ZST.TO vs. SGOV
ZST.TO (BMO Ultra Short-Term Bond ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - ZST.TO is a Canadian Government Bonds fund actively managed by BMO, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. ZST.TO is actively managed, while SGOV is passively managed. Over the past 5 years, ZST.TO returned 2.95%/yr vs 6.50%/yr for SGOV. At a correlation of -0.01, they often move in opposite directions. ZST.TO charges 0.17%/yr vs 0.09%/yr for SGOV.
Performance
ZST.TO vs. SGOV - Performance Comparison
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Different Trading Currencies
ZST.TO is traded in CAD, while SGOV is traded in USD. To make them comparable, the SGOV values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ZST.TO achieves a 1.08% return, which is significantly lower than SGOV's 2.80% 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%
SGOV
- 1D
- 0.42%
- 1M
- 2.29%
- YTD
- 2.80%
- 6M
- 1.41%
- 1Y
- 5.29%
- 3Y*
- 5.94%
- 5Y*
- 6.50%
- 10Y*
- —
ZST.TO vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ZST.TO BMO Ultra Short-Term Bond ETF | 1.08% | 2.03% | 5.16% | 5.33% | 1.19% | 0.22% | 0.94% |
SGOV iShares 0-3 Month Treasury Bond ETF | 2.80% | -0.54% | 14.32% | 2.80% | 8.82% | -0.86% | -7.25% |
Correlation
The correlation between ZST.TO and SGOV is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since May 29, 2020 | -0.01 |
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Return for Risk
ZST.TO vs. SGOV — Risk / Return Rank
ZST.TO
SGOV
ZST.TO vs. SGOV - 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 0-3 Month Treasury Bond ETF (SGOV). 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.TO | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.83 | 1.21 | +0.62 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 1.42 | +0.25 |
| Martin ratioReturn relative to average drawdown | 4.51 | 3.94 | +0.57 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZST.TO | SGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.56 | 1.14 | +0.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 4.12 | 1.03 | +3.09 |
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 | 0.49 | +1.32 |
Drawdowns
ZST.TO vs. SGOV - Drawdown Comparison
The maximum ZST.TO drawdown since its inception was -1.06%, smaller than the maximum SGOV drawdown of -12.53%. Use the drawdown chart below to compare losses from any high point for ZST.TO and SGOV.
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Drawdown Indicators
| ZST.TO | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.06% | -12.53% | +11.47% |
Max Drawdown (1Y)Largest decline over 1 year | -1.01% | -3.73% | +2.72% |
Max Drawdown (3Y)Largest decline over 3 years | -1.01% | -5.17% | +4.16% |
Max Drawdown (5Y)Largest decline over 5 years | -1.01% | -5.17% | +4.16% |
Max Drawdown (10Y)Largest decline over 10 years | -1.06% | — | — |
Current DrawdownCurrent decline from peak | -0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.13% | -3.62% | +3.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 1.35% | -0.98% |
Volatility
ZST.TO vs. SGOV - Volatility Comparison
The current volatility for BMO Ultra Short-Term Bond ETF (ZST.TO) is 0.08%, while iShares 0-3 Month Treasury Bond ETF (SGOV) has a volatility of 0.80%. This indicates that ZST.TO experiences smaller price fluctuations and is considered to be less risky than SGOV 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 | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 0.80% | -0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 1.05% | 3.49% | -2.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.08% | 4.65% | -3.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.72% | 6.37% | -5.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.71% | 6.40% | -5.69% |
ZST.TO vs. SGOV - Expense Ratio Comparison
ZST.TO has a 0.17% expense ratio, which is higher than SGOV's 0.09% 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%.
Dividends
ZST.TO vs. SGOV - Dividend Comparison
ZST.TO's dividend yield for the trailing twelve months is around 2.55%, less than SGOV's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 3.86% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 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 SGOV have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGOV is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.17% for ZST.TO.
ZST.TO is categorized as Canadian Government Bonds, while SGOV is Ultrashort Bond. They also come from different issuers: BMO and iShares. Their fees differ too: 0.17% for ZST.TO and 0.09% for SGOV.
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