TULB.TO vs. ZPS.TO
TULB.TO (TD U.S. Long Term Treasury Bond ETF) and ZPS.TO (BMO Short Provincial Bond Index ETF) are both Government Bonds funds. Over the past 5 years, TULB.TO returned -4.35%/yr vs 1.67%/yr for ZPS.TO. At a 0.34 correlation, their price movements are largely independent.
Performance
TULB.TO vs. ZPS.TO - Performance Comparison
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Returns By Period
In the year-to-date period, TULB.TO achieves a 1.32% return, which is significantly higher than ZPS.TO's 1.06% 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*
- —
ZPS.TO
- 1D
- 0.16%
- 1M
- 0.13%
- 6M
- 0.74%
- YTD
- 1.06%
- 1Y
- 3.12%
- 3Y*
- 4.45%
- 5Y*
- 1.67%
- 10Y*
- 1.72%
TULB.TO vs. ZPS.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% |
ZPS.TO BMO Short Provincial Bond Index ETF | 1.06% | 3.52% | 5.14% | 4.18% | -4.26% | -1.47% | 5.25% | -0.33% |
Correlation
The correlation between TULB.TO and ZPS.TO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2019 | 0.34 |
The correlation between TULB.TO and ZPS.TO shifts across timeframes, from 0.34 (all time) to 0.46 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TULB.TO vs. ZPS.TO — Risk / Return Rank
TULB.TO
ZPS.TO
TULB.TO vs. ZPS.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 Short Provincial Bond Index ETF (ZPS.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 | ZPS.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.25 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 2.17 | -1.43 |
| Martin ratioReturn relative to average drawdown | 1.58 | 6.66 | -5.08 |
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Drawdowns
TULB.TO vs. ZPS.TO - Drawdown Comparison
The maximum TULB.TO drawdown since its inception was -44.56%, which is greater than ZPS.TO's maximum drawdown of -7.31%. Use the drawdown chart below to compare losses from any high point for TULB.TO and ZPS.TO.
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Drawdown Indicators
| TULB.TO | ZPS.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.56% | -7.31% | -37.25% |
Max Drawdown (1Y)Largest decline over 1 year | -8.51% | -1.44% | -7.07% |
Max Drawdown (3Y)Largest decline over 3 years | -13.17% | -1.44% | -11.73% |
Max Drawdown (5Y)Largest decline over 5 years | -34.06% | -7.15% | -26.91% |
Max Drawdown (10Y)Largest decline over 10 years | — | -7.31% | — |
Current DrawdownCurrent decline from peak | -35.90% | -0.24% | -35.66% |
Average DrawdownAverage peak-to-trough decline | -30.44% | -1.05% | -29.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.00% | 0.47% | +3.53% |
Volatility
TULB.TO vs. ZPS.TO - Volatility Comparison
TD U.S. Long Term Treasury Bond ETF (TULB.TO) has a higher volatility of 2.78% compared to BMO Short Provincial Bond Index ETF (ZPS.TO) at 0.69%. This indicates that TULB.TO's price experiences larger fluctuations and is considered to be riskier than ZPS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TULB.TO | ZPS.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 0.69% | +2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 7.00% | 1.79% | +5.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.35% | 2.31% | +7.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.01% | 2.96% | +13.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.77% | 2.55% | +14.22% |
Dividends
TULB.TO vs. ZPS.TO - Dividend Comparison
TULB.TO's dividend yield for the trailing twelve months is around 4.61%, more than ZPS.TO's 2.67% 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% |
ZPS.TO BMO Short Provincial Bond Index ETF | 2.67% | 2.90% | 2.92% | 2.98% | 3.13% | 2.98% | 3.02% | 3.28% | 3.10% | 3.16% | 3.37% | 3.04% |
Frequently Asked Questions
TULB.TO and ZPS.TO have a correlation of 0.36, 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.
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