ZCS.TO vs. CFRN.TO
ZCS.TO (BMO Short Corporate Bond Index ETF) and CFRN.TO (CIBC Active Investment Grade Floating Rate Bond ETF) are both Corporate Bonds funds. ZCS.TO is passively managed, while CFRN.TO is actively managed. Over the past 5 years, ZCS.TO returned 2.83%/yr vs 3.39%/yr for CFRN.TO. Their 0.02 correlation means their historical movements had little consistent relationship. ZCS.TO charges 0.11%/yr vs 0.34%/yr for CFRN.TO.
Performance
ZCS.TO vs. CFRN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZCS.TO achieves a 1.36% return, which is significantly lower than CFRN.TO's 1.51% return.
ZCS.TO
- 1D
- -0.14%
- 1M
- -0.31%
- 6M
- 0.73%
- YTD
- 1.36%
- 1Y
- 3.21%
- 3Y*
- 6.04%
- 5Y*
- 2.83%
- 10Y*
- 2.76%
- ALL TIME*
- 2.98%
CFRN.TO
- 1D
- 0.00%
- 1M
- 0.20%
- 6M
- 1.27%
- YTD
- 1.51%
- 1Y
- 3.13%
- 3Y*
- 4.16%
- 5Y*
- 3.39%
- 10Y*
- —
- ALL TIME*
- 2.71%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$64.90K | CA$158.45K | CA$91.02K | |
| CA$1.28M | CA$1.51M | CA$1.67M |
ZCS.TO vs. CFRN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZCS.TO BMO Short Corporate Bond Index ETF | 1.36% | 4.41% | 7.42% | 6.67% | -4.48% | -0.76% | 6.10% | 4.55% |
CFRN.TO CIBC Active Investment Grade Floating Rate Bond ETF | 1.51% | 3.32% | 5.21% | 5.83% | 1.40% | 0.25% | 1.04% | 1.97% |
Correlation
The correlation between ZCS.TO and CFRN.TO is 0.10, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.06 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2019 | 0.02 |
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Return for Risk
ZCS.TO vs. CFRN.TO — Risk / Return Rank
ZCS.TO
CFRN.TO
ZCS.TO vs. CFRN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Short Corporate Bond Index ETF (ZCS.TO) and CIBC Active Investment Grade Floating Rate Bond ETF (CFRN.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.
| ZCS.TO | CFRN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -1.16 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.51 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 8.85 | -6.83 |
| Martin ratioReturn relative to average drawdown | 7.94 | 34.68 | -26.74 |
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Drawdowns
ZCS.TO vs. CFRN.TO - Drawdown Comparison
The maximum ZCS.TO drawdown since its inception was -13.95%, which is greater than CFRN.TO's maximum drawdown of -1.00%. Use the drawdown chart below to compare losses from any high point for ZCS.TO and CFRN.TO.
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Drawdown Indicators
| ZCS.TO | CFRN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.95% | -1.00% | -12.95% |
Max Drawdown (1Y)Largest decline over 1 year | -1.63% | -0.30% | -1.33% |
Max Drawdown (3Y)Largest decline over 3 years | -1.63% | -0.66% | -0.97% |
Max Drawdown (5Y)Largest decline over 5 years | -7.76% | -1.00% | -6.76% |
Max Drawdown (10Y)Largest decline over 10 years | -13.95% | — | — |
Current DrawdownCurrent decline from peak | -0.38% | 0.00% | -0.38% |
Average DrawdownAverage peak-to-trough decline | -0.89% | -0.15% | -0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.09% | +0.32% |
Volatility
ZCS.TO vs. CFRN.TO - Volatility Comparison
BMO Short Corporate Bond Index ETF (ZCS.TO) has a higher volatility of 0.59% compared to CIBC Active Investment Grade Floating Rate Bond ETF (CFRN.TO) at 0.21%. This indicates that ZCS.TO's price experiences larger fluctuations and is considered to be riskier than CFRN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZCS.TO | CFRN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 0.21% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 1.81% | 0.82% | +0.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.11% | 1.29% | +0.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.91% | 2.10% | +0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.38% | 1.78% | +2.60% |
ZCS.TO vs. CFRN.TO - Expense Ratio Comparison
ZCS.TO has a 0.11% expense ratio, which is lower than CFRN.TO's 0.34% expense ratio.
Dividends
ZCS.TO vs. CFRN.TO - Dividend Comparison
ZCS.TO's dividend yield for the trailing twelve months is around 3.99%, more than CFRN.TO's 3.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CFRN.TO CIBC Active Investment Grade Floating Rate Bond ETF | 3.14% | 3.47% | 4.46% | 4.43% | 2.26% | 1.26% | 1.74% | 1.70% | 0.00% | 0.00% | 0.00% | 0.00% |
ZCS.TO BMO Short Corporate Bond Index ETF | 3.99% | 3.60% | 3.27% | 3.35% | 3.23% | 2.99% | 2.88% | 2.96% | 2.88% | 3.04% | 3.34% | 3.53% |
Frequently Asked Questions
ZCS.TO and CFRN.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCS.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCS.TO is cheaper with a 0.11% expense ratio, compared with 0.34% for CFRN.TO.
They also come from different issuers: BMO and CIBC. Their fees differ too: 0.11% for ZCS.TO and 0.34% for CFRN.TO.
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