ZPL.TO vs. ZTL.NEO
ZPL.TO (BMO Long 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, ZPL.TO returned -2.27%/yr vs -4.22%/yr for ZTL.NEO. A 0.67 correlation means they provide meaningful diversification when combined.
Performance
ZPL.TO vs. ZTL.NEO - 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 ZTL.NEO's 4.33% 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%
ZTL.NEO
- 1D
- -1.43%
- 1M
- 4.23%
- YTD
- 4.33%
- 6M
- 3.77%
- 1Y
- 6.63%
- 3Y*
- 0.62%
- 5Y*
- -4.22%
- 10Y*
- —
ZPL.TO vs. ZTL.NEO - 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% | 8.29% |
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 ZPL.TO and ZTL.NEO is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2017 | 0.67 |
The correlation between ZPL.TO and ZTL.NEO shifts across timeframes, from 0.55 (1 year) to 0.75 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZPL.TO vs. ZTL.NEO — Risk / Return Rank
ZPL.TO
ZTL.NEO
ZPL.TO vs. ZTL.NEO - 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 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.
| ZPL.TO | ZTL.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.13 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 0.74 | -0.09 |
| Martin ratioReturn relative to average drawdown | 1.37 | 1.60 | -0.23 |
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Drawdowns
ZPL.TO vs. ZTL.NEO - Drawdown Comparison
The maximum ZPL.TO drawdown since its inception was -33.96%, smaller than the maximum ZTL.NEO drawdown of -49.55%. Use the drawdown chart below to compare losses from any high point for ZPL.TO and ZTL.NEO.
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Drawdown Indicators
| ZPL.TO | ZTL.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.96% | -49.55% | +15.59% |
Max Drawdown (1Y)Largest decline over 1 year | -4.91% | -9.01% | +4.10% |
Max Drawdown (3Y)Largest decline over 3 years | -12.26% | -15.68% | +3.42% |
Max Drawdown (5Y)Largest decline over 5 years | -28.61% | -39.89% | +11.28% |
Max Drawdown (10Y)Largest decline over 10 years | -33.96% | — | — |
Current DrawdownCurrent decline from peak | -19.82% | -39.05% | +19.23% |
Average DrawdownAverage peak-to-trough decline | -11.14% | -23.86% | +12.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.48% | 4.17% | -1.69% |
Volatility
ZPL.TO vs. ZTL.NEO - Volatility Comparison
The current volatility for BMO Long Provincial Bond Index ETF (ZPL.TO) is 2.44%, while BMO Long-Term US Treasury Bond Index ETF (ZTL.NEO) has a volatility of 3.18%. This indicates that ZPL.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
| ZPL.TO | ZTL.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.44% | 3.18% | -0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 6.57% | 7.09% | -0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.63% | 9.77% | -1.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.98% | 16.17% | -3.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.43% | 15.80% | -4.37% |
Dividends
ZPL.TO vs. ZTL.NEO - Dividend Comparison
ZPL.TO's dividend yield for the trailing twelve months is around 3.53%, more than ZTL.NEO's 3.09% 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% |
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
ZPL.TO and ZTL.NEO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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