ZUP.TO vs. ZAG.TO
ZUP.TO (BMO US Preferred Share Index ETF) and ZAG.TO (BMO Aggregate Bond Index ETF) are both exchange-traded funds - ZUP.TO is a Preferred Stock/Convertible Bonds fund managed by BMO, while ZAG.TO is a Canadian Government Bonds fund tracking the FTSE Canada Universe Bond Index. Over the past 5 years, ZUP.TO returned 1.32%/yr vs 0.71%/yr for ZAG.TO. At a 0.19 correlation, their price movements are largely independent.
Performance
ZUP.TO vs. ZAG.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZUP.TO achieves a 3.54% return, which is significantly higher than ZAG.TO's 2.13% return.
ZUP.TO
- 1D
- -0.61%
- 1M
- 0.99%
- YTD
- 3.54%
- 6M
- 3.28%
- 1Y
- 6.44%
- 3Y*
- 8.55%
- 5Y*
- 1.32%
- 10Y*
- —
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%
ZUP.TO vs. ZAG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZUP.TO BMO US Preferred Share Index ETF | 3.54% | -4.11% | 17.52% | 3.56% | -14.25% | 4.80% | 7.69% | 11.34% | 1.93% | 0.37% |
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% | 1.74% |
Correlation
The correlation between ZUP.TO and ZAG.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.20 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Feb 9, 2017 | 0.19 |
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Return for Risk
ZUP.TO vs. ZAG.TO — Risk / Return Rank
ZUP.TO
ZAG.TO
ZUP.TO vs. ZAG.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Preferred Share Index ETF (ZUP.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.
| ZUP.TO | ZAG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.13 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 1.14 | +0.22 |
| Martin ratioReturn relative to average drawdown | 2.75 | 2.79 | -0.04 |
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Drawdowns
ZUP.TO vs. ZAG.TO - Drawdown Comparison
The maximum ZUP.TO drawdown since its inception was -32.93%, 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 ZUP.TO and ZAG.TO.
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Drawdown Indicators
| ZUP.TO | ZAG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.93% | -18.03% | -14.90% |
Max Drawdown (1Y)Largest decline over 1 year | -4.76% | -2.79% | -1.97% |
Max Drawdown (3Y)Largest decline over 3 years | -12.88% | -5.42% | -7.46% |
Max Drawdown (5Y)Largest decline over 5 years | -25.34% | -15.77% | -9.57% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.03% | — |
Current DrawdownCurrent decline from peak | -4.13% | -0.67% | -3.46% |
Average DrawdownAverage peak-to-trough decline | -5.34% | -3.53% | -1.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 1.19% | +1.16% |
Volatility
ZUP.TO vs. ZAG.TO - Volatility Comparison
BMO US Preferred Share Index ETF (ZUP.TO) has a higher volatility of 3.84% compared to BMO Aggregate Bond Index ETF (ZAG.TO) at 1.09%. This indicates that ZUP.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
| ZUP.TO | ZAG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.84% | 1.09% | +2.75% |
Volatility (6M)Calculated over the trailing 6-month period | 6.29% | 3.37% | +2.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.46% | 4.45% | +4.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.81% | 6.58% | +5.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.41% | 7.11% | +7.30% |
Dividends
ZUP.TO vs. ZAG.TO - Dividend Comparison
ZUP.TO's dividend yield for the trailing twelve months is around 6.13%, more than ZAG.TO's 3.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZUP.TO BMO US Preferred Share Index ETF | 6.13% | 6.51% | 5.82% | 6.88% | 6.33% | 5.28% | 5.81% | 5.52% | 5.29% | 5.14% | 0.00% | 0.00% |
Frequently Asked Questions
ZUP.TO and ZAG.TO have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZUP.TO is categorized as Preferred Stock/Convertible Bonds, while ZAG.TO is Canadian Government Bonds.
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