ZST.TO vs. ZCM.TO
ZST.TO (BMO Ultra Short-Term Bond ETF) and ZCM.TO (BMO Mid Corporate Bond Index ETF) are both exchange-traded funds - ZST.TO is a Canadian Government Bonds fund actively managed by BMO, while ZCM.TO is a Corporate Bonds fund tracking the FTSE Canada Mid Term Corporate Bond Index. ZST.TO is actively managed, while ZCM.TO is passively managed. Over the past 10 years, ZST.TO returned 2.38%/yr vs 3.02%/yr for ZCM.TO. At a 0.19 correlation, their price movements are largely independent. ZST.TO charges 0.17%/yr vs 0.33%/yr for ZCM.TO.
Performance
ZST.TO vs. ZCM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZST.TO achieves a 1.16% return, which is significantly lower than ZCM.TO's 2.02% return. Over the past 10 years, ZST.TO has underperformed ZCM.TO with an annualized return of 2.38%, while ZCM.TO has yielded a comparatively higher 3.02% annualized return.
ZST.TO
- 1D
- 0.00%
- 1M
- 0.27%
- YTD
- 1.16%
- 6M
- 0.31%
- 1Y
- 1.72%
- 3Y*
- 3.89%
- 5Y*
- 3.00%
- 10Y*
- 2.38%
ZCM.TO
- 1D
- 0.06%
- 1M
- 2.44%
- YTD
- 2.02%
- 6M
- 2.64%
- 1Y
- 5.82%
- 3Y*
- 7.38%
- 5Y*
- 2.32%
- 10Y*
- 3.02%
ZST.TO vs. ZCM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZST.TO BMO Ultra Short-Term Bond ETF | 1.16% | 2.06% | 5.21% | 5.38% | 1.22% | 0.24% | 1.77% | 2.39% | 1.99% | 1.47% |
ZCM.TO BMO Mid Corporate Bond Index ETF | 2.02% | 5.06% | 8.07% | 7.97% | -10.18% | -2.08% | 10.35% | 8.60% | 0.58% | 2.29% |
Correlation
The correlation between ZST.TO and ZCM.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2011 | 0.19 |
The correlation between ZST.TO and ZCM.TO shifts across timeframes, from 0.19 (all time) to 0.36 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZST.TO vs. ZCM.TO — Risk / Return Rank
ZST.TO
ZCM.TO
ZST.TO vs. ZCM.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 BMO Mid Corporate Bond Index ETF (ZCM.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 | ZCM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.39 | ||
| Sortino ratioReturn per unit of downside risk | +0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.85 | 1.23 | +0.62 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 1.76 | -0.05 |
| Martin ratioReturn relative to average drawdown | 4.62 | 5.07 | -0.45 |
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Drawdowns
ZST.TO vs. ZCM.TO - Drawdown Comparison
The maximum ZST.TO drawdown since its inception was -3.60%, smaller than the maximum ZCM.TO drawdown of -26.06%. Use the drawdown chart below to compare losses from any high point for ZST.TO and ZCM.TO.
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Drawdown Indicators
| ZST.TO | ZCM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.60% | -26.06% | +22.46% |
Max Drawdown (1Y)Largest decline over 1 year | -1.01% | -3.08% | +2.07% |
Max Drawdown (3Y)Largest decline over 3 years | -1.01% | -4.02% | +3.01% |
Max Drawdown (5Y)Largest decline over 5 years | -1.01% | -15.81% | +14.80% |
Max Drawdown (10Y)Largest decline over 10 years | -1.06% | -26.06% | +25.00% |
Current DrawdownCurrent decline from peak | 0.00% | -0.31% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -0.58% | -2.60% | +2.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 1.07% | -0.70% |
Volatility
ZST.TO vs. ZCM.TO - Volatility Comparison
The current volatility for BMO Ultra Short-Term Bond ETF (ZST.TO) is 0.08%, while BMO Mid Corporate Bond Index ETF (ZCM.TO) has a volatility of 1.71%. This indicates that ZST.TO experiences smaller price fluctuations and is considered to be less risky than ZCM.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 | ZCM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 1.71% | -1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 1.05% | 3.53% | -2.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.08% | 4.52% | -3.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.72% | 6.10% | -5.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.71% | 8.76% | -8.05% |
ZST.TO vs. ZCM.TO - Expense Ratio Comparison
ZST.TO has a 0.17% expense ratio, which is lower than ZCM.TO's 0.33% expense ratio.
Dividends
ZST.TO vs. ZCM.TO - Dividend Comparison
ZST.TO's dividend yield for the trailing twelve months is around 2.56%, less than ZCM.TO's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZCM.TO BMO Mid Corporate Bond Index ETF | 4.25% | 4.03% | 3.85% | 3.94% | 3.81% | 3.30% | 3.13% | 3.34% | 3.23% | 3.04% | 3.18% | 3.43% |
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
ZST.TO and ZCM.TO have a correlation of 0.34, 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 0.33% for ZCM.TO.
ZST.TO is categorized as Canadian Government Bonds, while ZCM.TO is Corporate Bonds. Their fees differ too: 0.17% for ZST.TO and 0.33% for ZCM.TO.
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