ZQB.TO vs. ZCB.TO
ZQB.TO (BMO High Quality Corporate Bond Index ETF) and ZCB.TO (BMO Corporate Bond Index ETF) are both Corporate Bonds funds from BMO. Over the past 5 years, ZQB.TO returned 2.46%/yr vs 2.15%/yr for ZCB.TO. At a 0.43 correlation, their price movements are largely independent.
Performance
ZQB.TO vs. ZCB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZQB.TO achieves a 1.59% return, which is significantly lower than ZCB.TO's 2.10% return.
ZQB.TO
- 1D
- -0.17%
- 1M
- 0.26%
- YTD
- 1.59%
- 6M
- 1.56%
- 1Y
- 3.80%
- 3Y*
- 6.05%
- 5Y*
- 2.46%
- 10Y*
- —
ZCB.TO
- 1D
- -0.08%
- 1M
- 0.22%
- YTD
- 2.10%
- 6M
- 1.75%
- 1Y
- 3.73%
- 3Y*
- 6.07%
- 5Y*
- 2.15%
- 10Y*
- —
ZQB.TO vs. ZCB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ZQB.TO BMO High Quality Corporate Bond Index ETF | 1.59% | 4.80% | 6.78% | 6.49% | -5.39% | -2.02% | 5.33% |
ZCB.TO BMO Corporate Bond Index ETF | 2.10% | 3.81% | 6.60% | 8.73% | -10.20% | -2.22% | 6.11% |
Correlation
The correlation between ZQB.TO and ZCB.TO is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2020 | 0.43 |
The correlation between ZQB.TO and ZCB.TO has been stable across timeframes, ranging from 0.43 to 0.52 - a consistent structural relationship.
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Return for Risk
ZQB.TO vs. ZCB.TO — Risk / Return Rank
ZQB.TO
ZCB.TO
ZQB.TO vs. ZCB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO High Quality Corporate Bond Index ETF (ZQB.TO) and BMO Corporate Bond Index ETF (ZCB.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.
| ZQB.TO | ZCB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.19 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 1.47 | +0.66 |
| Martin ratioReturn relative to average drawdown | 7.54 | 4.48 | +3.05 |
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Drawdowns
ZQB.TO vs. ZCB.TO - Drawdown Comparison
The maximum ZQB.TO drawdown since its inception was -10.18%, smaller than the maximum ZCB.TO drawdown of -15.70%. Use the drawdown chart below to compare losses from any high point for ZQB.TO and ZCB.TO.
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Drawdown Indicators
| ZQB.TO | ZCB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.18% | -15.70% | +5.52% |
Max Drawdown (1Y)Largest decline over 1 year | -1.79% | -2.55% | +0.76% |
Max Drawdown (3Y)Largest decline over 3 years | -1.79% | -3.14% | +1.35% |
Max Drawdown (5Y)Largest decline over 5 years | -9.64% | -14.20% | +4.56% |
Current DrawdownCurrent decline from peak | -0.17% | -0.24% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -3.67% | +1.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 0.86% | -0.35% |
Volatility
ZQB.TO vs. ZCB.TO - Volatility Comparison
The current volatility for BMO High Quality Corporate Bond Index ETF (ZQB.TO) is 0.70%, while BMO Corporate Bond Index ETF (ZCB.TO) has a volatility of 0.91%. This indicates that ZQB.TO experiences smaller price fluctuations and is considered to be less risky than ZCB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZQB.TO | ZCB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.70% | 0.91% | -0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 1.79% | 2.93% | -1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.21% | 3.72% | -1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.51% | 5.20% | -1.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.18% | 5.41% | -1.23% |
Dividends
ZQB.TO vs. ZCB.TO - Dividend Comparison
ZQB.TO's dividend yield for the trailing twelve months is around 3.92%, less than ZCB.TO's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ZCB.TO BMO Corporate Bond Index ETF | 4.12% | 4.00% | 3.84% | 3.89% | 3.62% | 3.13% | 2.97% | 3.12% | 3.27% |
ZQB.TO BMO High Quality Corporate Bond Index ETF | 3.92% | 3.67% | 3.39% | 3.00% | 2.80% | 2.58% | 2.46% | 0.00% | 0.00% |
Frequently Asked Questions
ZQB.TO and ZCB.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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