ZSU.TO vs. ZFS.TO
ZSU.TO (BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF) and ZFS.TO (BMO Short Federal Bond Index ETF) are both exchange-traded funds - ZSU.TO is a Short-Term Bond fund tracking the Bloomberg US Investment Grade 1 to 5 Year Corporate Bond Capped Index CAD Hedged, while ZFS.TO is a Government Bonds fund tracking the FTSE Canada Short Term Federal Bond Index. Both are passively managed. Over the past 10 years, ZSU.TO returned 1.59%/yr vs 1.33%/yr for ZFS.TO. At a 0.24 correlation, their price movements are largely independent. ZSU.TO charges 0.28%/yr vs 0.22%/yr for ZFS.TO.
Performance
ZSU.TO vs. ZFS.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZSU.TO achieves a -0.50% return, which is significantly lower than ZFS.TO's 0.82% return. Over the past 10 years, ZSU.TO has outperformed ZFS.TO with an annualized return of 1.59%, while ZFS.TO has yielded a comparatively lower 1.33% annualized return.
ZSU.TO
- 1D
- 0.08%
- 1M
- -0.31%
- 6M
- -0.50%
- YTD
- -0.50%
- 1Y
- 1.44%
- 3Y*
- 3.92%
- 5Y*
- 1.15%
- 10Y*
- 1.59%
- ALL TIME*
- 1.75%
ZFS.TO
- 1D
- 0.22%
- 1M
- -0.37%
- 6M
- 0.61%
- YTD
- 0.82%
- 1Y
- 2.65%
- 3Y*
- 4.11%
- 5Y*
- 1.44%
- 10Y*
- 1.33%
- ALL TIME*
- 1.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$95.50K | CA$124.08K | CA$155.05K | |
| CA$22.02K | CA$29.55K | CA$47.39K |
ZSU.TO vs. ZFS.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 | -0.50% | 4.61% | 3.84% | 5.18% | -6.17% | -0.99% | 4.54% | 5.57% | 0.06% | 1.20% |
ZFS.TO BMO Short Federal Bond Index ETF | 0.82% | 3.10% | 4.61% | 3.93% | -4.03% | -1.43% | 4.42% | 2.15% | 1.47% | -0.59% |
Correlation
The correlation between ZSU.TO and ZFS.TO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2014 | 0.24 |
The correlation between ZSU.TO and ZFS.TO shifts across timeframes, from 0.24 (all time) to 0.45 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZSU.TO vs. ZFS.TO — Risk / Return Rank
ZSU.TO
ZFS.TO
ZSU.TO vs. ZFS.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 BMO Short Federal Bond Index ETF (ZFS.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 | ZFS.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.26 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | 1.77 | -0.80 |
| Martin ratioReturn relative to average drawdown | 2.47 | 5.67 | -3.20 |
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Drawdowns
ZSU.TO vs. ZFS.TO - Drawdown Comparison
The maximum ZSU.TO drawdown since its inception was -12.35%, which is greater than ZFS.TO's maximum drawdown of -6.80%. Use the drawdown chart below to compare losses from any high point for ZSU.TO and ZFS.TO.
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Drawdown Indicators
| ZSU.TO | ZFS.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.35% | -6.80% | -5.55% |
Max Drawdown (1Y)Largest decline over 1 year | -1.49% | -1.50% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -1.49% | -1.50% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -10.02% | -6.43% | -3.59% |
Max Drawdown (10Y)Largest decline over 10 years | -12.35% | -6.80% | -5.55% |
Current DrawdownCurrent decline from peak | -1.08% | -0.37% | -0.71% |
Average DrawdownAverage peak-to-trough decline | -1.62% | -1.06% | -0.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 0.47% | +0.12% |
Volatility
ZSU.TO vs. ZFS.TO - Volatility Comparison
BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF (ZSU.TO) and BMO Short Federal Bond Index ETF (ZFS.TO) have volatilities of 0.62% and 0.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZSU.TO | ZFS.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 0.64% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 1.74% | 1.66% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.55% | 2.00% | +0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.67% | 2.65% | +1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.46% | 2.27% | +2.19% |
ZSU.TO vs. ZFS.TO - Expense Ratio Comparison
ZSU.TO has a 0.28% expense ratio, which is higher than ZFS.TO's 0.22% expense ratio.
Dividends
ZSU.TO vs. ZFS.TO - Dividend Comparison
ZSU.TO's dividend yield for the trailing twelve months is around 4.32%, more than ZFS.TO's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZFS.TO BMO Short Federal Bond Index ETF | 2.55% | 2.41% | 2.06% | 1.96% | 1.99% | 1.88% | 1.81% | 1.86% | 1.59% | 1.59% | 1.77% | 1.90% |
ZSU.TO BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF | 4.32% | 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 ZFS.TO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZFS.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZFS.TO is cheaper with a 0.22% expense ratio, compared with 0.28% for ZSU.TO.
ZSU.TO is categorized as Short-Term Bond, while ZFS.TO is Government Bonds. ZSU.TO tracks Bloomberg US Investment Grade 1 to 5 Year Corporate Bond Capped Index CAD Hedged, while ZFS.TO tracks FTSE Canada Short Term Federal Bond Index. Their fees differ too: 0.28% for ZSU.TO and 0.22% for ZFS.TO.
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