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ZMP.TO vs. HBIL-U.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZMP.TO vs. HBIL-U.TO

Last updated Jul 18, 2026
Documentation

ZMP.TO (BMO Mid Provincial Bond Index ETF) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both Government Bonds funds. Over the past year, ZMP.TO returned 4.78% vs 6.60% for HBIL-U.TO. At a 0.21 correlation, their price movements are largely independent.

Performance

ZMP.TO vs. HBIL-U.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZMP.TO is traded in CAD, while HBIL-U.TO is traded in USD. To make them comparable, the HBIL-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZMP.TO achieves a 1.42% return, which is significantly lower than HBIL-U.TO's 3.86% return.

ZMP.TO

1D
-0.07%
1M
-0.21%
6M
0.78%
YTD
1.42%
1Y
4.78%
3Y*
5.10%
5Y*
0.98%
10Y*
1.76%

HBIL-U.TO

1D
-0.00%
1M
0.12%
6M
2.21%
YTD
3.86%
1Y
6.60%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZMP.TO vs. HBIL-U.TO - Yearly Performance Comparison

2026 (YTD)20252024
ZMP.TO
BMO Mid Provincial Bond Index ETF		1.42%4.45%-0.52%
HBIL-U.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units		3.86%0.03%4.69%

Correlation

The correlation between ZMP.TO and HBIL-U.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.16

Correlation (All Time)
Calculated using the full available price history since Sep 16, 2024

0.21

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Mid Provincial Bond Index ETF

Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units

Often compared with ZMP.TO:
ZMP.TO vs. BXF.TOZMP.TO vs. ZPL.TOZMP.TO vs. HPYM.TOZMP.TO vs. XTLT.TOZMP.TO vs. ZFM.TOZMP.TO vs. ZFS.TOZMP.TO vs. ZPS.TO
Often compared with HBIL-U.TO:
HBIL-U.TO vs. HYLD-U.TOHBIL-U.TO vs. HTB.TOHBIL-U.TO vs. TULB.TOHBIL-U.TO vs. ZPL.TOHBIL-U.TO vs. BANK.TOHBIL-U.TO vs. HBND.TOHBIL-U.TO vs. MIX.TO

Return for Risk

ZMP.TO vs. HBIL-U.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: 3838
Overall Rank
ZMP.TO Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
ZMP.TO Sortino Ratio Rank: 3636
Sortino Ratio Rank
ZMP.TO Omega Ratio Rank: 3838
Omega Ratio Rank
ZMP.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
ZMP.TO Martin Ratio Rank: 3636
Martin Ratio Rank
HBIL-U.TO
HBIL-U.TO Risk / Return Rank: 8989
Overall Rank
HBIL-U.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
HBIL-U.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
HBIL-U.TO Omega Ratio Rank: 9393
Omega Ratio Rank
HBIL-U.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
HBIL-U.TO Martin Ratio Rank: 8989
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. HBIL-U.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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.TOHBIL-U.TODifference
Sharpe ratioReturn per unit of total volatility
1.08
1.42

-0.33

Sortino ratioReturn per unit of downside risk
1.51
2.03

-0.53

Omega ratioGain probability vs. loss probability

1.20

1.25

-0.05

Calmar ratioReturn relative to maximum drawdown

1.61

1.65

-0.04

Martin ratioReturn relative to average drawdown

4.05

4.19

-0.14

ZMP.TO vs. HBIL-U.TO - Sharpe Ratio Comparison

The current ZMP.TO Sharpe Ratio is 1.08, which is comparable to the HBIL-U.TO Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of ZMP.TO and HBIL-U.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. HBIL-U.TO - Drawdown Comparison

The maximum ZMP.TO drawdown since its inception was -16.53%, which is greater than HBIL-U.TO's maximum drawdown of -6.68%. Use the drawdown chart below to compare losses from any high point for ZMP.TO and HBIL-U.TO.

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Drawdown Indicators

ZMP.TOHBIL-U.TODifference

Max Drawdown

Largest peak-to-trough decline

-16.53%

-6.68%

-9.85%

Max Drawdown (1Y)

Largest decline over 1 year

-2.98%

-4.01%

+1.03%

Max Drawdown (3Y)

Largest decline over 3 years

-4.66%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-15.49%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-16.53%

—

—

Current Drawdown

Current decline from peak

-1.10%

-2.20%

+1.10%

Average Drawdown

Average peak-to-trough decline

-3.44%

-2.26%

-1.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.18%

1.58%

-0.40%

Volatility

ZMP.TO vs. HBIL-U.TO - Volatility Comparison

The current volatility for BMO Mid Provincial Bond Index ETF (ZMP.TO) is 1.26%, while Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) has a volatility of 1.82%. This indicates that ZMP.TO experiences smaller price fluctuations and is considered to be less risky than HBIL-U.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.TOHBIL-U.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.26%

1.82%

-0.56%

Volatility (6M)

Calculated over the trailing 6-month period

3.57%

3.60%

-0.03%

Volatility (1Y)

Calculated over the trailing 1-year period

4.43%

4.68%

-0.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.60%

5.85%

+0.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.62%

5.85%

-0.23%

Dividends

ZMP.TO vs. HBIL-U.TO - Dividend Comparison

ZMP.TO's dividend yield for the trailing twelve months is around 3.19%, less than HBIL-U.TO's 6.74% yield.

PositionTTM20252024202320222021202020192018201720162015
HBIL-U.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units		6.74%7.37%2.40%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZMP.TO
BMO Mid Provincial Bond Index ETF		3.19%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 HBIL-U.TO have a correlation of 0.16, 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 Hamilton.

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