ZUT.TO vs. VSB.TO
ZUT.TO (BMO Equal Weight Utilities Index ETF) and VSB.TO (Vanguard Canadian Short Term Bond) are both exchange-traded funds - ZUT.TO is a Utilities Equities fund tracking the Solactive Equal Weight Canada Utilities Index, while VSB.TO is a Canadian Government Bonds fund tracking the FTSE Canada Short Term Government Bond Index. Both are passively managed. Over the past 10 years, ZUT.TO returned 10.01%/yr vs 1.91%/yr for VSB.TO. At a 0.10 correlation, their price movements are largely independent. ZUT.TO charges 0.61%/yr vs 0.15%/yr for VSB.TO.
Performance
ZUT.TO vs. VSB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZUT.TO achieves a 22.07% return, which is significantly higher than VSB.TO's 1.07% return. Over the past 10 years, ZUT.TO has outperformed VSB.TO with an annualized return of 10.01%, while VSB.TO has yielded a comparatively lower 1.91% annualized return.
ZUT.TO
- 1D
- 0.50%
- 1M
- 1.56%
- 6M
- 20.34%
- YTD
- 22.07%
- 1Y
- 25.91%
- 3Y*
- 14.55%
- 5Y*
- 7.21%
- 10Y*
- 10.01%
VSB.TO
- 1D
- 0.09%
- 1M
- -0.12%
- 6M
- 0.89%
- YTD
- 1.07%
- 1Y
- 3.03%
- 3Y*
- 4.60%
- 5Y*
- 1.98%
- 10Y*
- 1.91%
ZUT.TO vs. VSB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZUT.TO BMO Equal Weight Utilities Index ETF | 22.07% | 15.33% | 14.22% | -5.29% | -8.62% | 5.52% | 28.24% | 35.70% | -7.94% | 8.54% |
VSB.TO Vanguard Canadian Short Term Bond | 1.07% | 3.66% | 5.11% | 4.92% | -3.93% | -1.15% | 5.29% | 3.06% | 1.67% | -0.36% |
Correlation
The correlation between ZUT.TO and VSB.TO is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Dec 6, 2011 | 0.10 |
The correlation between ZUT.TO and VSB.TO shifts across timeframes, from 0.08 (1 year) to 0.22 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZUT.TO vs. VSB.TO — Risk / Return Rank
ZUT.TO
VSB.TO
ZUT.TO vs. VSB.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Utilities Index ETF (ZUT.TO) and Vanguard Canadian Short Term Bond (VSB.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.
| ZUT.TO | VSB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.30 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 2.14 | +0.77 |
| Martin ratioReturn relative to average drawdown | 7.33 | 7.28 | +0.05 |
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Drawdowns
ZUT.TO vs. VSB.TO - Drawdown Comparison
The maximum ZUT.TO drawdown since its inception was -37.07%, which is greater than VSB.TO's maximum drawdown of -8.38%. Use the drawdown chart below to compare losses from any high point for ZUT.TO and VSB.TO.
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Drawdown Indicators
| ZUT.TO | VSB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.07% | -8.38% | -28.69% |
Max Drawdown (1Y)Largest decline over 1 year | -8.95% | -1.43% | -7.52% |
Max Drawdown (3Y)Largest decline over 3 years | -19.27% | -1.43% | -17.84% |
Max Drawdown (5Y)Largest decline over 5 years | -32.36% | -6.88% | -25.48% |
Max Drawdown (10Y)Largest decline over 10 years | -37.07% | -8.38% | -28.69% |
Current DrawdownCurrent decline from peak | -0.54% | -0.30% | -0.24% |
Average DrawdownAverage peak-to-trough decline | -6.25% | -0.95% | -5.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.54% | 0.42% | +3.12% |
Volatility
ZUT.TO vs. VSB.TO - Volatility Comparison
BMO Equal Weight Utilities Index ETF (ZUT.TO) has a higher volatility of 2.66% compared to Vanguard Canadian Short Term Bond (VSB.TO) at 0.65%. This indicates that ZUT.TO's price experiences larger fluctuations and is considered to be riskier than VSB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZUT.TO | VSB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.66% | 0.65% | +2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 8.04% | 1.62% | +6.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.54% | 1.95% | +8.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.97% | 2.59% | +11.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.48% | 3.49% | +12.99% |
ZUT.TO vs. VSB.TO - Expense Ratio Comparison
ZUT.TO has a 0.61% expense ratio, which is higher than VSB.TO's 0.15% expense ratio.
Dividends
ZUT.TO vs. VSB.TO - Dividend Comparison
ZUT.TO's dividend yield for the trailing twelve months is around 2.75%, less than VSB.TO's 3.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
VSB.TO Vanguard Canadian Short Term Bond | 3.01% | 3.04% | 2.64% | 2.66% | 2.24% | 2.02% | 2.24% | 2.31% | 2.29% | 2.34% | 2.45% | 2.38% |
ZUT.TO BMO Equal Weight Utilities Index ETF | 2.75% | 3.50% | 4.05% | 4.43% | 4.02% | 3.31% | 3.38% | 4.08% | 4.68% | 3.78% | 4.06% | 4.72% |
Frequently Asked Questions
ZUT.TO and VSB.TO have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VSB.TO is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VSB.TO is cheaper with a 0.15% expense ratio, compared with 0.61% for ZUT.TO.
ZUT.TO is categorized as Utilities Equities, while VSB.TO is Canadian Government Bonds. ZUT.TO tracks Solactive Equal Weight Canada Utilities Index, while VSB.TO tracks FTSE Canada Short Term Government Bond Index. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.61% for ZUT.TO and 0.15% for VSB.TO.
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