ZCS.TO vs. VSBSX

Last updated Jun 4, 2026

ZCS.TO (BMO Short Corporate Bond Index ETF) and VSBSX (Vanguard Short-Term Treasury Index Fund Admiral Shares) are both funds - ZCS.TO is a Canadian Government Bonds fund tracking the FTSE Canada Short Term Corporate Bond Index, while VSBSX is a Government Bonds fund managed by Vanguard. Over the past 10 years, ZCS.TO returned 2.79%/yr vs 2.45%/yr for VSBSX. At a 0.17 correlation, their price movements are largely independent. ZCS.TO charges 0.11%/yr vs 0.07%/yr for VSBSX.

Performance

ZCS.TO vs. VSBSX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Short Corporate Bond Index ETF (ZCS.TO) and Vanguard Short-Term Treasury Index Fund Admiral Shares (VSBSX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZCS.TO is traded in CAD, while VSBSX is traded in USD. To make them comparable, the VSBSX values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZCS.TO achieves a 1.29% return, which is significantly lower than VSBSX's 1.37% return. Over the past 10 years, ZCS.TO has outperformed VSBSX with an annualized return of 2.79%, while VSBSX has yielded a comparatively lower 2.45% annualized return.

ZCS.TO

• 1D: -0.04%
• 1M: 1.02%
• YTD: 1.29%
• 6M: 1.26%
• 1Y: 3.96%
• 3Y*: 5.98%
• 5Y*: 2.85%
• 10Y*: 2.79%

VSBSX

• 1D: 0.31%
• 1M: 1.69%
• YTD: 1.37%
• 6M: -0.02%
• 1Y: 4.37%
• 3Y*: 5.35%
• 5Y*: 4.63%
• 10Y*: 2.45%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZCS.TO vs. VSBSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZCS.TO BMO Short Corporate Bond Index ETF	1.29%	4.41%	7.42%	6.67%	-4.48%	-0.76%	6.10%	5.01%	1.23%	1.04%
VSBSX Vanguard Short-Term Treasury Index Fund Admiral Shares	1.37%	0.26%	13.36%	1.93%	2.98%	-1.59%	1.34%	-1.57%	10.13%	-6.04%

Correlation

The correlation between ZCS.TO and VSBSX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.15
Correlation (All Time) Calculated using the full available price history since Nov 24, 2009	0.17

Return for Risk

ZCS.TO vs. VSBSX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZCS.TO

ZCS.TO Risk / Return Rank: 56
ZCS.TO Sharpe Ratio Rank: 56
ZCS.TO Sortino Ratio Rank: 54
ZCS.TO Omega Ratio Rank: 67
ZCS.TO Calmar Ratio Rank: 49
ZCS.TO Martin Ratio Rank: 55

VSBSX

VSBSX Risk / Return Rank: 86
VSBSX Sharpe Ratio Rank: 83
VSBSX Sortino Ratio Rank: 90
VSBSX Omega Ratio Rank: 85
VSBSX Calmar Ratio Rank: 86
VSBSX Martin Ratio Rank: 87

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.

ZCS.TO vs. VSBSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Short Corporate Bond Index ETF (ZCS.TO) and Vanguard Short-Term Treasury Index Fund Admiral Shares (VSBSX). 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.

	ZCS.TO	VSBSX	Difference
Sharpe ratio: Return per unit of total volatility	1.95	0.97	+0.98
Sortino ratio: Return per unit of downside risk	2.63	1.36	+1.26
Omega ratio: Gain probability vs. loss probability	1.41	1.17	+0.24
Calmar ratio: Return relative to maximum drawdown	2.44	1.12	+1.32
Martin ratio: Return relative to average drawdown	9.64	2.79	+6.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZCS.TO vs. VSBSX - Sharpe Ratio Comparison

The current ZCS.TO Sharpe Ratio is 1.95, which is higher than the VSBSX Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of ZCS.TO and VSBSX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZCS.TO	VSBSX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.95	0.97	+0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	0.74	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.36	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.40	+0.40

Drawdowns

ZCS.TO vs. VSBSX - Drawdown Comparison

The maximum ZCS.TO drawdown since its inception was -13.95%, smaller than the maximum VSBSX drawdown of -16.44%. Use the drawdown chart below to compare losses from any high point for ZCS.TO and VSBSX.

Drawdown Indicators

	ZCS.TO	VSBSX	Difference
Max Drawdown Largest peak-to-trough decline	-13.95%	-16.44%	+2.49%
Max Drawdown (1Y) Largest decline over 1 year	-1.63%	-3.91%	+2.28%
Max Drawdown (3Y) Largest decline over 3 years	-1.63%	-5.33%	+3.70%
Max Drawdown (5Y) Largest decline over 5 years	-7.76%	-6.35%	-1.41%
Max Drawdown (10Y) Largest decline over 10 years	-13.95%	-16.44%	+2.49%
Current Drawdown Current decline from peak	-0.04%	-1.07%	+1.03%
Average Drawdown Average peak-to-trough decline	-0.89%	-6.25%	+5.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	1.57%	-1.16%

Volatility

ZCS.TO vs. VSBSX - Volatility Comparison

BMO Short Corporate Bond Index ETF (ZCS.TO) and Vanguard Short-Term Treasury Index Fund Admiral Shares (VSBSX) have volatilities of 0.69% and 0.72%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZCS.TO	VSBSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	0.72%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	1.79%	3.43%	-1.64%
Volatility (1Y) Calculated over the trailing 1-year period	2.05%	4.53%	-2.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.87%	6.30%	-3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.38%	6.78%	-2.40%

ZCS.TO vs. VSBSX - Expense Ratio Comparison

ZCS.TO has a 0.11% expense ratio, which is higher than VSBSX's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZCS.TO vs. VSBSX - Dividend Comparison

ZCS.TO's dividend yield for the trailing twelve months is around 3.93%, more than VSBSX's 3.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VSBSX Vanguard Short-Term Treasury Index Fund Admiral Shares	3.84%	3.98%	4.50%	3.29%	1.12%	0.63%	1.72%	2.26%	1.80%	1.10%	0.76%	0.71%
ZCS.TO BMO Short Corporate Bond Index ETF	3.93%	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

Can I hold both ZCS.TO and VSBSX in my portfolio?

ZCS.TO and VSBSX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.