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ZFL.TO vs. ZDV.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZFL.TO vs. ZDV.TO

Last updated Jun 4, 2026

ZFL.TO (BMO Long Federal Bond) and ZDV.TO (BMO Canadian Dividend 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 ZDV.TO is a Canada Equities fund actively managed by BMO. ZFL.TO is passively managed, while ZDV.TO is actively managed. Over the past 10 years, ZFL.TO returned -1.37%/yr vs 10.97%/yr for ZDV.TO. At a correlation of -0.11, they often move in opposite directions. ZFL.TO charges 0.22%/yr vs 0.39%/yr for ZDV.TO.

Performance

ZFL.TO vs. ZDV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Long Federal Bond (ZFL.TO) and BMO Canadian Dividend ETF (ZDV.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZFL.TO achieves a 2.39% return, which is significantly lower than ZDV.TO's 18.56% return. Over the past 10 years, ZFL.TO has underperformed ZDV.TO with an annualized return of -1.37%, while ZDV.TO has yielded a comparatively higher 10.97% 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%

ZDV.TO

1D
-0.22%
1M
4.61%
YTD
18.56%
6M
13.14%
1Y
31.08%
3Y*
20.39%
5Y*
13.72%
10Y*
10.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZFL.TO vs. ZDV.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
ZDV.TO
BMO Canadian Dividend ETF		18.56%20.17%16.52%7.83%-1.93%28.40%-3.84%22.34%-10.95%7.38%

Correlation

The correlation between ZFL.TO and ZDV.TO is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.18

Correlation (3Y)
Calculated over the trailing 3-year period

0.23

Correlation (5Y)
Calculated over the trailing 5-year period

0.12

Correlation (10Y)
Calculated over the trailing 10-year period

-0.04

Correlation (All Time)
Calculated using the full available price history since Oct 28, 2011

-0.11

The correlation between ZFL.TO and ZDV.TO shifts across timeframes, from -0.11 (all time) to 0.23 (3 years), reflecting how their relationship changes across market environments.

ZFL.TO vs. ZDV.TO - Sectors Allocation Comparison

Sectors
ZFL.TO
ZDV.TO

Financial Services

100.0%
35.2%

Basic Materials

-

10.6%

Communication Services

-

5.7%

Consumer Cyclical

-

1.4%

Consumer Defensive

-

2.2%

Energy

-

27.2%

Healthcare

-

0.9%

Industrials

-

2.7%

Real Estate

-

4.1%

Technology

-

-

Utilities

-

10.1%

Financial Services

ZFL.TO
100.0%
ZDV.TO
35.2%

Basic Materials

ZFL.TO

-

ZDV.TO
10.6%

Communication Services

ZFL.TO

-

ZDV.TO
5.7%

Consumer Cyclical

ZFL.TO

-

ZDV.TO
1.4%

Consumer Defensive

ZFL.TO

-

ZDV.TO
2.2%

Energy

ZFL.TO

-

ZDV.TO
27.2%

Healthcare

ZFL.TO

-

ZDV.TO
0.9%

Industrials

ZFL.TO

-

ZDV.TO
2.7%

Real Estate

ZFL.TO

-

ZDV.TO
4.1%

Technology

ZFL.TO

-

ZDV.TO

-

Utilities

ZFL.TO

-

ZDV.TO
10.1%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Long Federal Bond

BMO Canadian Dividend ETF

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Often compared with ZDV.TO:
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Return for Risk

ZFL.TO vs. ZDV.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZFL.TO
ZFL.TO Risk / Return Rank: 77
Overall Rank
ZFL.TO Sharpe Ratio Rank: 88
Sharpe Ratio Rank
ZFL.TO Sortino Ratio Rank: 77
Sortino Ratio Rank
ZFL.TO Omega Ratio Rank: 77
Omega Ratio Rank
ZFL.TO Calmar Ratio Rank: 77
Calmar Ratio Rank
ZFL.TO Martin Ratio Rank: 88
Martin Ratio Rank
ZDV.TO
ZDV.TO Risk / Return Rank: 8585
Overall Rank
ZDV.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
ZDV.TO Sortino Ratio Rank: 7474
Sortino Ratio Rank
ZDV.TO Omega Ratio Rank: 9393
Omega Ratio Rank
ZDV.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
ZDV.TO Martin Ratio Rank: 8585
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZFL.TO vs. ZDV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Long Federal Bond (ZFL.TO) and BMO Canadian Dividend ETF (ZDV.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.TOZDV.TODifference
Sharpe ratioReturn per unit of total volatility
-0.09
2.95

-3.04

Sortino ratioReturn per unit of downside risk
-0.05
3.40

-3.45

Omega ratioGain probability vs. loss probability

0.99

1.66

-0.66

Calmar ratioReturn relative to maximum drawdown

-0.12

4.69

-4.82

Martin ratioReturn relative to average drawdown

-0.22

18.24

-18.46

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZFL.TO vs. ZDV.TO - Sharpe Ratio Comparison

The current ZFL.TO Sharpe Ratio is -0.09, which is lower than the ZDV.TO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of ZFL.TO and ZDV.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ZFL.TOZDV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.09

2.95

-3.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.27

1.26

-1.53

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.11

0.73

-0.84

Sharpe Ratio (All Time)

Calculated using the full available price history

0.16

0.68

-0.52

Drawdowns

ZFL.TO vs. ZDV.TO - Drawdown Comparison

The maximum ZFL.TO drawdown since its inception was -40.32%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZFL.TO and ZDV.TO.

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Drawdown Indicators

ZFL.TOZDV.TODifference

Max Drawdown

Largest peak-to-trough decline

-40.32%

-43.21%

+2.89%

Max Drawdown (1Y)

Largest decline over 1 year

-6.68%

-6.65%

-0.03%

Max Drawdown (3Y)

Largest decline over 3 years

-14.51%

-9.04%

-5.47%

Max Drawdown (5Y)

Largest decline over 5 years

-32.25%

-16.72%

-15.53%

Max Drawdown (10Y)

Largest decline over 10 years

-40.32%

-43.21%

+2.89%

Current Drawdown

Current decline from peak

-31.87%

-0.22%

-31.65%

Average Drawdown

Average peak-to-trough decline

-12.45%

-5.12%

-7.33%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.82%

1.71%

+2.11%

Volatility

ZFL.TO vs. ZDV.TO - Volatility Comparison

BMO Long Federal Bond (ZFL.TO) has a higher volatility of 3.14% compared to BMO Canadian Dividend ETF (ZDV.TO) at 2.49%. This indicates that ZFL.TO's price experiences larger fluctuations and is considered to be riskier than ZDV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZFL.TOZDV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.14%

2.49%

+0.65%

Volatility (6M)

Calculated over the trailing 6-month period

7.05%

9.69%

-2.64%

Volatility (1Y)

Calculated over the trailing 1-year period

9.72%

10.57%

-0.85%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.71%

10.94%

+3.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.54%

15.11%

-2.57%

ZFL.TO vs. ZDV.TO - Expense Ratio Comparison

ZFL.TO has a 0.22% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.

Dividends

ZFL.TO vs. ZDV.TO - Dividend Comparison

ZFL.TO's dividend yield for the trailing twelve months is around 2.84%, more than ZDV.TO's 2.68% yield.

PositionTTM20252024202320222021202020192018201720162015
ZDV.TO
BMO Canadian Dividend ETF		2.68%3.07%3.57%4.10%4.10%3.63%4.48%4.11%5.06%3.96%3.84%4.63%
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 ZDV.TO have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZFL.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZFL.TO is cheaper with a 0.22% expense ratio, compared with 0.39% for ZDV.TO.

ZFL.TO is categorized as Canadian Government Bonds, while ZDV.TO is Canada Equities. Their fees differ too: 0.22% for ZFL.TO and 0.39% for ZDV.TO.

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