ZMP.TO vs. XTLT.TO
ZMP.TO (BMO Mid Provincial Bond Index ETF) and XTLT.TO (iShares 20+ Year U.S. Treasury Bond Index ETF) are both Government Bonds funds. Over the past 3 years, ZMP.TO returned 5.19%/yr vs -0.22%/yr for XTLT.TO. A 0.61 correlation means they provide meaningful diversification when combined.
Performance
ZMP.TO vs. XTLT.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 lower than XTLT.TO's 4.36% 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%
XTLT.TO
- 1D
- -1.38%
- 1M
- 4.20%
- YTD
- 4.36%
- 6M
- 3.78%
- 1Y
- 5.31%
- 3Y*
- -0.22%
- 5Y*
- —
- 10Y*
- —
ZMP.TO vs. XTLT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZMP.TO BMO Mid Provincial Bond Index ETF | 2.28% | 4.45% | 4.77% | 4.29% |
XTLT.TO iShares 20+ Year U.S. Treasury Bond Index ETF | 4.36% | -1.66% | -2.55% | -2.78% |
Correlation
The correlation between ZMP.TO and XTLT.TO is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2023 | 0.61 |
The correlation between ZMP.TO and XTLT.TO has been stable across timeframes, ranging from 0.61 to 0.68 - a consistent structural relationship.
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Return for Risk
ZMP.TO vs. XTLT.TO — Risk / Return Rank
ZMP.TO
XTLT.TO
ZMP.TO vs. XTLT.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 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.
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 | XTLT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.09 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 0.52 | +0.86 |
| Martin ratioReturn relative to average drawdown | 3.47 | 1.08 | +2.39 |
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Drawdowns
ZMP.TO vs. XTLT.TO - Drawdown Comparison
The maximum ZMP.TO drawdown since its inception was -16.53%, smaller than the maximum XTLT.TO drawdown of -21.04%. Use the drawdown chart below to compare losses from any high point for ZMP.TO and XTLT.TO.
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Drawdown Indicators
| ZMP.TO | XTLT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.53% | -21.04% | +4.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -10.26% | +7.28% |
Max Drawdown (3Y)Largest decline over 3 years | -5.23% | -15.58% | +10.35% |
Max Drawdown (5Y)Largest decline over 5 years | -15.49% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -16.53% | — | — |
Current DrawdownCurrent decline from peak | -0.26% | -8.09% | +7.83% |
Average DrawdownAverage peak-to-trough decline | -3.45% | -9.46% | +6.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 4.95% | -3.74% |
Volatility
ZMP.TO vs. XTLT.TO - Volatility Comparison
The current volatility for BMO Mid Provincial Bond Index ETF (ZMP.TO) is 1.14%, while iShares 20+ Year U.S. Treasury Bond Index ETF (XTLT.TO) has a volatility of 3.09%. This indicates that ZMP.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
| ZMP.TO | XTLT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 3.09% | -1.95% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 7.58% | -4.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.45% | 10.29% | -5.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.60% | 14.15% | -7.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.62% | 14.15% | -8.53% |
Dividends
ZMP.TO vs. XTLT.TO - Dividend Comparison
ZMP.TO's dividend yield for the trailing twelve months is around 3.16%, less than XTLT.TO's 5.00% 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 | 5.00% | 4.63% | 4.21% | 2.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZMP.TO BMO Mid Provincial Bond Index ETF | 3.16% | 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 XTLT.TO have a correlation of 0.62, 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 iShares.
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