ZFM.TO vs. FGO.TO
ZFM.TO (BMO Mid Federal Bond Index ETF) and FGO.TO (CI Enhanced Government Bond ETF) are both Government Bonds funds. Over the past 5 years, ZFM.TO returned 0.19%/yr vs 0.29%/yr for FGO.TO. A 0.71 correlation means they provide meaningful diversification when combined.
Performance
ZFM.TO vs. FGO.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 FGO.TO's 1.63% 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%
FGO.TO
- 1D
- -0.20%
- 1M
- 0.38%
- YTD
- 1.63%
- 6M
- 1.42%
- 1Y
- 2.14%
- 3Y*
- 3.04%
- 5Y*
- 0.29%
- 10Y*
- —
ZFM.TO vs. FGO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZFM.TO BMO Mid Federal Bond Index ETF | 1.97% | 2.87% | 3.06% | 4.83% | -11.10% | -3.87% | 9.29% | 3.40% | 3.44% |
FGO.TO CI Enhanced Government Bond ETF | 1.63% | 3.02% | 1.37% | 4.36% | -8.78% | -1.53% | 6.75% | 6.35% | 0.75% |
Correlation
The correlation between ZFM.TO and FGO.TO is 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Aug 2, 2018 | 0.71 |
The correlation between ZFM.TO and FGO.TO shifts across timeframes, from 0.71 (all time) to 0.81 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZFM.TO vs. FGO.TO — Risk / Return Rank
ZFM.TO
FGO.TO
ZFM.TO vs. FGO.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 Enhanced Government Bond ETF (FGO.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 | FGO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.09 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 0.76 | +0.19 |
| Martin ratioReturn relative to average drawdown | 2.23 | 1.72 | +0.50 |
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Drawdowns
ZFM.TO vs. FGO.TO - Drawdown Comparison
The maximum ZFM.TO drawdown since its inception was -19.06%, which is greater than FGO.TO's maximum drawdown of -14.83%. Use the drawdown chart below to compare losses from any high point for ZFM.TO and FGO.TO.
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Drawdown Indicators
| ZFM.TO | FGO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.06% | -14.83% | -4.23% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -2.82% | -0.26% |
Max Drawdown (3Y)Largest decline over 3 years | -5.74% | -6.12% | +0.38% |
Max Drawdown (5Y)Largest decline over 5 years | -16.77% | -13.26% | -3.51% |
Max Drawdown (10Y)Largest decline over 10 years | -19.06% | — | — |
Current DrawdownCurrent decline from peak | -3.87% | -1.54% | -2.33% |
Average DrawdownAverage peak-to-trough decline | -4.51% | -4.66% | +0.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 1.30% | +0.07% |
Volatility
ZFM.TO vs. FGO.TO - Volatility Comparison
BMO Mid Federal Bond Index ETF (ZFM.TO) has a higher volatility of 1.34% compared to CI Enhanced Government Bond ETF (FGO.TO) at 1.05%. This indicates that ZFM.TO's price experiences larger fluctuations and is considered to be riskier than FGO.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 | FGO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 1.05% | +0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 3.11% | +0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.60% | 4.42% | +0.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.05% | 6.12% | +0.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.78% | 5.81% | -0.03% |
Dividends
ZFM.TO vs. FGO.TO - Dividend Comparison
ZFM.TO's dividend yield for the trailing twelve months is around 2.55%, more than FGO.TO's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGO.TO CI Enhanced Government Bond ETF | 2.42% | 2.80% | 3.10% | 2.33% | 1.46% | 0.62% | 0.68% | 0.92% | 0.15% | 0.00% | 0.00% | 0.00% |
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 FGO.TO have a correlation of 0.79, 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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