ZFM.TO vs. ZMP.TO
ZFM.TO (BMO Mid Federal Bond Index ETF) and ZMP.TO (BMO Mid Provincial Bond Index ETF) are both Government Bonds funds from BMO. Over the past 10 years, ZFM.TO returned 0.66%/yr vs 1.80%/yr for ZMP.TO. Their correlation of 0.82 suggests significant overlap in exposure.
Performance
ZFM.TO vs. ZMP.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 ZMP.TO's 2.28% return. Over the past 10 years, ZFM.TO has underperformed ZMP.TO with an annualized return of 0.66%, while ZMP.TO has yielded a comparatively higher 1.80% 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%
ZMP.TO
- 1D
- 0.07%
- 1M
- 0.63%
- YTD
- 2.28%
- 6M
- 2.21%
- 1Y
- 4.10%
- 3Y*
- 5.19%
- 5Y*
- 1.36%
- 10Y*
- 1.80%
ZFM.TO vs. ZMP.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% |
ZMP.TO BMO Mid Provincial Bond Index ETF | 2.28% | 4.45% | 4.77% | 5.88% | -9.87% | -2.98% | 9.57% | 5.72% | 1.45% | 1.09% |
Correlation
The correlation between ZFM.TO and ZMP.TO is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2013 | 0.82 |
The correlation between ZFM.TO and ZMP.TO has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.
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Return for Risk
ZFM.TO vs. ZMP.TO — Risk / Return Rank
ZFM.TO
ZMP.TO
ZFM.TO vs. ZMP.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 BMO Mid Provincial Bond Index ETF (ZMP.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 | ZMP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.17 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 1.38 | -0.42 |
| Martin ratioReturn relative to average drawdown | 2.23 | 3.47 | -1.24 |
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Drawdowns
ZFM.TO vs. ZMP.TO - Drawdown Comparison
The maximum ZFM.TO drawdown since its inception was -19.06%, which is greater than ZMP.TO's maximum drawdown of -16.53%. Use the drawdown chart below to compare losses from any high point for ZFM.TO and ZMP.TO.
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Drawdown Indicators
| ZFM.TO | ZMP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.06% | -16.53% | -2.53% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -2.98% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -5.74% | -5.23% | -0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -16.77% | -15.49% | -1.28% |
Max Drawdown (10Y)Largest decline over 10 years | -19.06% | -16.53% | -2.53% |
Current DrawdownCurrent decline from peak | -3.87% | -0.26% | -3.61% |
Average DrawdownAverage peak-to-trough decline | -4.51% | -3.45% | -1.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 1.21% | +0.16% |
Volatility
ZFM.TO vs. ZMP.TO - Volatility Comparison
BMO Mid Federal Bond Index ETF (ZFM.TO) has a higher volatility of 1.34% compared to BMO Mid Provincial Bond Index ETF (ZMP.TO) at 1.14%. This indicates that ZFM.TO's price experiences larger fluctuations and is considered to be riskier than ZMP.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 | ZMP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.34% | 1.14% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 3.50% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.60% | 4.45% | +0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.05% | 6.60% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.78% | 5.62% | +0.16% |
Dividends
ZFM.TO vs. ZMP.TO - Dividend Comparison
ZFM.TO's dividend yield for the trailing twelve months is around 2.55%, less than ZMP.TO's 3.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZMP.TO BMO Mid Provincial Bond Index ETF | 3.16% | 2.93% | 2.92% | 2.97% | 3.05% | 2.67% | 2.52% | 2.69% | 2.71% | 2.93% | 2.93% | 3.21% |
Frequently Asked Questions
ZFM.TO and ZMP.TO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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