ZCB.TO vs. FLCI.TO
ZCB.TO (BMO Corporate Bond Index ETF) and FLCI.TO (Franklin Canadian Corporate Bond Fund ETF) are both Corporate Bonds funds. ZCB.TO is passively managed, while FLCI.TO is actively managed. Over the past 5 years, ZCB.TO returned 2.19%/yr vs 2.56%/yr for FLCI.TO. At a 0.44 correlation, their price movements are largely independent. ZCB.TO charges 0.17%/yr vs 0.39%/yr for FLCI.TO.
Performance
ZCB.TO vs. FLCI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZCB.TO achieves a 2.21% return, which is significantly lower than FLCI.TO's 2.34% return.
ZCB.TO
- 1D
- -0.13%
- 1M
- 0.65%
- YTD
- 2.21%
- 6M
- 1.89%
- 1Y
- 4.46%
- 3Y*
- 6.17%
- 5Y*
- 2.19%
- 10Y*
- —
FLCI.TO
- 1D
- 0.44%
- 1M
- 1.18%
- YTD
- 2.34%
- 6M
- 2.58%
- 1Y
- 5.33%
- 3Y*
- 7.24%
- 5Y*
- 2.56%
- 10Y*
- —
ZCB.TO vs. FLCI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZCB.TO BMO Corporate Bond Index ETF | 2.21% | 3.81% | 6.60% | 8.73% | -10.20% | -2.22% | 8.33% | 8.03% | 0.90% |
FLCI.TO Franklin Canadian Corporate Bond Fund ETF | 2.34% | 4.88% | 8.03% | 8.31% | -10.13% | -1.36% | 8.04% | 8.29% | 0.67% |
Correlation
The correlation between ZCB.TO and FLCI.TO is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 2018 | 0.44 |
The correlation between ZCB.TO and FLCI.TO has been stable across timeframes, ranging from 0.43 to 0.51 - a consistent structural relationship.
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Return for Risk
ZCB.TO vs. FLCI.TO — Risk / Return Rank
ZCB.TO
FLCI.TO
ZCB.TO vs. FLCI.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Corporate Bond Index ETF (ZCB.TO) and Franklin Canadian Corporate Bond Fund ETF (FLCI.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 | FLCI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.24 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 2.36 | -0.60 |
| Martin ratioReturn relative to average drawdown | 5.21 | 6.55 | -1.35 |
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Drawdowns
ZCB.TO vs. FLCI.TO - Drawdown Comparison
The maximum ZCB.TO drawdown since its inception was -15.70%, smaller than the maximum FLCI.TO drawdown of -17.51%. Use the drawdown chart below to compare losses from any high point for ZCB.TO and FLCI.TO.
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Drawdown Indicators
| ZCB.TO | FLCI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.70% | -17.51% | +1.81% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -2.27% | -0.28% |
Max Drawdown (3Y)Largest decline over 3 years | -3.27% | -3.31% | +0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -14.20% | -14.63% | +0.43% |
Current DrawdownCurrent decline from peak | -0.13% | 0.00% | -0.13% |
Average DrawdownAverage peak-to-trough decline | -3.67% | -3.29% | -0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.82% | +0.04% |
Volatility
ZCB.TO vs. FLCI.TO - Volatility Comparison
The current volatility for BMO Corporate Bond Index ETF (ZCB.TO) is 0.92%, while Franklin Canadian Corporate Bond Fund ETF (FLCI.TO) has a volatility of 1.23%. This indicates that ZCB.TO experiences smaller price fluctuations and is considered to be less risky than FLCI.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 | FLCI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 1.23% | -0.31% |
Volatility (6M)Calculated over the trailing 6-month period | 2.92% | 3.00% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.74% | 3.96% | -0.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.20% | 5.64% | -0.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.41% | 6.47% | -1.06% |
ZCB.TO vs. FLCI.TO - Expense Ratio Comparison
ZCB.TO has a 0.17% expense ratio, which is lower than FLCI.TO's 0.39% expense ratio.
Dividends
ZCB.TO vs. FLCI.TO - Dividend Comparison
ZCB.TO's dividend yield for the trailing twelve months is around 4.02%, less than FLCI.TO's 4.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FLCI.TO Franklin Canadian Corporate Bond Fund ETF | 4.40% | 4.26% | 4.41% | 4.09% | 4.95% | 3.35% | 3.25% | 3.68% | 3.87% | 0.84% |
ZCB.TO BMO Corporate Bond Index ETF | 4.02% | 4.00% | 3.84% | 3.89% | 3.62% | 3.13% | 2.97% | 3.12% | 3.27% | 0.00% |
Frequently Asked Questions
ZCB.TO and FLCI.TO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCB.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCB.TO is cheaper with a 0.17% expense ratio, compared with 0.39% for FLCI.TO.
They also come from different issuers: BMO and Franklin. Their fees differ too: 0.17% for ZCB.TO and 0.39% for FLCI.TO.
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