ZCB.TO vs. RQP.TO
ZCB.TO (BMO Corporate Bond Index ETF) and RQP.TO (RBC Target 2027 Canadian Corporate Bond Index ETF) are both Corporate Bonds funds. ZCB.TO is passively managed, while RQP.TO is actively managed. Over the past 5 years, ZCB.TO returned 1.91%/yr vs 1.75%/yr for RQP.TO. A 0.54 correlation means they provide meaningful diversification when combined.
Performance
ZCB.TO vs. RQP.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 RQP.TO's 1.35% 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*
- —
RQP.TO
- 1D
- 0.05%
- 1M
- 0.16%
- 6M
- 1.19%
- YTD
- 1.35%
- 1Y
- 3.41%
- 3Y*
- 5.72%
- 5Y*
- 1.75%
- 10Y*
- —
ZCB.TO vs. RQP.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ZCB.TO BMO Corporate Bond Index ETF | 1.60% | 3.81% | 6.60% | 8.73% | -10.20% | -2.22% | 1.20% |
RQP.TO RBC Target 2027 Canadian Corporate Bond Index ETF | 1.35% | 4.15% | 6.22% | 6.87% | -8.19% | -2.20% | 1.15% |
Correlation
The correlation between ZCB.TO and RQP.TO is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2020 | 0.54 |
The correlation between ZCB.TO and RQP.TO shifts across timeframes, from 0.54 (all time) to 0.70 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZCB.TO vs. RQP.TO — Risk / Return Rank
ZCB.TO
RQP.TO
ZCB.TO vs. RQP.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 Target 2027 Canadian Corporate Bond Index ETF (RQP.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 | RQP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -2.71 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.66 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 5.24 | -3.41 |
| Martin ratioReturn relative to average drawdown | 5.62 | 27.52 | -21.91 |
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Drawdowns
ZCB.TO vs. RQP.TO - Drawdown Comparison
The maximum ZCB.TO drawdown since its inception was -15.70%, which is greater than RQP.TO's maximum drawdown of -13.88%. Use the drawdown chart below to compare losses from any high point for ZCB.TO and RQP.TO.
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Drawdown Indicators
| ZCB.TO | RQP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.70% | -13.88% | -1.82% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -0.65% | -1.90% |
Max Drawdown (3Y)Largest decline over 3 years | -3.14% | -1.46% | -1.68% |
Max Drawdown (5Y)Largest decline over 5 years | -14.20% | -12.93% | -1.27% |
Current DrawdownCurrent decline from peak | -0.72% | 0.00% | -0.72% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -4.13% | +0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 0.12% | +0.71% |
Volatility
ZCB.TO vs. RQP.TO - Volatility Comparison
BMO Corporate Bond Index ETF (ZCB.TO) has a higher volatility of 0.93% compared to RBC Target 2027 Canadian Corporate Bond Index ETF (RQP.TO) at 0.33%. This indicates that ZCB.TO's price experiences larger fluctuations and is considered to be riskier than RQP.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 | RQP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.33% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 0.85% | +2.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.71% | 1.16% | +2.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.20% | 3.86% | +1.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.40% | 3.77% | +1.63% |
Dividends
ZCB.TO vs. RQP.TO - Dividend Comparison
ZCB.TO's dividend yield for the trailing twelve months is around 4.14%, more than RQP.TO's 3.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
RQP.TO RBC Target 2027 Canadian Corporate Bond Index ETF | 3.70% | 3.58% | 3.25% | 3.18% | 2.67% | 2.29% | 0.60% | 0.00% | 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 RQP.TO have a correlation of 0.59, 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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