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ZPL.TO vs. HBIL-U.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZPL.TO vs. HBIL-U.TO

Last updated Jul 18, 2026
Documentation

ZPL.TO (BMO Long Provincial Bond Index ETF) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both Government Bonds funds. Over the past year, ZPL.TO returned 4.95% vs 6.60% for HBIL-U.TO. At a 0.22 correlation, their price movements are largely independent.

Performance

ZPL.TO vs. HBIL-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Long Provincial Bond Index ETF (ZPL.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZPL.TO is traded in CAD, while HBIL-U.TO is traded in USD. To make them comparable, the HBIL-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZPL.TO achieves a 1.06% return, which is significantly lower than HBIL-U.TO's 3.86% return.

ZPL.TO

1D
-0.34%
1M
-1.93%
6M
-0.19%
YTD
1.06%
1Y
4.95%
3Y*
2.14%
5Y*
-2.95%
10Y*
0.20%

HBIL-U.TO

1D
-0.00%
1M
0.12%
6M
2.21%
YTD
3.86%
1Y
6.60%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZPL.TO vs. HBIL-U.TO - Yearly Performance Comparison

2026 (YTD)20252024
ZPL.TO
BMO Long Provincial Bond Index ETF		1.06%-1.77%-0.91%
HBIL-U.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units		3.86%0.03%4.69%

Correlation

The correlation between ZPL.TO and HBIL-U.TO is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.22

Correlation (All Time)
Calculated using the full available price history since Sep 16, 2024

0.22

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Long Provincial Bond Index ETF

Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units

Often compared with ZPL.TO:
ZPL.TO vs. ZFM.TOZPL.TO vs. BXF.TOZPL.TO vs. ZMP.TOZPL.TO vs. FGO.TOZPL.TO vs. ZFS.TOZPL.TO vs. ZPS.TOZPL.TO vs. XTLH.TO
Often compared with HBIL-U.TO:
HBIL-U.TO vs. HYLD-U.TOHBIL-U.TO vs. HTB.TOHBIL-U.TO vs. TULB.TOHBIL-U.TO vs. BANK.TOHBIL-U.TO vs. HBND.TOHBIL-U.TO vs. MIX.TOHBIL-U.TO vs. UMAX.TO

Return for Risk

ZPL.TO vs. HBIL-U.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZPL.TO
ZPL.TO Risk / Return Rank: 2323
Overall Rank
ZPL.TO Sharpe Ratio Rank: 2323
Sharpe Ratio Rank
ZPL.TO Sortino Ratio Rank: 2121
Sortino Ratio Rank
ZPL.TO Omega Ratio Rank: 2020
Omega Ratio Rank
ZPL.TO Calmar Ratio Rank: 2828
Calmar Ratio Rank
ZPL.TO Martin Ratio Rank: 2424
Martin Ratio Rank
HBIL-U.TO
HBIL-U.TO Risk / Return Rank: 8989
Overall Rank
HBIL-U.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
HBIL-U.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
HBIL-U.TO Omega Ratio Rank: 9393
Omega Ratio Rank
HBIL-U.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
HBIL-U.TO Martin Ratio Rank: 8989
Martin Ratio Rank
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.

ZPL.TO vs. HBIL-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Long Provincial Bond Index ETF (ZPL.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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.

ZPL.TOHBIL-U.TODifference
Sharpe ratioReturn per unit of total volatility
0.60
1.42

-0.82

Sortino ratioReturn per unit of downside risk
0.88
2.03

-1.15

Omega ratioGain probability vs. loss probability

1.11

1.25

-0.14

Calmar ratioReturn relative to maximum drawdown

1.03

1.65

-0.62

Martin ratioReturn relative to average drawdown

2.25

4.19

-1.94

ZPL.TO vs. HBIL-U.TO - Sharpe Ratio Comparison

The current ZPL.TO Sharpe Ratio is 0.60, which is lower than the HBIL-U.TO Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of ZPL.TO and HBIL-U.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.

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Drawdowns

ZPL.TO vs. HBIL-U.TO - Drawdown Comparison

The maximum ZPL.TO drawdown since its inception was -33.96%, which is greater than HBIL-U.TO's maximum drawdown of -6.68%. Use the drawdown chart below to compare losses from any high point for ZPL.TO and HBIL-U.TO.

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Drawdown Indicators

ZPL.TOHBIL-U.TODifference

Max Drawdown

Largest peak-to-trough decline

-33.96%

-6.68%

-27.28%

Max Drawdown (1Y)

Largest decline over 1 year

-4.91%

-4.01%

-0.90%

Max Drawdown (3Y)

Largest decline over 3 years

-10.87%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-28.61%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-33.96%

—

—

Current Drawdown

Current decline from peak

-21.73%

-2.20%

-19.53%

Average Drawdown

Average peak-to-trough decline

-11.18%

-2.26%

-8.92%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.24%

1.58%

+0.66%

Volatility

ZPL.TO vs. HBIL-U.TO - Volatility Comparison

BMO Long Provincial Bond Index ETF (ZPL.TO) has a higher volatility of 2.31% compared to Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) at 1.82%. This indicates that ZPL.TO's price experiences larger fluctuations and is considered to be riskier than HBIL-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZPL.TOHBIL-U.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.31%

1.82%

+0.49%

Volatility (6M)

Calculated over the trailing 6-month period

6.64%

3.60%

+3.04%

Volatility (1Y)

Calculated over the trailing 1-year period

8.44%

4.68%

+3.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.99%

5.85%

+7.14%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

11.43%

5.85%

+5.58%

Dividends

ZPL.TO vs. HBIL-U.TO - Dividend Comparison

ZPL.TO's dividend yield for the trailing twelve months is around 3.62%, less than HBIL-U.TO's 6.74% yield.

PositionTTM20252024202320222021202020192018201720162015
HBIL-U.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units		6.74%7.37%2.40%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZPL.TO
BMO Long Provincial Bond Index ETF		3.62%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

ZPL.TO and HBIL-U.TO have a correlation of 0.22, 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 Hamilton.

Portfolio Optimizer

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