ZFM.TO vs. XTLT.TO
ZFM.TO (BMO Mid Federal Bond Index ETF) and XTLT.TO (iShares 20+ Year U.S. Treasury Bond Index ETF) are both Government Bonds funds. Over the past 3 years, ZFM.TO returned 3.84%/yr vs -0.22%/yr for XTLT.TO. A 0.63 correlation means they provide meaningful diversification when combined.
Performance
ZFM.TO vs. XTLT.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 lower than XTLT.TO's 4.36% 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%
XTLT.TO
- 1D
- -1.38%
- 1M
- 4.20%
- YTD
- 4.36%
- 6M
- 3.78%
- 1Y
- 5.31%
- 3Y*
- -0.22%
- 5Y*
- —
- 10Y*
- —
ZFM.TO vs. XTLT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZFM.TO BMO Mid Federal Bond Index ETF | 1.97% | 2.87% | 3.06% | 3.47% |
XTLT.TO iShares 20+ Year U.S. Treasury Bond Index ETF | 4.36% | -1.66% | -2.55% | -2.78% |
Correlation
The correlation between ZFM.TO and XTLT.TO is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2023 | 0.63 |
The correlation between ZFM.TO and XTLT.TO has been stable across timeframes, ranging from 0.63 to 0.71 - a consistent structural relationship.
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Return for Risk
ZFM.TO vs. XTLT.TO — Risk / Return Rank
ZFM.TO
XTLT.TO
ZFM.TO vs. XTLT.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 iShares 20+ Year U.S. Treasury Bond Index ETF (XTLT.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 | XTLT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.09 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 0.52 | +0.44 |
| Martin ratioReturn relative to average drawdown | 2.23 | 1.08 | +1.15 |
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Drawdowns
ZFM.TO vs. XTLT.TO - Drawdown Comparison
The maximum ZFM.TO drawdown since its inception was -19.06%, smaller than the maximum XTLT.TO drawdown of -21.04%. Use the drawdown chart below to compare losses from any high point for ZFM.TO and XTLT.TO.
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Drawdown Indicators
| ZFM.TO | XTLT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.06% | -21.04% | +1.98% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -10.26% | +7.18% |
Max Drawdown (3Y)Largest decline over 3 years | -5.74% | -15.58% | +9.84% |
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% | -8.09% | +4.22% |
Average DrawdownAverage peak-to-trough decline | -4.51% | -9.46% | +4.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 4.95% | -3.58% |
Volatility
ZFM.TO vs. XTLT.TO - Volatility Comparison
The current volatility for BMO Mid Federal Bond Index ETF (ZFM.TO) is 1.34%, while iShares 20+ Year U.S. Treasury Bond Index ETF (XTLT.TO) has a volatility of 3.09%. This indicates that ZFM.TO experiences smaller price fluctuations and is considered to be less risky than XTLT.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 | XTLT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 3.09% | -1.75% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 7.58% | -4.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.60% | 10.29% | -5.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.05% | 14.15% | -7.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.78% | 14.15% | -8.37% |
Dividends
ZFM.TO vs. XTLT.TO - Dividend Comparison
ZFM.TO's dividend yield for the trailing twelve months is around 2.55%, less than XTLT.TO's 5.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XTLT.TO iShares 20+ Year U.S. Treasury Bond Index ETF | 5.00% | 4.63% | 4.21% | 2.85% | 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 XTLT.TO have a correlation of 0.67, 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 iShares.
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