ZST.TO vs. ZDV.TO
ZST.TO (BMO Ultra Short-Term Bond ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZST.TO is a Canadian Government Bonds fund actively managed by BMO, while ZDV.TO is a Canada Equities fund actively managed by BMO. Both are actively managed. Over the past 10 years, ZST.TO returned 2.34%/yr vs 10.97%/yr for ZDV.TO. At a 0.03 correlation, their price movements are largely independent. ZST.TO charges 0.17%/yr vs 0.39%/yr for ZDV.TO.
Performance
ZST.TO vs. ZDV.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 ZDV.TO's 18.56% return. Over the past 10 years, ZST.TO has underperformed ZDV.TO with an annualized return of 2.34%, while ZDV.TO has yielded a comparatively higher 10.97% 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%
ZDV.TO
- 1D
- -0.22%
- 1M
- 4.61%
- YTD
- 18.56%
- 6M
- 13.14%
- 1Y
- 31.08%
- 3Y*
- 20.39%
- 5Y*
- 13.72%
- 10Y*
- 10.97%
ZST.TO vs. ZDV.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% |
ZDV.TO BMO Canadian Dividend ETF | 18.56% | 20.17% | 16.52% | 7.83% | -1.93% | 28.40% | -3.84% | 22.34% | -10.95% | 7.38% |
Correlation
The correlation between ZST.TO and ZDV.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2011 | 0.03 |
The correlation between ZST.TO and ZDV.TO shifts across timeframes, from 0.03 (all time) to 0.14 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZST.TO vs. ZDV.TO — Risk / Return Rank
ZST.TO
ZDV.TO
ZST.TO vs. ZDV.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 Canadian Dividend ETF (ZDV.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 | ZDV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.39 | ||
| Sortino ratioReturn per unit of downside risk | -1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.83 | 1.66 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 4.69 | -3.02 |
| Martin ratioReturn relative to average drawdown | 4.51 | 18.24 | -13.74 |
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 | ZDV.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.56 | 2.95 | -1.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 4.12 | 1.26 | +2.86 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 3.30 | 0.73 | +2.57 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.81 | 0.68 | +1.13 |
Drawdowns
ZST.TO vs. ZDV.TO - Drawdown Comparison
The maximum ZST.TO drawdown since its inception was -1.06%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZST.TO and ZDV.TO.
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Drawdown Indicators
| ZST.TO | ZDV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.06% | -43.21% | +42.15% |
Max Drawdown (1Y)Largest decline over 1 year | -1.01% | -6.65% | +5.64% |
Max Drawdown (3Y)Largest decline over 3 years | -1.01% | -9.04% | +8.03% |
Max Drawdown (5Y)Largest decline over 5 years | -1.01% | -16.72% | +15.71% |
Max Drawdown (10Y)Largest decline over 10 years | -1.06% | -43.21% | +42.15% |
Current DrawdownCurrent decline from peak | -0.00% | -0.22% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -0.13% | -5.12% | +4.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 1.71% | -1.34% |
Volatility
ZST.TO vs. ZDV.TO - Volatility Comparison
The current volatility for BMO Ultra Short-Term Bond ETF (ZST.TO) is 0.08%, while BMO Canadian Dividend ETF (ZDV.TO) has a volatility of 2.49%. This indicates that ZST.TO experiences smaller price fluctuations and is considered to be less risky than ZDV.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 | ZDV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 2.49% | -2.41% |
Volatility (6M)Calculated over the trailing 6-month period | 1.05% | 9.69% | -8.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.08% | 10.57% | -9.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.72% | 10.94% | -10.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.71% | 15.11% | -14.40% |
ZST.TO vs. ZDV.TO - Expense Ratio Comparison
ZST.TO has a 0.17% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.
Dividends
ZST.TO vs. ZDV.TO - Dividend Comparison
ZST.TO's dividend yield for the trailing twelve months is around 2.55%, less than ZDV.TO's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZDV.TO BMO Canadian Dividend ETF | 2.68% | 3.07% | 3.57% | 4.10% | 4.10% | 3.63% | 4.48% | 4.11% | 5.06% | 3.96% | 3.84% | 4.63% |
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 ZDV.TO have a correlation of 0.11, 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 0.39% for ZDV.TO.
ZST.TO is categorized as Canadian Government Bonds, while ZDV.TO is Canada Equities. Their fees differ too: 0.17% for ZST.TO and 0.39% for ZDV.TO.
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