A side-by-side comparison of Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR) and BMO Short Corporate Bond Index ETF (ZCS) to help Canadian investors make an informed decision.
1-Year Performance
Normalised to 100 at the start — shows relative return over the trailing 12 months.
Head-to-Head Comparison
| Metric | HFR | ZCS |
|---|---|---|
| YTD Return | -0.25%✓ | -0.93% |
| 1-Day Change | +0.05%✓ | -0.18% |
| 1-Week Change | +0.05%✓ | -0.07% |
| 1-Month Change | -0.10% | -0.43%✓ |
| Current Price | $10.06 | $13.91 |
| AUM | $655M | $4.70B✓ |
| MER (Expense Ratio) | 0% | 0% |
| Dividend Yield | 3.59% | 3.99%✓ |
| Distribution Frequency | Monthly | Monthly |
| Inception Date | 2010-12-10 | 2009-10-20 |
| Holdings Count | 10 | 10 |
| MorningStar Rating | ★★★★★ | ★★★★★ |
| Category | Canadian Short Term Fixed Income | Canadian Short Term Fixed Income |
| Beta | 0.32 | 1.07 |
| 52-Week High | $10.07 | $13.96 |
| 52-Week Low | $9.75 | $13.47 |
| 50-Day MA | $10.07 | $13.97 |
| 200-Day MA | $10.09 | $14.03 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | HFR | ZCS |
|---|---|---|
| YTD | -0.25%✓ | -0.93% |
| 1 Year | +3.12% | +3.29%✓ |
| 3 Year | +5.34% | +6.12%✓ |
| 5 Year | +3.94%✓ | +2.90% |
| 10 Year | +3.26%✓ | +2.77% |
| 1Y Volatility | 0.67% | 1.78% |
| Sharpe Ratio (3Y) | 1.99 | 1.12 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | Canadian Imperial Bank of Commerce 3.45% | 2.66% | |
| 2 | Pembina Pipeline Corporation 2.99% | 2.18% | |
| 3 | TransCanada Pipelines Limited 3.8% | 1.45% | |
| 4 | Federation des Caisses Desjardins du Quebec 2.86% | 1.42% | |
| 5 | The Toronto-Dominion Bank 3% | 1.38% | |
| 6 | Bank Montreal Que 2.85% | 1.37% | |
| 7 | H&R Real Estate Investment Trust 3.37% | 1.36% | |
| 8 | Choice Properties Real Estate Investment Trust 3.56% | 1.24% | |
| 9 | Bank Montreal Que 2.28% | 1.16% | |
| 10 | Canadian Natural Resources Limited 3.55% | 1.16% |
| 1 | Bank of Nova Scotia 2.38% | 1.67% | |
| 2 | Canadian Imperial Bank of Commerce 3.3% | 1.34% | |
| 3 | Royal Bank of Canada 2.35% | 1.29% | |
| 4 | Bank of Montreal 2.7% | 1.24% | |
| 5 | Bank of Montreal 2.27% | 1.14% | |
| 6 | Royal Bank of Canada 3.3% | 1.08% | |
| 7 | Royal Bank of Canada 2.61% | 1.04% | |
| 8 | Bank of Nova Scotia 2.98% | 1.02% | |
| 9 | The Toronto-Dominion Bank | 0.95% | |
| 10 | The Toronto-Dominion Bank 3% | 0.95% |
Sector Weights
| Sector | HFR | ZCS |
|---|---|---|
| Basic Materials | 0.00% | 0.00% |
| Communication Services | 0.00% | 0.00% |
| Consumer Cyclicals | 0.00% | 0.00% |
| Consumer Defensive | 0.00% | 0.00% |
| Energy | 0.00% | 0.00% |
| Financial Services | 0.00% | 0.00% |
| Healthcare | 0.00% | 0.00% |
| Industrials | 0.00% | 0.00% |
| Real Estate | 0.00% | 0.00% |
| Technology | 0.00% | 0.00% |
| Utilities | 0.00% | 0.00% |
About HFR
Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR.TO) is a Canadian-listed ETF traded on the Toronto Stock Exchange. More detailed information will be available soon.
About ZCS
The BMO Short Corporate Bond Index ETF has been designed to replicate, to the extent possible, the performance of the FTSE TMX Canada Short Term Corporate Bond Index, net of expenses. BMO Short Corporate Bond ETF invests in a variety of debt securities primarily with a term to maturity between one and five years. Securities held in the Index are generally corporate bonds issued domestically in Canada in Canadian dollars, with an investment grade rating.
Which ETF is Right for You?
Both HFR and ZCS are listed on Canadian exchanges and accessible through most Canadian brokerages including Questrade, Wealthsimple Trade, TD Direct, and Interactive Brokers.
Based on the available data, ZCS scores higher across our tracked metrics including YTD performance, dividend yield, and AUM — though both ETFs warrant individual research before investing.
- Consider your account type (TFSA, RRSP, non-registered) as it can affect dividend taxation.
- Compare management expense ratios (MER) directly on each provider's website.
- Look at average daily trading volume to assess liquidity.
- Review the fund's underlying index and holdings to ensure the exposure matches your goals.
This is not financial advice. Always do your own research or consult a licensed financial advisor before investing.
Frequently Asked Questions
What is the difference between HFR and ZCS?
HFR (Global X Active Ultra-Short Term Investment Grade Bond ETF) and ZCS (BMO Short Corporate Bond Index ETF) are both Canadian-listed ETFs. Key differences include their AUM ($655M vs $4.70B), dividend yield (3.59% vs 3.99%), and year-to-date performance (-0.25% vs -0.93%).
Is HFR better than ZCS?
There is no single "better" ETF — it depends on your investment goals. If you prioritise recent performance, HFR has outperformed year-to-date. Always review the fund's prospectus and consider your tax situation.
Can I buy HFR and ZCS on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both HFR and ZCS should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
7 stocks to buy and hold forever
Complement your ETF portfolio with these proven long-term individual stocks.
Get the FREE Report