ZFL.TO vs. EDV
ZFL.TO (BMO Long Federal Bond) and EDV (Vanguard Extended Duration Treasury ETF) are both exchange-traded funds - ZFL.TO is a Canadian Government Bonds fund tracking the FTSE TMX Canada Long Term Federal Bond Index, while EDV is a Government Bonds fund tracking the Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index. Both are passively managed. Over the past 10 years, ZFL.TO returned -1.32%/yr vs -2.42%/yr for EDV. A 0.72 correlation means they provide meaningful diversification when combined. ZFL.TO charges 0.22%/yr vs 0.05%/yr for EDV.
Performance
ZFL.TO vs. EDV - Performance Comparison
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Different Trading Currencies
ZFL.TO is traded in CAD, while EDV is traded in USD. To make them comparable, the EDV values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ZFL.TO achieves a 2.39% return, which is significantly higher than EDV's 0.96% return. Over the past 10 years, ZFL.TO has outperformed EDV with an annualized return of -1.32%, while EDV has yielded a comparatively lower -2.42% annualized return.
ZFL.TO
- 1D
- 0.00%
- 1M
- 2.76%
- YTD
- 2.39%
- 6M
- 0.37%
- 1Y
- -1.53%
- 3Y*
- -0.15%
- 5Y*
- -3.89%
- 10Y*
- -1.32%
EDV
- 1D
- 0.41%
- 1M
- 3.04%
- YTD
- 0.96%
- 6M
- -3.01%
- 1Y
- 4.49%
- 3Y*
- -3.95%
- 5Y*
- -7.38%
- 10Y*
- -2.42%
ZFL.TO vs. EDV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZFL.TO BMO Long Federal Bond | 2.39% | -5.14% | -2.20% | 7.30% | -23.89% | -7.47% | 12.68% | 8.73% | 2.69% | 2.84% |
EDV Vanguard Extended Duration Treasury ETF | 0.96% | -3.96% | -5.29% | -0.59% | -34.81% | -7.03% | 21.50% | 12.84% | 4.79% | 6.69% |
Correlation
The correlation between ZFL.TO and EDV is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since May 27, 2010 | 0.72 |
The correlation between ZFL.TO and EDV has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.
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Return for Risk
ZFL.TO vs. EDV — Risk / Return Rank
ZFL.TO
EDV
ZFL.TO vs. EDV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Long Federal Bond (ZFL.TO) and Vanguard Extended Duration Treasury ETF (EDV). 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.
| ZFL.TO | EDV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.06 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.23 | 0.32 | -0.55 |
| Martin ratioReturn relative to average drawdown | -0.41 | 0.69 | -1.10 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZFL.TO | EDV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.16 | 0.30 | -0.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.27 | -0.34 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | -0.12 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 0.15 | +0.01 |
Drawdowns
ZFL.TO vs. EDV - Drawdown Comparison
The maximum ZFL.TO drawdown since its inception was -40.32%, smaller than the maximum EDV drawdown of -61.21%. Use the drawdown chart below to compare losses from any high point for ZFL.TO and EDV.
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Drawdown Indicators
| ZFL.TO | EDV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.32% | -61.21% | +20.89% |
Max Drawdown (1Y)Largest decline over 1 year | -6.68% | -14.14% | +7.46% |
Max Drawdown (3Y)Largest decline over 3 years | -14.51% | -24.35% | +9.84% |
Max Drawdown (5Y)Largest decline over 5 years | -32.25% | -51.93% | +19.68% |
Max Drawdown (10Y)Largest decline over 10 years | -40.32% | -61.21% | +20.89% |
Current DrawdownCurrent decline from peak | -31.87% | -55.12% | +23.25% |
Average DrawdownAverage peak-to-trough decline | -12.46% | -23.68% | +11.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.82% | 6.51% | -2.69% |
Volatility
ZFL.TO vs. EDV - Volatility Comparison
The current volatility for BMO Long Federal Bond (ZFL.TO) is 3.14%, while Vanguard Extended Duration Treasury ETF (EDV) has a volatility of 3.88%. This indicates that ZFL.TO experiences smaller price fluctuations and is considered to be less risky than EDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZFL.TO | EDV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 3.88% | -0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 7.05% | 10.42% | -3.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.70% | 15.00% | -5.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.70% | 22.10% | -7.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.54% | 20.92% | -8.38% |
ZFL.TO vs. EDV - Expense Ratio Comparison
ZFL.TO has a 0.22% expense ratio, which is higher than EDV's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ZFL.TO vs. EDV - Dividend Comparison
ZFL.TO's dividend yield for the trailing twelve months is around 2.84%, less than EDV's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EDV Vanguard Extended Duration Treasury ETF | 4.97% | 4.94% | 4.65% | 3.81% | 3.28% | 1.95% | 5.54% | 3.51% | 2.90% | 2.92% | 5.32% | 4.24% |
ZFL.TO BMO Long Federal Bond | 2.84% | 3.13% | 3.20% | 3.49% | 3.77% | 2.85% | 2.57% | 2.95% | 3.00% | 2.99% | 3.05% | 3.10% |
Frequently Asked Questions
ZFL.TO and EDV have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, EDV is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
EDV is cheaper with a 0.05% expense ratio, compared with 0.22% for ZFL.TO.
ZFL.TO is categorized as Canadian Government Bonds, while EDV is Government Bonds. ZFL.TO tracks FTSE TMX Canada Long Term Federal Bond Index, while EDV tracks Bloomberg U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.22% for ZFL.TO and 0.05% for EDV.
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