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

ZST.TO vs. ZCN.TO

Last updated Jun 4, 2026

ZST.TO (BMO Ultra Short-Term Bond ETF) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - ZST.TO is a Canadian Government Bonds fund actively managed by BMO, while ZCN.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. ZST.TO is actively managed, while ZCN.TO is passively managed. Over the past 10 years, ZST.TO returned 2.34%/yr vs 12.62%/yr for ZCN.TO. At a 0.04 correlation, their price movements are largely independent. ZST.TO charges 0.17%/yr vs 0.06%/yr for ZCN.TO.

Performance

ZST.TO vs. ZCN.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 BMO S&P/TSX Capped Composite Index ETF (ZCN.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 ZCN.TO's 10.70% return. Over the past 10 years, ZST.TO has underperformed ZCN.TO with an annualized return of 2.34%, while ZCN.TO has yielded a comparatively higher 12.62% 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%

ZCN.TO

1D
-1.14%
1M
3.62%
YTD
10.70%
6M
12.95%
1Y
34.77%
3Y*
23.62%
5Y*
14.90%
10Y*
12.62%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
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%
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		10.70%31.51%21.64%11.63%-5.84%25.05%5.69%22.85%-8.84%8.94%

Correlation

The correlation between ZST.TO and ZCN.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.23

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

0.16

Correlation (5Y)
Calculated over the trailing 5-year period

0.14

Correlation (10Y)
Calculated over the trailing 10-year period

0.09

Correlation (All Time)
Calculated using the full available price history since Feb 4, 2011

0.04

The correlation between ZST.TO and ZCN.TO shifts across timeframes, from 0.04 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

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BMO Ultra Short-Term Bond ETF

BMO S&P/TSX Capped Composite Index ETF

Often compared with ZST.TO:
ZST.TO vs. ZAG.TOZST.TO vs. CASH.TOZST.TO vs. CBIL.TOZST.TO vs. VXC.TOZST.TO vs. DXV.TOZST.TO vs. ZMMK.TOZST.TO vs. VDY.TO
Often compared with ZCN.TO:
ZCN.TO vs. XIC.TOZCN.TO vs. XIU.TOZCN.TO vs. ZSP.TOZCN.TO vs. VDY.TOZCN.TO vs. VCE.TOZCN.TO vs. XEQT.TOZCN.TO vs. VFV.TO

Return for Risk

ZST.TO vs. ZCN.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
ZCN.TO
ZCN.TO Risk / Return Rank: 8080
Overall Rank
ZCN.TO Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
ZCN.TO Sortino Ratio Rank: 7878
Sortino Ratio Rank
ZCN.TO Omega Ratio Rank: 8181
Omega Ratio Rank
ZCN.TO Calmar Ratio Rank: 7474
Calmar Ratio Rank
ZCN.TO Martin Ratio Rank: 8484
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. ZCN.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 S&P/TSX Capped Composite Index ETF (ZCN.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.TOZCN.TODifference
Sharpe ratioReturn per unit of total volatility
1.56
2.76

-1.20

Sortino ratioReturn per unit of downside risk
1.64
3.56

-1.92

Omega ratioGain probability vs. loss probability

1.83

1.50

+0.33

Calmar ratioReturn relative to maximum drawdown

1.68

3.75

-2.08

Martin ratioReturn relative to average drawdown

4.51

17.48

-12.98

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. ZCN.TO - Sharpe Ratio Comparison

The current ZST.TO Sharpe Ratio is 1.56, which is lower than the ZCN.TO Sharpe Ratio of 2.76. The chart below compares the historical Sharpe Ratios of ZST.TO and ZCN.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.TOZCN.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.56

2.76

-1.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

4.12

1.15

+2.97

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

3.30

0.85

+2.45

Sharpe Ratio (All Time)

Calculated using the full available price history

1.81

0.68

+1.13

Drawdowns

ZST.TO vs. ZCN.TO - Drawdown Comparison

The maximum ZST.TO drawdown since its inception was -1.06%, smaller than the maximum ZCN.TO drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for ZST.TO and ZCN.TO.

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Drawdown Indicators

ZST.TOZCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-1.06%

-37.18%

+36.12%

Max Drawdown (1Y)

Largest decline over 1 year

-1.01%

-9.30%

+8.29%

Max Drawdown (3Y)

Largest decline over 3 years

-1.01%

-12.25%

+11.24%

Max Drawdown (5Y)

Largest decline over 5 years

-1.01%

-16.25%

+15.24%

Max Drawdown (10Y)

Largest decline over 10 years

-1.06%

-37.18%

+36.12%

Current Drawdown

Current decline from peak

-0.00%

-1.14%

+1.14%

Average Drawdown

Average peak-to-trough decline

-0.13%

-4.76%

+4.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.37%

1.99%

-1.62%

Volatility

ZST.TO vs. ZCN.TO - Volatility Comparison

The current volatility for BMO Ultra Short-Term Bond ETF (ZST.TO) is 0.08%, while BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) has a volatility of 3.49%. This indicates that ZST.TO experiences smaller price fluctuations and is considered to be less risky than ZCN.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.TOZCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.08%

3.49%

-3.41%

Volatility (6M)

Calculated over the trailing 6-month period

1.05%

10.31%

-9.26%

Volatility (1Y)

Calculated over the trailing 1-year period

1.08%

12.66%

-11.58%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.72%

13.09%

-12.37%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.71%

14.99%

-14.28%

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

ZST.TO has a 0.17% expense ratio, which is higher than ZCN.TO's 0.06% 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. ZCN.TO - Dividend Comparison

ZST.TO's dividend yield for the trailing twelve months is around 2.55%, more than ZCN.TO's 2.03% yield.

PositionTTM20252024202320222021202020192018201720162015
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		2.03%2.22%2.78%3.29%3.27%2.74%3.24%3.13%3.16%2.71%2.84%3.33%
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 ZCN.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.17% for ZST.TO.

ZST.TO is categorized as Canadian Government Bonds, while ZCN.TO is Canada Equities. Their fees differ too: 0.17% for ZST.TO and 0.06% for ZCN.TO.

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