BMO.TO vs. ^TNX

Last updated Jun 5, 2026

BMO.TO (Bank of Montreal) is a stock, while ^TNX (Treasury Yield 10 Years) is an index. Over the past 10 years, BMO.TO returned 15.75%/yr vs 10.92%/yr for ^TNX. At a 0.18 correlation, their price movements are largely independent.

Performance

BMO.TO vs. ^TNX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Bank of Montreal (BMO.TO) and Treasury Yield 10 Years (^TNX). The values are adjusted to include any dividend payments, if applicable.

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 31.01% return, which is significantly higher than ^TNX's 9.01% return. Over the past 10 years, BMO.TO has outperformed ^TNX with an annualized return of 15.75%, while ^TNX has yielded a comparatively lower 10.92% annualized return.

BMO.TO

• 1D: 1.81%
• 1M: 8.60%
• YTD: 31.01%
• 6M: 31.02%
• 1Y: 60.93%
• 3Y*: 31.55%
• 5Y*: 17.67%
• 10Y*: 15.75%

^TNX

• 1D: -0.22%
• 1M: 4.85%
• YTD: 9.01%
• 6M: 8.90%
• 1Y: 3.64%
• 3Y*: 7.84%
• 5Y*: 27.02%
• 10Y*: 10.92%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BMO.TO vs. ^TNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BMO.TO Bank of Montreal	31.01%	33.33%	11.74%	12.19%	-5.39%	46.90%	2.39%	17.51%	-7.94%	7.99%
^TNX Treasury Yield 10 Years	9.01%	-13.14%	28.45%	-2.53%	174.83%	63.40%	-53.02%	-32.07%	21.16%	-7.94%

Correlation

The correlation between BMO.TO and ^TNX is -0.29, 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	-0.29
Correlation (3Y) Calculated over the trailing 3-year period	-0.19
Correlation (5Y) Calculated over the trailing 5-year period	-0.04
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Jun 25, 2009	0.18

The correlation between BMO.TO and ^TNX shifts across timeframes, from -0.29 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BMO.TO vs. ^TNX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BMO.TO

BMO.TO Risk / Return Rank: 95
BMO.TO Sharpe Ratio Rank: 96
BMO.TO Sortino Ratio Rank: 96
BMO.TO Omega Ratio Rank: 95
BMO.TO Calmar Ratio Rank: 93
BMO.TO Martin Ratio Rank: 96

^TNX

^TNX Risk / Return Rank: 19
^TNX Sharpe Ratio Rank: 20
^TNX Sortino Ratio Rank: 19
^TNX Omega Ratio Rank: 18
^TNX Calmar Ratio Rank: 20
^TNX Martin Ratio Rank: 19

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.

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 Treasury Yield 10 Years (^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.

	BMO.TO	^TNX	Difference
Sharpe ratio: Return per unit of total volatility	3.45	0.26	+3.19
Sortino ratio: Return per unit of downside risk	4.49	0.49	+4.01
Omega ratio: Gain probability vs. loss probability	1.58	1.05	+0.53
Calmar ratio: Return relative to maximum drawdown	6.04	0.35	+5.69
Martin ratio: Return relative to average drawdown	21.86	0.69	+21.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BMO.TO vs. ^TNX - Sharpe Ratio Comparison

The current BMO.TO Sharpe Ratio is 3.45, which is higher than the ^TNX Sharpe Ratio of 0.26. The chart below compares the historical Sharpe Ratios of BMO.TO and ^TNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BMO.TO	^TNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.45	0.26	+3.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.97	0.81	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.23	+0.53
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	0.05	+0.55

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 -83.97%. Use the drawdown chart below to compare losses from any high point for BMO.TO and ^TNX.

Drawdown Indicators

	BMO.TO	^TNX	Difference
Max Drawdown Largest peak-to-trough decline	-62.39%	-83.97%	+21.58%
Max Drawdown (1Y) Largest decline over 1 year	-10.12%	-12.47%	+2.35%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-28.10%	+11.53%
Max Drawdown (5Y) Largest decline over 5 years	-26.85%	-28.10%	+1.25%
Max Drawdown (10Y) Largest decline over 10 years	-45.59%	-83.93%	+38.34%
Current Drawdown Current decline from peak	0.00%	-9.83%	+9.83%
Average Drawdown Average peak-to-trough decline	-10.54%	-32.53%	+21.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	6.24%	-3.45%

Volatility

BMO.TO vs. ^TNX - Volatility Comparison

Bank of Montreal (BMO.TO) has a higher volatility of 5.73% compared to Treasury Yield 10 Years (^TNX) at 5.34%. 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.

Volatility by Period

	BMO.TO	^TNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	5.34%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	14.65%	11.64%	+3.01%
Volatility (1Y) Calculated over the trailing 1-year period	17.72%	17.05%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.34%	33.37%	-15.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.98%	48.25%	-27.27%

Frequently Asked Questions

Can I hold both BMO.TO and ^TNX in my portfolio?

BMO.TO and ^TNX have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.