ZIC.TO vs. XCBG.TO
ZIC.TO (BMO Mid-Term US Investment Grade Corporate Bond Index ETF) and XCBG.TO (iShares ESG Advanced 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 XCBG.TO tracks the Morningstar Can Corp Bd GR CAD. Both are passively managed. Over the past 3 years, ZIC.TO returned 6.91%/yr vs 5.98%/yr for XCBG.TO. At a 0.38 correlation, their price movements are largely independent. ZIC.TO charges 0.25%/yr vs 0.17%/yr for XCBG.TO.
Performance
ZIC.TO vs. XCBG.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZIC.TO achieves a 1.28% return, which is significantly lower than XCBG.TO's 1.62% return.
ZIC.TO
- 1D
- 0.22%
- 1M
- 2.21%
- YTD
- 1.28%
- 6M
- -0.27%
- 1Y
- 6.91%
- 3Y*
- 6.91%
- 5Y*
- 3.94%
- 10Y*
- 3.62%
XCBG.TO
- 1D
- 0.03%
- 1M
- 1.30%
- YTD
- 1.62%
- 6M
- 1.55%
- 1Y
- 3.78%
- 3Y*
- 5.98%
- 5Y*
- —
- 10Y*
- —
ZIC.TO vs. XCBG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZIC.TO BMO Mid-Term US Investment Grade Corporate Bond Index ETF | 1.28% | 4.24% | 11.86% | 6.33% | -8.93% | -0.30% |
XCBG.TO iShares ESG Advanced Canadian Corporate Bond Index ETF | 1.62% | 4.21% | 6.79% | 7.45% | -7.40% | -1.10% |
Correlation
The correlation between ZIC.TO and XCBG.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jul 28, 2021 | 0.38 |
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Return for Risk
ZIC.TO vs. XCBG.TO — Risk / Return Rank
ZIC.TO
XCBG.TO
ZIC.TO vs. XCBG.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 ESG Advanced Canadian Corporate Bond Index ETF (XCBG.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 | XCBG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.24 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 1.87 | -0.24 |
| Martin ratioReturn relative to average drawdown | 3.51 | 5.82 | -2.31 |
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 | XCBG.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | 1.28 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.53 | +0.06 |
Drawdowns
ZIC.TO vs. XCBG.TO - Drawdown Comparison
The maximum ZIC.TO drawdown since its inception was -19.49%, which is greater than XCBG.TO's maximum drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for ZIC.TO and XCBG.TO.
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Drawdown Indicators
| ZIC.TO | XCBG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.49% | -12.14% | -7.35% |
Max Drawdown (1Y)Largest decline over 1 year | -4.26% | -2.03% | -2.23% |
Max Drawdown (3Y)Largest decline over 3 years | -6.96% | -2.26% | -4.70% |
Max Drawdown (5Y)Largest decline over 5 years | -15.66% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -19.49% | — | — |
Current DrawdownCurrent decline from peak | -1.48% | -0.05% | -1.43% |
Average DrawdownAverage peak-to-trough decline | -5.15% | -3.53% | -1.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 0.65% | +1.32% |
Volatility
ZIC.TO vs. XCBG.TO - Volatility Comparison
BMO Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.TO) has a higher volatility of 1.67% compared to iShares ESG Advanced Canadian Corporate Bond Index ETF (XCBG.TO) at 1.07%. This indicates that ZIC.TO's price experiences larger fluctuations and is considered to be riskier than XCBG.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 | XCBG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 1.07% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 4.18% | 2.37% | +1.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.47% | 2.95% | +2.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.95% | 4.21% | +3.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.90% | 4.21% | +4.69% |
ZIC.TO vs. XCBG.TO - Expense Ratio Comparison
ZIC.TO has a 0.25% expense ratio, which is higher than XCBG.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. XCBG.TO - Dividend Comparison
ZIC.TO's dividend yield for the trailing twelve months is around 4.31%, more than XCBG.TO's 3.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XCBG.TO iShares ESG Advanced Canadian Corporate Bond Index ETF | 3.93% | 3.84% | 3.61% | 3.19% | 2.99% | 0.87% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZIC.TO BMO Mid-Term US Investment Grade Corporate Bond Index ETF | 4.31% | 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 XCBG.TO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XCBG.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XCBG.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 XCBG.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 XCBG.TO.
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