ZSU.TO vs. HBIL.TO
ZSU.TO (BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF) and HBIL.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged)) are both exchange-traded funds - ZSU.TO is a Short-Term Bond fund managed by BMO, while HBIL.TO is a Derivative Income fund actively managed by Hamilton Capital. Over the past year, ZSU.TO returned 1.68% vs 2.35% for HBIL.TO. At a 0.41 correlation, their price movements are largely independent.
Performance
ZSU.TO vs. HBIL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZSU.TO achieves a -0.19% return, which is significantly lower than HBIL.TO's 0.89% return.
ZSU.TO
- 1D
- -0.23%
- 1M
- 0.07%
- YTD
- -0.19%
- 6M
- -0.12%
- 1Y
- 1.68%
- 3Y*
- 4.05%
- 5Y*
- 1.27%
- 10Y*
- 1.62%
HBIL.TO
- 1D
- -0.18%
- 1M
- 0.30%
- YTD
- 0.89%
- 6M
- 0.90%
- 1Y
- 2.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZSU.TO vs. HBIL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZSU.TO BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF | -0.19% | 4.61% | -0.87% |
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 0.89% | 3.04% | -1.22% |
Correlation
The correlation between ZSU.TO and HBIL.TO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024 | 0.41 |
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Return for Risk
ZSU.TO vs. HBIL.TO — Risk / Return Rank
ZSU.TO
HBIL.TO
ZSU.TO vs. HBIL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF (ZSU.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.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.
| ZSU.TO | HBIL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.29 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.13 | 2.48 | -1.35 |
| Martin ratioReturn relative to average drawdown | 3.08 | 7.87 | -4.79 |
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Drawdowns
ZSU.TO vs. HBIL.TO - Drawdown Comparison
The maximum ZSU.TO drawdown since its inception was -12.35%, which is greater than HBIL.TO's maximum drawdown of -1.66%. Use the drawdown chart below to compare losses from any high point for ZSU.TO and HBIL.TO.
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Drawdown Indicators
| ZSU.TO | HBIL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.35% | -1.66% | -10.69% |
Max Drawdown (1Y)Largest decline over 1 year | -1.49% | -0.95% | -0.54% |
Max Drawdown (3Y)Largest decline over 3 years | -1.49% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -10.02% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -12.35% | — | — |
Current DrawdownCurrent decline from peak | -0.77% | -0.18% | -0.59% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -0.46% | -1.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | 0.30% | +0.25% |
Volatility
ZSU.TO vs. HBIL.TO - Volatility Comparison
BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF (ZSU.TO) has a higher volatility of 0.53% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) (HBIL.TO) at 0.39%. This indicates that ZSU.TO's price experiences larger fluctuations and is considered to be riskier than HBIL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSU.TO | HBIL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.53% | 0.39% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 1.75% | 1.26% | +0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.56% | 1.63% | +0.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.69% | 2.01% | +1.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.47% | 2.01% | +2.46% |
Dividends
ZSU.TO vs. HBIL.TO - Dividend Comparison
ZSU.TO's dividend yield for the trailing twelve months is around 4.31%, less than HBIL.TO's 6.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HBIL.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF (CAD Hedged) | 6.23% | 7.48% | 2.58% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZSU.TO BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF | 4.31% | 3.76% | 3.31% | 3.17% | 3.23% | 2.97% | 2.99% | 2.78% | 2.49% | 2.30% | 2.07% | 2.29% |
Frequently Asked Questions
ZSU.TO and HBIL.TO have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZSU.TO is categorized as Short-Term Bond, while HBIL.TO is Derivative Income. They also come from different issuers: BMO and Hamilton Capital.
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