TULB.TO vs. ZFM.TO
TULB.TO (TD U.S. Long Term Treasury Bond ETF) and ZFM.TO (BMO Mid Federal Bond Index ETF) are both Government Bonds funds. Over the past 5 years, TULB.TO returned -4.35%/yr vs -0.16%/yr for ZFM.TO. A 0.51 correlation means they provide meaningful diversification when combined.
Performance
TULB.TO vs. ZFM.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TULB.TO achieves a 1.32% return, which is significantly higher than ZFM.TO's 1.15% return.
TULB.TO
- 1D
- 0.01%
- 1M
- -0.69%
- 6M
- -1.01%
- YTD
- 1.32%
- 1Y
- 6.29%
- 3Y*
- 0.37%
- 5Y*
- -4.35%
- 10Y*
- —
ZFM.TO
- 1D
- 0.20%
- 1M
- -0.38%
- 6M
- 0.54%
- YTD
- 1.15%
- 1Y
- 4.22%
- 3Y*
- 3.80%
- 5Y*
- -0.16%
- 10Y*
- 0.64%
TULB.TO vs. ZFM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TULB.TO TD U.S. Long Term Treasury Bond ETF | 1.32% | 0.01% | -0.66% | 0.23% | -20.71% | -5.23% | 10.77% | -2.51% |
ZFM.TO BMO Mid Federal Bond Index ETF | 1.15% | 2.87% | 3.06% | 4.83% | -11.10% | -3.87% | 9.29% | -1.33% |
Correlation
The correlation between TULB.TO and ZFM.TO is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2019 | 0.51 |
The correlation between TULB.TO and ZFM.TO shifts across timeframes, from 0.51 (all time) to 0.63 (3 years), 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.
Return for Risk
TULB.TO vs. ZFM.TO — Risk / Return Rank
TULB.TO
ZFM.TO
TULB.TO vs. ZFM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TD U.S. Long Term Treasury Bond ETF (TULB.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.
| TULB.TO | ZFM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.17 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 1.37 | -0.63 |
| Martin ratioReturn relative to average drawdown | 1.58 | 3.20 | -1.63 |
Loading charts...
Drawdowns
TULB.TO vs. ZFM.TO - Drawdown Comparison
The maximum TULB.TO drawdown since its inception was -44.56%, which is greater than ZFM.TO's maximum drawdown of -19.06%. Use the drawdown chart below to compare losses from any high point for TULB.TO and ZFM.TO.
Loading charts...
Drawdown Indicators
| TULB.TO | ZFM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.56% | -19.06% | -25.50% |
Max Drawdown (1Y)Largest decline over 1 year | -8.51% | -3.08% | -5.43% |
Max Drawdown (3Y)Largest decline over 3 years | -13.17% | -5.34% | -7.83% |
Max Drawdown (5Y)Largest decline over 5 years | -34.06% | -16.77% | -17.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.06% | — |
Current DrawdownCurrent decline from peak | -35.90% | -4.64% | -31.26% |
Average DrawdownAverage peak-to-trough decline | -30.44% | -4.51% | -25.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.00% | 1.32% | +2.68% |
Volatility
TULB.TO vs. ZFM.TO - Volatility Comparison
TD U.S. Long Term Treasury Bond ETF (TULB.TO) has a higher volatility of 2.78% compared to BMO Mid Federal Bond Index ETF (ZFM.TO) at 1.41%. This indicates that TULB.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.
Loading charts...
Volatility by Period
| TULB.TO | ZFM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 1.41% | +1.37% |
Volatility (6M)Calculated over the trailing 6-month period | 7.00% | 3.56% | +3.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.35% | 4.57% | +4.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.01% | 7.05% | +8.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.77% | 5.78% | +10.99% |
Dividends
TULB.TO vs. ZFM.TO - Dividend Comparison
TULB.TO's dividend yield for the trailing twelve months is around 4.61%, more than ZFM.TO's 2.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TULB.TO TD U.S. Long Term Treasury Bond ETF | 4.61% | 4.54% | 1.99% | 3.37% | 1.04% | 0.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZFM.TO BMO Mid Federal Bond Index ETF | 2.57% | 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
TULB.TO and ZFM.TO have a correlation of 0.59, 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: TD and BMO.
Find the right allocation for TULB.TO and ZFM.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