ZPL.TO vs. ZFM.TO
ZPL.TO (BMO Long 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, ZPL.TO returned 0.48%/yr vs 0.66%/yr for ZFM.TO. A 0.77 correlation means they provide meaningful diversification when combined.
Performance
ZPL.TO vs. ZFM.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 higher than ZFM.TO's 1.97% return. Over the past 10 years, ZPL.TO has underperformed ZFM.TO with an annualized return of 0.48%, while ZFM.TO has yielded a comparatively higher 0.66% annualized 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%
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%
ZPL.TO vs. ZFM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
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 ZPL.TO and ZFM.TO is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2013 | 0.77 |
The correlation between ZPL.TO and ZFM.TO shifts across timeframes, from 0.77 (all time) to 0.90 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZPL.TO vs. ZFM.TO — Risk / Return Rank
ZPL.TO
ZFM.TO
ZPL.TO vs. ZFM.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 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.
| ZPL.TO | ZFM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.12 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 0.96 | -0.30 |
| Martin ratioReturn relative to average drawdown | 1.37 | 2.23 | -0.85 |
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Drawdowns
ZPL.TO vs. ZFM.TO - Drawdown Comparison
The maximum ZPL.TO drawdown since its inception was -33.96%, which is greater than ZFM.TO's maximum drawdown of -19.06%. Use the drawdown chart below to compare losses from any high point for ZPL.TO and ZFM.TO.
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Drawdown Indicators
| ZPL.TO | ZFM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.96% | -19.06% | -14.90% |
Max Drawdown (1Y)Largest decline over 1 year | -4.91% | -3.08% | -1.83% |
Max Drawdown (3Y)Largest decline over 3 years | -12.26% | -5.74% | -6.52% |
Max Drawdown (5Y)Largest decline over 5 years | -28.61% | -16.77% | -11.84% |
Max Drawdown (10Y)Largest decline over 10 years | -33.96% | -19.06% | -14.90% |
Current DrawdownCurrent decline from peak | -19.82% | -3.87% | -15.95% |
Average DrawdownAverage peak-to-trough decline | -11.14% | -4.51% | -6.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.48% | 1.37% | +1.11% |
Volatility
ZPL.TO vs. ZFM.TO - Volatility Comparison
BMO Long Provincial Bond Index ETF (ZPL.TO) has a higher volatility of 2.44% compared to BMO Mid Federal Bond Index ETF (ZFM.TO) at 1.34%. This indicates that ZPL.TO's price experiences larger fluctuations and is considered to be riskier 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
| ZPL.TO | ZFM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.44% | 1.34% | +1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 6.57% | 3.51% | +3.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.63% | 4.60% | +4.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.98% | 7.05% | +5.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.43% | 5.78% | +5.65% |
Dividends
ZPL.TO vs. ZFM.TO - Dividend Comparison
ZPL.TO's dividend yield for the trailing twelve months is around 3.53%, 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% |
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 ZFM.TO have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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