ZPL.TO vs. XTLT.TO
ZPL.TO (BMO Long 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, ZPL.TO returned 2.13%/yr vs -0.22%/yr for XTLT.TO. A 0.68 correlation means they provide meaningful diversification when combined.
Performance
ZPL.TO vs. XTLT.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZPL.TO achieves a 3.53% return, which is significantly lower than XTLT.TO's 4.36% return.
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%
XTLT.TO
- 1D
- -1.38%
- 1M
- 4.20%
- YTD
- 4.36%
- 6M
- 3.78%
- 1Y
- 5.31%
- 3Y*
- -0.22%
- 5Y*
- —
- 10Y*
- —
ZPL.TO vs. XTLT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZPL.TO BMO Long Provincial Bond Index ETF | 3.53% | -1.77% | 1.41% | 6.12% |
XTLT.TO iShares 20+ Year U.S. Treasury Bond Index ETF | 4.36% | -1.66% | -2.55% | -2.78% |
Correlation
The correlation between ZPL.TO and XTLT.TO is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2023 | 0.68 |
The correlation between ZPL.TO and XTLT.TO has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.
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Return for Risk
ZPL.TO vs. XTLT.TO — Risk / Return Rank
ZPL.TO
XTLT.TO
ZPL.TO vs. XTLT.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 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.
| ZPL.TO | XTLT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.09 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 0.52 | +0.14 |
| Martin ratioReturn relative to average drawdown | 1.37 | 1.08 | +0.29 |
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Drawdowns
ZPL.TO vs. XTLT.TO - Drawdown Comparison
The maximum ZPL.TO drawdown since its inception was -33.96%, which is greater than XTLT.TO's maximum drawdown of -21.04%. Use the drawdown chart below to compare losses from any high point for ZPL.TO and XTLT.TO.
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Drawdown Indicators
| ZPL.TO | XTLT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.96% | -21.04% | -12.92% |
Max Drawdown (1Y)Largest decline over 1 year | -4.91% | -10.26% | +5.35% |
Max Drawdown (3Y)Largest decline over 3 years | -12.26% | -15.58% | +3.32% |
Max Drawdown (5Y)Largest decline over 5 years | -28.61% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.96% | — | — |
Current DrawdownCurrent decline from peak | -19.82% | -8.09% | -11.73% |
Average DrawdownAverage peak-to-trough decline | -11.14% | -9.46% | -1.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.48% | 4.95% | -2.47% |
Volatility
ZPL.TO vs. XTLT.TO - Volatility Comparison
The current volatility for BMO Long Provincial Bond Index ETF (ZPL.TO) is 2.44%, while iShares 20+ Year U.S. Treasury Bond Index ETF (XTLT.TO) has a volatility of 3.09%. This indicates that ZPL.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
| ZPL.TO | XTLT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.44% | 3.09% | -0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 6.57% | 7.58% | -1.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.63% | 10.29% | -1.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.98% | 14.15% | -1.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.43% | 14.15% | -2.72% |
Dividends
ZPL.TO vs. XTLT.TO - Dividend Comparison
ZPL.TO's dividend yield for the trailing twelve months is around 3.53%, 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% |
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
ZPL.TO and XTLT.TO have a correlation of 0.71, 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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