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

ZFS.TO vs. HTB.TO

Last updated Jul 17, 2026
Documentation

ZFS.TO (BMO Short Federal Bond Index ETF) and HTB.TO (Global X US 7-10 Year Treasury Bond Index Corporate Class ETF) are both Government Bonds funds. Over the past 10 years, ZFS.TO returned 1.36%/yr vs 1.14%/yr for HTB.TO. At a 0.37 correlation, their price movements are largely independent.

Performance

ZFS.TO vs. HTB.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 Global X US 7-10 Year Treasury Bond Index Corporate Class ETF (HTB.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 0.97% return, which is significantly lower than HTB.TO's 1.75% return. Over the past 10 years, ZFS.TO has outperformed HTB.TO with an annualized return of 1.36%, while HTB.TO has yielded a comparatively lower 1.14% annualized 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%

HTB.TO

1D
0.06%
1M
-0.08%
6M
0.31%
YTD
1.75%
1Y
6.00%
3Y*
4.70%
5Y*
0.56%
10Y*
1.14%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020201920182017
ZFS.TO
BMO Short Federal Bond Index ETF		0.97%3.10%4.61%3.93%-4.03%-1.43%4.42%2.15%1.47%-0.59%
HTB.TO
Global X US 7-10 Year Treasury Bond Index Corporate Class ETF		1.75%2.71%8.07%0.76%-9.56%-3.43%7.87%2.75%9.52%-4.30%

Correlation

The correlation between ZFS.TO and HTB.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.46

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

0.52

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

0.47

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

0.40

Correlation (All Time)
Calculated using the full available price history since Apr 8, 2015

0.37

The correlation between ZFS.TO and HTB.TO shifts across timeframes, from 0.37 (all time) to 0.52 (3 years), reflecting how their relationship changes across market environments.

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BMO Short Federal Bond Index ETF

Global X US 7-10 Year Treasury Bond Index Corporate Class ETF

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 HTB.TO:
HTB.TO vs. TULB.TOHTB.TO vs. HBIL-U.TOHTB.TO vs. HBND.TOHTB.TO vs. BXF.TOHTB.TO vs. CASH.TOHTB.TO vs. CBIL.TOHTB.TO vs. CHPS.TO

Return for Risk

ZFS.TO vs. HTB.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
HTB.TO
HTB.TO Risk / Return Rank: 2929
Overall Rank
HTB.TO Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
HTB.TO Sortino Ratio Rank: 3232
Sortino Ratio Rank
HTB.TO Omega Ratio Rank: 3232
Omega Ratio Rank
HTB.TO Calmar Ratio Rank: 2727
Calmar Ratio Rank
HTB.TO Martin Ratio Rank: 2424
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. HTB.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 Global X US 7-10 Year Treasury Bond Index Corporate Class ETF (HTB.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.TOHTB.TODifference
Sharpe ratioReturn per unit of total volatility
1.42
0.99

+0.43

Sortino ratioReturn per unit of downside risk
1.97
1.44

+0.53

Omega ratioGain probability vs. loss probability

1.28

1.18

+0.10

Calmar ratioReturn relative to maximum drawdown

1.87

1.12

+0.76

Martin ratioReturn relative to average drawdown

6.03

2.31

+3.72

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

The current ZFS.TO Sharpe Ratio is 1.42, which is higher than the HTB.TO Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of ZFS.TO and HTB.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. HTB.TO - Drawdown Comparison

The maximum ZFS.TO drawdown since its inception was -6.80%, smaller than the maximum HTB.TO drawdown of -26.11%. Use the drawdown chart below to compare losses from any high point for ZFS.TO and HTB.TO.

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Drawdown Indicators

ZFS.TOHTB.TODifference

Max Drawdown

Largest peak-to-trough decline

-6.80%

-26.11%

+19.31%

Max Drawdown (1Y)

Largest decline over 1 year

-1.50%

-5.39%

+3.89%

Max Drawdown (3Y)

Largest decline over 3 years

-1.50%

-7.11%

+5.61%

Max Drawdown (5Y)

Largest decline over 5 years

-6.43%

-15.89%

+9.46%

Max Drawdown (10Y)

Largest decline over 10 years

-6.80%

-26.11%

+19.31%

Current Drawdown

Current decline from peak

-0.22%

-11.86%

+11.64%

Average Drawdown

Average peak-to-trough decline

-1.06%

-12.51%

+11.45%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.46%

2.60%

-2.14%

Volatility

ZFS.TO vs. HTB.TO - Volatility Comparison

The current volatility for BMO Short Federal Bond Index ETF (ZFS.TO) is 0.62%, while Global X US 7-10 Year Treasury Bond Index Corporate Class ETF (HTB.TO) has a volatility of 1.99%. This indicates that ZFS.TO experiences smaller price fluctuations and is considered to be less risky than HTB.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.TOHTB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.62%

1.99%

-1.37%

Volatility (6M)

Calculated over the trailing 6-month period

1.62%

4.50%

-2.88%

Volatility (1Y)

Calculated over the trailing 1-year period

1.98%

6.08%

-4.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.65%

9.35%

-6.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.27%

9.38%

-7.11%

Dividends

ZFS.TO vs. HTB.TO - Dividend Comparison

ZFS.TO's dividend yield for the trailing twelve months is around 2.55%, while HTB.TO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HTB.TO
Global X US 7-10 Year Treasury Bond Index Corporate Class ETF		0.00%0.00%0.00%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 HTB.TO have a correlation of 0.46, 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 Global X.

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