ZFS.TO vs. FGO.TO
ZFS.TO (BMO Short Federal Bond Index ETF) and FGO.TO (CI Enhanced Government Bond ETF) are both Government Bonds funds. Over the past 5 years, ZFS.TO returned 1.58%/yr vs 0.29%/yr for FGO.TO. A 0.58 correlation means they provide meaningful diversification when combined.
Performance
ZFS.TO vs. FGO.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZFS.TO achieves a 1.19% return, which is significantly lower than FGO.TO's 1.63% 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%
FGO.TO
- 1D
- -0.20%
- 1M
- 0.38%
- YTD
- 1.63%
- 6M
- 1.42%
- 1Y
- 2.14%
- 3Y*
- 3.04%
- 5Y*
- 0.29%
- 10Y*
- —
ZFS.TO vs. FGO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZFS.TO BMO Short Federal Bond Index ETF | 1.19% | 3.10% | 4.61% | 3.93% | -4.03% | -1.43% | 4.42% | 2.15% | 1.42% |
FGO.TO CI Enhanced Government Bond ETF | 1.63% | 3.02% | 1.37% | 4.36% | -8.78% | -1.53% | 6.75% | 6.35% | 0.75% |
Correlation
The correlation between ZFS.TO and FGO.TO is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Aug 2, 2018 | 0.58 |
The correlation between ZFS.TO and FGO.TO shifts across timeframes, from 0.58 (all time) to 0.68 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZFS.TO vs. FGO.TO — Risk / Return Rank
ZFS.TO
FGO.TO
ZFS.TO vs. FGO.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 Enhanced Government Bond ETF (FGO.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.TO | FGO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.75 | ||
| Sortino ratioReturn per unit of downside risk | +1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.09 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 0.76 | +0.86 |
| Martin ratioReturn relative to average drawdown | 5.19 | 1.72 | +3.46 |
Loading charts...
Drawdowns
ZFS.TO vs. FGO.TO - Drawdown Comparison
The maximum ZFS.TO drawdown since its inception was -6.80%, smaller than the maximum FGO.TO drawdown of -14.83%. Use the drawdown chart below to compare losses from any high point for ZFS.TO and FGO.TO.
Loading charts...
Drawdown Indicators
| ZFS.TO | FGO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.80% | -14.83% | +8.03% |
Max Drawdown (1Y)Largest decline over 1 year | -1.50% | -2.82% | +1.32% |
Max Drawdown (3Y)Largest decline over 3 years | -1.50% | -6.12% | +4.62% |
Max Drawdown (5Y)Largest decline over 5 years | -6.43% | -13.26% | +6.83% |
Max Drawdown (10Y)Largest decline over 10 years | -6.80% | — | — |
Current DrawdownCurrent decline from peak | -0.01% | -1.54% | +1.53% |
Average DrawdownAverage peak-to-trough decline | -1.07% | -4.66% | +3.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 1.30% | -0.82% |
Volatility
ZFS.TO vs. FGO.TO - Volatility Comparison
The current volatility for BMO Short Federal Bond Index ETF (ZFS.TO) is 0.49%, while CI Enhanced Government Bond ETF (FGO.TO) has a volatility of 1.05%. This indicates that ZFS.TO experiences smaller price fluctuations and is considered to be less risky than FGO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZFS.TO | FGO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.49% | 1.05% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 1.58% | 3.11% | -1.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.97% | 4.42% | -2.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.64% | 6.12% | -3.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.27% | 5.81% | -3.54% |
Dividends
ZFS.TO vs. FGO.TO - Dividend Comparison
ZFS.TO's dividend yield for the trailing twelve months is around 2.54%, more than FGO.TO's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGO.TO CI Enhanced Government Bond ETF | 2.42% | 2.80% | 3.10% | 2.33% | 1.46% | 0.62% | 0.68% | 0.92% | 0.15% | 0.00% | 0.00% | 0.00% |
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 FGO.TO have a correlation of 0.68, 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.
Find the right allocation for ZFS.TO and FGO.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer