ZMP.TO vs. ZTL.NEO
ZMP.TO (BMO Mid Provincial Bond Index ETF) and ZTL.NEO (BMO Long-Term US Treasury Bond Index ETF) are both Government Bonds funds from BMO. Over the past 5 years, ZMP.TO returned 1.36%/yr vs -4.22%/yr for ZTL.NEO. A 0.63 correlation means they provide meaningful diversification when combined.
Performance
ZMP.TO vs. ZTL.NEO - 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 ZTL.NEO's 4.33% 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%
ZTL.NEO
- 1D
- -1.43%
- 1M
- 4.23%
- YTD
- 4.33%
- 6M
- 3.77%
- 1Y
- 6.63%
- 3Y*
- 0.62%
- 5Y*
- -4.22%
- 10Y*
- —
ZMP.TO vs. ZTL.NEO - 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% | 0.58% |
ZTL.NEO BMO Long-Term US Treasury Bond Index ETF | 4.33% | -0.43% | -0.21% | 0.46% | -26.25% | -5.72% | 14.95% | 8.69% | 6.67% | 2.82% |
Correlation
The correlation between ZMP.TO and ZTL.NEO is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2017 | 0.63 |
The correlation between ZMP.TO and ZTL.NEO shifts across timeframes, from 0.53 (1 year) to 0.69 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZMP.TO vs. ZTL.NEO — Risk / Return Rank
ZMP.TO
ZTL.NEO
ZMP.TO vs. ZTL.NEO - 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-Term US Treasury Bond Index ETF (ZTL.NEO). 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 | ZTL.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.13 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.38 | 0.74 | +0.64 |
| Martin ratioReturn relative to average drawdown | 3.47 | 1.60 | +1.86 |
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Drawdowns
ZMP.TO vs. ZTL.NEO - Drawdown Comparison
The maximum ZMP.TO drawdown since its inception was -16.53%, smaller than the maximum ZTL.NEO drawdown of -49.55%. Use the drawdown chart below to compare losses from any high point for ZMP.TO and ZTL.NEO.
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Drawdown Indicators
| ZMP.TO | ZTL.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.53% | -49.55% | +33.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -9.01% | +6.03% |
Max Drawdown (3Y)Largest decline over 3 years | -5.23% | -15.68% | +10.45% |
Max Drawdown (5Y)Largest decline over 5 years | -15.49% | -39.89% | +24.40% |
Max Drawdown (10Y)Largest decline over 10 years | -16.53% | — | — |
Current DrawdownCurrent decline from peak | -0.26% | -39.05% | +38.79% |
Average DrawdownAverage peak-to-trough decline | -3.45% | -23.86% | +20.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 4.17% | -2.96% |
Volatility
ZMP.TO vs. ZTL.NEO - Volatility Comparison
The current volatility for BMO Mid Provincial Bond Index ETF (ZMP.TO) is 1.14%, while BMO Long-Term US Treasury Bond Index ETF (ZTL.NEO) has a volatility of 3.18%. This indicates that ZMP.TO experiences smaller price fluctuations and is considered to be less risky than ZTL.NEO 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 | ZTL.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 3.18% | -2.04% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 7.09% | -3.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.45% | 9.77% | -5.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.60% | 16.17% | -9.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.62% | 15.80% | -10.18% |
Dividends
ZMP.TO vs. ZTL.NEO - Dividend Comparison
ZMP.TO's dividend yield for the trailing twelve months is around 3.16%, more than ZTL.NEO's 3.09% 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% |
ZTL.NEO BMO Long-Term US Treasury Bond Index ETF | 3.09% | 3.15% | 3.07% | 3.55% | 3.44% | 2.46% | 2.26% | 2.55% | 2.75% | 2.82% | 0.00% | 0.00% |
Frequently Asked Questions
ZMP.TO and ZTL.NEO have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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