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ZDB.TO vs. HSAV.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZDB.TO vs. HSAV.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Discount Bond (ZDB.TO) and Global X Cash Maximizer Corporate Class ETF (HSAV.TO).

ZDB.TO and HSAV.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZDB.TO is a passively managed fund by BMO that tracks the performance of the FTSE Canada Universe Discount Bond Index. It was launched on Feb 10, 2014. HSAV.TO is an actively managed fund by Global X. It was launched on Feb 5, 2020.

Performance

ZDB.TO vs. HSAV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Discount Bond (ZDB.TO) and Global X Cash Maximizer Corporate Class ETF (HSAV.TO). The values are adjusted to include any dividend payments, if applicable.

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ZDB.TO vs. HSAV.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
ZDB.TO
BMO Discount Bond		0.17%2.03%4.26%6.69%-11.99%-2.77%6.95%
HSAV.TO
Global X Cash Maximizer Corporate Class ETF		1.13%2.58%4.24%5.04%2.79%0.66%0.74%

Returns By Period

In the year-to-date period, ZDB.TO achieves a 0.17% return, which is significantly lower than HSAV.TO's 1.13% return.

ZDB.TO

1D
0.33%
1M
-1.94%
YTD
0.17%
6M
-0.46%
1Y
0.41%
3Y*
3.25%
5Y*
0.50%
10Y*
1.58%

HSAV.TO

1D
0.05%
1M
0.73%
YTD
1.13%
6M
1.77%
1Y
3.11%
3Y*
3.79%
5Y*
3.24%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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BMO Discount Bond

Global X Cash Maximizer Corporate Class ETF

Often compared with ZDB.TO:
ZDB.TO vs. ZAG.TOZDB.TO vs. ZMMK.TOZDB.TO vs. XSAB.TOZDB.TO vs. ZST.TOZDB.TO vs. XDV.TOZDB.TO vs. VAB.TOZDB.TO vs. PSA.TO
Often compared with HSAV.TO:
HSAV.TO vs. CASH.TOHSAV.TO vs. ZMMK.TOHSAV.TO vs. CBIL.TOHSAV.TO vs. PSA.TOHSAV.TO vs. SGOVHSAV.TO vs. CSAV.TOHSAV.TO vs. CMR.TO

ZDB.TO vs. HSAV.TO - Expense Ratio Comparison

ZDB.TO has a 0.10% expense ratio, which is lower than HSAV.TO's 0.18% 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%.

HSAV.TO
Global X Cash Maximizer Corporate Class ETF
ZDB.TO
BMO Discount Bond

Return for Risk

ZDB.TO vs. HSAV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZDB.TO
ZDB.TO Risk / Return Rank: 1414
Overall Rank
ZDB.TO Sharpe Ratio Rank: 1414
Sharpe Ratio Rank
ZDB.TO Sortino Ratio Rank: 1212
Sortino Ratio Rank
ZDB.TO Omega Ratio Rank: 1212
Omega Ratio Rank
ZDB.TO Calmar Ratio Rank: 1717
Calmar Ratio Rank
ZDB.TO Martin Ratio Rank: 1515
Martin Ratio Rank
HSAV.TO
HSAV.TO Risk / Return Rank: 9696
Overall Rank
HSAV.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
HSAV.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
HSAV.TO Omega Ratio Rank: 9595
Omega Ratio Rank
HSAV.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
HSAV.TO Martin Ratio Rank: 9494
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.

ZDB.TO vs. HSAV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Discount Bond (ZDB.TO) and Global X Cash Maximizer Corporate Class ETF (HSAV.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.

ZDB.TOHSAV.TODifference

Sharpe ratio

Return per unit of total volatility

0.09

2.28

-2.19

Sortino ratio

Return per unit of downside risk

0.15

3.43

-3.28

Omega ratio

Gain probability vs. loss probability

1.02

1.44

-0.42

Calmar ratio

Return relative to maximum drawdown

0.23

5.23

-4.99

Martin ratio

Return relative to average drawdown

0.47

14.33

-13.86

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZDB.TO vs. HSAV.TO - Sharpe Ratio Comparison

The current ZDB.TO Sharpe Ratio is 0.09, which is lower than the HSAV.TO Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of ZDB.TO and HSAV.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

ZDB.TOHSAV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.09

2.28

-2.19

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.08

1.87

-1.79

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.25

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.37

1.77

-1.40

Correlation

The correlation between ZDB.TO and HSAV.TO is 0.02, 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

ZDB.TO vs. HSAV.TO - Dividend Comparison

ZDB.TO's dividend yield for the trailing twelve months is around 2.13%, while HSAV.TO has not paid dividends to shareholders.

TTM20252024202320222021202020192018201720162015
ZDB.TO
BMO Discount Bond		2.13%2.28%2.38%2.42%2.52%2.16%2.06%2.20%2.07%2.06%1.95%1.99%
HSAV.TO
Global X Cash Maximizer Corporate Class ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Drawdowns

ZDB.TO vs. HSAV.TO - Drawdown Comparison

The maximum ZDB.TO drawdown since its inception was -18.09%, which is greater than HSAV.TO's maximum drawdown of -2.18%. Use the drawdown chart below to compare losses from any high point for ZDB.TO and HSAV.TO.

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Drawdown Indicators

ZDB.TOHSAV.TODifference

Max Drawdown

Largest peak-to-trough decline

-18.09%

-2.18%

-15.91%

Max Drawdown (1Y)

Largest decline over 1 year

-2.87%

-0.59%

-2.28%

Max Drawdown (5Y)

Largest decline over 5 years

-16.25%

-2.18%

-14.07%

Max Drawdown (10Y)

Largest decline over 10 years

-18.09%

—

—

Current Drawdown

Current decline from peak

-2.76%

0.00%

-2.76%

Average Drawdown

Average peak-to-trough decline

-4.24%

-0.19%

-4.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.43%

0.22%

+1.21%

Volatility

ZDB.TO vs. HSAV.TO - Volatility Comparison

BMO Discount Bond (ZDB.TO) has a higher volatility of 1.95% compared to Global X Cash Maximizer Corporate Class ETF (HSAV.TO) at 0.49%. This indicates that ZDB.TO's price experiences larger fluctuations and is considered to be riskier than HSAV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZDB.TOHSAV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.95%

0.49%

+1.46%

Volatility (6M)

Calculated over the trailing 6-month period

3.06%

0.96%

+2.10%

Volatility (1Y)

Calculated over the trailing 1-year period

4.64%

1.37%

+3.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.50%

1.75%

+4.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.39%

1.58%

+4.81%