PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZST.TO vs. CORE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZST.TO vs. CORE.TO

Last updated Jun 4, 2026

ZST.TO (BMO Ultra Short-Term Bond ETF) and CORE.TO (PIMCO Canadian Core Bond Fund) are both Canadian Government Bonds funds. Both are actively managed. Over the past year, ZST.TO returned 1.68% vs 4.48% for CORE.TO. At a 0.29 correlation, their price movements are largely independent. ZST.TO charges 0.17%/yr vs 0.32%/yr for CORE.TO.

Performance

ZST.TO vs. CORE.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 PIMCO Canadian Core Bond Fund (CORE.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ZST.TO achieves a 1.08% return, which is significantly lower than CORE.TO's 2.24% return.

ZST.TO

1D
0.02%
1M
0.25%
YTD
1.08%
6M
0.26%
1Y
1.68%
3Y*
3.84%
5Y*
2.95%
10Y*
2.34%

CORE.TO

1D
0.00%
1M
1.93%
YTD
2.24%
6M
1.42%
1Y
4.48%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024
ZST.TO
BMO Ultra Short-Term Bond ETF		1.08%2.03%1.69%
CORE.TO
PIMCO Canadian Core Bond Fund		2.24%4.02%0.77%

Correlation

The correlation between ZST.TO and CORE.TO is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.35

Correlation (All Time)
Calculated using the full available price history since Aug 20, 2024

0.29

Compare stocks, funds, or ETFs

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

BMO Ultra Short-Term Bond ETF

PIMCO Canadian Core Bond Fund

Often compared with ZST.TO:
ZST.TO vs. ZAG.TOZST.TO vs. CASH.TOZST.TO vs. CBIL.TOZST.TO vs. VXC.TOZST.TO vs. DXV.TOZST.TO vs. ZMMK.TOZST.TO vs. VDY.TO
Often compared with CORE.TO:
CORE.TO vs. PMIF.TOCORE.TO vs. PMIF-U.TOCORE.TO vs. XBB.TOCORE.TO vs. XSH.TOCORE.TO vs. XFLB.TOCORE.TO vs. TCLB.TOCORE.TO vs. ZAG.TO

Return for Risk

ZST.TO vs. CORE.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: 4747
Overall Rank
ZST.TO Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
ZST.TO Sortino Ratio Rank: 3030
Sortino Ratio Rank
ZST.TO Omega Ratio Rank: 9696
Omega Ratio Rank
ZST.TO Calmar Ratio Rank: 3434
Calmar Ratio Rank
ZST.TO Martin Ratio Rank: 3030
Martin Ratio Rank
CORE.TO
CORE.TO Risk / Return Rank: 2929
Overall Rank
CORE.TO Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
CORE.TO Sortino Ratio Rank: 2828
Sortino Ratio Rank
CORE.TO Omega Ratio Rank: 2929
Omega Ratio Rank
CORE.TO Calmar Ratio Rank: 3131
Calmar Ratio Rank
CORE.TO Martin Ratio Rank: 2727
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. CORE.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 PIMCO Canadian Core Bond Fund (CORE.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.

ZST.TOCORE.TODifference
Sharpe ratioReturn per unit of total volatility
1.56
1.09

+0.47

Sortino ratioReturn per unit of downside risk
1.64
1.50

+0.14

Omega ratioGain probability vs. loss probability

1.83

1.19

+0.63

Calmar ratioReturn relative to maximum drawdown

1.68

1.50

+0.17

Martin ratioReturn relative to average drawdown

4.51

3.71

+0.80

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

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

The current ZST.TO Sharpe Ratio is 1.56, which is higher than the CORE.TO Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of ZST.TO and CORE.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.

Loading charts...

Sharpe Ratios by Period

ZST.TOCORE.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.56

1.09

+0.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

4.12

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

3.30

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.81

0.79

+1.01

Drawdowns

ZST.TO vs. CORE.TO - Drawdown Comparison

The maximum ZST.TO drawdown since its inception was -1.06%, smaller than the maximum CORE.TO drawdown of -3.48%. Use the drawdown chart below to compare losses from any high point for ZST.TO and CORE.TO.

Loading charts...

Drawdown Indicators

ZST.TOCORE.TODifference

Max Drawdown

Largest peak-to-trough decline

-1.06%

-3.48%

+2.42%

Max Drawdown (1Y)

Largest decline over 1 year

-1.01%

-2.99%

+1.98%

Max Drawdown (3Y)

Largest decline over 3 years

-1.01%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-1.01%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-1.06%

—

—

Current Drawdown

Current decline from peak

-0.00%

-0.27%

+0.27%

Average Drawdown

Average peak-to-trough decline

-0.13%

-1.36%

+1.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.37%

1.21%

-0.84%

Volatility

ZST.TO vs. CORE.TO - Volatility Comparison

The current volatility for BMO Ultra Short-Term Bond ETF (ZST.TO) is 0.08%, while PIMCO Canadian Core Bond Fund (CORE.TO) has a volatility of 1.46%. This indicates that ZST.TO experiences smaller price fluctuations and is considered to be less risky than CORE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

ZST.TOCORE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.08%

1.46%

-1.38%

Volatility (6M)

Calculated over the trailing 6-month period

1.05%

3.17%

-2.12%

Volatility (1Y)

Calculated over the trailing 1-year period

1.08%

4.13%

-3.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.72%

5.01%

-4.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.71%

5.01%

-4.30%

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

ZST.TO has a 0.17% expense ratio, which is lower than CORE.TO's 0.32% expense ratio.

Dividends

ZST.TO vs. CORE.TO - Dividend Comparison

ZST.TO's dividend yield for the trailing twelve months is around 2.55%, less than CORE.TO's 3.36% yield.

PositionTTM20252024202320222021202020192018201720162015
CORE.TO
PIMCO Canadian Core Bond Fund		3.36%3.42%0.32%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZST.TO
BMO Ultra Short-Term Bond ETF		2.55%2.82%4.65%4.79%2.75%2.29%2.65%2.82%3.43%4.05%3.92%3.90%

Frequently Asked Questions

ZST.TO and CORE.TO have a correlation of 0.35, 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 0.32% for CORE.TO.

They also come from different issuers: BMO and PIMCO. Their fees differ too: 0.17% for ZST.TO and 0.32% for CORE.TO.

Portfolio Optimizer

Find the right allocation for ZST.TO and CORE.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer