ZFS.TO vs. TULB.TO
ZFS.TO (BMO Short Federal Bond Index ETF) and TULB.TO (TD U.S. Long Term Treasury Bond ETF) are both Government Bonds funds. Over the past 5 years, ZFS.TO returned 1.48%/yr vs -4.50%/yr for TULB.TO. At a 0.36 correlation, their price movements are largely independent.
Performance
ZFS.TO vs. TULB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZFS.TO achieves a 0.97% return, which is significantly higher than TULB.TO's 0.53% 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%
TULB.TO
- 1D
- -0.78%
- 1M
- -2.16%
- 6M
- -2.01%
- YTD
- 0.53%
- 1Y
- 5.84%
- 3Y*
- 0.23%
- 5Y*
- -4.50%
- 10Y*
- —
ZFS.TO vs. TULB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZFS.TO BMO Short Federal Bond Index ETF | 0.97% | 3.10% | 4.61% | 3.93% | -4.03% | -1.43% | 4.42% | -0.20% |
TULB.TO TD U.S. Long Term Treasury Bond ETF | 0.53% | 0.01% | -0.66% | 0.23% | -20.71% | -5.23% | 10.77% | -2.51% |
Correlation
The correlation between ZFS.TO and TULB.TO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2019 | 0.36 |
The correlation between ZFS.TO and TULB.TO shifts across timeframes, from 0.36 (all time) to 0.48 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZFS.TO vs. TULB.TO — Risk / Return Rank
ZFS.TO
TULB.TO
ZFS.TO vs. TULB.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 TD U.S. Long Term Treasury Bond ETF (TULB.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 | TULB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.80 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.12 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.87 | 0.69 | +1.19 |
| Martin ratioReturn relative to average drawdown | 6.03 | 1.46 | +4.58 |
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Drawdowns
ZFS.TO vs. TULB.TO - Drawdown Comparison
The maximum ZFS.TO drawdown since its inception was -6.80%, smaller than the maximum TULB.TO drawdown of -44.56%. Use the drawdown chart below to compare losses from any high point for ZFS.TO and TULB.TO.
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Drawdown Indicators
| ZFS.TO | TULB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.80% | -44.56% | +37.76% |
Max Drawdown (1Y)Largest decline over 1 year | -1.50% | -8.51% | +7.01% |
Max Drawdown (3Y)Largest decline over 3 years | -1.50% | -13.17% | +11.67% |
Max Drawdown (5Y)Largest decline over 5 years | -6.43% | -34.06% | +27.63% |
Max Drawdown (10Y)Largest decline over 10 years | -6.80% | — | — |
Current DrawdownCurrent decline from peak | -0.22% | -36.40% | +36.18% |
Average DrawdownAverage peak-to-trough decline | -1.06% | -30.44% | +29.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.46% | 4.01% | -3.55% |
Volatility
ZFS.TO vs. TULB.TO - Volatility Comparison
The current volatility for BMO Short Federal Bond Index ETF (ZFS.TO) is 0.62%, while TD U.S. Long Term Treasury Bond ETF (TULB.TO) has a volatility of 2.76%. This indicates that ZFS.TO experiences smaller price fluctuations and is considered to be less risky than TULB.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.TO | TULB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 2.76% | -2.14% |
Volatility (6M)Calculated over the trailing 6-month period | 1.62% | 7.04% | -5.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.98% | 9.38% | -7.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.65% | 16.00% | -13.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.27% | 16.77% | -14.50% |
Dividends
ZFS.TO vs. TULB.TO - Dividend Comparison
ZFS.TO's dividend yield for the trailing twelve months is around 2.55%, less than TULB.TO's 4.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TULB.TO TD U.S. Long Term Treasury Bond ETF | 4.65% | 4.54% | 1.99% | 3.37% | 1.04% | 0.21% | 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 TULB.TO have a correlation of 0.42, 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 TD.
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