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

ZCM.TO vs. ZCS.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Mid Corporate Bond Index ETF (ZCM.TO) and BMO Short Corporate Bond Index ETF (ZCS.TO).

ZCM.TO and ZCS.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. ZCS.TO is a passively managed fund by BMO that tracks the performance of the FTSE Canada Short Term Corporate Bond Index. It was launched on Oct 20, 2009. Both ZCM.TO and ZCS.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. ZCS.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 BMO Short Corporate Bond Index ETF (ZCS.TO). The values are adjusted to include any dividend payments, if applicable.

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ZCM.TO vs. ZCS.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%
ZCS.TO
BMO Short Corporate Bond Index ETF		0.15%4.41%7.42%6.67%-4.48%-0.76%6.10%5.01%1.23%1.04%

Returns By Period

In the year-to-date period, ZCM.TO achieves a -0.13% return, which is significantly lower than ZCS.TO's 0.15% return. Over the past 10 years, ZCM.TO has outperformed ZCS.TO with an annualized return of 3.02%, while ZCS.TO has yielded a comparatively lower 2.75% 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%

ZCS.TO

1D
0.22%
1M
-1.01%
YTD
0.15%
6M
0.61%
1Y
3.27%
3Y*
5.49%
5Y*
2.68%
10Y*
2.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Mid Corporate Bond Index ETF

BMO Short Corporate Bond Index ETF

Often compared with ZCM.TO:
ZCM.TO vs. SYLD.TOZCM.TO vs. TCSH.TOZCM.TO vs. BND.TOZCM.TO vs. VAB.TOZCM.TO vs. PMIF.TOZCM.TO vs. VGG.TOZCM.TO vs. ZST.TO
Often compared with ZCS.TO:
ZCS.TO vs. ZAG.TOZCS.TO vs. XCB.TOZCS.TO vs. XSB.TOZCS.TO vs. PSA.TOZCS.TO vs. ZCB.TOZCS.TO vs. VSB.TOZCS.TO vs. XSH.TO

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

ZCM.TO has a 0.33% expense ratio, which is higher than ZCS.TO's 0.11% expense ratio.

ZCM.TO
BMO Mid Corporate Bond Index ETF
ZCS.TO
BMO Short Corporate Bond Index ETF

Return for Risk

ZCM.TO vs. ZCS.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
ZCS.TO
ZCS.TO Risk / Return Rank: 8282
Overall Rank
ZCS.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
ZCS.TO Sortino Ratio Rank: 8282
Sortino Ratio Rank
ZCS.TO Omega Ratio Rank: 8383
Omega Ratio Rank
ZCS.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
ZCS.TO Martin Ratio Rank: 8383
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. ZCS.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 BMO Short Corporate Bond Index ETF (ZCS.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.TOZCS.TODifference

Sharpe ratio

Return per unit of total volatility

0.63

1.57

-0.94

Sortino ratio

Return per unit of downside risk

0.85

2.09

-1.24

Omega ratio

Gain probability vs. loss probability

1.11

1.32

-0.21

Calmar ratio

Return relative to maximum drawdown

1.03

2.05

-1.02

Martin ratio

Return relative to average drawdown

3.34

9.00

-5.66

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. ZCS.TO - Sharpe Ratio Comparison

The current ZCM.TO Sharpe Ratio is 0.63, which is lower than the ZCS.TO Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of ZCM.TO and ZCS.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.TOZCS.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.63

1.57

-0.94

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.36

0.94

-0.58

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

0.63

-0.28

Sharpe Ratio (All Time)

Calculated using the full available price history

0.55

0.79

-0.24

Correlation

The correlation between ZCM.TO and ZCS.TO is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZCM.TO vs. ZCS.TO - Dividend Comparison

ZCM.TO's dividend yield for the trailing twelve months is around 4.22%, more than ZCS.TO's 3.82% 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%
ZCS.TO
BMO Short Corporate Bond Index ETF		3.82%3.60%3.27%3.35%3.23%2.99%2.88%2.96%2.88%3.04%3.34%3.53%

Drawdowns

ZCM.TO vs. ZCS.TO - Drawdown Comparison

The maximum ZCM.TO drawdown since its inception was -26.06%, which is greater than ZCS.TO's maximum drawdown of -13.95%. Use the drawdown chart below to compare losses from any high point for ZCM.TO and ZCS.TO.

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Drawdown Indicators

ZCM.TOZCS.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.06%

-13.95%

-12.11%

Max Drawdown (1Y)

Largest decline over 1 year

-3.08%

-1.63%

-1.45%

Max Drawdown (5Y)

Largest decline over 5 years

-15.82%

-7.76%

-8.06%

Max Drawdown (10Y)

Largest decline over 10 years

-26.06%

-13.95%

-12.11%

Current Drawdown

Current decline from peak

-2.41%

-1.01%

-1.40%

Average Drawdown

Average peak-to-trough decline

-2.62%

-0.90%

-1.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.95%

0.37%

+0.58%

Volatility

ZCM.TO vs. ZCS.TO - Volatility Comparison

BMO Mid Corporate Bond Index ETF (ZCM.TO) has a higher volatility of 2.29% compared to BMO Short Corporate Bond Index ETF (ZCS.TO) at 1.22%. This indicates that ZCM.TO's price experiences larger fluctuations and is considered to be riskier than ZCS.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.TOZCS.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.29%

1.22%

+1.07%

Volatility (6M)

Calculated over the trailing 6-month period

3.22%

1.60%

+1.62%

Volatility (1Y)

Calculated over the trailing 1-year period

4.57%

2.09%

+2.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.06%

2.86%

+3.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.75%

4.38%

+4.37%