ZST.TO vs. XFLB.TO
ZST.TO (BMO Ultra Short-Term Bond ETF) and XFLB.TO (iShares Core Canadian 15+ Year Federal Bond Index ETF) are both Canadian Government Bonds funds. ZST.TO is actively managed, while XFLB.TO is passively managed. Over the past 3 years, ZST.TO returned 3.84%/yr vs -1.06%/yr for XFLB.TO. At a 0.30 correlation, their price movements are largely independent. Both charge a 0.17% expense ratio.
Performance
ZST.TO vs. XFLB.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 XFLB.TO's 2.42% 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%
XFLB.TO
- 1D
- 0.11%
- 1M
- 3.14%
- YTD
- 2.42%
- 6M
- -0.48%
- 1Y
- -0.95%
- 3Y*
- -1.06%
- 5Y*
- —
- 10Y*
- —
ZST.TO vs. XFLB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZST.TO BMO Ultra Short-Term Bond ETF | 1.08% | 2.03% | 5.16% | 4.77% |
XFLB.TO iShares Core Canadian 15+ Year Federal Bond Index ETF | 2.42% | -6.17% | -2.12% | 4.63% |
Correlation
The correlation between ZST.TO and XFLB.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2023 | 0.30 |
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Return for Risk
ZST.TO vs. XFLB.TO — Risk / Return Rank
ZST.TO
XFLB.TO
ZST.TO vs. XFLB.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 Core Canadian 15+ Year Federal Bond Index ETF (XFLB.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 | XFLB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.65 | ||
| Sortino ratioReturn per unit of downside risk | +1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.83 | 0.99 | +0.84 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | -0.14 | +1.81 |
| Martin ratioReturn relative to average drawdown | 4.51 | -0.23 | +4.74 |
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 | XFLB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.56 | -0.09 | +1.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 4.12 | — | — |
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 | -0.03 | +1.84 |
Drawdowns
ZST.TO vs. XFLB.TO - Drawdown Comparison
The maximum ZST.TO drawdown since its inception was -1.06%, smaller than the maximum XFLB.TO drawdown of -20.54%. Use the drawdown chart below to compare losses from any high point for ZST.TO and XFLB.TO.
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Drawdown Indicators
| ZST.TO | XFLB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.06% | -20.54% | +19.48% |
Max Drawdown (1Y)Largest decline over 1 year | -1.01% | -7.04% | +6.03% |
Max Drawdown (3Y)Largest decline over 3 years | -1.01% | -15.61% | +14.60% |
Max Drawdown (5Y)Largest decline over 5 years | -1.01% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -1.06% | — | — |
Current DrawdownCurrent decline from peak | -0.00% | -9.31% | +9.31% |
Average DrawdownAverage peak-to-trough decline | -0.13% | -8.16% | +8.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 4.09% | -3.72% |
Volatility
ZST.TO vs. XFLB.TO - Volatility Comparison
The current volatility for BMO Ultra Short-Term Bond ETF (ZST.TO) is 0.08%, while iShares Core Canadian 15+ Year Federal Bond Index ETF (XFLB.TO) has a volatility of 3.80%. This indicates that ZST.TO experiences smaller price fluctuations and is considered to be less risky than XFLB.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 | XFLB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 3.80% | -3.72% |
Volatility (6M)Calculated over the trailing 6-month period | 1.05% | 8.15% | -7.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.08% | 10.27% | -9.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.72% | 15.65% | -14.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.71% | 15.65% | -14.94% |
ZST.TO vs. XFLB.TO - Expense Ratio Comparison
Both ZST.TO and XFLB.TO have an expense ratio of 0.17%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
ZST.TO vs. XFLB.TO - Dividend Comparison
ZST.TO's dividend yield for the trailing twelve months is around 2.55%, less than XFLB.TO's 3.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XFLB.TO iShares Core Canadian 15+ Year Federal Bond Index ETF | 3.06% | 3.05% | 2.72% | 2.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZST.TO BMO Ultra Short-Term Bond ETF | 2.55% | 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 XFLB.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.17% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
ZST.TO and XFLB.TO have the same expense ratio: 0.17% per year.
They also come from different issuers: BMO and iShares.
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