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ZFS.TO vs. BXF.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZFS.TO vs. BXF.TO

Last updated Jul 1, 2026
See Documentation

ZFS.TO (BMO Short Federal Bond Index ETF) and BXF.TO (CI 1-5 Year Laddered Government Strip Bond Index ETF) are both Government Bonds funds. Over the past 10 years, ZFS.TO returned 1.39%/yr vs 1.81%/yr for BXF.TO. At a 0.31 correlation, their price movements are largely independent.

Performance

ZFS.TO vs. BXF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Short Federal Bond Index ETF (ZFS.TO) and CI 1-5 Year Laddered Government Strip Bond Index ETF (BXF.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZFS.TO achieves a 1.19% return, which is significantly lower than BXF.TO's 1.25% return. Over the past 10 years, ZFS.TO has underperformed BXF.TO with an annualized return of 1.39%, while BXF.TO has yielded a comparatively higher 1.81% annualized return.

ZFS.TO

1D
0.00%
1M
0.35%
YTD
1.19%
6M
1.26%
1Y
2.43%
3Y*
4.08%
5Y*
1.58%
10Y*
1.39%

BXF.TO

1D
0.00%
1M
0.28%
YTD
1.25%
6M
1.15%
1Y
2.70%
3Y*
4.49%
5Y*
1.96%
10Y*
1.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZFS.TO vs. BXF.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZFS.TO
BMO Short Federal Bond Index ETF		1.19%3.10%4.61%3.93%-4.03%-1.43%4.42%2.15%1.47%-0.59%
BXF.TO
CI 1-5 Year Laddered Government Strip Bond Index ETF		1.25%3.86%4.51%4.55%-3.73%-0.83%5.07%2.36%1.77%0.48%

Correlation

The correlation between ZFS.TO and BXF.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.41

Correlation (3Y)
Calculated over the trailing 3-year period

0.44

Correlation (5Y)
Calculated over the trailing 5-year period

0.41

Correlation (10Y)
Calculated over the trailing 10-year period

0.35

Correlation (All Time)
Calculated using the full available price history since Jun 11, 2013

0.31

The correlation between ZFS.TO and BXF.TO shifts across timeframes, from 0.31 (all time) to 0.44 (3 years), reflecting how their relationship changes across market environments.

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BMO Short Federal Bond Index ETF

CI 1-5 Year Laddered Government Strip Bond Index ETF

Return for Risk

ZFS.TO vs. BXF.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZFS.TO
ZFS.TO Risk / Return Rank: 3939
Overall Rank
ZFS.TO Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
ZFS.TO Sortino Ratio Rank: 3737
Sortino Ratio Rank
ZFS.TO Omega Ratio Rank: 4242
Omega Ratio Rank
ZFS.TO Calmar Ratio Rank: 3737
Calmar Ratio Rank
ZFS.TO Martin Ratio Rank: 3838
Martin Ratio Rank
BXF.TO
BXF.TO Risk / Return Rank: 3232
Overall Rank
BXF.TO Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
BXF.TO Sortino Ratio Rank: 2424
Sortino Ratio Rank
BXF.TO Omega Ratio Rank: 2727
Omega Ratio Rank
BXF.TO Calmar Ratio Rank: 4040
Calmar Ratio Rank
BXF.TO Martin Ratio Rank: 4040
Martin Ratio Rank
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.

ZFS.TO vs. BXF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Short Federal Bond Index ETF (ZFS.TO) and CI 1-5 Year Laddered Government Strip Bond Index ETF (BXF.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.

ZFS.TOBXF.TODifference
Sharpe ratioReturn per unit of total volatility
1.24
0.89

+0.35

Sortino ratioReturn per unit of downside risk
1.73
1.26

+0.47

Omega ratioGain probability vs. loss probability

1.24

1.17

+0.07

Calmar ratioReturn relative to maximum drawdown

1.63

1.74

-0.12

Martin ratioReturn relative to average drawdown

5.19

5.46

-0.28

ZFS.TO vs. BXF.TO - Sharpe Ratio Comparison

The current ZFS.TO Sharpe Ratio is 1.24, which is higher than the BXF.TO Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of ZFS.TO and BXF.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.

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Drawdowns

ZFS.TO vs. BXF.TO - Drawdown Comparison

The maximum ZFS.TO drawdown since its inception was -6.80%, roughly equal to the maximum BXF.TO drawdown of -6.99%. Use the drawdown chart below to compare losses from any high point for ZFS.TO and BXF.TO.

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Drawdown Indicators

ZFS.TOBXF.TODifference

Max Drawdown

Largest peak-to-trough decline

-6.80%

-6.99%

+0.19%

Max Drawdown (1Y)

Largest decline over 1 year

-1.50%

-1.55%

+0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-1.50%

-1.74%

+0.24%

Max Drawdown (5Y)

Largest decline over 5 years

-6.43%

-6.92%

+0.49%

Max Drawdown (10Y)

Largest decline over 10 years

-6.80%

-6.99%

+0.19%

Current Drawdown

Current decline from peak

-0.01%

-0.11%

+0.10%

Average Drawdown

Average peak-to-trough decline

-1.07%

-1.16%

+0.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.48%

0.51%

-0.03%

Volatility

ZFS.TO vs. BXF.TO - Volatility Comparison

The current volatility for BMO Short Federal Bond Index ETF (ZFS.TO) is 0.49%, while CI 1-5 Year Laddered Government Strip Bond Index ETF (BXF.TO) has a volatility of 0.67%. This indicates that ZFS.TO experiences smaller price fluctuations and is considered to be less risky than BXF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZFS.TOBXF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.49%

0.67%

-0.18%

Volatility (6M)

Calculated over the trailing 6-month period

1.58%

2.28%

-0.70%

Volatility (1Y)

Calculated over the trailing 1-year period

1.97%

3.06%

-1.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.64%

3.55%

-0.91%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.27%

3.61%

-1.34%

Dividends

ZFS.TO vs. BXF.TO - Dividend Comparison

ZFS.TO's dividend yield for the trailing twelve months is around 2.54%, less than BXF.TO's 2.97% yield.

PositionTTM20252024202320222021202020192018201720162015
BXF.TO
CI 1-5 Year Laddered Government Strip Bond Index ETF		2.97%2.91%3.29%2.58%1.58%1.38%1.67%1.75%1.55%1.17%1.19%1.24%
ZFS.TO
BMO Short Federal Bond Index ETF		2.54%2.41%2.06%1.96%1.99%1.88%1.81%1.86%1.59%1.59%1.77%1.90%

Frequently Asked Questions

ZFS.TO and BXF.TO have a correlation of 0.41, 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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