ZCB.TO vs. TUSB.TO
ZCB.TO (BMO Corporate Bond Index ETF) and TUSB.TO (TD Select U.S. Short Term Corporate Bond Ladder ETF) are both exchange-traded funds - ZCB.TO is a Corporate Bonds fund tracking the FTSE Canada All Corporate Bond Index, while TUSB.TO is a Short-Term Bond fund actively managed by TD. ZCB.TO is passively managed, while TUSB.TO is actively managed. Over the past 5 years, ZCB.TO returned 1.91%/yr vs 5.41%/yr for TUSB.TO. At a 0.16 correlation, their price movements are largely independent.
Performance
ZCB.TO vs. TUSB.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 lower than TUSB.TO's 3.41% 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*
- —
TUSB.TO
- 1D
- -0.21%
- 1M
- 0.48%
- 6M
- 1.98%
- YTD
- 3.41%
- 1Y
- 6.93%
- 3Y*
- 7.96%
- 5Y*
- 5.41%
- 10Y*
- —
ZCB.TO vs. TUSB.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% | 1.48% |
TUSB.TO TD Select U.S. Short Term Corporate Bond Ladder ETF | 3.41% | 2.39% | 14.59% | 3.52% | 1.39% | -2.53% | 3.22% | 1.54% | 3.47% |
Correlation
The correlation between ZCB.TO and TUSB.TO is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Nov 14, 2018 | 0.16 |
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Return for Risk
ZCB.TO vs. TUSB.TO — Risk / Return Rank
ZCB.TO
TUSB.TO
ZCB.TO vs. TUSB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Corporate Bond Index ETF (ZCB.TO) and TD Select U.S. Short Term Corporate Bond Ladder ETF (TUSB.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 | TUSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.28 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 1.92 | -0.09 |
| Martin ratioReturn relative to average drawdown | 5.62 | 4.86 | +0.75 |
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Drawdowns
ZCB.TO vs. TUSB.TO - Drawdown Comparison
The maximum ZCB.TO drawdown since its inception was -15.70%, which is greater than TUSB.TO's maximum drawdown of -11.97%. Use the drawdown chart below to compare losses from any high point for ZCB.TO and TUSB.TO.
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Drawdown Indicators
| ZCB.TO | TUSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.70% | -11.97% | -3.73% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -3.62% | +1.07% |
Max Drawdown (3Y)Largest decline over 3 years | -3.14% | -5.20% | +2.06% |
Max Drawdown (5Y)Largest decline over 5 years | -14.20% | -7.56% | -6.64% |
Current DrawdownCurrent decline from peak | -0.72% | -1.37% | +0.65% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -3.46% | -0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 1.43% | -0.60% |
Volatility
ZCB.TO vs. TUSB.TO - Volatility Comparison
The current volatility for BMO Corporate Bond Index ETF (ZCB.TO) is 0.93%, while TD Select U.S. Short Term Corporate Bond Ladder ETF (TUSB.TO) has a volatility of 1.23%. This indicates that ZCB.TO experiences smaller price fluctuations and is considered to be less risky than TUSB.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 | TUSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 1.23% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 3.37% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.71% | 4.53% | -0.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.20% | 6.53% | -1.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.40% | 6.72% | -1.32% |
Dividends
ZCB.TO vs. TUSB.TO - Dividend Comparison
ZCB.TO's dividend yield for the trailing twelve months is around 4.14%, less than TUSB.TO's 4.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TUSB.TO TD Select U.S. Short Term Corporate Bond Ladder ETF | 4.57% | 5.05% | 4.92% | 5.35% | 3.54% | 3.43% | 5.07% | 4.48% | 0.55% |
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 TUSB.TO have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZCB.TO is categorized as Corporate Bonds, while TUSB.TO is Short-Term Bond. They also come from different issuers: BMO and TD.
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