ZHY.TO vs. ZST.TO
ZHY.TO (BMO High Yield US Corporate Bond Hedged to CAD Index ETF) and ZST.TO (BMO Ultra Short-Term Bond ETF) are both exchange-traded funds - ZHY.TO is a High Yield Bonds fund tracking the Bloomberg U.S. High Yield Very Liquid Index CAD Hedged, while ZST.TO is a Ultrashort Bond fund actively managed by BMO. ZHY.TO is passively managed, while ZST.TO is actively managed. Over the past 10 years, ZHY.TO returned 3.53%/yr vs 2.38%/yr for ZST.TO. At a 0.06 correlation, their price movements are largely independent. ZHY.TO charges 0.61%/yr vs 0.17%/yr for ZST.TO.
Performance
ZHY.TO vs. ZST.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZHY.TO achieves a 0.88% return, which is significantly lower than ZST.TO's 1.42% return. Over the past 10 years, ZHY.TO has outperformed ZST.TO with an annualized return of 3.53%, while ZST.TO has yielded a comparatively lower 2.38% annualized return.
ZHY.TO
- 1D
- -0.18%
- 1M
- -0.46%
- 6M
- 0.07%
- YTD
- 0.88%
- 1Y
- 3.75%
- 3Y*
- 6.60%
- 5Y*
- 2.36%
- 10Y*
- 3.53%
ZST.TO
- 1D
- 0.02%
- 1M
- 0.25%
- 6M
- 1.31%
- YTD
- 1.42%
- 1Y
- 1.74%
- 3Y*
- 3.81%
- 5Y*
- 3.05%
- 10Y*
- 2.38%
ZHY.TO vs. ZST.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZHY.TO BMO High Yield US Corporate Bond Hedged to CAD Index ETF | 0.88% | 6.27% | 6.04% | 11.48% | -12.79% | 4.03% | 3.31% | 13.45% | -3.88% | 5.06% |
ZST.TO BMO Ultra Short-Term Bond ETF | 1.42% | 2.06% | 5.21% | 5.38% | 1.22% | 0.24% | 1.77% | 2.39% | 1.99% | 1.47% |
Correlation
The correlation between ZHY.TO and ZST.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2011 | 0.06 |
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Return for Risk
ZHY.TO vs. ZST.TO — Risk / Return Rank
ZHY.TO
ZST.TO
ZHY.TO vs. ZST.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.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.
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.
| ZHY.TO | ZST.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.92 | ||
| Sortino ratioReturn per unit of downside risk | -0.67 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.87 | -0.74 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | 1.74 | -0.47 |
| Martin ratioReturn relative to average drawdown | 4.79 | 4.68 | +0.11 |
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Drawdowns
ZHY.TO vs. ZST.TO - Drawdown Comparison
The maximum ZHY.TO drawdown since its inception was -28.44%, which is greater than ZST.TO's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for ZHY.TO and ZST.TO.
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Drawdown Indicators
| ZHY.TO | ZST.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.44% | -3.60% | -24.84% |
Max Drawdown (1Y)Largest decline over 1 year | -2.96% | -1.01% | -1.95% |
Max Drawdown (3Y)Largest decline over 3 years | -5.65% | -1.01% | -4.64% |
Max Drawdown (5Y)Largest decline over 5 years | -17.11% | -1.01% | -16.10% |
Max Drawdown (10Y)Largest decline over 10 years | -28.44% | -1.06% | -27.38% |
Current DrawdownCurrent decline from peak | -1.00% | 0.00% | -1.00% |
Average DrawdownAverage peak-to-trough decline | -2.85% | -0.58% | -2.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.37% | +0.41% |
Volatility
ZHY.TO vs. ZST.TO - Volatility Comparison
BMO High Yield US Corporate Bond Hedged to CAD Index ETF (ZHY.TO) has a higher volatility of 0.98% compared to BMO Ultra Short-Term Bond ETF (ZST.TO) at 0.10%. This indicates that ZHY.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
| ZHY.TO | ZST.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 0.10% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 4.23% | 0.25% | +3.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.38% | 1.08% | +4.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.55% | 0.72% | +8.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.86% | 0.70% | +10.16% |
ZHY.TO vs. ZST.TO - Expense Ratio Comparison
ZHY.TO has a 0.61% expense ratio, which is higher than ZST.TO's 0.17% expense ratio.
Dividends
ZHY.TO vs. ZST.TO - Dividend Comparison
ZHY.TO's dividend yield for the trailing twelve months is around 6.43%, more than ZST.TO's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZHY.TO BMO High Yield US Corporate Bond Hedged to CAD Index ETF | 6.43% | 6.10% | 6.13% | 6.43% | 6.71% | 5.49% | 6.09% | 6.50% | 6.25% | 6.10% | 5.84% | 7.12% |
ZST.TO BMO Ultra Short-Term Bond ETF | 2.54% | 2.85% | 4.70% | 4.84% | 2.78% | 2.31% | 2.68% | 2.84% | 3.47% | 4.09% | 3.96% | 3.94% |
Frequently Asked Questions
ZHY.TO and ZST.TO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZST.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZST.TO is cheaper with a 0.17% expense ratio, compared with 0.61% for ZHY.TO.
ZHY.TO is categorized as High Yield Bonds, while ZST.TO is Ultrashort Bond. Their fees differ too: 0.61% for ZHY.TO and 0.17% for ZST.TO.
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