ZFM.TO vs. HPYM.TO
ZFM.TO (BMO Mid Federal Bond Index ETF) and HPYM.TO (Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units) are both Government Bonds funds. Over the past year, ZFM.TO returned 2.94% vs 1.54% for HPYM.TO. A 0.72 correlation means they provide meaningful diversification when combined.
Performance
ZFM.TO vs. HPYM.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 HPYM.TO's -0.87% 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%
HPYM.TO
- 1D
- -0.39%
- 1M
- 0.19%
- YTD
- -0.87%
- 6M
- -1.15%
- 1Y
- 1.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZFM.TO vs. HPYM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZFM.TO BMO Mid Federal Bond Index ETF | 1.97% | 2.87% | 4.71% |
HPYM.TO Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units | -0.87% | 6.72% | -0.50% |
Correlation
The correlation between ZFM.TO and HPYM.TO is 0.70, 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 | 0.70 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024 | 0.72 |
The correlation between ZFM.TO and HPYM.TO has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.
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Return for Risk
ZFM.TO vs. HPYM.TO — Risk / Return Rank
ZFM.TO
HPYM.TO
ZFM.TO vs. HPYM.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 Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units (HPYM.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 | HPYM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.42 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.06 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 0.40 | +0.56 |
| Martin ratioReturn relative to average drawdown | 2.23 | 1.01 | +1.21 |
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Drawdowns
ZFM.TO vs. HPYM.TO - Drawdown Comparison
The maximum ZFM.TO drawdown since its inception was -19.06%, which is greater than HPYM.TO's maximum drawdown of -6.19%. Use the drawdown chart below to compare losses from any high point for ZFM.TO and HPYM.TO.
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Drawdown Indicators
| ZFM.TO | HPYM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.06% | -6.19% | -12.87% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -3.87% | +0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -5.74% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.77% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -19.06% | — | — |
Current DrawdownCurrent decline from peak | -3.87% | -2.35% | -1.52% |
Average DrawdownAverage peak-to-trough decline | -4.51% | -1.95% | -2.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 1.52% | -0.15% |
Volatility
ZFM.TO vs. HPYM.TO - Volatility Comparison
The current volatility for BMO Mid Federal Bond Index ETF (ZFM.TO) is 1.34%, while Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units (HPYM.TO) has a volatility of 1.72%. This indicates that ZFM.TO experiences smaller price fluctuations and is considered to be less risky than HPYM.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 | HPYM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 1.72% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 3.60% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.60% | 4.67% | -0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.05% | 5.62% | +1.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.78% | 5.62% | +0.16% |
Dividends
ZFM.TO vs. HPYM.TO - Dividend Comparison
ZFM.TO's dividend yield for the trailing twelve months is around 2.55%, less than HPYM.TO's 9.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HPYM.TO Harvest Premium Yield 7-10 Year Treasury ETF - Class A Units | 9.31% | 9.01% | 8.07% | 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 | 2.55% | 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 HPYM.TO have a correlation of 0.70, 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 Harvest.
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