PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZCS.TO vs. ZUQ.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZCS.TO vs. ZUQ.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Short Corporate Bond Index ETF (ZCS.TO) and BMO MSCI USA High Quality Index ETF (ZUQ.TO).

ZCS.TO and ZUQ.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. ZUQ.TO is a passively managed fund by BMO that tracks the performance of the MSCI USA Quality Index. It was launched on Nov 4, 2014. Both ZCS.TO and ZUQ.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

ZCS.TO vs. ZUQ.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 MSCI USA High Quality Index ETF (ZUQ.TO). The values are adjusted to include any dividend payments, if applicable.

Loading graphics...

ZCS.TO vs. ZUQ.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%
ZUQ.TO
BMO MSCI USA High Quality Index ETF		-2.48%5.78%34.02%33.24%-18.33%26.40%19.92%31.74%4.70%16.90%

Returns By Period

In the year-to-date period, ZCS.TO achieves a 0.15% return, which is significantly higher than ZUQ.TO's -2.48% return. Over the past 10 years, ZCS.TO has underperformed ZUQ.TO with an annualized return of 2.75%, while ZUQ.TO has yielded a comparatively higher 14.91% 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%

ZUQ.TO

1D
2.62%
1M
-4.65%
YTD
-2.48%
6M
-4.05%
1Y
6.41%
3Y*
18.54%
5Y*
12.98%
10Y*
14.91%
*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 Short Corporate Bond Index ETF

BMO MSCI USA High Quality Index ETF

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
Often compared with ZUQ.TO:
ZUQ.TO vs. ZSP.TOZUQ.TO vs. ZGQ.TOZUQ.TO vs. VFV.TOZUQ.TO vs. VGG.TOZUQ.TO vs. ZNQ.TOZUQ.TO vs. XEQT.TOZUQ.TO vs. BNKS.L

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

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

ZUQ.TO
BMO MSCI USA High Quality Index ETF
ZCS.TO
BMO Short Corporate Bond Index ETF

Return for Risk

ZCS.TO vs. ZUQ.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
ZUQ.TO
ZUQ.TO Risk / Return Rank: 2626
Overall Rank
ZUQ.TO Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
ZUQ.TO Sortino Ratio Rank: 2424
Sortino Ratio Rank
ZUQ.TO Omega Ratio Rank: 2525
Omega Ratio Rank
ZUQ.TO Calmar Ratio Rank: 3131
Calmar Ratio Rank
ZUQ.TO Martin Ratio Rank: 2828
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. ZUQ.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 MSCI USA High Quality Index ETF (ZUQ.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.TOZUQ.TODifference

Sharpe ratio

Return per unit of total volatility

1.57

0.36

+1.21

Sortino ratio

Return per unit of downside risk

2.09

0.61

+1.48

Omega ratio

Gain probability vs. loss probability

1.32

1.09

+0.23

Calmar ratio

Return relative to maximum drawdown

2.05

0.69

+1.36

Martin ratio

Return relative to average drawdown

9.00

2.07

+6.93

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. ZUQ.TO - Sharpe Ratio Comparison

The current ZCS.TO Sharpe Ratio is 1.57, which is higher than the ZUQ.TO Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of ZCS.TO and ZUQ.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.

Loading graphics...

Sharpe Ratios by Period

ZCS.TOZUQ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.57

0.36

+1.21

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.94

0.80

+0.15

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.63

0.85

-0.22

Sharpe Ratio (All Time)

Calculated using the full available price history

0.79

0.88

-0.09

Correlation

The correlation between ZCS.TO and ZUQ.TO is 0.09, 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. ZUQ.TO - Dividend Comparison

ZCS.TO's dividend yield for the trailing twelve months is around 3.82%, more than ZUQ.TO's 0.48% 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%
ZUQ.TO
BMO MSCI USA High Quality Index ETF		0.48%0.46%0.57%0.86%0.99%0.80%0.96%0.96%1.07%1.16%1.00%0.88%

Drawdowns

ZCS.TO vs. ZUQ.TO - Drawdown Comparison

The maximum ZCS.TO drawdown since its inception was -13.95%, smaller than the maximum ZUQ.TO drawdown of -26.94%. Use the drawdown chart below to compare losses from any high point for ZCS.TO and ZUQ.TO.

Loading graphics...

Drawdown Indicators

ZCS.TOZUQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-13.95%

-26.94%

+12.99%

Max Drawdown (1Y)

Largest decline over 1 year

-1.63%

-11.04%

+9.41%

Max Drawdown (5Y)

Largest decline over 5 years

-7.76%

-26.94%

+19.18%

Max Drawdown (10Y)

Largest decline over 10 years

-13.95%

-26.94%

+12.99%

Current Drawdown

Current decline from peak

-1.01%

-8.17%

+7.16%

Average Drawdown

Average peak-to-trough decline

-0.90%

-4.64%

+3.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.37%

3.73%

-3.36%

Volatility

ZCS.TO vs. ZUQ.TO - Volatility Comparison

The current volatility for BMO Short Corporate Bond Index ETF (ZCS.TO) is 1.22%, while BMO MSCI USA High Quality Index ETF (ZUQ.TO) has a volatility of 5.03%. This indicates that ZCS.TO experiences smaller price fluctuations and is considered to be less risky than ZUQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading graphics...

Volatility by Period

ZCS.TOZUQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.22%

5.03%

-3.81%

Volatility (6M)

Calculated over the trailing 6-month period

1.60%

10.29%

-8.69%

Volatility (1Y)

Calculated over the trailing 1-year period

2.09%

17.98%

-15.89%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.86%

16.40%

-13.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.38%

17.54%

-13.16%