ZSDB.TO vs. CAGS.TO
ZSDB.TO (BMO Short-Term Discount Bond ETF) and CAGS.TO (CI Canadian Short-Term Aggregate Bond Index ETF) are both Short-Term Bond funds. Over the past year, ZSDB.TO returned 0.48% vs 3.19% for CAGS.TO. At a 0.30 correlation, their price movements are largely independent.
Performance
ZSDB.TO vs. CAGS.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZSDB.TO achieves a 0.97% return, which is significantly lower than CAGS.TO's 1.23% return.
ZSDB.TO
- 1D
- 0.13%
- 1M
- -0.02%
- 6M
- 0.91%
- YTD
- 0.97%
- 1Y
- 0.48%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CAGS.TO
- 1D
- 0.15%
- 1M
- -0.10%
- 6M
- 1.00%
- YTD
- 1.23%
- 1Y
- 3.19%
- 3Y*
- 5.04%
- 5Y*
- 2.15%
- 10Y*
- —
ZSDB.TO vs. CAGS.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZSDB.TO BMO Short-Term Discount Bond ETF | 0.97% | 1.23% | 6.02% | 0.38% |
CAGS.TO CI Canadian Short-Term Aggregate Bond Index ETF | 1.23% | 3.95% | 6.07% | 0.20% |
Correlation
The correlation between ZSDB.TO and CAGS.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2023 | 0.30 |
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Return for Risk
ZSDB.TO vs. CAGS.TO — Risk / Return Rank
ZSDB.TO
CAGS.TO
ZSDB.TO vs. CAGS.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Short-Term Discount Bond ETF (ZSDB.TO) and CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.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.
| ZSDB.TO | CAGS.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.31 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | 2.40 | -2.25 |
| Martin ratioReturn relative to average drawdown | 0.28 | 7.27 | -6.99 |
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Drawdowns
ZSDB.TO vs. CAGS.TO - Drawdown Comparison
The maximum ZSDB.TO drawdown since its inception was -3.20%, smaller than the maximum CAGS.TO drawdown of -11.60%. Use the drawdown chart below to compare losses from any high point for ZSDB.TO and CAGS.TO.
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Drawdown Indicators
| ZSDB.TO | CAGS.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.20% | -11.60% | +8.40% |
Max Drawdown (1Y)Largest decline over 1 year | -3.20% | -1.33% | -1.87% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.33% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -7.58% | — |
Current DrawdownCurrent decline from peak | -1.73% | -0.23% | -1.50% |
Average DrawdownAverage peak-to-trough decline | -0.66% | -1.45% | +0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 0.44% | +1.30% |
Volatility
ZSDB.TO vs. CAGS.TO - Volatility Comparison
The current volatility for BMO Short-Term Discount Bond ETF (ZSDB.TO) is 0.50%, while CI Canadian Short-Term Aggregate Bond Index ETF (CAGS.TO) has a volatility of 0.71%. This indicates that ZSDB.TO experiences smaller price fluctuations and is considered to be less risky than CAGS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSDB.TO | CAGS.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.50% | 0.71% | -0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 1.52% | 1.62% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.28% | 2.07% | +1.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.78% | 2.76% | +0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.78% | 4.63% | -1.85% |
Dividends
ZSDB.TO vs. CAGS.TO - Dividend Comparison
ZSDB.TO's dividend yield for the trailing twelve months is around 1.35%, less than CAGS.TO's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CAGS.TO CI Canadian Short-Term Aggregate Bond Index ETF | 3.28% | 3.16% | 3.37% | 2.62% | 2.61% | 1.96% | 2.59% | 2.83% | 2.72% | 1.06% |
ZSDB.TO BMO Short-Term Discount Bond ETF | 1.35% | 1.29% | 1.33% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZSDB.TO and CAGS.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and CI.
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