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ZSB.TO vs. TDB.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZSB.TO vs. TDB.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Short-Term Bond Index ETF (ZSB.TO) and TD Canadian Aggregate Bond Index ETF (TDB.TO).

ZSB.TO and TDB.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZSB.TO is a passively managed fund by BMO that tracks the performance of the FTSE Canada Short Term Overall Bond Index. It was launched on Mar 1, 2018. TDB.TO is a passively managed fund by TD that tracks the performance of the Solactive Broad Canadian Bond Universe Index. It was launched on Mar 22, 2016. Both ZSB.TO and TDB.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZSB.TO vs. TDB.TO - Performance Comparison

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

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ZSB.TO vs. TDB.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
ZSB.TO
BMO Short-Term Bond Index ETF		0.26%3.77%5.55%5.05%-4.08%-1.20%5.13%2.95%1.69%
TDB.TO
TD Canadian Aggregate Bond Index ETF		0.19%2.24%4.11%6.57%-10.94%-2.98%8.31%6.24%2.58%

Returns By Period

In the year-to-date period, ZSB.TO achieves a 0.26% return, which is significantly higher than TDB.TO's 0.19% return.

ZSB.TO

1D
0.23%
1M
-0.90%
YTD
0.26%
6M
0.64%
1Y
2.40%
3Y*
4.25%
5Y*
1.91%
10Y*
—

TDB.TO

1D
0.23%
1M
-1.94%
YTD
0.19%
6M
-0.31%
1Y
0.66%
3Y*
3.34%
5Y*
0.65%
10Y*
1.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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BMO Short-Term Bond Index ETF

TD Canadian Aggregate Bond Index ETF

Often compared with ZSB.TO:
ZSB.TO vs. XSB.TOZSB.TO vs. ZST.TOZSB.TO vs. ZAG.TOZSB.TO vs. ZBBB.TOZSB.TO vs. CBIL.TOZSB.TO vs. ZMMK.TOZSB.TO vs. VLB.TO
Often compared with TDB.TO:
TDB.TO vs. XEB.TOTDB.TO vs. ZST.TOTDB.TO vs. VAB.TOTDB.TO vs. CLF.TOTDB.TO vs. TBAL.TOTDB.TO vs. TPE.TOTDB.TO vs. TEC.TO

ZSB.TO vs. TDB.TO - Expense Ratio Comparison

ZSB.TO has a 0.10% expense ratio, which is higher than TDB.TO's 0.08% 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%.

ZSB.TO
BMO Short-Term Bond Index ETF
TDB.TO
TD Canadian Aggregate Bond Index ETF

Return for Risk

ZSB.TO vs. TDB.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZSB.TO
ZSB.TO Risk / Return Rank: 6868
Overall Rank
ZSB.TO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
ZSB.TO Sortino Ratio Rank: 6868
Sortino Ratio Rank
ZSB.TO Omega Ratio Rank: 6767
Omega Ratio Rank
ZSB.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
ZSB.TO Martin Ratio Rank: 6767
Martin Ratio Rank
TDB.TO
TDB.TO Risk / Return Rank: 1515
Overall Rank
TDB.TO Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
TDB.TO Sortino Ratio Rank: 1313
Sortino Ratio Rank
TDB.TO Omega Ratio Rank: 1313
Omega Ratio Rank
TDB.TO Calmar Ratio Rank: 1919
Calmar Ratio Rank
TDB.TO Martin Ratio Rank: 1717
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.

ZSB.TO vs. TDB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Short-Term Bond Index ETF (ZSB.TO) and TD Canadian Aggregate Bond Index ETF (TDB.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.

ZSB.TOTDB.TODifference

Sharpe ratio

Return per unit of total volatility

1.26

0.15

+1.12

Sortino ratio

Return per unit of downside risk

1.72

0.22

+1.49

Omega ratio

Gain probability vs. loss probability

1.25

1.03

+0.22

Calmar ratio

Return relative to maximum drawdown

1.68

0.35

+1.33

Martin ratio

Return relative to average drawdown

6.82

0.69

+6.13

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

ZSB.TO vs. TDB.TO - Sharpe Ratio Comparison

The current ZSB.TO Sharpe Ratio is 1.26, which is higher than the TDB.TO Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of ZSB.TO and TDB.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZSB.TOTDB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.26

0.15

+1.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.71

0.10

+0.61

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.24

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.89

0.25

+0.64

Correlation

The correlation between ZSB.TO and TDB.TO is 0.50, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZSB.TO vs. TDB.TO - Dividend Comparison

ZSB.TO's dividend yield for the trailing twelve months is around 3.20%, less than TDB.TO's 3.62% yield.

TTM2025202420232022202120202019201820172016
ZSB.TO
BMO Short-Term Bond Index ETF		3.20%3.16%2.91%2.54%2.60%2.43%2.34%2.40%2.42%0.00%0.00%
TDB.TO
TD Canadian Aggregate Bond Index ETF		3.62%3.71%4.11%4.11%2.67%2.37%2.38%2.05%4.32%2.94%2.45%

Drawdowns

ZSB.TO vs. TDB.TO - Drawdown Comparison

The maximum ZSB.TO drawdown since its inception was -7.49%, smaller than the maximum TDB.TO drawdown of -17.29%. Use the drawdown chart below to compare losses from any high point for ZSB.TO and TDB.TO.

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Drawdown Indicators

ZSB.TOTDB.TODifference

Max Drawdown

Largest peak-to-trough decline

-7.49%

-17.29%

+9.80%

Max Drawdown (1Y)

Largest decline over 1 year

-1.46%

-2.80%

+1.34%

Max Drawdown (5Y)

Largest decline over 5 years

-7.12%

-15.14%

+8.02%

Max Drawdown (10Y)

Largest decline over 10 years

—

-17.29%

—

Current Drawdown

Current decline from peak

-0.90%

-2.23%

+1.33%

Average Drawdown

Average peak-to-trough decline

-1.52%

-4.79%

+3.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.36%

1.40%

-1.04%

Volatility

ZSB.TO vs. TDB.TO - Volatility Comparison

The current volatility for BMO Short-Term Bond Index ETF (ZSB.TO) is 0.96%, while TD Canadian Aggregate Bond Index ETF (TDB.TO) has a volatility of 1.99%. This indicates that ZSB.TO experiences smaller price fluctuations and is considered to be less risky than TDB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZSB.TOTDB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.96%

1.99%

-1.03%

Volatility (6M)

Calculated over the trailing 6-month period

1.38%

2.99%

-1.61%

Volatility (1Y)

Calculated over the trailing 1-year period

1.91%

4.61%

-2.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.72%

6.34%

-3.62%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.63%

6.57%

-3.94%