TULB.TO vs. ZTL.NEO
TULB.TO (TD U.S. Long Term Treasury Bond ETF) and ZTL.NEO (BMO Long-Term US Treasury Bond Index ETF) are both Government Bonds funds. TULB.TO is actively managed, while ZTL.NEO is passively managed. Over the past 5 years, TULB.TO returned -4.35%/yr vs -5.65%/yr for ZTL.NEO. A 0.62 correlation means they provide meaningful diversification when combined.
Performance
TULB.TO vs. ZTL.NEO - 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 ZTL.NEO's 1.11% 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*
- —
ZTL.NEO
- 1D
- -1.00%
- 1M
- -1.10%
- 6M
- -1.25%
- YTD
- 1.11%
- 1Y
- 6.26%
- 3Y*
- 0.10%
- 5Y*
- -5.65%
- 10Y*
- —
TULB.TO vs. ZTL.NEO - 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% |
ZTL.NEO BMO Long-Term US Treasury Bond Index ETF | 1.11% | -0.43% | -0.21% | 0.46% | -26.25% | -5.72% | 14.95% | -5.50% |
Correlation
The correlation between TULB.TO and ZTL.NEO is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2019 | 0.62 |
The correlation between TULB.TO and ZTL.NEO shifts across timeframes, from 0.60 (1 year) to 0.75 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
TULB.TO vs. ZTL.NEO — Risk / Return Rank
TULB.TO
ZTL.NEO
TULB.TO vs. ZTL.NEO - 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 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.
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 | ZTL.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.12 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 0.70 | +0.04 |
| Martin ratioReturn relative to average drawdown | 1.58 | 1.50 | +0.08 |
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Drawdowns
TULB.TO vs. ZTL.NEO - Drawdown Comparison
The maximum TULB.TO drawdown since its inception was -44.56%, smaller than the maximum ZTL.NEO drawdown of -49.55%. Use the drawdown chart below to compare losses from any high point for TULB.TO and ZTL.NEO.
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Drawdown Indicators
| TULB.TO | ZTL.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.56% | -49.55% | +4.99% |
Max Drawdown (1Y)Largest decline over 1 year | -8.51% | -9.01% | +0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -13.17% | -15.31% | +2.14% |
Max Drawdown (5Y)Largest decline over 5 years | -34.06% | -39.89% | +5.83% |
Current DrawdownCurrent decline from peak | -35.90% | -40.93% | +5.03% |
Average DrawdownAverage peak-to-trough decline | -30.44% | -23.93% | -6.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.00% | 4.19% | -0.19% |
Volatility
TULB.TO vs. ZTL.NEO - Volatility Comparison
The current volatility for TD U.S. Long Term Treasury Bond ETF (TULB.TO) is 2.78%, while BMO Long-Term US Treasury Bond Index ETF (ZTL.NEO) has a volatility of 3.42%. This indicates that TULB.TO experiences smaller price fluctuations and is considered to be less risky than ZTL.NEO 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 | ZTL.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 3.42% | -0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 7.00% | 7.09% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.35% | 9.69% | -0.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.01% | 16.08% | -0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.77% | 15.77% | +1.00% |
Dividends
TULB.TO vs. ZTL.NEO - Dividend Comparison
TULB.TO's dividend yield for the trailing twelve months is around 4.61%, more than ZTL.NEO's 3.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZTL.NEO BMO Long-Term US Treasury Bond Index ETF | 3.19% | 3.15% | 3.07% | 3.55% | 3.44% | 2.46% | 2.26% | 2.55% | 2.75% | 2.82% |
Frequently Asked Questions
TULB.TO and ZTL.NEO have a correlation of 0.60, 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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