ZIC.TO vs. XCB.TO
ZIC.TO (BMO Mid-Term US Investment Grade Corporate Bond Index ETF) and XCB.TO (iShares Core Canadian Corporate Bond Index ETF) are both Corporate Bonds funds - ZIC.TO tracks the Bloomberg US Investment Grade 5 to 10 Year Corporate Bond Capped Index while XCB.TO tracks the Morningstar Can Corp Bd GR CAD. Both are passively managed. Over the past 10 years, ZIC.TO returned 3.47%/yr vs 2.77%/yr for XCB.TO. At a 0.39 correlation, their price movements are largely independent. ZIC.TO charges 0.25%/yr vs 0.17%/yr for XCB.TO.
Performance
ZIC.TO vs. XCB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZIC.TO achieves a 1.06% return, which is significantly lower than XCB.TO's 1.75% return. Over the past 10 years, ZIC.TO has outperformed XCB.TO with an annualized return of 3.47%, while XCB.TO has yielded a comparatively lower 2.77% annualized return.
ZIC.TO
- 1D
- -0.11%
- 1M
- 2.32%
- YTD
- 1.06%
- 6M
- -0.75%
- 1Y
- 7.10%
- 3Y*
- 6.85%
- 5Y*
- 3.89%
- 10Y*
- 3.47%
XCB.TO
- 1D
- -0.10%
- 1M
- 1.66%
- YTD
- 1.75%
- 6M
- 1.49%
- 1Y
- 4.27%
- 3Y*
- 6.23%
- 5Y*
- 2.30%
- 10Y*
- 2.77%
ZIC.TO vs. XCB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZIC.TO BMO Mid-Term US Investment Grade Corporate Bond Index ETF | 1.06% | 4.24% | 11.86% | 6.33% | -8.93% | -1.36% | 6.51% | 9.03% | 6.40% | -1.26% |
XCB.TO iShares Core Canadian Corporate Bond Index ETF | 1.75% | 4.45% | 6.72% | 8.30% | -9.79% | -1.81% | 8.36% | 7.90% | 0.39% | 2.75% |
Correlation
The correlation between ZIC.TO and XCB.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2013 | 0.39 |
The correlation between ZIC.TO and XCB.TO shifts across timeframes, from 0.39 (all time) to 0.52 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZIC.TO vs. XCB.TO — Risk / Return Rank
ZIC.TO
XCB.TO
ZIC.TO vs. XCB.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 iShares Core Canadian Corporate Bond Index ETF (XCB.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.
| ZIC.TO | XCB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.20 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 1.72 | -0.04 |
| Martin ratioReturn relative to average drawdown | 3.61 | 5.08 | -1.48 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZIC.TO | XCB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 1.15 | +0.16 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 0.41 | +0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 0.39 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.63 | -0.04 |
Drawdowns
ZIC.TO vs. XCB.TO - Drawdown Comparison
The maximum ZIC.TO drawdown since its inception was -19.49%, smaller than the maximum XCB.TO drawdown of -22.59%. Use the drawdown chart below to compare losses from any high point for ZIC.TO and XCB.TO.
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Drawdown Indicators
| ZIC.TO | XCB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.49% | -22.59% | +3.10% |
Max Drawdown (1Y)Largest decline over 1 year | -4.26% | -2.49% | -1.77% |
Max Drawdown (3Y)Largest decline over 3 years | -6.96% | -3.56% | -3.40% |
Max Drawdown (5Y)Largest decline over 5 years | -15.66% | -14.17% | -1.49% |
Max Drawdown (10Y)Largest decline over 10 years | -19.49% | -22.59% | +3.10% |
Current DrawdownCurrent decline from peak | -1.69% | -0.10% | -1.59% |
Average DrawdownAverage peak-to-trough decline | -5.15% | -2.12% | -3.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 0.84% | +1.13% |
Volatility
ZIC.TO vs. XCB.TO - Volatility Comparison
BMO Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.TO) has a higher volatility of 1.68% compared to iShares Core Canadian Corporate Bond Index ETF (XCB.TO) at 1.45%. This indicates that ZIC.TO's price experiences larger fluctuations and is considered to be riskier than XCB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZIC.TO | XCB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 1.45% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 4.17% | 2.92% | +1.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.47% | 3.74% | +1.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.95% | 5.67% | +2.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.91% | 7.23% | +1.68% |
ZIC.TO vs. XCB.TO - Expense Ratio Comparison
ZIC.TO has a 0.25% expense ratio, which is higher than XCB.TO's 0.17% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ZIC.TO vs. XCB.TO - Dividend Comparison
ZIC.TO's dividend yield for the trailing twelve months is around 4.32%, more than XCB.TO's 4.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XCB.TO iShares Core Canadian Corporate Bond Index ETF | 4.13% | 4.10% | 4.00% | 3.69% | 3.55% | 3.01% | 2.75% | 2.95% | 3.10% | 3.07% | 3.19% | 3.31% |
ZIC.TO BMO Mid-Term US Investment Grade Corporate Bond Index ETF | 4.32% | 4.03% | 3.79% | 3.84% | 3.93% | 3.52% | 3.46% | 3.56% | 3.46% | 3.32% | 3.29% | 3.11% |
Frequently Asked Questions
ZIC.TO and XCB.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XCB.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XCB.TO is cheaper with a 0.17% expense ratio, compared with 0.25% for ZIC.TO.
ZIC.TO tracks Bloomberg US Investment Grade 5 to 10 Year Corporate Bond Capped Index, while XCB.TO tracks Morningstar Can Corp Bd GR CAD. They also come from different issuers: BMO and iShares. Their fees differ too: 0.25% for ZIC.TO and 0.17% for XCB.TO.
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