HBND.TO vs. ZPL.TO
HBND.TO ( Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)) and ZPL.TO (BMO Long Provincial Bond Index ETF) are both Government Bonds funds. Over the past year, HBND.TO returned 3.27% vs 3.20% for ZPL.TO. Their correlation of 0.81 suggests significant overlap in exposure.
Performance
HBND.TO vs. ZPL.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HBND.TO achieves a 1.71% return, which is significantly lower than ZPL.TO's 3.53% return.
HBND.TO
- 1D
- -0.11%
- 1M
- 1.94%
- YTD
- 1.71%
- 6M
- 1.14%
- 1Y
- 3.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZPL.TO
- 1D
- 0.08%
- 1M
- 0.46%
- YTD
- 3.53%
- 6M
- 3.10%
- 1Y
- 3.20%
- 3Y*
- 2.13%
- 5Y*
- -2.27%
- 10Y*
- 0.48%
HBND.TO vs. ZPL.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% |
ZPL.TO BMO Long Provincial Bond Index ETF | 3.53% | -1.77% | 1.41% | 9.53% |
Correlation
The correlation between HBND.TO and ZPL.TO is 0.77, 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 | 0.77 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023 | 0.81 |
The correlation between HBND.TO and ZPL.TO has been stable across timeframes, ranging from 0.77 to 0.81 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HBND.TO vs. ZPL.TO — Risk / Return Rank
HBND.TO
ZPL.TO
HBND.TO vs. ZPL.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 Long Provincial Bond Index ETF (ZPL.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 | ZPL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.07 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.49 | 0.65 | -0.17 |
| Martin ratioReturn relative to average drawdown | 1.22 | 1.37 | -0.15 |
Loading charts...
Drawdowns
HBND.TO vs. ZPL.TO - Drawdown Comparison
The maximum HBND.TO drawdown since its inception was -13.62%, smaller than the maximum ZPL.TO drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for HBND.TO and ZPL.TO.
Loading charts...
Drawdown Indicators
| HBND.TO | ZPL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.62% | -33.96% | +20.34% |
Max Drawdown (1Y)Largest decline over 1 year | -6.76% | -4.91% | -1.85% |
Max Drawdown (3Y)Largest decline over 3 years | — | -12.26% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -28.61% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.96% | — |
Current DrawdownCurrent decline from peak | -6.15% | -19.82% | +13.67% |
Average DrawdownAverage peak-to-trough decline | -6.52% | -11.14% | +4.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 2.48% | +0.23% |
Volatility
HBND.TO vs. ZPL.TO - Volatility Comparison
Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) and BMO Long Provincial Bond Index ETF (ZPL.TO) have volatilities of 2.51% and 2.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HBND.TO | ZPL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.51% | 2.44% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 6.03% | 6.57% | -0.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.49% | 8.63% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 12.98% | -1.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.26% | 11.43% | -0.17% |
Dividends
HBND.TO vs. ZPL.TO - Dividend Comparison
HBND.TO's dividend yield for the trailing twelve months is around 10.96%, more than ZPL.TO's 3.53% 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% |
ZPL.TO BMO Long Provincial Bond Index ETF | 3.53% | 3.84% | 3.88% | 4.16% | 4.31% | 3.22% | 2.97% | 3.20% | 3.44% | 3.28% | 3.59% | 3.60% |
Frequently Asked Questions
HBND.TO and ZPL.TO have a correlation of 0.77, 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.
Find the right allocation for HBND.TO and ZPL.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