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ZPAY.TO vs. ZST.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZPAY.TO vs. ZST.TO

Last updated Jun 26, 2026

ZPAY.TO (BMO Premium Yield ETF) and ZST.TO (BMO Ultra Short-Term Bond ETF) are both exchange-traded funds - ZPAY.TO is a Large Cap Growth Equities fund actively managed by BMO, while ZST.TO is a Canadian Government Bonds fund actively managed by BMO. Both are actively managed. Over the past 5 years, ZPAY.TO returned 7.40%/yr vs 3.02%/yr for ZST.TO. At a 0.09 correlation, their price movements are largely independent. ZPAY.TO charges 0.73%/yr vs 0.17%/yr for ZST.TO.

Performance

ZPAY.TO vs. ZST.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Premium Yield ETF (ZPAY.TO) and BMO Ultra Short-Term Bond ETF (ZST.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, ZPAY.TO achieves a 5.17% return, which is significantly higher than ZST.TO's 1.24% return.

ZPAY.TO

1D
-1.02%
1M
0.36%
YTD
5.17%
6M
2.63%
1Y
7.42%
3Y*
9.42%
5Y*
7.40%
10Y*
—

ZST.TO

1D
0.00%
1M
0.23%
YTD
1.24%
6M
0.27%
1Y
1.72%
3Y*
3.84%
5Y*
3.02%
10Y*
2.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZPAY.TO vs. ZST.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
ZPAY.TO
BMO Premium Yield ETF		5.17%-0.12%16.77%16.69%-6.49%9.36%6.41%
ZST.TO
BMO Ultra Short-Term Bond ETF		1.24%2.06%5.21%5.38%1.22%0.24%1.63%

Correlation

The correlation between ZPAY.TO and ZST.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.13

Correlation (3Y)
Calculated over the trailing 3-year period

0.03

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (All Time)
Calculated using the full available price history since Jan 21, 2020

0.09

Compare stocks, funds, or ETFs

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

BMO Premium Yield ETF

BMO Ultra Short-Term Bond ETF

Often compared with ZPAY.TO:
ZPAY.TO vs. VEQT.TOZPAY.TO vs. PFMN.TOZPAY.TO vs. SCHDZPAY.TO vs. VFV.TOZPAY.TO vs. SPYZPAY.TO vs. VDY.TOZPAY.TO vs. XGRO.TO
Often compared with ZST.TO:
ZST.TO vs. ZAG.TOZST.TO vs. CASH.TOZST.TO vs. CBIL.TOZST.TO vs. VXC.TOZST.TO vs. ZMMK.TOZST.TO vs. DXV.TOZST.TO vs. VDY.TO

Return for Risk

ZPAY.TO vs. ZST.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZPAY.TO
ZPAY.TO Risk / Return Rank: 2222
Overall Rank
ZPAY.TO Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
ZPAY.TO Sortino Ratio Rank: 2323
Sortino Ratio Rank
ZPAY.TO Omega Ratio Rank: 2525
Omega Ratio Rank
ZPAY.TO Calmar Ratio Rank: 1919
Calmar Ratio Rank
ZPAY.TO Martin Ratio Rank: 1717
Martin Ratio Rank
ZST.TO
ZST.TO Risk / Return Rank: 5252
Overall Rank
ZST.TO Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
ZST.TO Sortino Ratio Rank: 3535
Sortino Ratio Rank
ZST.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZST.TO Calmar Ratio Rank: 3838
Calmar Ratio Rank
ZST.TO Martin Ratio Rank: 3535
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.

ZPAY.TO vs. ZST.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Premium Yield ETF (ZPAY.TO) and BMO Ultra Short-Term Bond ETF (ZST.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.

ZPAY.TOZST.TODifference
Sharpe ratioReturn per unit of total volatility
0.87
1.59

-0.72

Sortino ratioReturn per unit of downside risk
1.18
1.68

-0.50

Omega ratioGain probability vs. loss probability

1.16

1.84

-0.67

Calmar ratioReturn relative to maximum drawdown

0.75

1.72

-0.97

Martin ratioReturn relative to average drawdown

1.71

4.62

-2.90

ZPAY.TO vs. ZST.TO - Sharpe Ratio Comparison

The current ZPAY.TO Sharpe Ratio is 0.87, which is lower than the ZST.TO Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of ZPAY.TO and ZST.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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Drawdowns

ZPAY.TO vs. ZST.TO - Drawdown Comparison

The maximum ZPAY.TO drawdown since its inception was -14.90%, which is greater than ZST.TO's maximum drawdown of -3.60%. Use the drawdown chart below to compare losses from any high point for ZPAY.TO and ZST.TO.

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Drawdown Indicators

ZPAY.TOZST.TODifference

Max Drawdown

Largest peak-to-trough decline

-14.90%

-3.60%

-11.30%

Max Drawdown (1Y)

Largest decline over 1 year

-9.94%

-1.01%

-8.93%

Max Drawdown (3Y)

Largest decline over 3 years

-12.50%

-1.01%

-11.49%

Max Drawdown (5Y)

Largest decline over 5 years

-14.80%

-1.01%

-13.79%

Max Drawdown (10Y)

Largest decline over 10 years

—

-1.06%

—

Current Drawdown

Current decline from peak

-1.75%

0.00%

-1.75%

Average Drawdown

Average peak-to-trough decline

-2.82%

-0.58%

-2.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.34%

0.37%

+3.97%

Volatility

ZPAY.TO vs. ZST.TO - Volatility Comparison

BMO Premium Yield ETF (ZPAY.TO) has a higher volatility of 2.02% compared to BMO Ultra Short-Term Bond ETF (ZST.TO) at 0.10%. This indicates that ZPAY.TO's price experiences larger fluctuations and is considered to be riskier than ZST.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZPAY.TOZST.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.02%

0.10%

+1.92%

Volatility (6M)

Calculated over the trailing 6-month period

7.20%

1.05%

+6.15%

Volatility (1Y)

Calculated over the trailing 1-year period

8.58%

1.08%

+7.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.61%

0.72%

+9.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.94%

0.71%

+11.23%

ZPAY.TO vs. ZST.TO - Expense Ratio Comparison

ZPAY.TO has a 0.73% expense ratio, which is higher than ZST.TO's 0.17% expense ratio.

Dividends

ZPAY.TO vs. ZST.TO - Dividend Comparison

ZPAY.TO's dividend yield for the trailing twelve months is around 7.38%, more than ZST.TO's 2.56% yield.

PositionTTM20252024202320222021202020192018201720162015
ZPAY.TO
BMO Premium Yield ETF		7.38%7.48%5.67%6.24%6.83%5.95%5.29%0.00%0.00%0.00%0.00%0.00%
ZST.TO
BMO Ultra Short-Term Bond ETF		2.56%2.85%4.70%4.84%2.78%2.31%2.68%2.84%3.47%4.09%3.96%3.94%

Frequently Asked Questions

ZPAY.TO and ZST.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZST.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZST.TO is cheaper with a 0.17% expense ratio, compared with 0.73% for ZPAY.TO.

ZPAY.TO is categorized as Large Cap Growth Equities, while ZST.TO is Canadian Government Bonds. Their fees differ too: 0.73% for ZPAY.TO and 0.17% for ZST.TO.

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