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ZMP.TO vs. BXF.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZMP.TO vs. BXF.TO

Last updated Jul 1, 2026
See Documentation

ZMP.TO (BMO Mid Provincial Bond Index ETF) and BXF.TO (CI 1-5 Year Laddered Government Strip Bond Index ETF) are both Government Bonds funds. Over the past 10 years, ZMP.TO returned 1.80%/yr vs 1.81%/yr for BXF.TO. At a 0.36 correlation, their price movements are largely independent.

Performance

ZMP.TO vs. BXF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Mid Provincial Bond Index ETF (ZMP.TO) and CI 1-5 Year Laddered Government Strip Bond Index ETF (BXF.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, ZMP.TO achieves a 2.28% return, which is significantly higher than BXF.TO's 1.25% return. Both investments have delivered pretty close results over the past 10 years, with ZMP.TO having a 1.80% annualized return and BXF.TO not far ahead at 1.81%.

ZMP.TO

1D
0.07%
1M
0.63%
YTD
2.28%
6M
2.21%
1Y
4.10%
3Y*
5.19%
5Y*
1.36%
10Y*
1.80%

BXF.TO

1D
0.00%
1M
0.28%
YTD
1.25%
6M
1.15%
1Y
2.70%
3Y*
4.49%
5Y*
1.96%
10Y*
1.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZMP.TO vs. BXF.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZMP.TO
BMO Mid Provincial Bond Index ETF		2.28%4.45%4.77%5.88%-9.87%-2.98%9.57%5.72%1.45%1.09%
BXF.TO
CI 1-5 Year Laddered Government Strip Bond Index ETF		1.25%3.86%4.51%4.55%-3.73%-0.83%5.07%2.36%1.77%0.48%

Correlation

The correlation between ZMP.TO and BXF.TO is 0.54, 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

0.54

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

0.50

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

0.46

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

0.39

Correlation (All Time)
Calculated using the full available price history since Jun 11, 2013

0.36

The correlation between ZMP.TO and BXF.TO shifts across timeframes, from 0.36 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.

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BMO Mid Provincial Bond Index ETF

CI 1-5 Year Laddered Government Strip Bond Index ETF

Return for Risk

ZMP.TO vs. BXF.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZMP.TO
ZMP.TO Risk / Return Rank: 2828
Overall Rank
ZMP.TO Sharpe Ratio Rank: 2828
Sharpe Ratio Rank
ZMP.TO Sortino Ratio Rank: 2525
Sortino Ratio Rank
ZMP.TO Omega Ratio Rank: 2626
Omega Ratio Rank
ZMP.TO Calmar Ratio Rank: 3131
Calmar Ratio Rank
ZMP.TO Martin Ratio Rank: 2828
Martin Ratio Rank
BXF.TO
BXF.TO Risk / Return Rank: 3232
Overall Rank
BXF.TO Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
BXF.TO Sortino Ratio Rank: 2424
Sortino Ratio Rank
BXF.TO Omega Ratio Rank: 2727
Omega Ratio Rank
BXF.TO Calmar Ratio Rank: 4040
Calmar Ratio Rank
BXF.TO Martin Ratio Rank: 4040
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.

ZMP.TO vs. BXF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Mid Provincial Bond Index ETF (ZMP.TO) and CI 1-5 Year Laddered Government Strip Bond Index ETF (BXF.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.

ZMP.TOBXF.TODifference
Sharpe ratioReturn per unit of total volatility
0.93
0.89

+0.04

Sortino ratioReturn per unit of downside risk
1.29
1.26

+0.03

Omega ratioGain probability vs. loss probability

1.17

1.17

0.00

Calmar ratioReturn relative to maximum drawdown

1.38

1.74

-0.36

Martin ratioReturn relative to average drawdown

3.47

5.46

-2.00

ZMP.TO vs. BXF.TO - Sharpe Ratio Comparison

The current ZMP.TO Sharpe Ratio is 0.93, which is comparable to the BXF.TO Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of ZMP.TO and BXF.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

ZMP.TO vs. BXF.TO - Drawdown Comparison

The maximum ZMP.TO drawdown since its inception was -16.53%, which is greater than BXF.TO's maximum drawdown of -6.99%. Use the drawdown chart below to compare losses from any high point for ZMP.TO and BXF.TO.

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Drawdown Indicators

ZMP.TOBXF.TODifference

Max Drawdown

Largest peak-to-trough decline

-16.53%

-6.99%

-9.54%

Max Drawdown (1Y)

Largest decline over 1 year

-2.98%

-1.55%

-1.43%

Max Drawdown (3Y)

Largest decline over 3 years

-5.23%

-1.74%

-3.49%

Max Drawdown (5Y)

Largest decline over 5 years

-15.49%

-6.92%

-8.57%

Max Drawdown (10Y)

Largest decline over 10 years

-16.53%

-6.99%

-9.54%

Current Drawdown

Current decline from peak

-0.26%

-0.11%

-0.15%

Average Drawdown

Average peak-to-trough decline

-3.45%

-1.16%

-2.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.21%

0.51%

+0.70%

Volatility

ZMP.TO vs. BXF.TO - Volatility Comparison

BMO Mid Provincial Bond Index ETF (ZMP.TO) has a higher volatility of 1.14% compared to CI 1-5 Year Laddered Government Strip Bond Index ETF (BXF.TO) at 0.67%. This indicates that ZMP.TO's price experiences larger fluctuations and is considered to be riskier than BXF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZMP.TOBXF.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.14%

0.67%

+0.47%

Volatility (6M)

Calculated over the trailing 6-month period

3.50%

2.28%

+1.22%

Volatility (1Y)

Calculated over the trailing 1-year period

4.45%

3.06%

+1.39%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.60%

3.55%

+3.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.62%

3.61%

+2.01%

Dividends

ZMP.TO vs. BXF.TO - Dividend Comparison

ZMP.TO's dividend yield for the trailing twelve months is around 3.16%, more than BXF.TO's 2.97% yield.

PositionTTM20252024202320222021202020192018201720162015
BXF.TO
CI 1-5 Year Laddered Government Strip Bond Index ETF		2.97%2.91%3.29%2.58%1.58%1.38%1.67%1.75%1.55%1.17%1.19%1.24%
ZMP.TO
BMO Mid Provincial Bond Index ETF		3.16%2.93%2.92%2.97%3.05%2.67%2.52%2.69%2.71%2.93%2.93%3.21%

Frequently Asked Questions

ZMP.TO and BXF.TO have a correlation of 0.54, 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.

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