ZBI.TO vs. ZAAA.NEO
ZBI.TO (BMO Canadian Bank Income Index ETF) and ZAAA.NEO (BMO AAA CLO ETF) are both exchange-traded funds - ZBI.TO is a Canadian Government Bonds fund tracking the Solactive Canadian Bank Income Index, while ZAAA.NEO is a CLO fund actively managed by BMO. ZBI.TO is passively managed, while ZAAA.NEO is actively managed. Over the past year, ZBI.TO returned 4.79% vs 7.40% for ZAAA.NEO. At a 0.00 correlation, their price movements are largely independent. ZBI.TO charges 0.28%/yr vs 0.23%/yr for ZAAA.NEO.
Performance
ZBI.TO vs. ZAAA.NEO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZBI.TO achieves a 2.08% return, which is significantly lower than ZAAA.NEO's 4.67% return.
ZBI.TO
- 1D
- 0.10%
- 1M
- 0.25%
- 6M
- 1.65%
- YTD
- 2.08%
- 1Y
- 4.79%
- 3Y*
- 8.09%
- 5Y*
- —
- 10Y*
- —
ZAAA.NEO
- 1D
- -0.81%
- 1M
- 0.80%
- 6M
- 3.39%
- YTD
- 4.67%
- 1Y
- 7.40%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZBI.TO vs. ZAAA.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZBI.TO BMO Canadian Bank Income Index ETF | 2.08% | 4.24% |
ZAAA.NEO BMO AAA CLO ETF | 4.67% | 3.10% |
Correlation
The correlation between ZBI.TO and ZAAA.NEO is -0.05, 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 | -0.05 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | 0.00 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZBI.TO vs. ZAAA.NEO — Risk / Return Rank
ZBI.TO
ZAAA.NEO
ZBI.TO vs. ZAAA.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Canadian Bank Income Index ETF (ZBI.TO) and BMO AAA CLO ETF (ZAAA.NEO). 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 | ZAAA.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +0.94 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.33 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.98 | 2.48 | +1.50 |
| Martin ratioReturn relative to average drawdown | 18.04 | 6.00 | +12.03 |
Loading charts...
Drawdowns
ZBI.TO vs. ZAAA.NEO - Drawdown Comparison
The maximum ZBI.TO drawdown since its inception was -8.31%, which is greater than ZAAA.NEO's maximum drawdown of -3.01%. Use the drawdown chart below to compare losses from any high point for ZBI.TO and ZAAA.NEO.
Loading charts...
Drawdown Indicators
| ZBI.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.31% | -3.01% | -5.30% |
Max Drawdown (1Y)Largest decline over 1 year | -1.21% | -3.01% | +1.80% |
Max Drawdown (3Y)Largest decline over 3 years | -1.47% | — | — |
Current DrawdownCurrent decline from peak | -0.07% | -1.15% | +1.08% |
Average DrawdownAverage peak-to-trough decline | -2.25% | -0.99% | -1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.27% | 1.24% | -0.97% |
Volatility
ZBI.TO vs. ZAAA.NEO - Volatility Comparison
The current volatility for BMO Canadian Bank Income Index ETF (ZBI.TO) is 0.49%, while BMO AAA CLO ETF (ZAAA.NEO) has a volatility of 1.50%. This indicates that ZBI.TO experiences smaller price fluctuations and is considered to be less risky than ZAAA.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZBI.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.49% | 1.50% | -1.01% |
Volatility (6M)Calculated over the trailing 6-month period | 1.51% | 3.39% | -1.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.09% | 4.59% | -2.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.62% | 4.65% | -1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.62% | 4.65% | -1.03% |
ZBI.TO vs. ZAAA.NEO - Expense Ratio Comparison
ZBI.TO has a 0.28% expense ratio, which is higher than ZAAA.NEO's 0.23% expense ratio.
Dividends
ZBI.TO vs. ZAAA.NEO - Dividend Comparison
ZBI.TO's dividend yield for the trailing twelve months is around 4.35%, less than ZAAA.NEO's 5.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
ZAAA.NEO BMO AAA CLO ETF | 5.12% | 3.16% | 0.00% | 0.00% | 0.00% |
ZBI.TO BMO Canadian Bank Income Index ETF | 4.35% | 4.02% | 3.36% | 3.58% | 2.66% |
Frequently Asked Questions
ZBI.TO and ZAAA.NEO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZAAA.NEO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZAAA.NEO is cheaper with a 0.23% expense ratio, compared with 0.28% for ZBI.TO.
ZBI.TO is categorized as Canadian Government Bonds, while ZAAA.NEO is CLO. Their fees differ too: 0.28% for ZBI.TO and 0.23% for ZAAA.NEO.
Find the right allocation for ZBI.TO and ZAAA.NEO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer