ZST.TO vs. UBIL-U.TO

Last updated Jun 24, 2026

ZST.TO (BMO Ultra Short-Term Bond ETF) and UBIL-U.TO (Global X 0-3 Month U.S. T-Bill ETF USD) are both exchange-traded funds - ZST.TO is a Canadian Government Bonds fund actively managed by BMO, while UBIL-U.TO is a Ultrashort Bond fund actively managed by Global X. Both are actively managed. Over the past 3 years, ZST.TO returned 3.85%/yr vs 7.70%/yr for UBIL-U.TO. At a 0.04 correlation, their price movements are largely independent. ZST.TO charges 0.17%/yr vs 0.12%/yr for UBIL-U.TO.

Performance

ZST.TO vs. UBIL-U.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 Global X 0-3 Month U.S. T-Bill ETF USD (UBIL-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZST.TO is traded in CAD, while UBIL-U.TO is traded in USD. To make them comparable, the UBIL-U.TO 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 1.22% return, which is significantly lower than UBIL-U.TO's 5.06% return.

ZST.TO

• 1D: 0.00%
• 1M: 0.27%
• YTD: 1.22%
• 6M: 0.27%
• 1Y: 1.70%
• 3Y*: 3.85%
• 5Y*: 3.01%
• 10Y*: 2.38%

UBIL-U.TO

• 1D: -0.09%
• 1M: 3.05%
• YTD: 5.06%
• 6M: 4.81%
• 1Y: 7.04%
• 3Y*: 7.70%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZST.TO vs. UBIL-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZST.TO BMO Ultra Short-Term Bond ETF	1.22%	2.06%	5.21%	3.98%
UBIL-U.TO Global X 0-3 Month U.S. T-Bill ETF USD	5.06%	-0.54%	14.42%	4.09%

Correlation

The correlation between ZST.TO and UBIL-U.TO is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.06
Correlation (All Time) Calculated using the full available price history since Apr 14, 2023	0.04

Return for Risk

ZST.TO vs. UBIL-U.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: 49
ZST.TO Sharpe Ratio Rank: 47
ZST.TO Sortino Ratio Rank: 32
ZST.TO Omega Ratio Rank: 96
ZST.TO Calmar Ratio Rank: 35
ZST.TO Martin Ratio Rank: 33

UBIL-U.TO

UBIL-U.TO Risk / Return Rank: 100
UBIL-U.TO Sharpe Ratio Rank: 100
UBIL-U.TO Sortino Ratio Rank: 100
UBIL-U.TO Omega Ratio Rank: 99
UBIL-U.TO Calmar Ratio Rank: 100
UBIL-U.TO Martin Ratio Rank: 100

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. UBIL-U.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 Global X 0-3 Month U.S. T-Bill ETF USD (UBIL-U.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	UBIL-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.62	-0.05
Sortino ratio: Return per unit of downside risk	1.66	2.28	-0.62
Omega ratio: Gain probability vs. loss probability	1.83	1.30	+0.53
Calmar ratio: Return relative to maximum drawdown	1.70	1.91	-0.21
Martin ratio: Return relative to average drawdown	4.56	5.20	-0.64

ZST.TO vs. UBIL-U.TO - Sharpe Ratio Comparison

The current ZST.TO Sharpe Ratio is 1.57, which is comparable to the UBIL-U.TO Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of ZST.TO and UBIL-U.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.

Drawdowns

ZST.TO vs. UBIL-U.TO - Drawdown Comparison

The maximum ZST.TO drawdown since its inception was -3.60%, smaller than the maximum UBIL-U.TO drawdown of -6.39%. Use the drawdown chart below to compare losses from any high point for ZST.TO and UBIL-U.TO.

Drawdown Indicators

	ZST.TO	UBIL-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-3.60%	-6.39%	+2.79%
Max Drawdown (1Y) Largest decline over 1 year	-1.01%	-3.70%	+2.69%
Max Drawdown (3Y) Largest decline over 3 years	-1.01%	-6.39%	+5.38%
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%	-0.09%	+0.09%
Average Drawdown Average peak-to-trough decline	-0.58%	-1.83%	+1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.37%	1.36%	-0.99%

Volatility

ZST.TO vs. UBIL-U.TO - Volatility Comparison

The current volatility for BMO Ultra Short-Term Bond ETF (ZST.TO) is 0.10%, while Global X 0-3 Month U.S. T-Bill ETF USD (UBIL-U.TO) has a volatility of 1.04%. This indicates that ZST.TO experiences smaller price fluctuations and is considered to be less risky than UBIL-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZST.TO	UBIL-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	1.04%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	1.05%	3.26%	-2.21%
Volatility (1Y) Calculated over the trailing 1-year period	1.08%	4.37%	-3.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.72%	5.39%	-4.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.71%	5.39%	-4.68%

ZST.TO vs. UBIL-U.TO - Expense Ratio Comparison

ZST.TO has a 0.17% expense ratio, which is higher than UBIL-U.TO's 0.12% 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. UBIL-U.TO - Dividend Comparison

ZST.TO's dividend yield for the trailing twelve months is around 2.56%, less than UBIL-U.TO's 3.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UBIL-U.TO Global X 0-3 Month U.S. T-Bill ETF USD	3.75%	4.15%	5.35%	4.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZST.TO BMO Ultra Short-Term Bond ETF	2.56%	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

Can I hold both ZST.TO and UBIL-U.TO in my portfolio?

ZST.TO and UBIL-U.TO have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZST.TO or UBIL-U.TO?

On fees, UBIL-U.TO is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZST.TO or UBIL-U.TO?

UBIL-U.TO is cheaper with a 0.12% expense ratio, compared with 0.17% for ZST.TO.

What is the main difference between ZST.TO and UBIL-U.TO?

ZST.TO is categorized as Canadian Government Bonds, while UBIL-U.TO is Ultrashort Bond. They also come from different issuers: BMO and Global X. Their fees differ too: 0.17% for ZST.TO and 0.12% for UBIL-U.TO.