HBND.TO vs. ZFM.TO
HBND.TO ( Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)) and ZFM.TO (BMO Mid Federal Bond Index ETF) are both Government Bonds funds. Over the past year, HBND.TO returned 3.27% vs 2.94% for ZFM.TO. A 0.77 correlation means they provide meaningful diversification when combined.
Performance
HBND.TO vs. ZFM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HBND.TO achieves a 1.71% return, which is significantly lower than ZFM.TO's 1.97% return.
HBND.TO
- 1D
- -0.11%
- 1M
- 1.94%
- YTD
- 1.71%
- 6M
- 1.14%
- 1Y
- 3.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZFM.TO
- 1D
- -0.13%
- 1M
- 0.70%
- YTD
- 1.97%
- 6M
- 1.83%
- 1Y
- 2.94%
- 3Y*
- 3.84%
- 5Y*
- 0.19%
- 10Y*
- 0.66%
HBND.TO vs. ZFM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) | 1.71% | 4.05% | -7.02% | 4.34% |
ZFM.TO BMO Mid Federal Bond Index ETF | 1.97% | 2.87% | 3.06% | 5.81% |
Correlation
The correlation between HBND.TO and ZFM.TO is 0.74, 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 | 0.74 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023 | 0.77 |
The correlation between HBND.TO and ZFM.TO has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.
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Return for Risk
HBND.TO vs. ZFM.TO — Risk / Return Rank
HBND.TO
ZFM.TO
HBND.TO vs. ZFM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) and BMO Mid Federal Bond Index ETF (ZFM.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.
| HBND.TO | ZFM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.12 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.49 | 0.96 | -0.47 |
| Martin ratioReturn relative to average drawdown | 1.22 | 2.23 | -1.01 |
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Drawdowns
HBND.TO vs. ZFM.TO - Drawdown Comparison
The maximum HBND.TO drawdown since its inception was -13.62%, smaller than the maximum ZFM.TO drawdown of -19.06%. Use the drawdown chart below to compare losses from any high point for HBND.TO and ZFM.TO.
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Drawdown Indicators
| HBND.TO | ZFM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.62% | -19.06% | +5.44% |
Max Drawdown (1Y)Largest decline over 1 year | -6.76% | -3.08% | -3.68% |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.74% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.77% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.06% | — |
Current DrawdownCurrent decline from peak | -6.15% | -3.87% | -2.28% |
Average DrawdownAverage peak-to-trough decline | -6.52% | -4.51% | -2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 1.37% | +1.34% |
Volatility
HBND.TO vs. ZFM.TO - Volatility Comparison
Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) has a higher volatility of 2.51% compared to BMO Mid Federal Bond Index ETF (ZFM.TO) at 1.34%. This indicates that HBND.TO's price experiences larger fluctuations and is considered to be riskier than ZFM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HBND.TO | ZFM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 1.34% | +1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 6.03% | 3.51% | +2.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.49% | 4.60% | +3.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 7.05% | +4.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.26% | 5.78% | +5.48% |
Dividends
HBND.TO vs. ZFM.TO - Dividend Comparison
HBND.TO's dividend yield for the trailing twelve months is around 10.96%, more than ZFM.TO's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) | 10.96% | 11.84% | 11.51% | 2.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZFM.TO BMO Mid Federal Bond Index ETF | 2.55% | 2.37% | 2.29% | 2.30% | 2.36% | 2.05% | 2.04% | 2.14% | 2.02% | 2.05% | 2.23% | 2.41% |
Frequently Asked Questions
HBND.TO and ZFM.TO have a correlation of 0.74, 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: Hamilton Capital and BMO.
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