ZCB.TO vs. RBO.TO
ZCB.TO (BMO Corporate Bond Index ETF) and RBO.TO (RBC 1-5 Year Laddered Canadian Corporate Bond ETF) are both Corporate Bonds funds. ZCB.TO is passively managed, while RBO.TO is actively managed. Over the past 5 years, ZCB.TO returned 1.91%/yr vs 2.32%/yr for RBO.TO. At a 0.43 correlation, their price movements are largely independent.
Performance
ZCB.TO vs. RBO.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 RBO.TO's 1.41% 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*
- —
RBO.TO
- 1D
- 0.16%
- 1M
- -0.08%
- 6M
- 0.93%
- YTD
- 1.41%
- 1Y
- 3.34%
- 3Y*
- 5.41%
- 5Y*
- 2.32%
- 10Y*
- 2.40%
ZCB.TO vs. RBO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZCB.TO BMO Corporate Bond Index ETF | 1.60% | 3.81% | 6.60% | 8.73% | -10.20% | -2.22% | 8.33% | 8.03% | 0.90% |
RBO.TO RBC 1-5 Year Laddered Canadian Corporate Bond ETF | 1.41% | 4.23% | 6.06% | 6.16% | -5.32% | -1.20% | 6.09% | 5.07% | 1.01% |
Correlation
The correlation between ZCB.TO and RBO.TO is 0.56, 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 | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 2018 | 0.43 |
The correlation between ZCB.TO and RBO.TO shifts across timeframes, from 0.43 (all time) to 0.56 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZCB.TO vs. RBO.TO — Risk / Return Rank
ZCB.TO
RBO.TO
ZCB.TO vs. RBO.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Corporate Bond Index ETF (ZCB.TO) and RBC 1-5 Year Laddered Canadian Corporate Bond ETF (RBO.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 | RBO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.30 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 1.92 | -0.09 |
| Martin ratioReturn relative to average drawdown | 5.62 | 6.93 | -1.31 |
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Drawdowns
ZCB.TO vs. RBO.TO - Drawdown Comparison
The maximum ZCB.TO drawdown since its inception was -15.70%, smaller than the maximum RBO.TO drawdown of -20.46%. Use the drawdown chart below to compare losses from any high point for ZCB.TO and RBO.TO.
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Drawdown Indicators
| ZCB.TO | RBO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.70% | -20.46% | +4.76% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -1.75% | -0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -3.14% | -1.75% | -1.39% |
Max Drawdown (5Y)Largest decline over 5 years | -14.20% | -7.89% | -6.31% |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.46% | — |
Current DrawdownCurrent decline from peak | -0.72% | -0.16% | -0.56% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -1.34% | -2.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 0.48% | +0.35% |
Volatility
ZCB.TO vs. RBO.TO - Volatility Comparison
BMO Corporate Bond Index ETF (ZCB.TO) has a higher volatility of 0.93% compared to RBC 1-5 Year Laddered Canadian Corporate Bond ETF (RBO.TO) at 0.41%. This indicates that ZCB.TO's price experiences larger fluctuations and is considered to be riskier than RBO.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 | RBO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.41% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 1.81% | +1.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.71% | 2.18% | +1.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.20% | 2.95% | +2.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.40% | 7.74% | -2.34% |
Dividends
ZCB.TO vs. RBO.TO - Dividend Comparison
ZCB.TO's dividend yield for the trailing twelve months is around 4.14%, more than RBO.TO's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RBO.TO RBC 1-5 Year Laddered Canadian Corporate Bond ETF | 3.90% | 3.67% | 3.35% | 2.56% | 2.64% | 2.32% | 2.41% | 2.77% | 2.96% | 3.02% | 3.26% | 3.54% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZCB.TO and RBO.TO have a correlation of 0.56, 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 RBC.
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