ZST.TO vs. TCLB.TO
ZST.TO (BMO Ultra Short-Term Bond ETF) and TCLB.TO (TD Canadian Long Term Federal Bond ETF) are both Canadian Government Bonds funds. ZST.TO is actively managed, while TCLB.TO is passively managed. Over the past 5 years, ZST.TO returned 2.95%/yr vs -2.53%/yr for TCLB.TO. At a 0.20 correlation, their price movements are largely independent. ZST.TO charges 0.17%/yr vs 0.23%/yr for TCLB.TO.
Performance
ZST.TO vs. TCLB.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZST.TO achieves a 1.08% return, which is significantly lower than TCLB.TO's 2.20% 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%
TCLB.TO
- 1D
- -0.09%
- 1M
- 3.04%
- YTD
- 2.20%
- 6M
- -0.22%
- 1Y
- 0.25%
- 3Y*
- 0.46%
- 5Y*
- -2.53%
- 10Y*
- —
ZST.TO vs. TCLB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZST.TO BMO Ultra Short-Term Bond ETF | 1.08% | 2.03% | 5.16% | 5.33% | 1.19% | 0.22% | 1.74% | 0.14% |
TCLB.TO TD Canadian Long Term Federal Bond ETF | 2.20% | -3.46% | -1.09% | 6.70% | -18.75% | -7.23% | 10.77% | -1.73% |
Correlation
The correlation between ZST.TO and TCLB.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2019 | 0.20 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZST.TO vs. TCLB.TO — Risk / Return Rank
ZST.TO
TCLB.TO
ZST.TO vs. TCLB.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 TD Canadian Long Term Federal Bond ETF (TCLB.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.TO | TCLB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.53 | ||
| Sortino ratioReturn per unit of downside risk | +1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.83 | 1.01 | +0.81 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 0.05 | +1.63 |
| Martin ratioReturn relative to average drawdown | 4.51 | 0.09 | +4.42 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ZST.TO | TCLB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.56 | 0.03 | +1.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 4.12 | -0.22 | +4.34 |
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 | -0.23 | +2.03 |
Drawdowns
ZST.TO vs. TCLB.TO - Drawdown Comparison
The maximum ZST.TO drawdown since its inception was -1.06%, smaller than the maximum TCLB.TO drawdown of -36.66%. Use the drawdown chart below to compare losses from any high point for ZST.TO and TCLB.TO.
Loading charts...
Drawdown Indicators
| ZST.TO | TCLB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.06% | -36.66% | +35.60% |
Max Drawdown (1Y)Largest decline over 1 year | -1.01% | -5.57% | +4.56% |
Max Drawdown (3Y)Largest decline over 3 years | -1.01% | -12.18% | +11.17% |
Max Drawdown (5Y)Largest decline over 5 years | -1.01% | -28.32% | +27.31% |
Max Drawdown (10Y)Largest decline over 10 years | -1.06% | — | — |
Current DrawdownCurrent decline from peak | -0.00% | -26.72% | +26.72% |
Average DrawdownAverage peak-to-trough decline | -0.13% | -24.85% | +24.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 3.43% | -3.06% |
Volatility
ZST.TO vs. TCLB.TO - Volatility Comparison
The current volatility for BMO Ultra Short-Term Bond ETF (ZST.TO) is 0.08%, while TD Canadian Long Term Federal Bond ETF (TCLB.TO) has a volatility of 3.27%. This indicates that ZST.TO experiences smaller price fluctuations and is considered to be less risky than TCLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZST.TO | TCLB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 3.27% | -3.19% |
Volatility (6M)Calculated over the trailing 6-month period | 1.05% | 6.91% | -5.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.08% | 9.48% | -8.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.72% | 14.04% | -13.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.71% | 15.10% | -14.39% |
ZST.TO vs. TCLB.TO - Expense Ratio Comparison
ZST.TO has a 0.17% expense ratio, which is lower than TCLB.TO's 0.23% expense ratio. Despite the difference, 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. TCLB.TO - Dividend Comparison
ZST.TO's dividend yield for the trailing twelve months is around 2.55%, less than TCLB.TO's 3.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TCLB.TO TD Canadian Long Term Federal Bond ETF | 3.26% | 3.25% | 2.94% | 2.33% | 1.48% | 0.16% | 0.20% | 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 TCLB.TO have a correlation of 0.25, 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 0.23% for TCLB.TO.
They also come from different issuers: BMO and TD. Their fees differ too: 0.17% for ZST.TO and 0.23% for TCLB.TO.
Find the right allocation for ZST.TO and TCLB.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