ZLC.TO vs. XTLT.TO
ZLC.TO (BMO Long Corporate Bond Index ETF) and XTLT.TO (iShares 20+ Year U.S. Treasury Bond Index ETF) are both exchange-traded funds - ZLC.TO is a Long-Term Bond fund tracking the FTSE Canada Long Term Corporate Bond Index, while XTLT.TO is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 3 years, ZLC.TO returned 5.50%/yr vs -1.68%/yr for XTLT.TO. A 0.63 correlation means they provide meaningful diversification when combined. ZLC.TO charges 0.33%/yr vs 0.18%/yr for XTLT.TO.
Performance
ZLC.TO vs. XTLT.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZLC.TO achieves a 2.51% return, which is significantly higher than XTLT.TO's 0.91% return.
ZLC.TO
- 1D
- -0.20%
- 1M
- 2.72%
- YTD
- 2.51%
- 6M
- 1.64%
- 1Y
- 4.27%
- 3Y*
- 5.50%
- 5Y*
- 0.95%
- 10Y*
- 2.60%
XTLT.TO
- 1D
- 0.00%
- 1M
- 2.85%
- YTD
- 0.91%
- 6M
- -2.99%
- 1Y
- 5.60%
- 3Y*
- -1.68%
- 5Y*
- —
- 10Y*
- —
ZLC.TO vs. XTLT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZLC.TO BMO Long Corporate Bond Index ETF | 2.51% | 2.38% | 4.69% | 7.67% |
XTLT.TO iShares 20+ Year U.S. Treasury Bond Index ETF | 0.91% | -1.07% | -1.47% | -2.80% |
Correlation
The correlation between ZLC.TO and XTLT.TO is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2023 | 0.63 |
The correlation between ZLC.TO and XTLT.TO has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.
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Return for Risk
ZLC.TO vs. XTLT.TO — Risk / Return Rank
ZLC.TO
XTLT.TO
ZLC.TO vs. XTLT.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Long Corporate Bond Index ETF (ZLC.TO) and iShares 20+ Year U.S. Treasury Bond Index ETF (XTLT.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.
| ZLC.TO | XTLT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.10 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | 0.58 | +0.35 |
| Martin ratioReturn relative to average drawdown | 2.15 | 1.26 | +0.89 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZLC.TO | XTLT.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 0.55 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | -0.10 | +0.57 |
Drawdowns
ZLC.TO vs. XTLT.TO - Drawdown Comparison
The maximum ZLC.TO drawdown since its inception was -28.61%, which is greater than XTLT.TO's maximum drawdown of -21.04%. Use the drawdown chart below to compare losses from any high point for ZLC.TO and XTLT.TO.
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Drawdown Indicators
| ZLC.TO | XTLT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.61% | -21.04% | -7.57% |
Max Drawdown (1Y)Largest decline over 1 year | -4.64% | -9.72% | +5.08% |
Max Drawdown (3Y)Largest decline over 3 years | -9.67% | -16.07% | +6.40% |
Max Drawdown (5Y)Largest decline over 5 years | -24.86% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -28.61% | — | — |
Current DrawdownCurrent decline from peak | -4.27% | -9.60% | +5.33% |
Average DrawdownAverage peak-to-trough decline | -5.99% | -8.98% | +2.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.99% | 4.45% | -2.46% |
Volatility
ZLC.TO vs. XTLT.TO - Volatility Comparison
The current volatility for BMO Long Corporate Bond Index ETF (ZLC.TO) is 2.34%, while iShares 20+ Year U.S. Treasury Bond Index ETF (XTLT.TO) has a volatility of 3.14%. This indicates that ZLC.TO experiences smaller price fluctuations and is considered to be less risky than XTLT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZLC.TO | XTLT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.34% | 3.14% | -0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 5.55% | 7.27% | -1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.24% | 10.21% | -2.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.05% | 14.17% | -3.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.87% | 14.17% | -3.30% |
ZLC.TO vs. XTLT.TO - Expense Ratio Comparison
ZLC.TO has a 0.33% expense ratio, which is higher than XTLT.TO's 0.18% expense ratio.
Dividends
ZLC.TO vs. XTLT.TO - Dividend Comparison
ZLC.TO's dividend yield for the trailing twelve months is around 4.56%, less than XTLT.TO's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XTLT.TO iShares 20+ Year U.S. Treasury Bond Index ETF | 4.97% | 4.60% | 4.17% | 2.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZLC.TO BMO Long Corporate Bond Index ETF | 4.56% | 4.75% | 4.70% | 5.01% | 5.30% | 4.12% | 3.82% | 4.02% | 4.26% | 4.01% | 4.33% | 4.53% |
Frequently Asked Questions
ZLC.TO and XTLT.TO have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XTLT.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XTLT.TO is cheaper with a 0.18% expense ratio, compared with 0.33% for ZLC.TO.
ZLC.TO is categorized as Long-Term Bond, while XTLT.TO is Government Bonds. ZLC.TO tracks FTSE Canada Long Term Corporate Bond Index, while XTLT.TO tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.33% for ZLC.TO and 0.18% for XTLT.TO.
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