PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
BXF.TO vs. ZPS.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BXF.TO vs. ZPS.TO

Last updated Jul 1, 2026
See Documentation

BXF.TO (CI 1-5 Year Laddered Government Strip Bond Index ETF) and ZPS.TO (BMO Short Provincial Bond Index ETF) are both Government Bonds funds. Over the past 10 years, BXF.TO returned 1.81%/yr vs 1.70%/yr for ZPS.TO. At a 0.33 correlation, their price movements are largely independent.

Performance

BXF.TO vs. ZPS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in CI 1-5 Year Laddered Government Strip Bond Index ETF (BXF.TO) and BMO Short Provincial Bond Index ETF (ZPS.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

The year-to-date returns for both stocks are quite close, with BXF.TO having a 1.25% return and ZPS.TO slightly lower at 1.22%. Over the past 10 years, BXF.TO has outperformed ZPS.TO with an annualized return of 1.81%, while ZPS.TO has yielded a comparatively lower 1.70% annualized return.

BXF.TO

1D
0.00%
1M
0.28%
YTD
1.25%
6M
1.15%
1Y
2.70%
3Y*
4.49%
5Y*
1.96%
10Y*
1.81%

ZPS.TO

1D
-0.08%
1M
0.37%
YTD
1.22%
6M
1.22%
1Y
2.70%
3Y*
4.59%
5Y*
1.78%
10Y*
1.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BXF.TO vs. ZPS.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BXF.TO
CI 1-5 Year Laddered Government Strip Bond Index ETF		1.25%3.86%4.51%4.55%-3.73%-0.83%5.07%2.36%1.77%0.48%
ZPS.TO
BMO Short Provincial Bond Index ETF		1.22%3.52%5.14%4.18%-4.26%-1.47%5.25%2.82%1.45%0.11%

Correlation

The correlation between BXF.TO and ZPS.TO is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.50

Correlation (3Y)
Calculated over the trailing 3-year period

0.47

Correlation (5Y)
Calculated over the trailing 5-year period

0.43

Correlation (10Y)
Calculated over the trailing 10-year period

0.35

Correlation (All Time)
Calculated using the full available price history since Jun 11, 2013

0.33

The correlation between BXF.TO and ZPS.TO shifts across timeframes, from 0.33 (all time) to 0.50 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

CI 1-5 Year Laddered Government Strip Bond Index ETF

BMO Short Provincial Bond Index ETF

Return for Risk

BXF.TO vs. ZPS.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BXF.TO
BXF.TO Risk / Return Rank: 3232
Overall Rank
BXF.TO Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
BXF.TO Sortino Ratio Rank: 2424
Sortino Ratio Rank
BXF.TO Omega Ratio Rank: 2727
Omega Ratio Rank
BXF.TO Calmar Ratio Rank: 4040
Calmar Ratio Rank
BXF.TO Martin Ratio Rank: 4040
Martin Ratio Rank
ZPS.TO
ZPS.TO Risk / Return Rank: 3939
Overall Rank
ZPS.TO Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
ZPS.TO Sortino Ratio Rank: 3535
Sortino Ratio Rank
ZPS.TO Omega Ratio Rank: 3737
Omega Ratio Rank
ZPS.TO Calmar Ratio Rank: 4343
Calmar Ratio Rank
ZPS.TO Martin Ratio Rank: 4141
Martin Ratio Rank
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.

BXF.TO vs. ZPS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CI 1-5 Year Laddered Government Strip Bond Index ETF (BXF.TO) and BMO Short Provincial Bond Index ETF (ZPS.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.

BXF.TOZPS.TODifference
Sharpe ratioReturn per unit of total volatility
0.89
1.18

-0.29

Sortino ratioReturn per unit of downside risk
1.26
1.66

-0.40

Omega ratioGain probability vs. loss probability

1.17

1.22

-0.05

Calmar ratioReturn relative to maximum drawdown

1.74

1.88

-0.14

Martin ratioReturn relative to average drawdown

5.46

5.70

-0.24

BXF.TO vs. ZPS.TO - Sharpe Ratio Comparison

The current BXF.TO Sharpe Ratio is 0.89, which is comparable to the ZPS.TO Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of BXF.TO and ZPS.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

BXF.TO vs. ZPS.TO - Drawdown Comparison

The maximum BXF.TO drawdown since its inception was -6.99%, roughly equal to the maximum ZPS.TO drawdown of -7.31%. Use the drawdown chart below to compare losses from any high point for BXF.TO and ZPS.TO.

Loading charts...

Drawdown Indicators

BXF.TOZPS.TODifference

Max Drawdown

Largest peak-to-trough decline

-6.99%

-7.31%

+0.32%

Max Drawdown (1Y)

Largest decline over 1 year

-1.55%

-1.44%

-0.11%

Max Drawdown (3Y)

Largest decline over 3 years

-1.74%

-1.44%

-0.30%

Max Drawdown (5Y)

Largest decline over 5 years

-6.92%

-7.15%

+0.23%

Max Drawdown (10Y)

Largest decline over 10 years

-6.99%

-7.31%

+0.32%

Current Drawdown

Current decline from peak

-0.11%

-0.08%

-0.03%

Average Drawdown

Average peak-to-trough decline

-1.16%

-1.05%

-0.11%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.51%

0.48%

+0.03%

Volatility

BXF.TO vs. ZPS.TO - Volatility Comparison

CI 1-5 Year Laddered Government Strip Bond Index ETF (BXF.TO) has a higher volatility of 0.67% compared to BMO Short Provincial Bond Index ETF (ZPS.TO) at 0.61%. This indicates that BXF.TO's price experiences larger fluctuations and is considered to be riskier than ZPS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

BXF.TOZPS.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.67%

0.61%

+0.06%

Volatility (6M)

Calculated over the trailing 6-month period

2.28%

1.79%

+0.49%

Volatility (1Y)

Calculated over the trailing 1-year period

3.06%

2.30%

+0.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.55%

2.96%

+0.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

3.61%

2.55%

+1.06%

Dividends

BXF.TO vs. ZPS.TO - Dividend Comparison

BXF.TO's dividend yield for the trailing twelve months is around 2.97%, more than ZPS.TO's 2.67% yield.

PositionTTM20252024202320222021202020192018201720162015
BXF.TO
CI 1-5 Year Laddered Government Strip Bond Index ETF		2.97%2.91%3.29%2.58%1.58%1.38%1.67%1.75%1.55%1.17%1.19%1.24%
ZPS.TO
BMO Short Provincial Bond Index ETF		2.67%2.90%2.92%2.98%3.13%2.98%3.02%3.28%3.10%3.16%3.37%3.04%

Frequently Asked Questions

BXF.TO and ZPS.TO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

They also come from different issuers: CI and BMO.

Portfolio Optimizer

Find the right allocation for BXF.TO and ZPS.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer