ZPS.TO vs. FGO.TO
ZPS.TO (BMO Short Provincial Bond Index ETF) and FGO.TO (CI Enhanced Government Bond ETF) are both Government Bonds funds. Over the past 5 years, ZPS.TO returned 1.78%/yr vs 0.29%/yr for FGO.TO. A 0.55 correlation means they provide meaningful diversification when combined.
Performance
ZPS.TO vs. FGO.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZPS.TO achieves a 1.22% return, which is significantly lower than FGO.TO's 1.63% return.
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%
FGO.TO
- 1D
- -0.20%
- 1M
- 0.38%
- YTD
- 1.63%
- 6M
- 1.42%
- 1Y
- 2.14%
- 3Y*
- 3.04%
- 5Y*
- 0.29%
- 10Y*
- —
ZPS.TO vs. FGO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZPS.TO BMO Short Provincial Bond Index ETF | 1.22% | 3.52% | 5.14% | 4.18% | -4.26% | -1.47% | 5.25% | 2.82% | 1.37% |
FGO.TO CI Enhanced Government Bond ETF | 1.63% | 3.02% | 1.37% | 4.36% | -8.78% | -1.53% | 6.75% | 6.35% | 0.75% |
Correlation
The correlation between ZPS.TO and FGO.TO is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Aug 2, 2018 | 0.55 |
The correlation between ZPS.TO and FGO.TO has been stable across timeframes, ranging from 0.55 to 0.65 - a consistent structural relationship.
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Return for Risk
ZPS.TO vs. FGO.TO — Risk / Return Rank
ZPS.TO
FGO.TO
ZPS.TO vs. FGO.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Short Provincial Bond Index ETF (ZPS.TO) and CI Enhanced Government Bond ETF (FGO.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.
| ZPS.TO | FGO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.09 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 0.76 | +1.12 |
| Martin ratioReturn relative to average drawdown | 5.70 | 1.72 | +3.98 |
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Drawdowns
ZPS.TO vs. FGO.TO - Drawdown Comparison
The maximum ZPS.TO drawdown since its inception was -7.31%, smaller than the maximum FGO.TO drawdown of -14.83%. Use the drawdown chart below to compare losses from any high point for ZPS.TO and FGO.TO.
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Drawdown Indicators
| ZPS.TO | FGO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.31% | -14.83% | +7.52% |
Max Drawdown (1Y)Largest decline over 1 year | -1.44% | -2.82% | +1.38% |
Max Drawdown (3Y)Largest decline over 3 years | -1.44% | -6.12% | +4.68% |
Max Drawdown (5Y)Largest decline over 5 years | -7.15% | -13.26% | +6.11% |
Max Drawdown (10Y)Largest decline over 10 years | -7.31% | — | — |
Current DrawdownCurrent decline from peak | -0.08% | -1.54% | +1.46% |
Average DrawdownAverage peak-to-trough decline | -1.05% | -4.66% | +3.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 1.30% | -0.82% |
Volatility
ZPS.TO vs. FGO.TO - Volatility Comparison
The current volatility for BMO Short Provincial Bond Index ETF (ZPS.TO) is 0.61%, while CI Enhanced Government Bond ETF (FGO.TO) has a volatility of 1.05%. This indicates that ZPS.TO experiences smaller price fluctuations and is considered to be less risky than FGO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPS.TO | FGO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 1.05% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 1.79% | 3.11% | -1.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.30% | 4.42% | -2.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.96% | 6.12% | -3.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.55% | 5.81% | -3.26% |
Dividends
ZPS.TO vs. FGO.TO - Dividend Comparison
ZPS.TO's dividend yield for the trailing twelve months is around 2.67%, more than FGO.TO's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FGO.TO CI Enhanced Government Bond ETF | 2.42% | 2.80% | 3.10% | 2.33% | 1.46% | 0.62% | 0.68% | 0.92% | 0.15% | 0.00% | 0.00% | 0.00% |
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
ZPS.TO and FGO.TO have a correlation of 0.61, 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 CI.
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