ZCS.TO vs. MFT.TO
ZCS.TO (BMO Short Corporate Bond Index ETF) and MFT.TO (Mackenzie Floating Rate Income ETF) are both exchange-traded funds - ZCS.TO is a Corporate Bonds fund tracking the FTSE Canada Short Term Corporate Bond Index, while MFT.TO is a Bank Loan fund actively managed by Mackenzie. ZCS.TO is passively managed, while MFT.TO is actively managed. Over the past 10 years, ZCS.TO returned 2.76%/yr vs 4.31%/yr for MFT.TO. Their 0.05 correlation means their historical movements had little consistent relationship. ZCS.TO charges 0.11%/yr vs 0.66%/yr for MFT.TO.
Performance
ZCS.TO vs. MFT.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 MFT.TO's 3.25% return. Over the past 10 years, ZCS.TO has underperformed MFT.TO with an annualized return of 2.76%, while MFT.TO has yielded a comparatively higher 4.31% annualized 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%
MFT.TO
- 1D
- 0.19%
- 1M
- 0.83%
- 6M
- 3.36%
- YTD
- 3.25%
- 1Y
- 2.67%
- 3Y*
- 5.65%
- 5Y*
- 3.90%
- 10Y*
- 4.31%
- ALL TIME*
- 4.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$52.83K | CA$57.21K | CA$69.55K | |
| CA$1.28M | CA$1.51M | CA$1.67M |
ZCS.TO vs. MFT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZCS.TO BMO Short Corporate Bond Index ETF | 1.36% | 4.41% | 7.42% | 6.67% | -4.48% | -0.76% | 6.10% | 5.01% | 1.23% | 1.04% |
MFT.TO Mackenzie Floating Rate Income ETF | 3.25% | 0.81% | 8.84% | 11.99% | -6.31% | 5.56% | -0.64% | 6.00% | 2.29% | 5.89% |
Correlation
The correlation between ZCS.TO and MFT.TO is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.07 |
Correlation (3Y) Balances recent behavior with more history. | 0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2016 | 0.05 |
The correlation between ZCS.TO and MFT.TO shifts across timeframes, from -0.07 (1 year) to 0.07 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZCS.TO vs. MFT.TO — Risk / Return Rank
ZCS.TO
MFT.TO
ZCS.TO vs. MFT.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 Mackenzie Floating Rate Income ETF (MFT.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 | MFT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.20 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | 2.19 | -0.17 |
| Martin ratioReturn relative to average drawdown | 7.94 | 5.24 | +2.69 |
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Drawdowns
ZCS.TO vs. MFT.TO - Drawdown Comparison
The maximum ZCS.TO drawdown since its inception was -13.95%, smaller than the maximum MFT.TO drawdown of -20.87%. Use the drawdown chart below to compare losses from any high point for ZCS.TO and MFT.TO.
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Drawdown Indicators
| ZCS.TO | MFT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.95% | -20.87% | +6.92% |
Max Drawdown (1Y)Largest decline over 1 year | -1.63% | -1.33% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -1.63% | -3.40% | +1.77% |
Max Drawdown (5Y)Largest decline over 5 years | -7.76% | -7.45% | -0.31% |
Max Drawdown (10Y)Largest decline over 10 years | -13.95% | -20.87% | +6.92% |
Current DrawdownCurrent decline from peak | -0.38% | -0.06% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -0.89% | -1.37% | +0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.55% | -0.14% |
Volatility
ZCS.TO vs. MFT.TO - Volatility Comparison
The current volatility for BMO Short Corporate Bond Index ETF (ZCS.TO) is 0.59%, while Mackenzie Floating Rate Income ETF (MFT.TO) has a volatility of 0.78%. This indicates that ZCS.TO experiences smaller price fluctuations and is considered to be less risky than MFT.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 | MFT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 0.78% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 1.81% | 1.87% | -0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.11% | 2.58% | -0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.91% | 3.72% | -0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.38% | 5.08% | -0.70% |
ZCS.TO vs. MFT.TO - Expense Ratio Comparison
ZCS.TO has a 0.11% expense ratio, which is lower than MFT.TO's 0.66% expense ratio.
Dividends
ZCS.TO vs. MFT.TO - Dividend Comparison
ZCS.TO's dividend yield for the trailing twelve months is around 3.99%, less than MFT.TO's 7.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MFT.TO Mackenzie Floating Rate Income ETF | 7.56% | 8.57% | 9.44% | 10.40% | 6.26% | 3.89% | 6.18% | 6.97% | 6.14% | 4.84% | 3.94% | 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 MFT.TO have a correlation of -0.07, 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 0.66% for MFT.TO.
ZCS.TO is categorized as Corporate Bonds, while MFT.TO is Bank Loan. They also come from different issuers: BMO and Mackenzie. Their fees differ too: 0.11% for ZCS.TO and 0.66% for MFT.TO.
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