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

ZST.TO vs. CM.TO

Last updated Jun 14, 2026

ZST.TO (BMO Ultra Short-Term Bond ETF) is Canadian Government Bonds fund actively managed by BMO, while CM.TO (Canadian Imperial Bank of Commerce) is a stock. Over the past 10 years, ZST.TO returned 2.38%/yr vs 21.34%/yr for CM.TO. At a 0.02 correlation, their price movements are largely independent.

Performance

ZST.TO vs. CM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Ultra Short-Term Bond ETF (ZST.TO) and Canadian Imperial Bank of Commerce (CM.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, ZST.TO achieves a 1.16% return, which is significantly lower than CM.TO's 28.60% return. Over the past 10 years, ZST.TO has underperformed CM.TO with an annualized return of 2.38%, while CM.TO has yielded a comparatively higher 21.34% annualized return.

ZST.TO

1D
0.00%
1M
0.27%
YTD
1.16%
6M
0.31%
1Y
1.72%
3Y*
3.89%
5Y*
3.00%
10Y*
2.38%

CM.TO

1D
1.70%
1M
3.50%
YTD
28.60%
6M
26.24%
1Y
77.57%
3Y*
47.25%
5Y*
23.85%
10Y*
21.34%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZST.TO
BMO Ultra Short-Term Bond ETF		1.16%2.06%5.21%5.38%1.22%0.24%1.77%2.39%1.99%1.47%
CM.TO
Canadian Imperial Bank of Commerce		28.60%42.31%49.56%23.83%-20.89%47.75%13.88%18.19%-8.64%22.50%

Correlation

The correlation between ZST.TO and CM.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

0.07

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

0.06

Correlation (10Y)
Calculated over the trailing 10-year period

0.04

Correlation (All Time)
Calculated using the full available price history since Feb 3, 2011

0.02

The correlation between ZST.TO and CM.TO shifts across timeframes, from 0.02 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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BMO Ultra Short-Term Bond ETF

Canadian Imperial Bank of Commerce

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Often compared with CM.TO:
CM.TO vs. RY.TOCM.TO vs. BMO.TOCM.TO vs. BNS.TOCM.TO vs. CMCM.TO vs. TD.TOCM.TO vs. EQB.TOCM.TO vs. NA.TO

Return for Risk

ZST.TO vs. CM.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZST.TO
ZST.TO Risk / Return Rank: 5252
Overall Rank
ZST.TO Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
ZST.TO Sortino Ratio Rank: 3636
Sortino Ratio Rank
ZST.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZST.TO Calmar Ratio Rank: 3939
Calmar Ratio Rank
ZST.TO Martin Ratio Rank: 3535
Martin Ratio Rank
CM.TO
CM.TO Risk / Return Rank: 9898
Overall Rank
CM.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
CM.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
CM.TO Omega Ratio Rank: 9898
Omega Ratio Rank
CM.TO Calmar Ratio Rank: 9797
Calmar Ratio Rank
CM.TO Martin Ratio Rank: 9898
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Ultra Short-Term Bond ETF (ZST.TO) and Canadian Imperial Bank of Commerce (CM.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.

ZST.TOCM.TODifference
Sharpe ratioReturn per unit of total volatility
1.59
4.40

-2.80

Sortino ratioReturn per unit of downside risk
1.68
5.26

-3.58

Omega ratioGain probability vs. loss probability

1.85

1.75

+0.10

Calmar ratioReturn relative to maximum drawdown

1.72

8.50

-6.78

Martin ratioReturn relative to average drawdown

4.62

31.13

-26.51

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

The current ZST.TO Sharpe Ratio is 1.59, which is lower than the CM.TO Sharpe Ratio of 4.40. The chart below compares the historical Sharpe Ratios of ZST.TO and CM.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

ZST.TO vs. CM.TO - Drawdown Comparison

The maximum ZST.TO drawdown since its inception was -3.60%, smaller than the maximum CM.TO drawdown of -58.49%. Use the drawdown chart below to compare losses from any high point for ZST.TO and CM.TO.

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Drawdown Indicators

ZST.TOCM.TODifference

Max Drawdown

Largest peak-to-trough decline

-3.60%

-58.49%

+54.89%

Max Drawdown (1Y)

Largest decline over 1 year

-1.01%

-9.11%

+8.10%

Max Drawdown (3Y)

Largest decline over 3 years

-1.01%

-16.57%

+15.56%

Max Drawdown (5Y)

Largest decline over 5 years

-1.01%

-35.43%

+34.42%

Max Drawdown (10Y)

Largest decline over 10 years

-1.06%

-40.02%

+38.96%

Current Drawdown

Current decline from peak

0.00%

-1.28%

+1.28%

Average Drawdown

Average peak-to-trough decline

-0.58%

-9.29%

+8.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.37%

2.48%

-2.11%

Volatility

ZST.TO vs. CM.TO - Volatility Comparison

The current volatility for BMO Ultra Short-Term Bond ETF (ZST.TO) is 0.08%, while Canadian Imperial Bank of Commerce (CM.TO) has a volatility of 7.93%. This indicates that ZST.TO experiences smaller price fluctuations and is considered to be less risky than CM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZST.TOCM.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.08%

7.93%

-7.85%

Volatility (6M)

Calculated over the trailing 6-month period

1.05%

14.93%

-13.88%

Volatility (1Y)

Calculated over the trailing 1-year period

1.08%

17.59%

-16.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.72%

18.23%

-17.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.71%

19.92%

-19.21%

Dividends

ZST.TO vs. CM.TO - Dividend Comparison

ZST.TO's dividend yield for the trailing twelve months is around 2.56%, which matches CM.TO's 2.57% yield.

PositionTTM20252024202320222021202020192018201720162015
CM.TO
Canadian Imperial Bank of Commerce		2.57%3.20%4.04%5.47%7.52%8.13%10.74%10.51%10.58%8.39%8.84%9.69%
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

ZST.TO and CM.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.

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