PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZFS.TO vs. HBIL-U.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZFS.TO vs. HBIL-U.TO

Last updated Jul 17, 2026
Documentation

ZFS.TO (BMO Short Federal Bond Index ETF) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both Government Bonds funds. Over the past year, ZFS.TO returned 2.80% vs 6.47% for HBIL-U.TO. At a 0.18 correlation, their price movements are largely independent.

Performance

ZFS.TO vs. HBIL-U.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Different Trading Currencies

ZFS.TO is traded in CAD, while HBIL-U.TO is traded in USD. To make them comparable, the HBIL-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZFS.TO achieves a 0.97% return, which is significantly lower than HBIL-U.TO's 3.86% return.

ZFS.TO

1D
0.00%
1M
-0.01%
6M
0.82%
YTD
0.97%
1Y
2.80%
3Y*
4.05%
5Y*
1.48%
10Y*
1.36%

HBIL-U.TO

1D
-0.10%
1M
0.03%
6M
2.17%
YTD
3.86%
1Y
6.47%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZFS.TO vs. HBIL-U.TO - Yearly Performance Comparison

2026 (YTD)20252024
ZFS.TO
BMO Short Federal Bond Index ETF		0.97%3.10%0.58%
HBIL-U.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units		3.86%0.03%4.69%

Correlation

The correlation between ZFS.TO and HBIL-U.TO is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.17

Correlation (All Time)
Calculated using the full available price history since Sep 16, 2024

0.18

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Short Federal Bond Index ETF

Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units

Often compared with ZFS.TO:
ZFS.TO vs. ZFM.TOZFS.TO vs. FGO.TOZFS.TO vs. BXF.TOZFS.TO vs. ZPS.TOZFS.TO vs. ZMP.TOZFS.TO vs. ZPL.TOZFS.TO vs. ZMMK.TO
Often compared with HBIL-U.TO:
HBIL-U.TO vs. HYLD-U.TOHBIL-U.TO vs. HTB.TOHBIL-U.TO vs. TULB.TOHBIL-U.TO vs. ZPL.TOHBIL-U.TO vs. BANK.TOHBIL-U.TO vs. HBND.TOHBIL-U.TO vs. MIX.TO

Return for Risk

ZFS.TO vs. HBIL-U.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: 4949
Overall Rank
ZFS.TO Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
ZFS.TO Sortino Ratio Rank: 4848
Sortino Ratio Rank
ZFS.TO Omega Ratio Rank: 5757
Omega Ratio Rank
ZFS.TO Calmar Ratio Rank: 4444
Calmar Ratio Rank
ZFS.TO Martin Ratio Rank: 4646
Martin Ratio Rank
HBIL-U.TO
HBIL-U.TO Risk / Return Rank: 8686
Overall Rank
HBIL-U.TO Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
HBIL-U.TO Sortino Ratio Rank: 8282
Sortino Ratio Rank
HBIL-U.TO Omega Ratio Rank: 9191
Omega Ratio Rank
HBIL-U.TO Calmar Ratio Rank: 8585
Calmar Ratio Rank
HBIL-U.TO Martin Ratio Rank: 8787
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. HBIL-U.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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.TOHBIL-U.TODifference
Sharpe ratioReturn per unit of total volatility
1.42
1.39

+0.03

Sortino ratioReturn per unit of downside risk
1.97
1.99

-0.02

Omega ratioGain probability vs. loss probability

1.28

1.25

+0.04

Calmar ratioReturn relative to maximum drawdown

1.87

1.62

+0.25

Martin ratioReturn relative to average drawdown

6.03

4.12

+1.92

ZFS.TO vs. HBIL-U.TO - Sharpe Ratio Comparison

The current ZFS.TO Sharpe Ratio is 1.42, which is comparable to the HBIL-U.TO Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of ZFS.TO and HBIL-U.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.

Loading charts...

Drawdowns

ZFS.TO vs. HBIL-U.TO - Drawdown Comparison

The maximum ZFS.TO drawdown since its inception was -6.80%, roughly equal to the maximum HBIL-U.TO drawdown of -6.68%. Use the drawdown chart below to compare losses from any high point for ZFS.TO and HBIL-U.TO.

Loading charts...

Drawdown Indicators

ZFS.TOHBIL-U.TODifference

Max Drawdown

Largest peak-to-trough decline

-6.80%

-6.68%

-0.12%

Max Drawdown (1Y)

Largest decline over 1 year

-1.50%

-4.01%

+2.51%

Max Drawdown (3Y)

Largest decline over 3 years

-1.50%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-6.43%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-6.80%

—

—

Current Drawdown

Current decline from peak

-0.22%

-2.20%

+1.98%

Average Drawdown

Average peak-to-trough decline

-1.06%

-2.26%

+1.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.46%

1.57%

-1.11%

Volatility

ZFS.TO vs. HBIL-U.TO - Volatility Comparison

The current volatility for BMO Short Federal Bond Index ETF (ZFS.TO) is 0.62%, while Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) has a volatility of 1.82%. This indicates that ZFS.TO experiences smaller price fluctuations and is considered to be less risky than HBIL-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

ZFS.TOHBIL-U.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.62%

1.82%

-1.20%

Volatility (6M)

Calculated over the trailing 6-month period

1.62%

3.60%

-1.98%

Volatility (1Y)

Calculated over the trailing 1-year period

1.98%

4.68%

-2.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.65%

5.85%

-3.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.27%

5.85%

-3.58%

Dividends

ZFS.TO vs. HBIL-U.TO - Dividend Comparison

ZFS.TO's dividend yield for the trailing twelve months is around 2.55%, less than HBIL-U.TO's 6.75% yield.

PositionTTM20252024202320222021202020192018201720162015
HBIL-U.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units		6.75%7.37%2.40%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZFS.TO
BMO Short Federal Bond Index ETF		2.55%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 HBIL-U.TO have a correlation of 0.17, 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 Hamilton.

Portfolio Optimizer

Find the right allocation for ZFS.TO and HBIL-U.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