HPYM.TO vs. ZFM.TO
HPYM.TO (Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units) and ZFM.TO (BMO Mid Federal Bond Index ETF) are both Government Bonds funds. Over the past year, HPYM.TO returned 1.54% vs 2.94% for ZFM.TO. A 0.72 correlation means they provide meaningful diversification when combined.
Performance
HPYM.TO vs. ZFM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HPYM.TO achieves a -0.87% return, which is significantly lower than ZFM.TO's 1.97% return.
HPYM.TO
- 1D
- -0.39%
- 1M
- 0.19%
- YTD
- -0.87%
- 6M
- -1.15%
- 1Y
- 1.54%
- 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%
HPYM.TO vs. ZFM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HPYM.TO Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units | -0.87% | 6.72% | -0.50% |
ZFM.TO BMO Mid Federal Bond Index ETF | 1.97% | 2.87% | 4.71% |
Correlation
The correlation between HPYM.TO and ZFM.TO is 0.70, 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 | 0.70 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024 | 0.72 |
The correlation between HPYM.TO and ZFM.TO has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.
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Return for Risk
HPYM.TO vs. ZFM.TO — Risk / Return Rank
HPYM.TO
ZFM.TO
HPYM.TO vs. ZFM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units (HPYM.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.
| HPYM.TO | ZFM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.12 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.40 | 0.96 | -0.56 |
| Martin ratioReturn relative to average drawdown | 1.01 | 2.23 | -1.21 |
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Drawdowns
HPYM.TO vs. ZFM.TO - Drawdown Comparison
The maximum HPYM.TO drawdown since its inception was -6.19%, smaller than the maximum ZFM.TO drawdown of -19.06%. Use the drawdown chart below to compare losses from any high point for HPYM.TO and ZFM.TO.
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Drawdown Indicators
| HPYM.TO | ZFM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.19% | -19.06% | +12.87% |
Max Drawdown (1Y)Largest decline over 1 year | -3.87% | -3.08% | -0.79% |
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 | -2.35% | -3.87% | +1.52% |
Average DrawdownAverage peak-to-trough decline | -1.95% | -4.51% | +2.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.52% | 1.37% | +0.15% |
Volatility
HPYM.TO vs. ZFM.TO - Volatility Comparison
Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units (HPYM.TO) has a higher volatility of 1.72% compared to BMO Mid Federal Bond Index ETF (ZFM.TO) at 1.34%. This indicates that HPYM.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
| HPYM.TO | ZFM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.72% | 1.34% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 3.60% | 3.51% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.67% | 4.60% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.62% | 7.05% | -1.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.62% | 5.78% | -0.16% |
Dividends
HPYM.TO vs. ZFM.TO - Dividend Comparison
HPYM.TO's dividend yield for the trailing twelve months is around 9.31%, more than ZFM.TO's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HPYM.TO Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units | 9.31% | 9.01% | 8.07% | 0.00% | 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
HPYM.TO and ZFM.TO have a correlation of 0.70, 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: Harvest and BMO.
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