ZST.TO vs. ZRE.TO
ZST.TO (BMO Ultra Short-Term Bond ETF) and ZRE.TO (BMO Equal Weight REITs Index ETF) are both exchange-traded funds - ZST.TO is a Canadian Government Bonds fund actively managed by BMO, while ZRE.TO is a REIT fund tracking the Solactive Equal Weight Canada REIT Index. ZST.TO is actively managed, while ZRE.TO is passively managed. Over the past 10 years, ZST.TO returned 2.38%/yr vs 7.16%/yr for ZRE.TO. At a 0.04 correlation, their price movements are largely independent. ZST.TO charges 0.17%/yr vs 0.61%/yr for ZRE.TO.
Performance
ZST.TO vs. ZRE.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 ZRE.TO's 12.63% return. Over the past 10 years, ZST.TO has underperformed ZRE.TO with an annualized return of 2.38%, while ZRE.TO has yielded a comparatively higher 7.16% 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%
ZRE.TO
- 1D
- 0.91%
- 1M
- 4.81%
- YTD
- 12.63%
- 6M
- 13.84%
- 1Y
- 14.07%
- 3Y*
- 9.44%
- 5Y*
- 3.60%
- 10Y*
- 7.16%
ZST.TO vs. ZRE.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% |
ZRE.TO BMO Equal Weight REITs Index ETF | 12.63% | 11.28% | 2.89% | 0.91% | -17.74% | 34.04% | -7.72% | 25.86% | 3.36% | 14.36% |
Correlation
The correlation between ZST.TO and ZRE.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2011 | 0.04 |
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Return for Risk
ZST.TO vs. ZRE.TO — Risk / Return Rank
ZST.TO
ZRE.TO
ZST.TO vs. ZRE.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 Equal Weight REITs Index ETF (ZRE.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 | ZRE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.85 | 1.20 | +0.64 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 1.86 | -0.14 |
| Martin ratioReturn relative to average drawdown | 4.62 | 5.00 | -0.38 |
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Drawdowns
ZST.TO vs. ZRE.TO - Drawdown Comparison
The maximum ZST.TO drawdown since its inception was -3.60%, smaller than the maximum ZRE.TO drawdown of -46.29%. Use the drawdown chart below to compare losses from any high point for ZST.TO and ZRE.TO.
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Drawdown Indicators
| ZST.TO | ZRE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.60% | -46.29% | +42.69% |
Max Drawdown (1Y)Largest decline over 1 year | -1.01% | -7.07% | +6.06% |
Max Drawdown (3Y)Largest decline over 3 years | -1.01% | -17.14% | +16.13% |
Max Drawdown (5Y)Largest decline over 5 years | -1.01% | -32.44% | +31.43% |
Max Drawdown (10Y)Largest decline over 10 years | -1.06% | -46.29% | +45.23% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.58% | -7.69% | +7.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 2.64% | -2.27% |
Volatility
ZST.TO vs. ZRE.TO - Volatility Comparison
The current volatility for BMO Ultra Short-Term Bond ETF (ZST.TO) is 0.08%, while BMO Equal Weight REITs Index ETF (ZRE.TO) has a volatility of 3.01%. This indicates that ZST.TO experiences smaller price fluctuations and is considered to be less risky than ZRE.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 | ZRE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 3.01% | -2.93% |
Volatility (6M)Calculated over the trailing 6-month period | 1.05% | 8.59% | -7.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.08% | 11.25% | -10.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.72% | 15.54% | -14.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.71% | 17.67% | -16.96% |
ZST.TO vs. ZRE.TO - Expense Ratio Comparison
ZST.TO has a 0.17% expense ratio, which is lower than ZRE.TO's 0.61% expense ratio.
Dividends
ZST.TO vs. ZRE.TO - Dividend Comparison
ZST.TO's dividend yield for the trailing twelve months is around 2.56%, less than ZRE.TO's 4.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZRE.TO BMO Equal Weight REITs Index ETF | 4.33% | 4.96% | 5.26% | 5.14% | 4.97% | 3.87% | 5.01% | 4.17% | 4.95% | 5.05% | 5.46% | 6.00% |
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 ZRE.TO have a correlation of 0.13, 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 0.61% for ZRE.TO.
ZST.TO is categorized as Canadian Government Bonds, while ZRE.TO is REIT. Their fees differ too: 0.17% for ZST.TO and 0.61% for ZRE.TO.
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