XTLT.TO vs. ZFS.TO
XTLT.TO (iShares 20+ Year U.S. Treasury Bond Index ETF) and ZFS.TO (BMO Short Federal Bond Index ETF) are both Government Bonds funds. Over the past 3 years, XTLT.TO returned -0.22%/yr vs 4.08%/yr for ZFS.TO. At a 0.46 correlation, their price movements are largely independent.
Performance
XTLT.TO vs. ZFS.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XTLT.TO achieves a 4.36% return, which is significantly higher than ZFS.TO's 1.19% return.
XTLT.TO
- 1D
- -1.38%
- 1M
- 4.20%
- YTD
- 4.36%
- 6M
- 3.78%
- 1Y
- 5.31%
- 3Y*
- -0.22%
- 5Y*
- —
- 10Y*
- —
ZFS.TO
- 1D
- 0.00%
- 1M
- 0.35%
- YTD
- 1.19%
- 6M
- 1.26%
- 1Y
- 2.43%
- 3Y*
- 4.08%
- 5Y*
- 1.58%
- 10Y*
- 1.39%
XTLT.TO vs. ZFS.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
XTLT.TO iShares 20+ Year U.S. Treasury Bond Index ETF | 4.36% | -1.66% | -2.55% | -2.78% |
ZFS.TO BMO Short Federal Bond Index ETF | 1.19% | 3.10% | 4.61% | 3.30% |
Correlation
The correlation between XTLT.TO and ZFS.TO is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2023 | 0.46 |
The correlation between XTLT.TO and ZFS.TO has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.
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Return for Risk
XTLT.TO vs. ZFS.TO — Risk / Return Rank
XTLT.TO
ZFS.TO
XTLT.TO vs. ZFS.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year U.S. Treasury Bond Index ETF (XTLT.TO) and BMO Short Federal Bond Index ETF (ZFS.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.
| XTLT.TO | ZFS.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.24 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | 1.63 | -1.11 |
| Martin ratioReturn relative to average drawdown | 1.08 | 5.19 | -4.11 |
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Drawdowns
XTLT.TO vs. ZFS.TO - Drawdown Comparison
The maximum XTLT.TO drawdown since its inception was -21.04%, which is greater than ZFS.TO's maximum drawdown of -6.80%. Use the drawdown chart below to compare losses from any high point for XTLT.TO and ZFS.TO.
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Drawdown Indicators
| XTLT.TO | ZFS.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.04% | -6.80% | -14.24% |
Max Drawdown (1Y)Largest decline over 1 year | -10.26% | -1.50% | -8.76% |
Max Drawdown (3Y)Largest decline over 3 years | -15.58% | -1.50% | -14.08% |
Max Drawdown (5Y)Largest decline over 5 years | — | -6.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -6.80% | — |
Current DrawdownCurrent decline from peak | -8.09% | -0.01% | -8.08% |
Average DrawdownAverage peak-to-trough decline | -9.46% | -1.07% | -8.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.95% | 0.48% | +4.47% |
Volatility
XTLT.TO vs. ZFS.TO - Volatility Comparison
iShares 20+ Year U.S. Treasury Bond Index ETF (XTLT.TO) has a higher volatility of 3.09% compared to BMO Short Federal Bond Index ETF (ZFS.TO) at 0.49%. This indicates that XTLT.TO's price experiences larger fluctuations and is considered to be riskier than ZFS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XTLT.TO | ZFS.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.09% | 0.49% | +2.60% |
Volatility (6M)Calculated over the trailing 6-month period | 7.58% | 1.58% | +6.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.29% | 1.97% | +8.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.15% | 2.64% | +11.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.15% | 2.27% | +11.88% |
Dividends
XTLT.TO vs. ZFS.TO - Dividend Comparison
XTLT.TO's dividend yield for the trailing twelve months is around 5.00%, more than ZFS.TO's 2.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XTLT.TO iShares 20+ Year U.S. Treasury Bond Index ETF | 5.00% | 4.63% | 4.21% | 2.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZFS.TO BMO Short Federal Bond Index ETF | 2.54% | 2.41% | 2.06% | 1.96% | 1.99% | 1.88% | 1.81% | 1.86% | 1.59% | 1.59% | 1.77% | 1.90% |
Frequently Asked Questions
XTLT.TO and ZFS.TO have a correlation of 0.52, 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: iShares and BMO.
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