ZST.TO vs. FIE.TO
ZST.TO (BMO Ultra Short-Term Bond ETF) and FIE.TO (iShares Canadian Financial Monthly Income ETF) are both exchange-traded funds - ZST.TO is a Canadian Government Bonds fund actively managed by BMO, while FIE.TO is a Canada Equities fund tracking the Morningstar Can Equity Tgt Alloc NR CAD. ZST.TO is actively managed, while FIE.TO is passively managed. Over the past 10 years, ZST.TO returned 2.38%/yr vs 11.99%/yr for FIE.TO. At a 0.03 correlation, their price movements are largely independent. ZST.TO charges 0.17%/yr vs 0.85%/yr for FIE.TO.
Performance
ZST.TO vs. FIE.TO - Performance Comparison
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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 FIE.TO's 12.21% return. Over the past 10 years, ZST.TO has underperformed FIE.TO with an annualized return of 2.38%, while FIE.TO has yielded a comparatively higher 11.99% 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%
FIE.TO
- 1D
- 0.64%
- 1M
- 5.26%
- YTD
- 12.21%
- 6M
- 10.27%
- 1Y
- 31.71%
- 3Y*
- 24.56%
- 5Y*
- 12.62%
- 10Y*
- 11.99%
ZST.TO vs. FIE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
FIE.TO iShares Canadian Financial Monthly Income ETF | 12.21% | 24.36% | 27.62% | 12.58% | -14.35% | 27.34% | 1.33% | 18.97% | -9.12% | 12.01% |
Correlation
The correlation between ZST.TO and FIE.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2011 | 0.03 |
Over the past year, ZST.TO and FIE.TO have become more correlated (0.23) than their long-term average of 0.03, meaning their price movements have been converging.
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Return for Risk
ZST.TO vs. FIE.TO — Risk / Return Rank
ZST.TO
FIE.TO
ZST.TO vs. FIE.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 iShares Canadian Financial Monthly Income ETF (FIE.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.TO | FIE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.98 | ||
| Omega ratioGain probability vs. loss probability | 1.85 | 1.67 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 4.32 | -2.61 |
| Martin ratioReturn relative to average drawdown | 4.62 | 14.05 | -9.43 |
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Drawdowns
ZST.TO vs. FIE.TO - Drawdown Comparison
The maximum ZST.TO drawdown since its inception was -3.60%, smaller than the maximum FIE.TO drawdown of -42.24%. Use the drawdown chart below to compare losses from any high point for ZST.TO and FIE.TO.
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Drawdown Indicators
| ZST.TO | FIE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.60% | -42.24% | +38.64% |
Max Drawdown (1Y)Largest decline over 1 year | -1.01% | -7.19% | +6.18% |
Max Drawdown (3Y)Largest decline over 3 years | -1.01% | -10.70% | +9.69% |
Max Drawdown (5Y)Largest decline over 5 years | -1.01% | -22.93% | +21.92% |
Max Drawdown (10Y)Largest decline over 10 years | -1.06% | -42.24% | +41.18% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.58% | -4.89% | +4.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 2.21% | -1.84% |
Volatility
ZST.TO vs. FIE.TO - Volatility Comparison
The current volatility for BMO Ultra Short-Term Bond ETF (ZST.TO) is 0.08%, while iShares Canadian Financial Monthly Income ETF (FIE.TO) has a volatility of 2.93%. This indicates that ZST.TO experiences smaller price fluctuations and is considered to be less risky than FIE.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.TO | FIE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 2.93% | -2.85% |
Volatility (6M)Calculated over the trailing 6-month period | 1.05% | 7.86% | -6.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.08% | 9.04% | -7.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.72% | 10.56% | -9.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.71% | 14.08% | -13.37% |
ZST.TO vs. FIE.TO - Expense Ratio Comparison
ZST.TO has a 0.17% expense ratio, which is lower than FIE.TO's 0.85% expense ratio.
Dividends
ZST.TO vs. FIE.TO - Dividend Comparison
ZST.TO's dividend yield for the trailing twelve months is around 2.56%, less than FIE.TO's 4.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIE.TO iShares Canadian Financial Monthly Income ETF | 4.44% | 4.94% | 5.83% | 6.98% | 7.31% | 5.92% | 7.10% | 6.65% | 7.38% | 6.28% | 6.59% | 7.43% |
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 FIE.TO have a correlation of 0.23, 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 0.85% for FIE.TO.
ZST.TO is categorized as Canadian Government Bonds, while FIE.TO is Canada Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.17% for ZST.TO and 0.85% for FIE.TO.
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