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

ZCS.TO vs. ZST.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Short Corporate Bond Index ETF (ZCS.TO) and BMO Ultra Short-Term Bond ETF (ZST.TO).

ZCS.TO and ZST.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. ZST.TO is an actively managed fund by BMO. It was launched on Jan 27, 2011.

Performance

ZCS.TO vs. ZST.TO - 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 BMO Ultra Short-Term Bond ETF (ZST.TO). The values are adjusted to include any dividend payments, if applicable.

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ZCS.TO vs. ZST.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
ZST.TO
BMO Ultra Short-Term Bond ETF		0.59%2.03%5.16%5.33%1.19%0.22%1.74%2.36%1.95%1.43%

Returns By Period

In the year-to-date period, ZCS.TO achieves a 0.15% return, which is significantly lower than ZST.TO's 0.59% return. Over the past 10 years, ZCS.TO has outperformed ZST.TO with an annualized return of 2.75%, while ZST.TO has yielded a comparatively lower 2.32% annualized return.

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%

ZST.TO

1D
0.06%
1M
0.21%
YTD
0.59%
6M
0.20%
1Y
1.71%
3Y*
3.95%
5Y*
2.86%
10Y*
2.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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BMO Short Corporate Bond Index ETF

BMO Ultra Short-Term Bond ETF

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Often compared with ZST.TO:
ZST.TO vs. ZAG.TOZST.TO vs. CASH.TOZST.TO vs. CBIL.TOZST.TO vs. VXC.TOZST.TO vs. DXV.TOZST.TO vs. VDY.TOZST.TO vs. MNY

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

ZCS.TO has a 0.11% expense ratio, which is lower than ZST.TO's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

ZST.TO
BMO Ultra Short-Term Bond ETF
ZCS.TO
BMO Short Corporate Bond Index ETF

Return for Risk

ZCS.TO vs. ZST.TO — 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: 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
ZST.TO
ZST.TO Risk / Return Rank: 7474
Overall Rank
ZST.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
ZST.TO Sortino Ratio Rank: 6868
Sortino Ratio Rank
ZST.TO Omega Ratio Rank: 9898
Omega Ratio Rank
ZST.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
ZST.TO Martin Ratio Rank: 5252
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.

ZCS.TO vs. ZST.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 BMO Ultra Short-Term Bond ETF (ZST.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.

ZCS.TOZST.TODifference

Sharpe ratio

Return per unit of total volatility

1.57

1.57

0.00

Sortino ratio

Return per unit of downside risk

2.09

1.66

+0.43

Omega ratio

Gain probability vs. loss probability

1.32

1.78

-0.46

Calmar ratio

Return relative to maximum drawdown

2.05

1.72

+0.33

Martin ratio

Return relative to average drawdown

9.00

4.78

+4.22

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. ZST.TO - Sharpe Ratio Comparison

The current ZCS.TO Sharpe Ratio is 1.57, which is comparable to the ZST.TO Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of ZCS.TO and ZST.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

ZCS.TOZST.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.57

1.57

0.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.94

3.99

-3.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

3.25

-2.62

Sharpe Ratio (All Time)

Calculated using the full available price history

0.79

1.79

-1.00

Correlation

The correlation between ZCS.TO and ZST.TO is 0.19, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ZCS.TO vs. ZST.TO - Dividend Comparison

ZCS.TO's dividend yield for the trailing twelve months is around 3.82%, more than ZST.TO's 2.62% yield.

TTM20252024202320222021202020192018201720162015
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%
ZST.TO
BMO Ultra Short-Term Bond ETF		2.62%2.82%4.65%4.79%2.75%2.29%2.65%2.82%3.43%4.05%3.92%3.90%

Drawdowns

ZCS.TO vs. ZST.TO - Drawdown Comparison

The maximum ZCS.TO drawdown since its inception was -13.95%, which is greater than ZST.TO's maximum drawdown of -1.06%. Use the drawdown chart below to compare losses from any high point for ZCS.TO and ZST.TO.

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Drawdown Indicators

ZCS.TOZST.TODifference

Max Drawdown

Largest peak-to-trough decline

-13.95%

-1.06%

-12.89%

Max Drawdown (1Y)

Largest decline over 1 year

-1.63%

-1.01%

-0.62%

Max Drawdown (5Y)

Largest decline over 5 years

-7.76%

-1.01%

-6.75%

Max Drawdown (10Y)

Largest decline over 10 years

-13.95%

-1.06%

-12.89%

Current Drawdown

Current decline from peak

-1.01%

-0.40%

-0.61%

Average Drawdown

Average peak-to-trough decline

-0.90%

-0.13%

-0.77%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.37%

0.36%

+0.01%

Volatility

ZCS.TO vs. ZST.TO - Volatility Comparison

BMO Short Corporate Bond Index ETF (ZCS.TO) has a higher volatility of 1.22% compared to BMO Ultra Short-Term Bond ETF (ZST.TO) at 0.15%. This indicates that ZCS.TO's price experiences larger fluctuations and is considered to be riskier than ZST.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.TOZST.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.22%

0.15%

+1.07%

Volatility (6M)

Calculated over the trailing 6-month period

1.60%

1.05%

+0.55%

Volatility (1Y)

Calculated over the trailing 1-year period

2.09%

1.09%

+1.00%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.86%

0.72%

+2.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.38%

0.72%

+3.66%