BND.TO vs. ZAAA.NEO
BND.TO (Purpose Global Bond Fund) and ZAAA.NEO (BMO AAA CLO ETF) are both exchange-traded funds - BND.TO is a Global Bonds fund, while ZAAA.NEO is a CLO fund actively managed by BMO. Both are actively managed. Over the past year, BND.TO returned 5.96% vs 8.64% for ZAAA.NEO. At a correlation of -0.04, they often move in opposite directions.
Performance
BND.TO vs. ZAAA.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, BND.TO achieves a 1.55% return, which is significantly lower than ZAAA.NEO's 5.64% return.
BND.TO
- 1D
- 0.22%
- 1M
- 1.11%
- YTD
- 1.55%
- 6M
- 1.75%
- 1Y
- 5.96%
- 3Y*
- 7.48%
- 5Y*
- 3.28%
- 10Y*
- 3.04%
ZAAA.NEO
- 1D
- 0.32%
- 1M
- 3.29%
- YTD
- 5.64%
- 6M
- 6.09%
- 1Y
- 8.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BND.TO vs. ZAAA.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BND.TO Purpose Global Bond Fund | 1.55% | 6.33% |
ZAAA.NEO BMO AAA CLO ETF | 5.64% | 3.10% |
Correlation
The correlation between BND.TO and ZAAA.NEO is -0.07, 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 | -0.07 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | -0.04 |
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Return for Risk
BND.TO vs. ZAAA.NEO — Risk / Return Rank
BND.TO
ZAAA.NEO
BND.TO vs. ZAAA.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Purpose Global Bond Fund (BND.TO) and BMO AAA CLO ETF (ZAAA.NEO). 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.
| BND.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.37 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.09 | 2.89 | -0.81 |
| Martin ratioReturn relative to average drawdown | 8.59 | 7.00 | +1.59 |
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Drawdowns
BND.TO vs. ZAAA.NEO - Drawdown Comparison
The maximum BND.TO drawdown since its inception was -16.55%, which is greater than ZAAA.NEO's maximum drawdown of -3.01%. Use the drawdown chart below to compare losses from any high point for BND.TO and ZAAA.NEO.
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Drawdown Indicators
| BND.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.55% | -3.01% | -13.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -3.01% | +0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -4.46% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -12.43% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -16.55% | — | — |
Current DrawdownCurrent decline from peak | -0.11% | 0.00% | -0.11% |
Average DrawdownAverage peak-to-trough decline | -2.10% | -1.03% | -1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 1.24% | -0.54% |
Volatility
BND.TO vs. ZAAA.NEO - Volatility Comparison
The current volatility for Purpose Global Bond Fund (BND.TO) is 1.22%, while BMO AAA CLO ETF (ZAAA.NEO) has a volatility of 1.38%. This indicates that BND.TO experiences smaller price fluctuations and is considered to be less risky than ZAAA.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BND.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 1.38% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.72% | 3.38% | -0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.14% | 4.71% | -1.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.10% | 4.68% | +0.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.15% | 4.68% | +0.47% |
Dividends
BND.TO vs. ZAAA.NEO - Dividend Comparison
BND.TO's dividend yield for the trailing twelve months is around 5.82%, more than ZAAA.NEO's 5.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND.TO Purpose Global Bond Fund | 5.82% | 5.70% | 5.24% | 5.20% | 4.14% | 3.67% | 3.48% | 3.11% | 3.96% | 3.47% | 3.26% | 0.53% |
ZAAA.NEO BMO AAA CLO ETF | 5.09% | 3.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BND.TO and ZAAA.NEO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BND.TO is categorized as Global Bonds, while ZAAA.NEO is CLO.
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