ZSU.TO vs. MCSB.TO
ZSU.TO (BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF) and MCSB.TO (Mackenzie Canadian Short Term Fixed Income ETF) are both Short-Term Bond funds. Over the past 5 years, ZSU.TO returned 1.19%/yr vs 5.01%/yr for MCSB.TO. At a 0.18 correlation, their price movements are largely independent.
Performance
ZSU.TO vs. MCSB.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 MCSB.TO's 1.52% return.
ZSU.TO
- 1D
- 0.00%
- 1M
- 0.07%
- 6M
- 0.10%
- YTD
- -0.19%
- 1Y
- 1.75%
- 3Y*
- 3.97%
- 5Y*
- 1.19%
- 10Y*
- 1.62%
MCSB.TO
- 1D
- 0.05%
- 1M
- 0.06%
- 6M
- 1.01%
- YTD
- 1.52%
- 1Y
- 3.47%
- 3Y*
- 5.36%
- 5Y*
- 5.01%
- 10Y*
- —
ZSU.TO vs. MCSB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZSU.TO BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF | -0.19% | 4.61% | 3.84% | 5.18% | -6.17% | -0.99% | 4.54% | 5.57% | 0.06% | -0.27% |
MCSB.TO Mackenzie Canadian Short Term Fixed Income ETF | 1.52% | 3.93% | 6.41% | 5.77% | -4.18% | 11.34% | 5.66% | 3.79% | 1.50% | -0.06% |
Correlation
The correlation between ZSU.TO and MCSB.TO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.23 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2017 | 0.18 |
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Return for Risk
ZSU.TO vs. MCSB.TO — Risk / Return Rank
ZSU.TO
MCSB.TO
ZSU.TO vs. MCSB.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 Mackenzie Canadian Short Term Fixed Income ETF (MCSB.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 | MCSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.86 | ||
| Sortino ratioReturn per unit of downside risk | -1.19 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.31 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.18 | 2.34 | -1.16 |
| Martin ratioReturn relative to average drawdown | 3.09 | 6.77 | -3.68 |
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Drawdowns
ZSU.TO vs. MCSB.TO - Drawdown Comparison
The maximum ZSU.TO drawdown since its inception was -12.35%, which is greater than MCSB.TO's maximum drawdown of -8.35%. Use the drawdown chart below to compare losses from any high point for ZSU.TO and MCSB.TO.
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Drawdown Indicators
| ZSU.TO | MCSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.35% | -8.35% | -4.00% |
Max Drawdown (1Y)Largest decline over 1 year | -1.49% | -1.49% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -1.49% | -1.49% | 0.00% |
Max Drawdown (5Y)Largest decline over 5 years | -10.02% | -6.24% | -3.78% |
Max Drawdown (10Y)Largest decline over 10 years | -12.35% | — | — |
Current DrawdownCurrent decline from peak | -0.77% | -0.29% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -1.05% | -0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 0.51% | +0.06% |
Volatility
ZSU.TO vs. MCSB.TO - Volatility Comparison
The current volatility for BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF (ZSU.TO) is 0.60%, while Mackenzie Canadian Short Term Fixed Income ETF (MCSB.TO) has a volatility of 0.71%. This indicates that ZSU.TO experiences smaller price fluctuations and is considered to be less risky than MCSB.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 | MCSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.60% | 0.71% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 1.62% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.58% | 2.26% | +0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.68% | 6.42% | -2.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.46% | 5.82% | -1.36% |
Dividends
ZSU.TO vs. MCSB.TO - Dividend Comparison
ZSU.TO's dividend yield for the trailing twelve months is around 4.31%, more than MCSB.TO's 3.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MCSB.TO Mackenzie Canadian Short Term Fixed Income ETF | 3.12% | 3.16% | 3.17% | 3.18% | 2.47% | 12.93% | 2.47% | 2.31% | 2.91% | 0.14% | 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 MCSB.TO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and Mackenzie.
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