BMO.TO vs. ^TNX
BMO.TO (Bank of Montreal) is a stock, while ^TNX (Cboe 10-Year Treasury Note Yield Index) is an index. Over the past 10 years, BMO.TO returned 16.21%/yr vs 12.12%/yr for ^TNX. At a 0.21 correlation, their price movements are largely independent.
Performance
BMO.TO vs. ^TNX - Performance Comparison
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Different Trading Currencies
BMO.TO is traded in CAD, while ^TNX is traded in USD. To make them comparable, the ^TNX values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, BMO.TO achieves a 42.78% return, which is significantly higher than ^TNX's 13.07% return. Over the past 10 years, BMO.TO has outperformed ^TNX with an annualized return of 16.21%, while ^TNX has yielded a comparatively lower 12.12% annualized return.
BMO.TO
- 1D
- -1.92%
- 1M
- 3.23%
- 6M
- 34.92%
- YTD
- 42.78%
- 1Y
- 65.51%
- 3Y*
- 32.37%
- 5Y*
- 20.08%
- 10Y*
- 16.21%
- ALL TIME*
- 11.94%
^TNX
- 1D
- 1.13%
- 1M
- 2.71%
- 6M
- 9.70%
- YTD
- 13.07%
- 1Y
- 5.88%
- 3Y*
- 8.44%
- 5Y*
- 31.77%
- 10Y*
- 12.12%
- ALL TIME*
- 0.48%
BMO.TO vs. ^TNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BMO.TO Bank of Montreal | 42.78% | 33.33% | 11.74% | 12.19% | -6.19% | 45.89% | 1.29% | 17.51% | -7.94% | 7.99% |
^TNX Cboe 10-Year Treasury Note Yield Index | 13.07% | -13.12% | 28.30% | -2.71% | 172.80% | 64.80% | -53.35% | -31.50% | 21.07% | -8.33% |
Correlation
The correlation between BMO.TO and ^TNX is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Aug 17, 2006 | 0.21 |
The correlation between BMO.TO and ^TNX shifts across timeframes, from -0.23 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BMO.TO vs. ^TNX — Risk / Return Rank
BMO.TO
^TNX
BMO.TO vs. ^TNX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bank of Montreal (BMO.TO) and Cboe 10-Year Treasury Note Yield Index (^TNX). 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.
| BMO.TO | ^TNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.26 | ||
| Sortino ratioReturn per unit of downside risk | +3.96 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.07 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 6.51 | 0.56 | +5.94 |
| Martin ratioReturn relative to average drawdown | 23.68 | 1.23 | +22.45 |
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Drawdowns
BMO.TO vs. ^TNX - Drawdown Comparison
The maximum BMO.TO drawdown since its inception was -62.39%, smaller than the maximum ^TNX drawdown of -89.94%. Use the drawdown chart below to compare losses from any high point for BMO.TO and ^TNX.
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Drawdown Indicators
| BMO.TO | ^TNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.39% | -89.94% | +27.55% |
Max Drawdown (1Y)Largest decline over 1 year | -10.12% | -10.53% | +0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -16.57% | -28.13% | +11.56% |
Max Drawdown (5Y)Largest decline over 5 years | -27.47% | -28.13% | +0.66% |
Max Drawdown (10Y)Largest decline over 10 years | -45.59% | -83.97% | +38.38% |
Current DrawdownCurrent decline from peak | -2.91% | -6.90% | +3.99% |
Average DrawdownAverage peak-to-trough decline | -9.03% | -44.63% | +35.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 5.15% | -2.38% |
Volatility
BMO.TO vs. ^TNX - Volatility Comparison
Bank of Montreal (BMO.TO) has a higher volatility of 4.96% compared to Cboe 10-Year Treasury Note Yield Index (^TNX) at 4.38%. This indicates that BMO.TO's price experiences larger fluctuations and is considered to be riskier than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BMO.TO | ^TNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.96% | 4.38% | +0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 14.63% | 11.80% | +2.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.10% | 15.46% | +2.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.40% | 32.06% | -13.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.03% | 48.34% | -27.31% |
Frequently Asked Questions
BMO.TO and ^TNX have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Find the right allocation for BMO.TO and ^TNX
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