ZMP.TO vs. ZPL.TO

Last updated Jul 1, 2026

ZMP.TO (BMO Mid Provincial Bond Index ETF) and ZPL.TO (BMO Long Provincial Bond Index ETF) are both Government Bonds funds from BMO. Over the past 10 years, ZMP.TO returned 1.80%/yr vs 0.48%/yr for ZPL.TO. A 0.76 correlation means they provide meaningful diversification when combined.

Performance

ZMP.TO vs. ZPL.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 BMO Long Provincial Bond Index ETF (ZPL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZMP.TO achieves a 2.28% return, which is significantly lower than ZPL.TO's 3.53% return. Over the past 10 years, ZMP.TO has outperformed ZPL.TO with an annualized return of 1.80%, while ZPL.TO has yielded a comparatively lower 0.48% 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%

ZPL.TO

• 1D: 0.08%
• 1M: 0.46%
• YTD: 3.53%
• 6M: 3.10%
• 1Y: 3.20%
• 3Y*: 2.13%
• 5Y*: -2.27%
• 10Y*: 0.48%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZMP.TO vs. ZPL.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%
ZPL.TO BMO Long Provincial Bond Index ETF	3.53%	-1.77%	1.41%	8.19%	-22.32%	-4.72%	11.32%	13.74%	-1.69%	7.97%

Correlation

The correlation between ZMP.TO and ZPL.TO is 0.86, 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	0.86
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Mar 27, 2013	0.76

The correlation between ZMP.TO and ZPL.TO shifts across timeframes, from 0.76 (all time) to 0.88 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ZMP.TO vs. ZPL.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: 28
ZMP.TO Sharpe Ratio Rank: 28
ZMP.TO Sortino Ratio Rank: 25
ZMP.TO Omega Ratio Rank: 26
ZMP.TO Calmar Ratio Rank: 31
ZMP.TO Martin Ratio Rank: 28

ZPL.TO

ZPL.TO Risk / Return Rank: 15
ZPL.TO Sharpe Ratio Rank: 15
ZPL.TO Sortino Ratio Rank: 13
ZPL.TO Omega Ratio Rank: 13
ZPL.TO Calmar Ratio Rank: 18
ZPL.TO Martin Ratio Rank: 16

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. ZPL.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 Long Provincial Bond Index ETF (ZPL.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	ZPL.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.93	0.38	+0.55
Sortino ratio: Return per unit of downside risk	1.29	0.57	+0.72
Omega ratio: Gain probability vs. loss probability	1.17	1.07	+0.10
Calmar ratio: Return relative to maximum drawdown	1.38	0.65	+0.73
Martin ratio: Return relative to average drawdown	3.47	1.37	+2.09

ZMP.TO vs. ZPL.TO - Sharpe Ratio Comparison

The current ZMP.TO Sharpe Ratio is 0.93, which is higher than the ZPL.TO Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of ZMP.TO and ZPL.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.

Drawdowns

ZMP.TO vs. ZPL.TO - Drawdown Comparison

The maximum ZMP.TO drawdown since its inception was -16.53%, smaller than the maximum ZPL.TO drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for ZMP.TO and ZPL.TO.

Drawdown Indicators

	ZMP.TO	ZPL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-16.53%	-33.96%	+17.43%
Max Drawdown (1Y) Largest decline over 1 year	-2.98%	-4.91%	+1.93%
Max Drawdown (3Y) Largest decline over 3 years	-5.23%	-12.26%	+7.03%
Max Drawdown (5Y) Largest decline over 5 years	-15.49%	-28.61%	+13.12%
Max Drawdown (10Y) Largest decline over 10 years	-16.53%	-33.96%	+17.43%
Current Drawdown Current decline from peak	-0.26%	-19.82%	+19.56%
Average Drawdown Average peak-to-trough decline	-3.45%	-11.14%	+7.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	2.48%	-1.27%

Volatility

ZMP.TO vs. ZPL.TO - Volatility Comparison

The current volatility for BMO Mid Provincial Bond Index ETF (ZMP.TO) is 1.14%, while BMO Long Provincial Bond Index ETF (ZPL.TO) has a volatility of 2.44%. This indicates that ZMP.TO experiences smaller price fluctuations and is considered to be less risky than ZPL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZMP.TO	ZPL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	2.44%	-1.30%
Volatility (6M) Calculated over the trailing 6-month period	3.50%	6.57%	-3.07%
Volatility (1Y) Calculated over the trailing 1-year period	4.45%	8.63%	-4.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.60%	12.98%	-6.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.62%	11.43%	-5.81%

Dividends

ZMP.TO vs. ZPL.TO - Dividend Comparison

ZMP.TO's dividend yield for the trailing twelve months is around 3.16%, less than ZPL.TO's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ZPL.TO BMO Long Provincial Bond Index ETF	3.53%	3.84%	3.88%	4.16%	4.31%	3.22%	2.97%	3.20%	3.44%	3.28%	3.59%	3.60%

Frequently Asked Questions

Can I hold both ZMP.TO and ZPL.TO in my portfolio?

ZMP.TO and ZPL.TO have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.