ZIC.TO vs. XHB.TO
ZIC.TO (BMO Mid-Term US Investment Grade Corporate Bond Index ETF) and XHB.TO (iShares Canadian HYBrid 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 XHB.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 5.63%/yr for XHB.TO. At a 0.26 correlation, their price movements are largely independent. ZIC.TO charges 0.25%/yr vs 0.50%/yr for XHB.TO.
Performance
ZIC.TO vs. XHB.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 XHB.TO's 2.17% return. Over the past 10 years, ZIC.TO has underperformed XHB.TO with an annualized return of 3.47%, while XHB.TO has yielded a comparatively higher 5.63% 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%
XHB.TO
- 1D
- 0.00%
- 1M
- 1.76%
- YTD
- 2.17%
- 6M
- 2.20%
- 1Y
- 5.90%
- 3Y*
- 9.70%
- 5Y*
- 5.68%
- 10Y*
- 5.63%
ZIC.TO vs. XHB.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% |
XHB.TO iShares Canadian HYBrid Corporate Bond Index ETF | 2.17% | 5.34% | 11.53% | 14.52% | -6.53% | 2.10% | 11.03% | 10.73% | 0.59% | 4.49% |
Correlation
The correlation between ZIC.TO and XHB.TO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2013 | 0.26 |
The correlation between ZIC.TO and XHB.TO shifts across timeframes, from 0.26 (all time) to 0.45 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZIC.TO vs. XHB.TO — Risk / Return Rank
ZIC.TO
XHB.TO
ZIC.TO vs. XHB.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 Canadian HYBrid Corporate Bond Index ETF (XHB.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 | XHB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.33 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 2.45 | -0.78 |
| Martin ratioReturn relative to average drawdown | 3.61 | 8.07 | -4.46 |
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 | XHB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 1.80 | -0.49 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | 1.02 | -0.53 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 0.51 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.58 | +0.01 |
Drawdowns
ZIC.TO vs. XHB.TO - Drawdown Comparison
The maximum ZIC.TO drawdown since its inception was -19.49%, smaller than the maximum XHB.TO drawdown of -26.03%. Use the drawdown chart below to compare losses from any high point for ZIC.TO and XHB.TO.
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Drawdown Indicators
| ZIC.TO | XHB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.49% | -26.03% | +6.54% |
Max Drawdown (1Y)Largest decline over 1 year | -4.26% | -2.42% | -1.84% |
Max Drawdown (3Y)Largest decline over 3 years | -6.96% | -2.42% | -4.54% |
Max Drawdown (5Y)Largest decline over 5 years | -15.66% | -11.83% | -3.83% |
Max Drawdown (10Y)Largest decline over 10 years | -19.49% | -26.03% | +6.54% |
Current DrawdownCurrent decline from peak | -1.69% | 0.00% | -1.69% |
Average DrawdownAverage peak-to-trough decline | -5.15% | -1.59% | -3.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 0.73% | +1.24% |
Volatility
ZIC.TO vs. XHB.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 Canadian HYBrid Corporate Bond Index ETF (XHB.TO) at 1.17%. This indicates that ZIC.TO's price experiences larger fluctuations and is considered to be riskier than XHB.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 | XHB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 1.17% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 4.17% | 2.62% | +1.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.47% | 3.32% | +2.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.95% | 5.61% | +2.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.91% | 11.05% | -2.14% |
ZIC.TO vs. XHB.TO - Expense Ratio Comparison
ZIC.TO has a 0.25% expense ratio, which is lower than XHB.TO's 0.50% expense ratio.
Dividends
ZIC.TO vs. XHB.TO - Dividend Comparison
ZIC.TO's dividend yield for the trailing twelve months is around 4.32%, less than XHB.TO's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XHB.TO iShares Canadian HYBrid Corporate Bond Index ETF | 4.52% | 4.48% | 7.49% | 8.06% | 7.74% | 5.57% | 5.47% | 5.75% | 4.07% | 4.08% | 4.35% | 4.78% |
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 XHB.TO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZIC.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZIC.TO is cheaper with a 0.25% expense ratio, compared with 0.50% for XHB.TO.
ZIC.TO tracks Bloomberg US Investment Grade 5 to 10 Year Corporate Bond Capped Index, while XHB.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 0.50% for XHB.TO.
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