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ZST.TO vs. XSHG.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZST.TO vs. XSHG.TO

Last updated Jun 4, 2026

ZST.TO (BMO Ultra Short-Term Bond ETF) and XSHG.TO (iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF) are both Canadian Government Bonds funds. ZST.TO is actively managed, while XSHG.TO is passively managed. Over the past 3 years, ZST.TO returned 3.84%/yr vs 5.72%/yr for XSHG.TO. At a 0.23 correlation, their price movements are largely independent. Both charge a 0.17% expense ratio.

Performance

ZST.TO vs. XSHG.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 iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF (XSHG.TO). The values are adjusted to include any dividend payments, if applicable.

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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 XSHG.TO's 1.14% 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%

XSHG.TO

1D
-0.03%
1M
0.96%
YTD
1.14%
6M
1.23%
1Y
3.54%
3Y*
5.72%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZST.TO vs. XSHG.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021
ZST.TO
BMO Ultra Short-Term Bond ETF		1.08%2.03%5.16%5.33%1.19%0.03%
XSHG.TO
iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF		1.14%4.53%6.86%6.41%-4.26%-0.58%

Correlation

The correlation between ZST.TO and XSHG.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.24

Correlation (3Y)
Calculated over the trailing 3-year period

0.22

Correlation (All Time)
Calculated using the full available price history since Jul 28, 2021

0.23

Compare stocks, funds, or ETFs

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BMO Ultra Short-Term Bond ETF

iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF

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Often compared with XSHG.TO:
XSHG.TO vs. XSAB.TOXSHG.TO vs. XCBG.TOXSHG.TO vs. XSTB.TOXSHG.TO vs. VFV.TOXSHG.TO vs. BSVXSHG.TO vs. ZBI.TOXSHG.TO vs. CLF.TO

Return for Risk

ZST.TO vs. XSHG.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: 4747
Overall Rank
ZST.TO Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
ZST.TO Sortino Ratio Rank: 3030
Sortino Ratio Rank
ZST.TO Omega Ratio Rank: 9696
Omega Ratio Rank
ZST.TO Calmar Ratio Rank: 3434
Calmar Ratio Rank
ZST.TO Martin Ratio Rank: 3030
Martin Ratio Rank
XSHG.TO
XSHG.TO Risk / Return Rank: 5959
Overall Rank
XSHG.TO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
XSHG.TO Sortino Ratio Rank: 6161
Sortino Ratio Rank
XSHG.TO Omega Ratio Rank: 7070
Omega Ratio Rank
XSHG.TO Calmar Ratio Rank: 5050
Calmar Ratio Rank
XSHG.TO Martin Ratio Rank: 5656
Martin Ratio Rank
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. XSHG.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 ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF (XSHG.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.TOXSHG.TODifference
Sharpe ratioReturn per unit of total volatility
1.56
1.95

-0.39

Sortino ratioReturn per unit of downside risk
1.64
2.84

-1.20

Omega ratioGain probability vs. loss probability

1.83

1.42

+0.41

Calmar ratioReturn relative to maximum drawdown

1.68

2.47

-0.80

Martin ratioReturn relative to average drawdown

4.51

9.54

-5.03

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZST.TO vs. XSHG.TO - Sharpe Ratio Comparison

The current ZST.TO Sharpe Ratio is 1.56, which is comparable to the XSHG.TO Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of ZST.TO and XSHG.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.

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Sharpe Ratios by Period

ZST.TOXSHG.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.56

1.95

-0.39

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

1.01

+0.79

Drawdowns

ZST.TO vs. XSHG.TO - Drawdown Comparison

The maximum ZST.TO drawdown since its inception was -1.06%, smaller than the maximum XSHG.TO drawdown of -7.40%. Use the drawdown chart below to compare losses from any high point for ZST.TO and XSHG.TO.

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Drawdown Indicators

ZST.TOXSHG.TODifference

Max Drawdown

Largest peak-to-trough decline

-1.06%

-7.40%

+6.34%

Max Drawdown (1Y)

Largest decline over 1 year

-1.01%

-1.44%

+0.43%

Max Drawdown (3Y)

Largest decline over 3 years

-1.01%

-1.44%

+0.43%

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%

-0.03%

+0.03%

Average Drawdown

Average peak-to-trough decline

-0.13%

-1.84%

+1.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.37%

0.37%

0.00%

Volatility

ZST.TO vs. XSHG.TO - Volatility Comparison

The current volatility for BMO Ultra Short-Term Bond ETF (ZST.TO) is 0.08%, while iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF (XSHG.TO) has a volatility of 0.68%. This indicates that ZST.TO experiences smaller price fluctuations and is considered to be less risky than XSHG.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.TOXSHG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.08%

0.68%

-0.60%

Volatility (6M)

Calculated over the trailing 6-month period

1.05%

1.52%

-0.47%

Volatility (1Y)

Calculated over the trailing 1-year period

1.08%

1.82%

-0.74%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.72%

2.79%

-2.07%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.71%

2.79%

-2.08%

ZST.TO vs. XSHG.TO - Expense Ratio Comparison

Both ZST.TO and XSHG.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. XSHG.TO - Dividend Comparison

ZST.TO's dividend yield for the trailing twelve months is around 2.55%, less than XSHG.TO's 3.72% yield.

PositionTTM20252024202320222021202020192018201720162015
XSHG.TO
iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF		3.72%3.64%3.39%2.87%2.69%0.81%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 XSHG.TO have a correlation of 0.24, 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 XSHG.TO have the same expense ratio: 0.17% per year.

They also come from different issuers: BMO and iShares.

Portfolio Optimizer

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