ZMP.TO vs. TULB.TO
ZMP.TO (BMO Mid Provincial Bond Index ETF) and TULB.TO (TD U.S. Long Term Treasury Bond ETF) are both Government Bonds funds. Over the past 5 years, ZMP.TO returned 0.98%/yr vs -4.38%/yr for TULB.TO. At a 0.48 correlation, their price movements are largely independent.
Performance
ZMP.TO vs. TULB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZMP.TO achieves a 1.42% return, which is significantly higher than TULB.TO's 1.16% 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%
TULB.TO
- 1D
- 0.63%
- 1M
- -2.20%
- 6M
- -1.00%
- YTD
- 1.16%
- 1Y
- 5.52%
- 3Y*
- 0.30%
- 5Y*
- -4.38%
- 10Y*
- —
ZMP.TO vs. TULB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZMP.TO BMO Mid Provincial Bond Index ETF | 1.42% | 4.45% | 4.77% | 5.88% | -9.87% | -2.98% | 9.57% | -0.82% |
TULB.TO TD U.S. Long Term Treasury Bond ETF | 1.16% | 0.01% | -0.66% | 0.23% | -20.71% | -5.23% | 10.77% | -2.51% |
Correlation
The correlation between ZMP.TO and TULB.TO is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2019 | 0.48 |
The correlation between ZMP.TO and TULB.TO shifts across timeframes, from 0.48 (all time) to 0.59 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZMP.TO vs. TULB.TO — Risk / Return Rank
ZMP.TO
TULB.TO
ZMP.TO vs. TULB.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 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.
| ZMP.TO | TULB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.11 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 0.65 | +0.96 |
| Martin ratioReturn relative to average drawdown | 4.05 | 1.38 | +2.67 |
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Drawdowns
ZMP.TO vs. TULB.TO - Drawdown Comparison
The maximum ZMP.TO drawdown since its inception was -16.53%, smaller than the maximum TULB.TO drawdown of -44.56%. Use the drawdown chart below to compare losses from any high point for ZMP.TO and TULB.TO.
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Drawdown Indicators
| ZMP.TO | TULB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.53% | -44.56% | +28.03% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -8.51% | +5.53% |
Max Drawdown (3Y)Largest decline over 3 years | -4.66% | -13.17% | +8.51% |
Max Drawdown (5Y)Largest decline over 5 years | -15.49% | -34.06% | +18.57% |
Max Drawdown (10Y)Largest decline over 10 years | -16.53% | — | — |
Current DrawdownCurrent decline from peak | -1.10% | -36.00% | +34.90% |
Average DrawdownAverage peak-to-trough decline | -3.44% | -30.45% | +27.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.18% | 4.02% | -2.84% |
Volatility
ZMP.TO vs. TULB.TO - Volatility Comparison
The current volatility for BMO Mid Provincial Bond Index ETF (ZMP.TO) is 1.26%, while TD U.S. Long Term Treasury Bond ETF (TULB.TO) has a volatility of 2.75%. This indicates that ZMP.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
| ZMP.TO | TULB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 2.75% | -1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 3.57% | 7.06% | -3.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.43% | 9.39% | -4.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.60% | 16.00% | -9.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.62% | 16.76% | -11.14% |
Dividends
ZMP.TO vs. TULB.TO - Dividend Comparison
ZMP.TO's dividend yield for the trailing twelve months is around 3.19%, less than TULB.TO's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TULB.TO TD U.S. Long Term Treasury Bond ETF | 4.62% | 4.54% | 1.99% | 3.37% | 1.04% | 0.21% | 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 TULB.TO have a correlation of 0.51, 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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