ZIC.TO vs. TUSB.TO

Last updated Jul 16, 2026

ZIC.TO (BMO Mid-Term US Investment Grade Corporate Bond Index ETF) and TUSB.TO (TD Select U.S. Short Term Corporate Bond Ladder ETF) are both exchange-traded funds - ZIC.TO is a Corporate Bonds fund tracking the Bloomberg US Investment Grade 5 to 10 Year Corporate Bond Capped Index, while TUSB.TO is a Short-Term Bond fund actively managed by TD. ZIC.TO is passively managed, while TUSB.TO is actively managed. Over the past 5 years, ZIC.TO returned 2.89%/yr vs 5.41%/yr for TUSB.TO. At a 0.36 correlation, their price movements are largely independent.

Performance

ZIC.TO vs. TUSB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.TO) and TD Select U.S. Short Term Corporate Bond Ladder ETF (TUSB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZIC.TO achieves a 2.05% return, which is significantly lower than TUSB.TO's 3.41% return.

ZIC.TO

• 1D: 0.05%
• 1M: 0.05%
• 6M: 0.74%
• YTD: 2.05%
• 1Y: 7.22%
• 3Y*: 7.91%
• 5Y*: 2.89%
• 10Y*: 3.45%

TUSB.TO

• 1D: -0.21%
• 1M: 0.48%
• 6M: 1.98%
• YTD: 3.41%
• 1Y: 6.93%
• 3Y*: 7.96%
• 5Y*: 5.41%
• 10Y*: —

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

ZIC.TO vs. TUSB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ZIC.TO BMO Mid-Term US Investment Grade Corporate Bond Index ETF	2.05%	4.46%	11.87%	6.34%	-8.92%	-1.35%	6.52%	9.04%	4.24%
TUSB.TO TD Select U.S. Short Term Corporate Bond Ladder ETF	3.41%	2.39%	14.59%	3.52%	1.39%	-2.53%	3.22%	1.54%	3.47%

Correlation

The correlation between ZIC.TO and TUSB.TO is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Nov 14, 2018	0.36

Over the past year, ZIC.TO and TUSB.TO have become more correlated (0.67) than their long-term average of 0.36, meaning their price movements have been converging.

Return for Risk

ZIC.TO vs. TUSB.TO — Risk / Return Rank

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

ZIC.TO

ZIC.TO Risk / Return Rank: 41
ZIC.TO Sharpe Ratio Rank: 44
ZIC.TO Sortino Ratio Rank: 45
ZIC.TO Omega Ratio Rank: 44
ZIC.TO Calmar Ratio Rank: 42
ZIC.TO Martin Ratio Rank: 31

TUSB.TO

TUSB.TO Risk / Return Rank: 50
TUSB.TO Sharpe Ratio Rank: 55
TUSB.TO Sortino Ratio Rank: 58
TUSB.TO Omega Ratio Rank: 55
TUSB.TO Calmar Ratio Rank: 45
TUSB.TO Martin Ratio Rank: 38

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.

ZIC.TO vs. TUSB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.TO) and TD Select U.S. Short Term Corporate Bond Ladder ETF (TUSB.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.

	ZIC.TO	TUSB.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.54	-0.22
Sortino ratio: Return per unit of downside risk	1.93	2.26	-0.33
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.04
Calmar ratio: Return relative to maximum drawdown	1.78	1.92	-0.14
Martin ratio: Return relative to average drawdown	3.85	4.86	-1.02

ZIC.TO vs. TUSB.TO - Sharpe Ratio Comparison

The current ZIC.TO Sharpe Ratio is 1.31, which is comparable to the TUSB.TO Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of ZIC.TO and TUSB.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ZIC.TO vs. TUSB.TO - Drawdown Comparison

The maximum ZIC.TO drawdown since its inception was -19.48%, which is greater than TUSB.TO's maximum drawdown of -11.97%. Use the drawdown chart below to compare losses from any high point for ZIC.TO and TUSB.TO.

Drawdown Indicators

	ZIC.TO	TUSB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-19.48%	-11.97%	-7.51%
Max Drawdown (1Y) Largest decline over 1 year	-4.06%	-3.62%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-6.96%	-5.20%	-1.76%
Max Drawdown (5Y) Largest decline over 5 years	-15.65%	-7.56%	-8.09%
Max Drawdown (10Y) Largest decline over 10 years	-19.48%	—	—
Current Drawdown Current decline from peak	-2.22%	-1.37%	-0.85%
Average Drawdown Average peak-to-trough decline	-5.10%	-3.46%	-1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	1.43%	+0.45%

Volatility

ZIC.TO vs. TUSB.TO - Volatility Comparison

BMO Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.TO) has a higher volatility of 1.67% compared to TD Select U.S. Short Term Corporate Bond Ladder ETF (TUSB.TO) at 1.23%. This indicates that ZIC.TO's price experiences larger fluctuations and is considered to be riskier than TUSB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZIC.TO	TUSB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.67%	1.23%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	4.33%	3.37%	+0.96%
Volatility (1Y) Calculated over the trailing 1-year period	5.53%	4.53%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.92%	6.53%	+1.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.85%	6.72%	+2.13%

Dividends

ZIC.TO vs. TUSB.TO - Dividend Comparison

ZIC.TO's dividend yield for the trailing twelve months is around 4.35%, less than TUSB.TO's 4.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TUSB.TO TD Select U.S. Short Term Corporate Bond Ladder ETF	4.57%	5.05%	4.92%	5.35%	3.54%	3.43%	5.07%	4.48%	0.55%	0.00%	0.00%	0.00%
ZIC.TO BMO Mid-Term US Investment Grade Corporate Bond Index ETF	4.35%	4.03%	3.80%	3.85%	3.94%	3.53%	3.46%	3.57%	3.46%	3.33%	3.29%	3.12%

Frequently Asked Questions

Can I hold both ZIC.TO and TUSB.TO in my portfolio?

ZIC.TO and TUSB.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between ZIC.TO and TUSB.TO?

ZIC.TO is categorized as Corporate Bonds, while TUSB.TO is Short-Term Bond. They also come from different issuers: BMO and TD.