ZPL.TO vs. ZPS.TO

Last updated Jul 1, 2026

ZPL.TO (BMO Long Provincial Bond Index ETF) and ZPS.TO (BMO Short Provincial Bond Index ETF) are both Government Bonds funds from BMO. Over the past 10 years, ZPL.TO returned 0.48%/yr vs 1.70%/yr for ZPS.TO. A 0.54 correlation means they provide meaningful diversification when combined.

Performance

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

Returns By Period

In the year-to-date period, ZPL.TO achieves a 3.53% return, which is significantly higher than ZPS.TO's 1.22% return. Over the past 10 years, ZPL.TO has underperformed ZPS.TO with an annualized return of 0.48%, while ZPS.TO has yielded a comparatively higher 1.70% 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%

ZPS.TO

• 1D: -0.08%
• 1M: 0.37%
• YTD: 1.22%
• 6M: 1.22%
• 1Y: 2.70%
• 3Y*: 4.59%
• 5Y*: 1.78%
• 10Y*: 1.70%

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

ZPL.TO vs. ZPS.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%
ZPS.TO BMO Short Provincial Bond Index ETF	1.22%	3.52%	5.14%	4.18%	-4.26%	-1.47%	5.25%	2.82%	1.45%	0.11%

Correlation

The correlation between ZPL.TO and ZPS.TO is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Mar 27, 2013	0.54

The correlation between ZPL.TO and ZPS.TO shifts across timeframes, from 0.54 (all time) to 0.68 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ZPL.TO vs. ZPS.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: 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

ZPS.TO

ZPS.TO Risk / Return Rank: 39
ZPS.TO Sharpe Ratio Rank: 37
ZPS.TO Sortino Ratio Rank: 35
ZPS.TO Omega Ratio Rank: 37
ZPS.TO Calmar Ratio Rank: 43
ZPS.TO Martin Ratio Rank: 41

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. ZPS.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 Short Provincial Bond Index ETF (ZPS.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	ZPS.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.38	1.18	-0.80
Sortino ratio: Return per unit of downside risk	0.57	1.66	-1.09
Omega ratio: Gain probability vs. loss probability	1.07	1.22	-0.15
Calmar ratio: Return relative to maximum drawdown	0.65	1.88	-1.23
Martin ratio: Return relative to average drawdown	1.37	5.70	-4.33

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

The current ZPL.TO Sharpe Ratio is 0.38, which is lower than the ZPS.TO Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of ZPL.TO and ZPS.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

ZPL.TO vs. ZPS.TO - Drawdown Comparison

The maximum ZPL.TO drawdown since its inception was -33.96%, which is greater than ZPS.TO's maximum drawdown of -7.31%. Use the drawdown chart below to compare losses from any high point for ZPL.TO and ZPS.TO.

Drawdown Indicators

	ZPL.TO	ZPS.TO	Difference
Max Drawdown Largest peak-to-trough decline	-33.96%	-7.31%	-26.65%
Max Drawdown (1Y) Largest decline over 1 year	-4.91%	-1.44%	-3.47%
Max Drawdown (3Y) Largest decline over 3 years	-12.26%	-1.44%	-10.82%
Max Drawdown (5Y) Largest decline over 5 years	-28.61%	-7.15%	-21.46%
Max Drawdown (10Y) Largest decline over 10 years	-33.96%	-7.31%	-26.65%
Current Drawdown Current decline from peak	-19.82%	-0.08%	-19.74%
Average Drawdown Average peak-to-trough decline	-11.14%	-1.05%	-10.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.48%	0.48%	+2.00%

Volatility

ZPL.TO vs. ZPS.TO - Volatility Comparison

BMO Long Provincial Bond Index ETF (ZPL.TO) has a higher volatility of 2.44% compared to BMO Short Provincial Bond Index ETF (ZPS.TO) at 0.61%. This indicates that ZPL.TO's price experiences larger fluctuations and is considered to be riskier than ZPS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZPL.TO	ZPS.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.44%	0.61%	+1.83%
Volatility (6M) Calculated over the trailing 6-month period	6.57%	1.79%	+4.78%
Volatility (1Y) Calculated over the trailing 1-year period	8.63%	2.30%	+6.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.98%	2.96%	+10.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.43%	2.55%	+8.88%

Dividends

ZPL.TO vs. ZPS.TO - Dividend Comparison

ZPL.TO's dividend yield for the trailing twelve months is around 3.53%, more than ZPS.TO's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ZPS.TO BMO Short Provincial Bond Index ETF	2.67%	2.90%	2.92%	2.98%	3.13%	2.98%	3.02%	3.28%	3.10%	3.16%	3.37%	3.04%

Frequently Asked Questions

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

ZPL.TO and ZPS.TO have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.