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ZUB.TO vs. ZAG.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZUB.TO vs. ZAG.TO

Last updated Jul 1, 2026
See Documentation

ZUB.TO (BMO Equal Weight US Banks Hedged to CAD Index ETF) and ZAG.TO (BMO Aggregate Bond Index ETF) are both exchange-traded funds - ZUB.TO is a Financials Equities fund managed by BMO, while ZAG.TO is a Canadian Government Bonds fund tracking the FTSE Canada Universe Bond Index. Over the past 10 years, ZUB.TO returned 11.27%/yr vs 1.60%/yr for ZAG.TO. At a correlation of -0.22, they often move in opposite directions.

Performance

ZUB.TO vs. ZAG.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight US Banks Hedged to CAD Index ETF (ZUB.TO) and BMO Aggregate Bond Index ETF (ZAG.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZUB.TO achieves a 9.98% return, which is significantly higher than ZAG.TO's 2.13% return. Over the past 10 years, ZUB.TO has outperformed ZAG.TO with an annualized return of 11.27%, while ZAG.TO has yielded a comparatively lower 1.60% annualized return.

ZUB.TO

1D
-0.56%
1M
7.85%
YTD
9.98%
6M
9.11%
1Y
26.03%
3Y*
28.94%
5Y*
6.82%
10Y*
11.27%

ZAG.TO

1D
-0.14%
1M
0.43%
YTD
2.13%
6M
2.13%
1Y
3.17%
3Y*
4.31%
5Y*
0.71%
10Y*
1.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZUB.TO vs. ZAG.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZUB.TO
BMO Equal Weight US Banks Hedged to CAD Index ETF		9.98%20.24%33.07%-6.02%-23.00%39.30%-10.15%33.34%-19.80%17.05%
ZAG.TO
BMO Aggregate Bond Index ETF		2.13%2.25%4.48%6.41%-11.60%-2.60%8.34%6.84%1.12%2.45%

Correlation

The correlation between ZUB.TO and ZAG.TO is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.11

Correlation (3Y)
Calculated over the trailing 3-year period

0.10

Correlation (5Y)
Calculated over the trailing 5-year period

0.01

Correlation (10Y)
Calculated over the trailing 10-year period

-0.15

Correlation (All Time)
Calculated using the full available price history since May 26, 2010

-0.22

The correlation between ZUB.TO and ZAG.TO shifts across timeframes, from -0.22 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.

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BMO Equal Weight US Banks Hedged to CAD Index ETF

BMO Aggregate Bond Index ETF

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Return for Risk

ZUB.TO vs. ZAG.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZUB.TO
ZUB.TO Risk / Return Rank: 3737
Overall Rank
ZUB.TO Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
ZUB.TO Sortino Ratio Rank: 3939
Sortino Ratio Rank
ZUB.TO Omega Ratio Rank: 4040
Omega Ratio Rank
ZUB.TO Calmar Ratio Rank: 3434
Calmar Ratio Rank
ZUB.TO Martin Ratio Rank: 3232
Martin Ratio Rank
ZAG.TO
ZAG.TO Risk / Return Rank: 2222
Overall Rank
ZAG.TO Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
ZAG.TO Sortino Ratio Rank: 1919
Sortino Ratio Rank
ZAG.TO Omega Ratio Rank: 2020
Omega Ratio Rank
ZAG.TO Calmar Ratio Rank: 2525
Calmar Ratio Rank
ZAG.TO Martin Ratio Rank: 2323
Martin Ratio Rank
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.

ZUB.TO vs. ZAG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight US Banks Hedged to CAD Index ETF (ZUB.TO) and BMO Aggregate Bond Index ETF (ZAG.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.

ZUB.TOZAG.TODifference
Sharpe ratioReturn per unit of total volatility
1.26
0.72

+0.54

Sortino ratioReturn per unit of downside risk
1.81
1.02

+0.80

Omega ratioGain probability vs. loss probability

1.23

1.13

+0.10

Calmar ratioReturn relative to maximum drawdown

1.53

1.14

+0.39

Martin ratioReturn relative to average drawdown

4.15

2.79

+1.36

ZUB.TO vs. ZAG.TO - Sharpe Ratio Comparison

The current ZUB.TO Sharpe Ratio is 1.26, which is higher than the ZAG.TO Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of ZUB.TO and ZAG.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ZUB.TO vs. ZAG.TO - Drawdown Comparison

The maximum ZUB.TO drawdown since its inception was -55.05%, which is greater than ZAG.TO's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for ZUB.TO and ZAG.TO.

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Drawdown Indicators

ZUB.TOZAG.TODifference

Max Drawdown

Largest peak-to-trough decline

-55.05%

-18.03%

-37.02%

Max Drawdown (1Y)

Largest decline over 1 year

-17.10%

-2.79%

-14.31%

Max Drawdown (3Y)

Largest decline over 3 years

-27.33%

-5.42%

-21.91%

Max Drawdown (5Y)

Largest decline over 5 years

-52.97%

-15.77%

-37.20%

Max Drawdown (10Y)

Largest decline over 10 years

-55.05%

-18.03%

-37.02%

Current Drawdown

Current decline from peak

-0.87%

-0.67%

-0.20%

Average Drawdown

Average peak-to-trough decline

-14.13%

-3.53%

-10.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.29%

1.19%

+5.10%

Volatility

ZUB.TO vs. ZAG.TO - Volatility Comparison

BMO Equal Weight US Banks Hedged to CAD Index ETF (ZUB.TO) has a higher volatility of 4.73% compared to BMO Aggregate Bond Index ETF (ZAG.TO) at 1.09%. This indicates that ZUB.TO's price experiences larger fluctuations and is considered to be riskier than ZAG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZUB.TOZAG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.73%

1.09%

+3.64%

Volatility (6M)

Calculated over the trailing 6-month period

15.24%

3.37%

+11.87%

Volatility (1Y)

Calculated over the trailing 1-year period

20.79%

4.45%

+16.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.92%

6.58%

+21.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

30.16%

7.11%

+23.05%

Dividends

ZUB.TO vs. ZAG.TO - Dividend Comparison

ZUB.TO's dividend yield for the trailing twelve months is around 1.78%, less than ZAG.TO's 3.40% yield.

PositionTTM20252024202320222021202020192018201720162015
ZAG.TO
BMO Aggregate Bond Index ETF		3.40%3.48%3.44%3.47%3.56%3.04%2.88%3.03%2.92%2.95%3.07%3.13%
ZUB.TO
BMO Equal Weight US Banks Hedged to CAD Index ETF		1.78%1.96%2.29%2.91%2.50%1.88%2.57%2.13%1.92%1.15%1.34%1.42%

Frequently Asked Questions

ZUB.TO and ZAG.TO have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ZUB.TO is categorized as Financials Equities, while ZAG.TO is Canadian Government Bonds.

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