ZFM.TO vs. BXF.TO
ZFM.TO (BMO Mid Federal Bond Index ETF) and BXF.TO (CI 1-5 Year Laddered Government Strip Bond Index ETF) are both Government Bonds funds. Over the past 10 years, ZFM.TO returned 0.66%/yr vs 1.81%/yr for BXF.TO. At a 0.35 correlation, their price movements are largely independent.
Performance
ZFM.TO vs. BXF.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZFM.TO achieves a 1.97% return, which is significantly higher than BXF.TO's 1.25% return. Over the past 10 years, ZFM.TO has underperformed BXF.TO with an annualized return of 0.66%, while BXF.TO has yielded a comparatively higher 1.81% annualized return.
ZFM.TO
- 1D
- -0.13%
- 1M
- 0.70%
- YTD
- 1.97%
- 6M
- 1.83%
- 1Y
- 2.94%
- 3Y*
- 3.84%
- 5Y*
- 0.19%
- 10Y*
- 0.66%
BXF.TO
- 1D
- 0.00%
- 1M
- 0.28%
- YTD
- 1.25%
- 6M
- 1.15%
- 1Y
- 2.70%
- 3Y*
- 4.49%
- 5Y*
- 1.96%
- 10Y*
- 1.81%
ZFM.TO vs. BXF.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZFM.TO BMO Mid Federal Bond Index ETF | 1.97% | 2.87% | 3.06% | 4.83% | -11.10% | -3.87% | 9.29% | 3.40% | 2.20% | -0.63% |
BXF.TO CI 1-5 Year Laddered Government Strip Bond Index ETF | 1.25% | 3.86% | 4.51% | 4.55% | -3.73% | -0.83% | 5.07% | 2.36% | 1.77% | 0.48% |
Correlation
The correlation between ZFM.TO and BXF.TO is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jun 11, 2013 | 0.35 |
Over the past year, ZFM.TO and BXF.TO have become more correlated (0.57) than their long-term average of 0.35, meaning their price movements have been converging.
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Return for Risk
ZFM.TO vs. BXF.TO — Risk / Return Rank
ZFM.TO
BXF.TO
ZFM.TO vs. BXF.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Mid Federal Bond Index ETF (ZFM.TO) and CI 1-5 Year Laddered Government Strip Bond Index ETF (BXF.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.
| ZFM.TO | BXF.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.17 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 1.74 | -0.79 |
| Martin ratioReturn relative to average drawdown | 2.23 | 5.46 | -3.24 |
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Drawdowns
ZFM.TO vs. BXF.TO - Drawdown Comparison
The maximum ZFM.TO drawdown since its inception was -19.06%, which is greater than BXF.TO's maximum drawdown of -6.99%. Use the drawdown chart below to compare losses from any high point for ZFM.TO and BXF.TO.
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Drawdown Indicators
| ZFM.TO | BXF.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.06% | -6.99% | -12.07% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -1.55% | -1.53% |
Max Drawdown (3Y)Largest decline over 3 years | -5.74% | -1.74% | -4.00% |
Max Drawdown (5Y)Largest decline over 5 years | -16.77% | -6.92% | -9.85% |
Max Drawdown (10Y)Largest decline over 10 years | -19.06% | -6.99% | -12.07% |
Current DrawdownCurrent decline from peak | -3.87% | -0.11% | -3.76% |
Average DrawdownAverage peak-to-trough decline | -4.51% | -1.16% | -3.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 0.51% | +0.86% |
Volatility
ZFM.TO vs. BXF.TO - Volatility Comparison
BMO Mid Federal Bond Index ETF (ZFM.TO) has a higher volatility of 1.34% compared to CI 1-5 Year Laddered Government Strip Bond Index ETF (BXF.TO) at 0.67%. This indicates that ZFM.TO's price experiences larger fluctuations and is considered to be riskier than BXF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZFM.TO | BXF.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 0.67% | +0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 2.28% | +1.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.60% | 3.06% | +1.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.05% | 3.55% | +3.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.78% | 3.61% | +2.17% |
Dividends
ZFM.TO vs. BXF.TO - Dividend Comparison
ZFM.TO's dividend yield for the trailing twelve months is around 2.55%, less than BXF.TO's 2.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BXF.TO CI 1-5 Year Laddered Government Strip Bond Index ETF | 2.97% | 2.91% | 3.29% | 2.58% | 1.58% | 1.38% | 1.67% | 1.75% | 1.55% | 1.17% | 1.19% | 1.24% |
ZFM.TO BMO Mid Federal Bond Index ETF | 2.55% | 2.37% | 2.29% | 2.30% | 2.36% | 2.05% | 2.04% | 2.14% | 2.02% | 2.05% | 2.23% | 2.41% |
Frequently Asked Questions
ZFM.TO and BXF.TO have a correlation of 0.57, 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: BMO and CI.
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