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ZCM.TO vs. VAB.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZCM.TO vs. VAB.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Mid Corporate Bond Index ETF (ZCM.TO) and Vanguard Canadian Aggregate Bond Index ETF (VAB.TO).

ZCM.TO and VAB.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZCM.TO is a passively managed fund by BMO that tracks the performance of the FTSE Canada Mid Term Corporate Bond Index. It was launched on Jan 19, 2010. VAB.TO is a passively managed fund by Vanguard that tracks the performance of the Bloomberg Global Aggregate Canadian Float Adjusted Bond Index. It was launched on Nov 30, 2011. Both ZCM.TO and VAB.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZCM.TO vs. VAB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Mid Corporate Bond Index ETF (ZCM.TO) and Vanguard Canadian Aggregate Bond Index ETF (VAB.TO). The values are adjusted to include any dividend payments, if applicable.

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ZCM.TO vs. VAB.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZCM.TO
BMO Mid Corporate Bond Index ETF		-0.13%4.84%8.07%7.96%-10.18%-2.09%10.34%8.59%0.58%2.28%
VAB.TO
Vanguard Canadian Aggregate Bond Index ETF		0.13%2.28%3.98%6.90%-11.86%-2.88%8.26%6.77%1.13%2.30%

Returns By Period

In the year-to-date period, ZCM.TO achieves a -0.13% return, which is significantly lower than VAB.TO's 0.13% return. Over the past 10 years, ZCM.TO has outperformed VAB.TO with an annualized return of 3.02%, while VAB.TO has yielded a comparatively lower 1.54% annualized return.

ZCM.TO

1D
0.00%
1M
-2.39%
YTD
-0.13%
6M
-0.43%
1Y
2.85%
3Y*
5.76%
5Y*
2.18%
10Y*
3.02%

VAB.TO

1D
0.26%
1M
-2.02%
YTD
0.13%
6M
-0.33%
1Y
0.57%
3Y*
3.27%
5Y*
0.52%
10Y*
1.54%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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BMO Mid Corporate Bond Index ETF

Vanguard Canadian Aggregate Bond Index ETF

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Often compared with VAB.TO:
VAB.TO vs. ZAG.TOVAB.TO vs. XBB.TOVAB.TO vs. XCB.TOVAB.TO vs. VFV.TOVAB.TO vs. VSB.TOVAB.TO vs. VEQT.TOVAB.TO vs. TLT

ZCM.TO vs. VAB.TO - Expense Ratio Comparison

ZCM.TO has a 0.33% expense ratio, which is higher than VAB.TO's 0.09% expense ratio.

ZCM.TO
BMO Mid Corporate Bond Index ETF
VAB.TO
Vanguard Canadian Aggregate Bond Index ETF

Return for Risk

ZCM.TO vs. VAB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZCM.TO
ZCM.TO Risk / Return Rank: 3434
Overall Rank
ZCM.TO Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
ZCM.TO Sortino Ratio Rank: 2929
Sortino Ratio Rank
ZCM.TO Omega Ratio Rank: 2828
Omega Ratio Rank
ZCM.TO Calmar Ratio Rank: 4040
Calmar Ratio Rank
ZCM.TO Martin Ratio Rank: 3636
Martin Ratio Rank
VAB.TO
VAB.TO Risk / Return Rank: 1616
Overall Rank
VAB.TO Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
VAB.TO Sortino Ratio Rank: 1313
Sortino Ratio Rank
VAB.TO Omega Ratio Rank: 1313
Omega Ratio Rank
VAB.TO Calmar Ratio Rank: 1919
Calmar Ratio Rank
VAB.TO Martin Ratio Rank: 1717
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZCM.TO vs. VAB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Mid Corporate Bond Index ETF (ZCM.TO) and Vanguard Canadian Aggregate Bond Index ETF (VAB.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.

ZCM.TOVAB.TODifference

Sharpe ratio

Return per unit of total volatility

0.63

0.12

+0.51

Sortino ratio

Return per unit of downside risk

0.85

0.19

+0.66

Omega ratio

Gain probability vs. loss probability

1.11

1.02

+0.09

Calmar ratio

Return relative to maximum drawdown

1.03

0.30

+0.73

Martin ratio

Return relative to average drawdown

3.34

0.62

+2.73

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZCM.TO vs. VAB.TO - Sharpe Ratio Comparison

The current ZCM.TO Sharpe Ratio is 0.63, which is higher than the VAB.TO Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of ZCM.TO and VAB.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZCM.TOVAB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.63

0.12

+0.51

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.36

0.08

+0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

0.24

+0.11

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

0.38

+0.17

Correlation

The correlation between ZCM.TO and VAB.TO is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZCM.TO vs. VAB.TO - Dividend Comparison

ZCM.TO's dividend yield for the trailing twelve months is around 4.22%, more than VAB.TO's 3.33% yield.

TTM20252024202320222021202020192018201720162015
ZCM.TO
BMO Mid Corporate Bond Index ETF		4.22%4.03%3.84%3.93%3.80%3.29%3.12%3.33%3.22%3.04%3.18%3.42%
VAB.TO
Vanguard Canadian Aggregate Bond Index ETF		3.33%3.33%3.19%2.95%2.87%2.48%2.50%2.65%2.79%2.77%2.75%2.78%

Drawdowns

ZCM.TO vs. VAB.TO - Drawdown Comparison

The maximum ZCM.TO drawdown since its inception was -26.06%, which is greater than VAB.TO's maximum drawdown of -18.39%. Use the drawdown chart below to compare losses from any high point for ZCM.TO and VAB.TO.

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Drawdown Indicators

ZCM.TOVAB.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.06%

-18.39%

-7.67%

Max Drawdown (1Y)

Largest decline over 1 year

-3.08%

-2.86%

-0.22%

Max Drawdown (5Y)

Largest decline over 5 years

-15.82%

-15.82%

0.00%

Max Drawdown (10Y)

Largest decline over 10 years

-26.06%

-18.39%

-7.67%

Current Drawdown

Current decline from peak

-2.41%

-3.36%

+0.95%

Average Drawdown

Average peak-to-trough decline

-2.62%

-4.13%

+1.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.95%

1.41%

-0.46%

Volatility

ZCM.TO vs. VAB.TO - Volatility Comparison

BMO Mid Corporate Bond Index ETF (ZCM.TO) has a higher volatility of 2.29% compared to Vanguard Canadian Aggregate Bond Index ETF (VAB.TO) at 2.02%. This indicates that ZCM.TO's price experiences larger fluctuations and is considered to be riskier than VAB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZCM.TOVAB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.29%

2.02%

+0.27%

Volatility (6M)

Calculated over the trailing 6-month period

3.22%

3.06%

+0.16%

Volatility (1Y)

Calculated over the trailing 1-year period

4.57%

4.66%

-0.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.06%

6.54%

-0.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.75%

6.46%

+2.29%