ZAAA.NEO vs. BND.TO
ZAAA.NEO (BMO AAA CLO ETF) and BND.TO (Purpose Global Bond Fund) are both exchange-traded funds - ZAAA.NEO is a CLO fund actively managed by BMO, while BND.TO is a Global Bonds fund. Both are actively managed. Over the past year, ZAAA.NEO returned 8.64% vs 5.96% for BND.TO. At a correlation of -0.04, they often move in opposite directions.
Performance
ZAAA.NEO vs. BND.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZAAA.NEO achieves a 5.64% return, which is significantly higher than BND.TO's 1.55% return.
ZAAA.NEO
- 1D
- 0.32%
- 1M
- 3.29%
- YTD
- 5.64%
- 6M
- 6.09%
- 1Y
- 8.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BND.TO
- 1D
- 0.22%
- 1M
- 1.11%
- YTD
- 1.55%
- 6M
- 1.75%
- 1Y
- 5.96%
- 3Y*
- 7.48%
- 5Y*
- 3.28%
- 10Y*
- 3.04%
ZAAA.NEO vs. BND.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZAAA.NEO BMO AAA CLO ETF | 5.64% | 3.10% |
BND.TO Purpose Global Bond Fund | 1.55% | 6.33% |
Correlation
The correlation between ZAAA.NEO and BND.TO is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | -0.04 |
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
ZAAA.NEO vs. BND.TO — Risk / Return Rank
ZAAA.NEO
BND.TO
ZAAA.NEO vs. BND.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO AAA CLO ETF (ZAAA.NEO) and Purpose Global Bond Fund (BND.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.
| ZAAA.NEO | BND.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.36 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | 2.09 | +0.81 |
| Martin ratioReturn relative to average drawdown | 7.00 | 8.59 | -1.59 |
Loading charts...
Drawdowns
ZAAA.NEO vs. BND.TO - Drawdown Comparison
The maximum ZAAA.NEO drawdown since its inception was -3.01%, smaller than the maximum BND.TO drawdown of -16.55%. Use the drawdown chart below to compare losses from any high point for ZAAA.NEO and BND.TO.
Loading charts...
Drawdown Indicators
| ZAAA.NEO | BND.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.01% | -16.55% | +13.54% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -2.87% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.46% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.55% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.11% | +0.11% |
Average DrawdownAverage peak-to-trough decline | -1.03% | -2.10% | +1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 0.70% | +0.54% |
Volatility
ZAAA.NEO vs. BND.TO - Volatility Comparison
BMO AAA CLO ETF (ZAAA.NEO) has a higher volatility of 1.38% compared to Purpose Global Bond Fund (BND.TO) at 1.22%. This indicates that ZAAA.NEO's price experiences larger fluctuations and is considered to be riskier than BND.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZAAA.NEO | BND.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.38% | 1.22% | +0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 3.38% | 2.72% | +0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.71% | 3.14% | +1.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.68% | 5.10% | -0.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.68% | 5.15% | -0.47% |
Dividends
ZAAA.NEO vs. BND.TO - Dividend Comparison
ZAAA.NEO's dividend yield for the trailing twelve months is around 5.09%, less than BND.TO's 5.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND.TO Purpose Global Bond Fund | 5.82% | 5.70% | 5.24% | 5.20% | 4.14% | 3.67% | 3.48% | 3.11% | 3.96% | 3.47% | 3.26% | 0.53% |
ZAAA.NEO BMO AAA CLO ETF | 5.09% | 3.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZAAA.NEO and BND.TO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZAAA.NEO is categorized as CLO, while BND.TO is Global Bonds.
Find the right allocation for ZAAA.NEO and BND.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