ZMP.TO vs. FGO.TO
ZMP.TO (BMO Mid Provincial Bond Index ETF) and FGO.TO (CI Enhanced Government Bond ETF) are both Government Bonds funds. Over the past 5 years, ZMP.TO returned 1.36%/yr vs 0.29%/yr for FGO.TO. A 0.70 correlation means they provide meaningful diversification when combined.
Performance
ZMP.TO vs. FGO.TO - Performance Comparison
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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 FGO.TO's 1.63% return.
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%
FGO.TO
- 1D
- -0.20%
- 1M
- 0.38%
- YTD
- 1.63%
- 6M
- 1.42%
- 1Y
- 2.14%
- 3Y*
- 3.04%
- 5Y*
- 0.29%
- 10Y*
- —
ZMP.TO vs. FGO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZMP.TO BMO Mid Provincial Bond Index ETF | 2.28% | 4.45% | 4.77% | 5.88% | -9.87% | -2.98% | 9.57% | 5.72% | 2.39% |
FGO.TO CI Enhanced Government Bond ETF | 1.63% | 3.02% | 1.37% | 4.36% | -8.78% | -1.53% | 6.75% | 6.35% | 0.75% |
Correlation
The correlation between ZMP.TO and FGO.TO is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Aug 2, 2018 | 0.70 |
The correlation between ZMP.TO and FGO.TO has been stable across timeframes, ranging from 0.70 to 0.79 - a consistent structural relationship.
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Return for Risk
ZMP.TO vs. FGO.TO — Risk / Return Rank
ZMP.TO
FGO.TO
ZMP.TO vs. FGO.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 Enhanced Government Bond ETF (FGO.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.TO | FGO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.09 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 0.76 | +0.62 |
| Martin ratioReturn relative to average drawdown | 3.47 | 1.72 | +1.74 |
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Drawdowns
ZMP.TO vs. FGO.TO - Drawdown Comparison
The maximum ZMP.TO drawdown since its inception was -16.53%, which is greater than FGO.TO's maximum drawdown of -14.83%. Use the drawdown chart below to compare losses from any high point for ZMP.TO and FGO.TO.
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Drawdown Indicators
| ZMP.TO | FGO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.53% | -14.83% | -1.70% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -2.82% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -5.23% | -6.12% | +0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -15.49% | -13.26% | -2.23% |
Max Drawdown (10Y)Largest decline over 10 years | -16.53% | — | — |
Current DrawdownCurrent decline from peak | -0.26% | -1.54% | +1.28% |
Average DrawdownAverage peak-to-trough decline | -3.45% | -4.66% | +1.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.30% | -0.09% |
Volatility
ZMP.TO vs. FGO.TO - Volatility Comparison
BMO Mid Provincial Bond Index ETF (ZMP.TO) has a higher volatility of 1.14% compared to CI Enhanced Government Bond ETF (FGO.TO) at 1.05%. This indicates that ZMP.TO's price experiences larger fluctuations and is considered to be riskier than FGO.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.TO | FGO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.05% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 3.11% | +0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.45% | 4.42% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.60% | 6.12% | +0.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.62% | 5.81% | -0.19% |
Dividends
ZMP.TO vs. FGO.TO - Dividend Comparison
ZMP.TO's dividend yield for the trailing twelve months is around 3.16%, more than FGO.TO's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGO.TO CI Enhanced Government Bond ETF | 2.42% | 2.80% | 3.10% | 2.33% | 1.46% | 0.62% | 0.68% | 0.92% | 0.15% | 0.00% | 0.00% | 0.00% |
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 FGO.TO have a correlation of 0.75, 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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