HPYT.TO vs. ZTL.NEO

Last updated Jun 4, 2026

HPYT.TO (Harvest Premium Yield Treasury ETF A) and ZTL.NEO (BMO Long-Term US Treasury Bond Index ETF) are both exchange-traded funds - HPYT.TO is a Derivative Income fund actively managed by Harvest, while ZTL.NEO is a Government Bonds fund tracking the Bloomberg U.S. Treasury 20+ Year Index. HPYT.TO is actively managed, while ZTL.NEO is passively managed. Over the past year, HPYT.TO returned 5.01% vs 6.43% for ZTL.NEO. Their correlation of 0.83 suggests significant overlap in exposure. HPYT.TO charges 0.45%/yr vs 0.23%/yr for ZTL.NEO.

Performance

HPYT.TO vs. ZTL.NEO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Harvest Premium Yield Treasury ETF A (HPYT.TO) and BMO Long-Term US Treasury Bond Index ETF (ZTL.NEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HPYT.TO achieves a -0.30% return, which is significantly lower than ZTL.NEO's 0.92% return.

HPYT.TO

• 1D: -0.31%
• 1M: 0.63%
• YTD: -0.30%
• 6M: -1.79%
• 1Y: 5.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZTL.NEO

• 1D: 0.82%
• 1M: 2.87%
• YTD: 0.92%
• 6M: -2.41%
• 1Y: 6.43%
• 3Y*: -0.65%
• 5Y*: -3.68%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HPYT.TO vs. ZTL.NEO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HPYT.TO Harvest Premium Yield Treasury ETF A	-0.30%	4.39%	-5.96%	4.46%
ZTL.NEO BMO Long-Term US Treasury Bond Index ETF	0.92%	-0.43%	-0.21%	10.88%

Correlation

The correlation between HPYT.TO and ZTL.NEO is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.83

The correlation between HPYT.TO and ZTL.NEO has been stable across timeframes, ranging from 0.76 to 0.83 - a consistent structural relationship.

Return for Risk

HPYT.TO vs. ZTL.NEO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HPYT.TO

HPYT.TO Risk / Return Rank: 18
HPYT.TO Sharpe Ratio Rank: 19
HPYT.TO Sortino Ratio Rank: 18
HPYT.TO Omega Ratio Rank: 17
HPYT.TO Calmar Ratio Rank: 19
HPYT.TO Martin Ratio Rank: 19

ZTL.NEO

ZTL.NEO Risk / Return Rank: 19
ZTL.NEO Sharpe Ratio Rank: 20
ZTL.NEO Sortino Ratio Rank: 20
ZTL.NEO Omega Ratio Rank: 20
ZTL.NEO Calmar Ratio Rank: 18
ZTL.NEO Martin Ratio Rank: 17

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.

HPYT.TO vs. ZTL.NEO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Harvest Premium Yield Treasury ETF A (HPYT.TO) and BMO Long-Term US Treasury Bond Index ETF (ZTL.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.

	HPYT.TO	ZTL.NEO	Difference
Sharpe ratio: Return per unit of total volatility	0.62	0.67	-0.05
Sortino ratio: Return per unit of downside risk	0.93	1.04	-0.11
Omega ratio: Gain probability vs. loss probability	1.11	1.12	-0.02
Calmar ratio: Return relative to maximum drawdown	0.76	0.72	+0.04
Martin ratio: Return relative to average drawdown	2.06	1.59	+0.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HPYT.TO vs. ZTL.NEO - Sharpe Ratio Comparison

The current HPYT.TO Sharpe Ratio is 0.62, which is comparable to the ZTL.NEO Sharpe Ratio of 0.67. The chart below compares the historical Sharpe Ratios of HPYT.TO and ZTL.NEO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HPYT.TO	ZTL.NEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	0.67	-0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.23	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	-0.03	+0.11

Drawdowns

HPYT.TO vs. ZTL.NEO - Drawdown Comparison

The maximum HPYT.TO drawdown since its inception was -13.17%, smaller than the maximum ZTL.NEO drawdown of -49.55%. Use the drawdown chart below to compare losses from any high point for HPYT.TO and ZTL.NEO.

Drawdown Indicators

	HPYT.TO	ZTL.NEO	Difference
Max Drawdown Largest peak-to-trough decline	-13.17%	-49.55%	+36.38%
Max Drawdown (1Y) Largest decline over 1 year	-6.61%	-9.01%	+2.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.37%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-39.89%	—
Current Drawdown Current decline from peak	-7.33%	-41.05%	+33.72%
Average Drawdown Average peak-to-trough decline	-5.86%	-23.75%	+17.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	4.06%	-1.62%

Volatility

HPYT.TO vs. ZTL.NEO - Volatility Comparison

Harvest Premium Yield Treasury ETF A (HPYT.TO) and BMO Long-Term US Treasury Bond Index ETF (ZTL.NEO) have volatilities of 2.78% and 2.82%, 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.

Volatility by Period

	HPYT.TO	ZTL.NEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	2.82%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	5.67%	6.71%	-1.04%
Volatility (1Y) Calculated over the trailing 1-year period	8.14%	9.70%	-1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.87%	16.29%	-5.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.87%	15.83%	-4.96%

HPYT.TO vs. ZTL.NEO - Expense Ratio Comparison

HPYT.TO has a 0.45% expense ratio, which is higher than ZTL.NEO's 0.23% expense ratio.

Dividends

HPYT.TO vs. ZTL.NEO - Dividend Comparison

HPYT.TO's dividend yield for the trailing twelve months is around 17.40%, more than ZTL.NEO's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HPYT.TO Harvest Premium Yield Treasury ETF A	17.40%	18.87%	18.61%	3.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZTL.NEO BMO Long-Term US Treasury Bond Index ETF	3.17%	3.15%	3.07%	3.55%	3.44%	2.46%	2.26%	2.55%	2.75%	2.82%

Frequently Asked Questions

Can I hold both HPYT.TO and ZTL.NEO in my portfolio?

HPYT.TO and ZTL.NEO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HPYT.TO or ZTL.NEO?

On fees, ZTL.NEO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HPYT.TO or ZTL.NEO?

ZTL.NEO is cheaper with a 0.23% expense ratio, compared with 0.45% for HPYT.TO.

What is the main difference between HPYT.TO and ZTL.NEO?

HPYT.TO is categorized as Derivative Income, while ZTL.NEO is Government Bonds. They also come from different issuers: Harvest and BMO. Their fees differ too: 0.45% for HPYT.TO and 0.23% for ZTL.NEO.