ZST.TO vs. XEI.TO
ZST.TO (BMO Ultra Short-Term Bond ETF) and XEI.TO (iShares S&P/TSX Composite High Dividend Index ETF) are both exchange-traded funds - ZST.TO is a Canadian Government Bonds fund actively managed by BMO, while XEI.TO is a Canada Equities fund tracking the S&P/TSX Composite High Dividend Index. ZST.TO is actively managed, while XEI.TO is passively managed. Over the past 10 years, ZST.TO returned 2.34%/yr vs 12.32%/yr for XEI.TO. At a 0.02 correlation, their price movements are largely independent. ZST.TO charges 0.17%/yr vs 0.22%/yr for XEI.TO.
Performance
ZST.TO vs. XEI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZST.TO achieves a 1.08% return, which is significantly lower than XEI.TO's 22.21% return. Over the past 10 years, ZST.TO has underperformed XEI.TO with an annualized return of 2.34%, while XEI.TO has yielded a comparatively higher 12.32% annualized 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%
XEI.TO
- 1D
- 0.00%
- 1M
- 3.33%
- YTD
- 22.21%
- 6M
- 23.56%
- 1Y
- 43.59%
- 3Y*
- 22.26%
- 5Y*
- 15.55%
- 10Y*
- 12.32%
ZST.TO vs. XEI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZST.TO BMO Ultra Short-Term Bond ETF | 1.08% | 2.03% | 5.16% | 5.33% | 1.19% | 0.22% | 1.74% | 2.36% | 1.95% | 1.43% |
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF | 22.21% | 25.96% | 15.42% | 6.69% | 0.41% | 35.88% | -7.53% | 25.44% | -10.85% | 7.24% |
Correlation
The correlation between ZST.TO and XEI.TO is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2011 | 0.02 |
The correlation between ZST.TO and XEI.TO shifts across timeframes, from -0.04 (1 year) to 0.11 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZST.TO vs. XEI.TO — Risk / Return Rank
ZST.TO
XEI.TO
ZST.TO vs. XEI.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 S&P/TSX Composite High Dividend Index ETF (XEI.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 | XEI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.52 | ||
| Sortino ratioReturn per unit of downside risk | -7.43 | ||
| Omega ratioGain probability vs. loss probability | 1.83 | 2.27 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 19.53 | -17.85 |
| Martin ratioReturn relative to average drawdown | 4.51 | 66.28 | -61.78 |
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 | XEI.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.56 | 6.08 | -4.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 4.12 | 1.39 | +2.73 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 3.30 | 0.77 | +2.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.81 | 0.67 | +1.14 |
Drawdowns
ZST.TO vs. XEI.TO - Drawdown Comparison
The maximum ZST.TO drawdown since its inception was -1.06%, smaller than the maximum XEI.TO drawdown of -45.51%. Use the drawdown chart below to compare losses from any high point for ZST.TO and XEI.TO.
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Drawdown Indicators
| ZST.TO | XEI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.06% | -45.51% | +44.45% |
Max Drawdown (1Y)Largest decline over 1 year | -1.01% | -2.24% | +1.23% |
Max Drawdown (3Y)Largest decline over 3 years | -1.01% | -9.92% | +8.91% |
Max Drawdown (5Y)Largest decline over 5 years | -1.01% | -17.32% | +16.31% |
Max Drawdown (10Y)Largest decline over 10 years | -1.06% | -45.51% | +44.45% |
Current DrawdownCurrent decline from peak | -0.00% | -0.76% | +0.76% |
Average DrawdownAverage peak-to-trough decline | -0.13% | -5.05% | +4.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 0.66% | -0.29% |
Volatility
ZST.TO vs. XEI.TO - Volatility Comparison
The current volatility for BMO Ultra Short-Term Bond ETF (ZST.TO) is 0.08%, while iShares S&P/TSX Composite High Dividend Index ETF (XEI.TO) has a volatility of 2.87%. This indicates that ZST.TO experiences smaller price fluctuations and is considered to be less risky than XEI.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 | XEI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 2.87% | -2.79% |
Volatility (6M)Calculated over the trailing 6-month period | 1.05% | 6.01% | -4.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.08% | 7.21% | -6.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.72% | 11.24% | -10.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.71% | 16.01% | -15.30% |
ZST.TO vs. XEI.TO - Expense Ratio Comparison
ZST.TO has a 0.17% expense ratio, which is lower than XEI.TO's 0.22% 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. XEI.TO - Dividend Comparison
ZST.TO's dividend yield for the trailing twelve months is around 2.55%, less than XEI.TO's 3.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF | 3.56% | 4.39% | 5.56% | 5.08% | 4.78% | 3.65% | 5.13% | 4.71% | 5.53% | 4.37% | 4.51% | 5.75% |
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 XEI.TO have a correlation of -0.04, 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 0.22% for XEI.TO.
ZST.TO is categorized as Canadian Government Bonds, while XEI.TO is Canada Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.17% for ZST.TO and 0.22% for XEI.TO.
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