ZFL.TO vs. XFR.TO
ZFL.TO (BMO Long Federal Bond) and XFR.TO (iShares Floating Rate Index ETF) are both Canadian Government Bonds funds - ZFL.TO tracks the FTSE TMX Canada Long Term Federal Bond Index while XFR.TO tracks the Morningstar Can 1-5Y Core Bd GR CAD. Both are passively managed. Over the past 10 years, ZFL.TO returned -1.37%/yr vs 2.24%/yr for XFR.TO. At a correlation of -0.01, they often move in opposite directions. ZFL.TO charges 0.22%/yr vs 0.14%/yr for XFR.TO.
Performance
ZFL.TO vs. XFR.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZFL.TO achieves a 2.39% return, which is significantly higher than XFR.TO's 1.00% return. Over the past 10 years, ZFL.TO has underperformed XFR.TO with an annualized return of -1.37%, while XFR.TO has yielded a comparatively higher 2.24% annualized return.
ZFL.TO
- 1D
- -0.33%
- 1M
- 2.93%
- YTD
- 2.39%
- 6M
- -0.37%
- 1Y
- -0.83%
- 3Y*
- -0.42%
- 5Y*
- -3.89%
- 10Y*
- -1.37%
XFR.TO
- 1D
- -0.05%
- 1M
- 0.21%
- YTD
- 1.00%
- 6M
- 1.33%
- 1Y
- 2.96%
- 3Y*
- 3.98%
- 5Y*
- 3.20%
- 10Y*
- 2.24%
ZFL.TO vs. XFR.TO - 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% |
XFR.TO iShares Floating Rate Index ETF | 1.00% | 3.33% | 4.57% | 5.29% | 1.82% | 0.15% | 0.98% | 2.23% | 1.16% | 1.46% |
Correlation
The correlation between ZFL.TO and XFR.TO is 0.10, 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 | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 14, 2011 | -0.01 |
The correlation between ZFL.TO and XFR.TO shifts across timeframes, from -0.01 (10 years) to 0.10 (1 year), reflecting how their relationship changes across market environments.
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
ZFL.TO vs. XFR.TO — Risk / Return Rank
ZFL.TO
XFR.TO
ZFL.TO vs. XFR.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Long Federal Bond (ZFL.TO) and iShares Floating Rate Index ETF (XFR.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.
| ZFL.TO | XFR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.21 | ||
| Sortino ratioReturn per unit of downside risk | -7.03 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.96 | -0.97 |
| Calmar ratioReturn relative to maximum drawdown | -0.12 | 29.79 | -29.92 |
| Martin ratioReturn relative to average drawdown | -0.22 | 88.61 | -88.83 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ZFL.TO | XFR.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.09 | 4.12 | -4.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.27 | 3.92 | -4.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.11 | 1.22 | -1.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.16 | 1.19 | -1.02 |
Drawdowns
ZFL.TO vs. XFR.TO - Drawdown Comparison
The maximum ZFL.TO drawdown since its inception was -40.32%, which is greater than XFR.TO's maximum drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for ZFL.TO and XFR.TO.
Loading charts...
Drawdown Indicators
| ZFL.TO | XFR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.32% | -4.12% | -36.20% |
Max Drawdown (1Y)Largest decline over 1 year | -6.68% | -0.10% | -6.58% |
Max Drawdown (3Y)Largest decline over 3 years | -14.51% | -0.30% | -14.21% |
Max Drawdown (5Y)Largest decline over 5 years | -32.25% | -0.30% | -31.95% |
Max Drawdown (10Y)Largest decline over 10 years | -40.32% | -4.12% | -36.20% |
Current DrawdownCurrent decline from peak | -31.87% | -0.05% | -31.82% |
Average DrawdownAverage peak-to-trough decline | -12.45% | -0.06% | -12.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.82% | 0.03% | +3.79% |
Volatility
ZFL.TO vs. XFR.TO - Volatility Comparison
BMO Long Federal Bond (ZFL.TO) has a higher volatility of 3.14% compared to iShares Floating Rate Index ETF (XFR.TO) at 0.18%. This indicates that ZFL.TO's price experiences larger fluctuations and is considered to be riskier than XFR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZFL.TO | XFR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 0.18% | +2.96% |
Volatility (6M)Calculated over the trailing 6-month period | 7.05% | 0.48% | +6.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.72% | 0.72% | +9.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.71% | 0.82% | +13.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.54% | 1.85% | +10.69% |
ZFL.TO vs. XFR.TO - Expense Ratio Comparison
ZFL.TO has a 0.22% expense ratio, which is higher than XFR.TO's 0.14% 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. XFR.TO - Dividend Comparison
ZFL.TO's dividend yield for the trailing twelve months is around 2.84%, more than XFR.TO's 2.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XFR.TO iShares Floating Rate Index ETF | 2.77% | 3.23% | 4.93% | 4.91% | 1.85% | 0.30% | 1.07% | 1.96% | 1.60% | 0.95% | 0.77% | 0.94% |
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 XFR.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XFR.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XFR.TO is cheaper with a 0.14% expense ratio, compared with 0.22% for ZFL.TO.
ZFL.TO tracks FTSE TMX Canada Long Term Federal Bond Index, while XFR.TO tracks Morningstar Can 1-5Y Core Bd GR CAD. They also come from different issuers: BMO and iShares. Their fees differ too: 0.22% for ZFL.TO and 0.14% for XFR.TO.
Find the right allocation for ZFL.TO and XFR.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