ZFM.TO vs. HBIL-U.TO

Last updated Jul 18, 2026

ZFM.TO (BMO Mid Federal Bond Index ETF) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both Government Bonds funds. Over the past year, ZFM.TO returned 3.72% vs 6.60% for HBIL-U.TO. At a 0.24 correlation, their price movements are largely independent.

Performance

ZFM.TO vs. HBIL-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Mid Federal Bond Index ETF (ZFM.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZFM.TO is traded in CAD, while HBIL-U.TO is traded in USD. To make them comparable, the HBIL-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZFM.TO achieves a 0.94% return, which is significantly lower than HBIL-U.TO's 3.86% return.

ZFM.TO

• 1D: -0.20%
• 1M: -0.45%
• 6M: 0.47%
• YTD: 0.94%
• 1Y: 3.72%
• 3Y*: 3.73%
• 5Y*: -0.20%
• 10Y*: 0.59%

HBIL-U.TO

• 1D: -0.00%
• 1M: 0.12%
• 6M: 2.21%
• YTD: 3.86%
• 1Y: 6.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZFM.TO vs. HBIL-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZFM.TO BMO Mid Federal Bond Index ETF	0.94%	2.87%	-1.25%
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	3.86%	0.03%	4.69%

Correlation

The correlation between ZFM.TO and HBIL-U.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024	0.24

Return for Risk

ZFM.TO vs. HBIL-U.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZFM.TO

ZFM.TO Risk / Return Rank: 29
ZFM.TO Sharpe Ratio Rank: 30
ZFM.TO Sortino Ratio Rank: 27
ZFM.TO Omega Ratio Rank: 27
ZFM.TO Calmar Ratio Rank: 32
ZFM.TO Martin Ratio Rank: 28

HBIL-U.TO

HBIL-U.TO Risk / Return Rank: 89
HBIL-U.TO Sharpe Ratio Rank: 87
HBIL-U.TO Sortino Ratio Rank: 86
HBIL-U.TO Omega Ratio Rank: 93
HBIL-U.TO Calmar Ratio Rank: 88
HBIL-U.TO Martin Ratio Rank: 89

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.

ZFM.TO vs. HBIL-U.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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	HBIL-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.82	1.42	-0.59
Sortino ratio: Return per unit of downside risk	1.17	2.03	-0.86
Omega ratio: Gain probability vs. loss probability	1.15	1.25	-0.10
Calmar ratio: Return relative to maximum drawdown	1.21	1.65	-0.44
Martin ratio: Return relative to average drawdown	2.81	4.19	-1.38

ZFM.TO vs. HBIL-U.TO - Sharpe Ratio Comparison

The current ZFM.TO Sharpe Ratio is 0.82, which is lower than the HBIL-U.TO Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of ZFM.TO and HBIL-U.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.

Drawdowns

ZFM.TO vs. HBIL-U.TO - Drawdown Comparison

The maximum ZFM.TO drawdown since its inception was -19.06%, which is greater than HBIL-U.TO's maximum drawdown of -6.68%. Use the drawdown chart below to compare losses from any high point for ZFM.TO and HBIL-U.TO.

Drawdown Indicators

	ZFM.TO	HBIL-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-19.06%	-6.68%	-12.38%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-4.01%	+0.93%
Max Drawdown (3Y) Largest decline over 3 years	-5.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.06%	—	—
Current Drawdown Current decline from peak	-4.84%	-2.20%	-2.64%
Average Drawdown Average peak-to-trough decline	-4.51%	-2.26%	-2.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	1.58%	-0.25%

Volatility

ZFM.TO vs. HBIL-U.TO - Volatility Comparison

The current volatility for BMO Mid Federal Bond Index ETF (ZFM.TO) is 1.39%, while Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) has a volatility of 1.82%. This indicates that ZFM.TO experiences smaller price fluctuations and is considered to be less risky than HBIL-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZFM.TO	HBIL-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.39%	1.82%	-0.43%
Volatility (6M) Calculated over the trailing 6-month period	3.56%	3.60%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	4.53%	4.68%	-0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.05%	5.85%	+1.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.78%	5.85%	-0.07%

Dividends

ZFM.TO vs. HBIL-U.TO - Dividend Comparison

ZFM.TO's dividend yield for the trailing twelve months is around 2.58%, less than HBIL-U.TO's 6.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBIL-U.TO Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units	6.74%	7.37%	2.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZFM.TO BMO Mid Federal Bond Index ETF	2.58%	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

Can I hold both ZFM.TO and HBIL-U.TO in my portfolio?

ZFM.TO and HBIL-U.TO have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between ZFM.TO and HBIL-U.TO?

They also come from different issuers: BMO and Hamilton.