ZCB.TO vs. CFRN.TO
ZCB.TO (BMO Corporate Bond Index ETF) and CFRN.TO (CIBC Active Investment Grade Floating Rate Bond ETF) are both Corporate Bonds funds. ZCB.TO is passively managed, while CFRN.TO is actively managed. Over the past 5 years, ZCB.TO returned 1.91%/yr vs 3.42%/yr for CFRN.TO. At a 0.01 correlation, their price movements are largely independent.
Performance
ZCB.TO vs. CFRN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZCB.TO achieves a 1.60% return, which is significantly higher than CFRN.TO's 1.36% return.
ZCB.TO
- 1D
- 0.17%
- 1M
- -0.45%
- 6M
- 0.92%
- YTD
- 1.60%
- 1Y
- 4.66%
- 3Y*
- 5.97%
- 5Y*
- 1.91%
- 10Y*
- —
CFRN.TO
- 1D
- 0.00%
- 1M
- 0.20%
- 6M
- 1.31%
- YTD
- 1.36%
- 1Y
- 3.11%
- 3Y*
- 4.22%
- 5Y*
- 3.42%
- 10Y*
- —
ZCB.TO vs. CFRN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZCB.TO BMO Corporate Bond Index ETF | 1.60% | 3.81% | 6.60% | 8.73% | -10.20% | -2.22% | 8.33% | 7.60% |
CFRN.TO CIBC Active Investment Grade Floating Rate Bond ETF | 1.36% | 3.32% | 5.21% | 5.83% | 1.40% | 0.25% | 1.04% | 1.97% |
Correlation
The correlation between ZCB.TO and CFRN.TO is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2019 | 0.01 |
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Return for Risk
ZCB.TO vs. CFRN.TO — Risk / Return Rank
ZCB.TO
CFRN.TO
ZCB.TO vs. CFRN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Corporate Bond Index ETF (ZCB.TO) and CIBC Active Investment Grade Floating Rate Bond ETF (CFRN.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.
| ZCB.TO | CFRN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -1.91 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.57 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 6.91 | -5.07 |
| Martin ratioReturn relative to average drawdown | 5.62 | 33.05 | -27.43 |
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Drawdowns
ZCB.TO vs. CFRN.TO - Drawdown Comparison
The maximum ZCB.TO drawdown since its inception was -15.70%, which is greater than CFRN.TO's maximum drawdown of -1.00%. Use the drawdown chart below to compare losses from any high point for ZCB.TO and CFRN.TO.
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Drawdown Indicators
| ZCB.TO | CFRN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.70% | -1.00% | -14.70% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -0.45% | -2.10% |
Max Drawdown (3Y)Largest decline over 3 years | -3.14% | -0.66% | -2.48% |
Max Drawdown (5Y)Largest decline over 5 years | -14.20% | -1.00% | -13.20% |
Current DrawdownCurrent decline from peak | -0.72% | 0.00% | -0.72% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -0.15% | -3.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 0.09% | +0.74% |
Volatility
ZCB.TO vs. CFRN.TO - Volatility Comparison
BMO Corporate Bond Index ETF (ZCB.TO) has a higher volatility of 0.93% compared to CIBC Active Investment Grade Floating Rate Bond ETF (CFRN.TO) at 0.21%. This indicates that ZCB.TO's price experiences larger fluctuations and is considered to be riskier than CFRN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZCB.TO | CFRN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.21% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 0.83% | +2.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.71% | 1.34% | +2.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.20% | 2.10% | +3.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.40% | 1.78% | +3.62% |
Dividends
ZCB.TO vs. CFRN.TO - Dividend Comparison
ZCB.TO's dividend yield for the trailing twelve months is around 4.14%, more than CFRN.TO's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CFRN.TO CIBC Active Investment Grade Floating Rate Bond ETF | 3.17% | 3.47% | 4.46% | 4.43% | 2.26% | 1.26% | 1.74% | 1.70% | 0.00% |
ZCB.TO BMO Corporate Bond Index ETF | 4.14% | 4.00% | 3.84% | 3.89% | 3.62% | 3.13% | 2.97% | 3.12% | 3.27% |
Frequently Asked Questions
ZCB.TO and CFRN.TO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and CIBC.
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