ZMP.TO vs. ZFM.TO
ZMP.TO (BMO Mid Provincial Bond Index ETF) and ZFM.TO (BMO Mid Federal Bond Index ETF) are both Government Bonds funds from BMO. Over the past 10 years, ZMP.TO returned 1.80%/yr vs 0.66%/yr for ZFM.TO. Their correlation of 0.82 suggests significant overlap in exposure.
Performance
ZMP.TO vs. ZFM.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 ZFM.TO's 1.97% return. Over the past 10 years, ZMP.TO has outperformed ZFM.TO with an annualized return of 1.80%, while ZFM.TO has yielded a comparatively lower 0.66% annualized 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%
ZFM.TO
- 1D
- -0.13%
- 1M
- 0.70%
- YTD
- 1.97%
- 6M
- 1.83%
- 1Y
- 2.94%
- 3Y*
- 3.84%
- 5Y*
- 0.19%
- 10Y*
- 0.66%
ZMP.TO vs. ZFM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZFM.TO BMO Mid Federal Bond Index ETF | 1.97% | 2.87% | 3.06% | 4.83% | -11.10% | -3.87% | 9.29% | 3.40% | 2.20% | -0.63% |
Correlation
The correlation between ZMP.TO and ZFM.TO is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.86 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2013 | 0.82 |
The correlation between ZMP.TO and ZFM.TO has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.
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Return for Risk
ZMP.TO vs. ZFM.TO — Risk / Return Rank
ZMP.TO
ZFM.TO
ZMP.TO vs. ZFM.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 BMO Mid Federal Bond Index ETF (ZFM.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 | ZFM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.12 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 0.96 | +0.42 |
| Martin ratioReturn relative to average drawdown | 3.47 | 2.23 | +1.24 |
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Drawdowns
ZMP.TO vs. ZFM.TO - Drawdown Comparison
The maximum ZMP.TO drawdown since its inception was -16.53%, smaller than the maximum ZFM.TO drawdown of -19.06%. Use the drawdown chart below to compare losses from any high point for ZMP.TO and ZFM.TO.
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Drawdown Indicators
| ZMP.TO | ZFM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.53% | -19.06% | +2.53% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -3.08% | +0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -5.23% | -5.74% | +0.51% |
Max Drawdown (5Y)Largest decline over 5 years | -15.49% | -16.77% | +1.28% |
Max Drawdown (10Y)Largest decline over 10 years | -16.53% | -19.06% | +2.53% |
Current DrawdownCurrent decline from peak | -0.26% | -3.87% | +3.61% |
Average DrawdownAverage peak-to-trough decline | -3.45% | -4.51% | +1.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 1.37% | -0.16% |
Volatility
ZMP.TO vs. ZFM.TO - Volatility Comparison
The current volatility for BMO Mid Provincial Bond Index ETF (ZMP.TO) is 1.14%, while BMO Mid Federal Bond Index ETF (ZFM.TO) has a volatility of 1.34%. This indicates that ZMP.TO experiences smaller price fluctuations and is considered to be less risky than ZFM.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 | ZFM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.34% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 3.51% | -0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.45% | 4.60% | -0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.60% | 7.05% | -0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.62% | 5.78% | -0.16% |
Dividends
ZMP.TO vs. ZFM.TO - Dividend Comparison
ZMP.TO's dividend yield for the trailing twelve months is around 3.16%, more than ZFM.TO's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZFM.TO BMO Mid Federal Bond Index ETF | 2.55% | 2.37% | 2.29% | 2.30% | 2.36% | 2.05% | 2.04% | 2.14% | 2.02% | 2.05% | 2.23% | 2.41% |
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 ZFM.TO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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