility for BMO Canadian Bank Income Index ETF (ZBI.TO) is 0.95%, while iShares U.S. High Yield Bond Index ETF (CAD-Hedged) (XHY.TO) has a volatility of 2.49%. This indicates that ZBI.TO experiences smaller price fluctuations and is considered to be less risky than XHY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZBI.TOXHY.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.95%

2.49%

-1.54%

Volatility (6M)

Calculated over the trailing 6-month period

1.47%

3.36%

-1.89%

Volatility (1Y)

Calculated over the trailing 1-year period

2.29%

6.38%

-4.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.71%

8.64%

-4.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.71%

10.64%

-6.93%