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ZLSC.TO vs. ZAG.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZLSC.TO vs. ZAG.TO

Last updated Jun 5, 2026

ZLSC.TO (BMO Long Short Canadian Equity ETF) and ZAG.TO (BMO Aggregate Bond Index ETF) are both exchange-traded funds - ZLSC.TO is a Long-Short fund actively managed by BMO, while ZAG.TO is a Canadian Government Bonds fund tracking the FTSE Canada Universe Bond Index. ZLSC.TO is actively managed, while ZAG.TO is passively managed. Over the past year, ZLSC.TO returned 23.82% vs 2.95% for ZAG.TO. At a 0.15 correlation, their price movements are largely independent. ZLSC.TO charges 0.73%/yr vs 0.09%/yr for ZAG.TO.

Performance

ZLSC.TO vs. ZAG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Long Short Canadian Equity ETF (ZLSC.TO) and BMO Aggregate Bond Index ETF (ZAG.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZLSC.TO achieves a 9.76% return, which is significantly higher than ZAG.TO's 1.70% return.

ZLSC.TO

1D
0.21%
1M
2.67%
YTD
9.76%
6M
10.37%
1Y
23.82%
3Y*
—
5Y*
—
10Y*
—

ZAG.TO

1D
0.00%
1M
1.82%
YTD
1.70%
6M
1.18%
1Y
2.95%
3Y*
4.31%
5Y*
0.76%
10Y*
1.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZLSC.TO vs. ZAG.TO - Yearly Performance Comparison

2026 (YTD)202520242023
ZLSC.TO
BMO Long Short Canadian Equity ETF		9.76%20.54%21.20%4.25%
ZAG.TO
BMO Aggregate Bond Index ETF		1.70%2.25%4.48%8.43%

Correlation

The correlation between ZLSC.TO and ZAG.TO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.20

Correlation (All Time)
Calculated using the full available price history since Oct 2, 2023

0.15

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Long Short Canadian Equity ETF

BMO Aggregate Bond Index ETF

Often compared with ZLSC.TO:
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Often compared with ZAG.TO:
ZAG.TO vs. VAB.TOZAG.TO vs. XBB.TOZAG.TO vs. XSB.TOZAG.TO vs. ZMMK.TOZAG.TO vs. ZST.TOZAG.TO vs. XBBZAG.TO vs. XCB.TO

Return for Risk

ZLSC.TO vs. ZAG.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZLSC.TO
ZLSC.TO Risk / Return Rank: 9292
Overall Rank
ZLSC.TO Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
ZLSC.TO Sortino Ratio Rank: 9191
Sortino Ratio Rank
ZLSC.TO Omega Ratio Rank: 9494
Omega Ratio Rank
ZLSC.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
ZLSC.TO Martin Ratio Rank: 9494
Martin Ratio Rank
ZAG.TO
ZAG.TO Risk / Return Rank: 2121
Overall Rank
ZAG.TO Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
ZAG.TO Sortino Ratio Rank: 1919
Sortino Ratio Rank
ZAG.TO Omega Ratio Rank: 2020
Omega Ratio Rank
ZAG.TO Calmar Ratio Rank: 2424
Calmar Ratio Rank
ZAG.TO Martin Ratio Rank: 2121
Martin Ratio Rank
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.

ZLSC.TO vs. ZAG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Long Short Canadian Equity ETF (ZLSC.TO) and BMO Aggregate Bond Index ETF (ZAG.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.

ZLSC.TOZAG.TODifference
Sharpe ratioReturn per unit of total volatility
3.15
0.67

+2.49

Sortino ratioReturn per unit of downside risk
4.27
0.94

+3.34

Omega ratioGain probability vs. loss probability

1.67

1.12

+0.55

Calmar ratioReturn relative to maximum drawdown

5.04

1.06

+3.97

Martin ratioReturn relative to average drawdown

25.77

2.48

+23.30

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZLSC.TO vs. ZAG.TO - Sharpe Ratio Comparison

The current ZLSC.TO Sharpe Ratio is 3.15, which is higher than the ZAG.TO Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of ZLSC.TO and ZAG.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.

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Sharpe Ratios by Period

ZLSC.TOZAG.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.15

0.67

+2.49

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.12

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.24

—

Sharpe Ratio (All Time)

Calculated using the full available price history

2.56

0.45

+2.10

Drawdowns

ZLSC.TO vs. ZAG.TO - Drawdown Comparison

The maximum ZLSC.TO drawdown since its inception was -8.37%, smaller than the maximum ZAG.TO drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for ZLSC.TO and ZAG.TO.

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Drawdown Indicators

ZLSC.TOZAG.TODifference

Max Drawdown

Largest peak-to-trough decline

-8.37%

-18.03%

+9.66%

Max Drawdown (1Y)

Largest decline over 1 year

-4.75%

-2.79%

-1.96%

Max Drawdown (3Y)

Largest decline over 3 years

—

-5.42%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-15.77%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-18.03%

—

Current Drawdown

Current decline from peak

0.00%

-1.09%

+1.09%

Average Drawdown

Average peak-to-trough decline

-0.74%

-3.54%

+2.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.93%

1.19%

-0.26%

Volatility

ZLSC.TO vs. ZAG.TO - Volatility Comparison

The current volatility for BMO Long Short Canadian Equity ETF (ZLSC.TO) is 1.40%, while BMO Aggregate Bond Index ETF (ZAG.TO) has a volatility of 1.68%. This indicates that ZLSC.TO experiences smaller price fluctuations and is considered to be less risky than ZAG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZLSC.TOZAG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.40%

1.68%

-0.28%

Volatility (6M)

Calculated over the trailing 6-month period

5.85%

3.43%

+2.42%

Volatility (1Y)

Calculated over the trailing 1-year period

7.60%

4.45%

+3.15%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.32%

6.58%

+1.74%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.32%

7.11%

+1.21%

ZLSC.TO vs. ZAG.TO - Expense Ratio Comparison

ZLSC.TO has a 0.73% expense ratio, which is higher than ZAG.TO's 0.09% expense ratio.

Dividends

ZLSC.TO vs. ZAG.TO - Dividend Comparison

ZLSC.TO's dividend yield for the trailing twelve months is around 1.18%, less than ZAG.TO's 3.42% yield.

PositionTTM20252024202320222021202020192018201720162015
ZAG.TO
BMO Aggregate Bond Index ETF		3.42%3.48%3.44%3.47%3.56%3.04%2.88%3.03%2.92%2.95%3.07%3.13%
ZLSC.TO
BMO Long Short Canadian Equity ETF		1.18%1.45%2.22%0.90%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ZLSC.TO and ZAG.TO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZAG.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZAG.TO is cheaper with a 0.09% expense ratio, compared with 0.73% for ZLSC.TO.

ZLSC.TO is categorized as Long-Short, while ZAG.TO is Canadian Government Bonds. Their fees differ too: 0.73% for ZLSC.TO and 0.09% for ZAG.TO.

Portfolio Optimizer

Find the right allocation for ZLSC.TO and ZAG.TO

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