ZST.TO vs. ZSB.TO
ZST.TO (BMO Ultra Short-Term Bond ETF) and ZSB.TO (BMO Short-Term Bond Index ETF) are both Canadian Government Bonds funds from BMO. ZST.TO is actively managed, while ZSB.TO is passively managed. Over the past 5 years, ZST.TO returned 2.95%/yr vs 2.01%/yr for ZSB.TO. At a 0.24 correlation, their price movements are largely independent. ZST.TO charges 0.17%/yr vs 0.10%/yr for ZSB.TO.
Performance
ZST.TO vs. ZSB.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 higher than ZSB.TO's 0.96% 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%
ZSB.TO
- 1D
- -0.04%
- 1M
- 0.83%
- YTD
- 0.96%
- 6M
- 0.81%
- 1Y
- 2.83%
- 3Y*
- 4.71%
- 5Y*
- 2.01%
- 10Y*
- —
ZST.TO vs. ZSB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZST.TO BMO Ultra Short-Term Bond ETF | 1.08% | 2.03% | 5.16% | 5.33% | 1.19% | 0.22% | 1.74% | 2.36% | 1.64% |
ZSB.TO BMO Short-Term Bond Index ETF | 0.96% | 3.77% | 5.55% | 5.05% | -4.08% | -1.20% | 5.13% | 2.95% | 1.69% |
Correlation
The correlation between ZST.TO and ZSB.TO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Mar 8, 2018 | 0.24 |
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Return for Risk
ZST.TO vs. ZSB.TO — Risk / Return Rank
ZST.TO
ZSB.TO
ZST.TO vs. ZSB.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 Short-Term Bond Index ETF (ZSB.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 | ZSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.83 | 1.29 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 1.95 | -0.27 |
| Martin ratioReturn relative to average drawdown | 4.51 | 6.41 | -1.90 |
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 | ZSB.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.56 | 1.45 | +0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 4.12 | 0.74 | +3.38 |
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 | 0.90 | +0.91 |
Drawdowns
ZST.TO vs. ZSB.TO - Drawdown Comparison
The maximum ZST.TO drawdown since its inception was -1.06%, smaller than the maximum ZSB.TO drawdown of -7.49%. Use the drawdown chart below to compare losses from any high point for ZST.TO and ZSB.TO.
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Drawdown Indicators
| ZST.TO | ZSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.06% | -7.49% | +6.43% |
Max Drawdown (1Y)Largest decline over 1 year | -1.01% | -1.46% | +0.45% |
Max Drawdown (3Y)Largest decline over 3 years | -1.01% | -1.46% | +0.45% |
Max Drawdown (5Y)Largest decline over 5 years | -1.01% | -7.12% | +6.11% |
Max Drawdown (10Y)Largest decline over 10 years | -1.06% | — | — |
Current DrawdownCurrent decline from peak | -0.00% | -0.21% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -0.13% | -1.50% | +1.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 0.44% | -0.07% |
Volatility
ZST.TO vs. ZSB.TO - Volatility Comparison
The current volatility for BMO Ultra Short-Term Bond ETF (ZST.TO) is 0.08%, while BMO Short-Term Bond Index ETF (ZSB.TO) has a volatility of 0.81%. This indicates that ZST.TO experiences smaller price fluctuations and is considered to be less risky than ZSB.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 | ZSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 0.81% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 1.05% | 1.62% | -0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.08% | 1.95% | -0.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.72% | 2.74% | -2.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.71% | 2.63% | -1.92% |
ZST.TO vs. ZSB.TO - Expense Ratio Comparison
ZST.TO has a 0.17% expense ratio, which is higher than ZSB.TO's 0.10% 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. ZSB.TO - Dividend Comparison
ZST.TO's dividend yield for the trailing twelve months is around 2.55%, less than ZSB.TO's 3.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZSB.TO BMO Short-Term Bond Index ETF | 3.18% | 3.16% | 2.91% | 2.54% | 2.60% | 2.43% | 2.34% | 2.40% | 2.42% | 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 ZSB.TO have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZSB.TO is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZSB.TO is cheaper with a 0.10% expense ratio, compared with 0.17% for ZST.TO.
Their fees differ too: 0.17% for ZST.TO and 0.10% for ZSB.TO.
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