ZUAG.TO vs. SSHY.L

Last updated Jun 5, 2026

ZUAG.TO (BMO US Aggregate Bond Index ETF) and SSHY.L (PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist) are both exchange-traded funds - ZUAG.TO is a Global Bonds fund tracking the Bloomberg US Aggregate Bond Index, while SSHY.L is a High Yield Bonds fund tracking the Bloomberg US Corporate High Yield TR USD. Both are passively managed. Over the past 3 years, ZUAG.TO returned 4.00%/yr vs 9.88%/yr for SSHY.L. At a 0.12 correlation, their price movements are largely independent. ZUAG.TO charges 0.09%/yr vs 0.55%/yr for SSHY.L.

Performance

ZUAG.TO vs. SSHY.L - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO US Aggregate Bond Index ETF (ZUAG.TO) and PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist (SSHY.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZUAG.TO is traded in CAD, while SSHY.L is traded in GBP. To make them comparable, the SSHY.L values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZUAG.TO achieves a 1.81% return, which is significantly lower than SSHY.L's 2.66% return.

ZUAG.TO

• 1D: 0.47%
• 1M: 2.62%
• YTD: 1.81%
• 6M: -2.81%
• 1Y: 3.62%
• 3Y*: 4.00%
• 5Y*: —
• 10Y*: —

SSHY.L

• 1D: 0.32%
• 1M: 2.61%
• YTD: 2.66%
• 6M: 1.89%
• 1Y: 8.98%
• 3Y*: 9.88%
• 5Y*: 8.22%
• 10Y*: 6.38%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZUAG.TO vs. SSHY.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZUAG.TO BMO US Aggregate Bond Index ETF	1.81%	-0.80%	9.45%	365.73%
SSHY.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist	2.66%	4.05%	17.64%	7.94%

Correlation

The correlation between ZUAG.TO and SSHY.L is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jan 31, 2023	0.12

Over the past year, ZUAG.TO and SSHY.L have become more correlated (0.33) than their long-term average of 0.12, meaning their price movements have been converging.

Return for Risk

ZUAG.TO vs. SSHY.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZUAG.TO

ZUAG.TO Risk / Return Rank: 16
ZUAG.TO Sharpe Ratio Rank: 17
ZUAG.TO Sortino Ratio Rank: 15
ZUAG.TO Omega Ratio Rank: 18
ZUAG.TO Calmar Ratio Rank: 16
ZUAG.TO Martin Ratio Rank: 13

SSHY.L

SSHY.L Risk / Return Rank: 43
SSHY.L Sharpe Ratio Rank: 42
SSHY.L Sortino Ratio Rank: 43
SSHY.L Omega Ratio Rank: 41
SSHY.L Calmar Ratio Rank: 46
SSHY.L Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZUAG.TO vs. SSHY.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO US Aggregate Bond Index ETF (ZUAG.TO) and PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist (SSHY.L). 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.

	ZUAG.TO	SSHY.L	Difference
Sharpe ratio: Return per unit of total volatility	0.50	1.64	-1.15
Sortino ratio: Return per unit of downside risk	0.70	2.41	-1.71
Omega ratio: Gain probability vs. loss probability	1.11	1.29	-0.18
Calmar ratio: Return relative to maximum drawdown	0.52	3.12	-2.60
Martin ratio: Return relative to average drawdown	0.92	8.32	-7.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZUAG.TO vs. SSHY.L - Sharpe Ratio Comparison

The current ZUAG.TO Sharpe Ratio is 0.50, which is lower than the SSHY.L Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of ZUAG.TO and SSHY.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZUAG.TO	SSHY.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	1.64	-1.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.21	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.83	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.87	-0.55

Drawdowns

ZUAG.TO vs. SSHY.L - Drawdown Comparison

The maximum ZUAG.TO drawdown since its inception was -7.19%, smaller than the maximum SSHY.L drawdown of -14.61%. Use the drawdown chart below to compare losses from any high point for ZUAG.TO and SSHY.L.

Drawdown Indicators

	ZUAG.TO	SSHY.L	Difference
Max Drawdown Largest peak-to-trough decline	-7.19%	-14.61%	+7.42%
Max Drawdown (1Y) Largest decline over 1 year	-6.92%	-2.87%	-4.05%
Max Drawdown (3Y) Largest decline over 3 years	-7.12%	-7.78%	+0.66%
Max Drawdown (5Y) Largest decline over 5 years	—	-9.21%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-14.61%	—
Current Drawdown Current decline from peak	-4.46%	0.00%	-4.46%
Average Drawdown Average peak-to-trough decline	-2.95%	-2.05%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	1.08%	+2.87%

Volatility

ZUAG.TO vs. SSHY.L - Volatility Comparison

BMO US Aggregate Bond Index ETF (ZUAG.TO) and PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist (SSHY.L) have volatilities of 1.59% and 1.57%, 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.

Volatility by Period

	ZUAG.TO	SSHY.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.59%	1.57%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	5.20%	4.05%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	7.32%	5.45%	+1.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	196.30%	6.78%	+189.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	196.30%	7.70%	+188.60%

ZUAG.TO vs. SSHY.L - Expense Ratio Comparison

ZUAG.TO has a 0.09% expense ratio, which is lower than SSHY.L's 0.55% expense ratio.

Dividends

ZUAG.TO vs. SSHY.L - Dividend Comparison

ZUAG.TO's dividend yield for the trailing twelve months is around 2.66%, less than SSHY.L's 7.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SSHY.L PIMCO US Short-Term High Yield Corporate Bond Index UCITS ETF Dist	7.07%	7.33%	7.48%	6.52%	4.86%	4.47%	5.24%	5.27%	5.10%	5.48%	4.92%	5.11%
ZUAG.TO BMO US Aggregate Bond Index ETF	2.66%	2.51%	2.09%	1.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZUAG.TO and SSHY.L in my portfolio?

ZUAG.TO and SSHY.L have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZUAG.TO or SSHY.L?

On fees, ZUAG.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZUAG.TO or SSHY.L?

ZUAG.TO is cheaper with a 0.09% expense ratio, compared with 0.55% for SSHY.L.

What is the main difference between ZUAG.TO and SSHY.L?

ZUAG.TO is categorized as Global Bonds, while SSHY.L is High Yield Bonds. ZUAG.TO tracks Bloomberg US Aggregate Bond Index, while SSHY.L tracks Bloomberg US Corporate High Yield TR USD. They also come from different issuers: BMO and PIMCO. Their fees differ too: 0.09% for ZUAG.TO and 0.55% for SSHY.L.