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ZPS.TO vs. HBIL-U.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZPS.TO vs. HBIL-U.TO

Last updated Jul 18, 2026
Documentation

ZPS.TO (BMO Short Provincial Bond Index ETF) and HBIL-U.TO (Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units) are both Government Bonds funds. Over the past year, ZPS.TO returned 2.95% vs 6.60% for HBIL-U.TO. At a 0.21 correlation, their price movements are largely independent.

Performance

ZPS.TO vs. HBIL-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Short Provincial Bond Index ETF (ZPS.TO) and Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZPS.TO is traded in CAD, while HBIL-U.TO is traded in USD. To make them comparable, the HBIL-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZPS.TO achieves a 0.98% return, which is significantly lower than HBIL-U.TO's 3.86% return.

ZPS.TO

1D
-0.08%
1M
0.13%
6M
0.66%
YTD
0.98%
1Y
2.95%
3Y*
4.36%
5Y*
1.66%
10Y*
1.71%

HBIL-U.TO

1D
-0.00%
1M
0.12%
6M
2.21%
YTD
3.86%
1Y
6.60%
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZPS.TO vs. HBIL-U.TO - Yearly Performance Comparison

2026 (YTD)20252024
ZPS.TO
BMO Short Provincial Bond Index ETF		0.98%3.52%0.57%
HBIL-U.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units		3.86%0.03%4.69%

Correlation

The correlation between ZPS.TO and HBIL-U.TO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.14

Correlation (All Time)
Calculated using the full available price history since Sep 16, 2024

0.21

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Short Provincial Bond Index ETF

Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units

Often compared with ZPS.TO:
ZPS.TO vs. XTLH.TOZPS.TO vs. FGO.TOZPS.TO vs. ZFS.TOZPS.TO vs. ZEQT.TOZPS.TO vs. ZMP.TOZPS.TO vs. ZPL.TOZPS.TO vs. BXF.TO
Often compared with HBIL-U.TO:
HBIL-U.TO vs. HYLD-U.TOHBIL-U.TO vs. HTB.TOHBIL-U.TO vs. TULB.TOHBIL-U.TO vs. ZPL.TOHBIL-U.TO vs. BANK.TOHBIL-U.TO vs. HBND.TOHBIL-U.TO vs. MIX.TO

Return for Risk

ZPS.TO vs. HBIL-U.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZPS.TO
ZPS.TO Risk / Return Rank: 5050
Overall Rank
ZPS.TO Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
ZPS.TO Sortino Ratio Rank: 4747
Sortino Ratio Rank
ZPS.TO Omega Ratio Rank: 4949
Omega Ratio Rank
ZPS.TO Calmar Ratio Rank: 5454
Calmar Ratio Rank
ZPS.TO Martin Ratio Rank: 5050
Martin Ratio Rank
HBIL-U.TO
HBIL-U.TO Risk / Return Rank: 8989
Overall Rank
HBIL-U.TO Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
HBIL-U.TO Sortino Ratio Rank: 8686
Sortino Ratio Rank
HBIL-U.TO Omega Ratio Rank: 9393
Omega Ratio Rank
HBIL-U.TO Calmar Ratio Rank: 8888
Calmar Ratio Rank
HBIL-U.TO Martin Ratio Rank: 8989
Martin Ratio Rank
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.

ZPS.TO vs. HBIL-U.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 Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.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.TOHBIL-U.TODifference
Sharpe ratioReturn per unit of total volatility
1.29
1.42

-0.13

Sortino ratioReturn per unit of downside risk
1.82
2.03

-0.21

Omega ratioGain probability vs. loss probability

1.24

1.25

-0.01

Calmar ratioReturn relative to maximum drawdown

2.06

1.65

+0.40

Martin ratioReturn relative to average drawdown

6.29

4.19

+2.10

ZPS.TO vs. HBIL-U.TO - Sharpe Ratio Comparison

The current ZPS.TO Sharpe Ratio is 1.29, which is comparable to the HBIL-U.TO Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of ZPS.TO and HBIL-U.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.

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Drawdowns

ZPS.TO vs. HBIL-U.TO - Drawdown Comparison

The maximum ZPS.TO drawdown since its inception was -7.31%, which is greater than HBIL-U.TO's maximum drawdown of -6.68%. Use the drawdown chart below to compare losses from any high point for ZPS.TO and HBIL-U.TO.

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Drawdown Indicators

ZPS.TOHBIL-U.TODifference

Max Drawdown

Largest peak-to-trough decline

-7.31%

-6.68%

-0.63%

Max Drawdown (1Y)

Largest decline over 1 year

-1.44%

-4.01%

+2.57%

Max Drawdown (3Y)

Largest decline over 3 years

-1.44%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-7.15%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-7.31%

—

—

Current Drawdown

Current decline from peak

-0.32%

-2.20%

+1.88%

Average Drawdown

Average peak-to-trough decline

-1.05%

-2.26%

+1.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.47%

1.58%

-1.11%

Volatility

ZPS.TO vs. HBIL-U.TO - Volatility Comparison

The current volatility for BMO Short Provincial Bond Index ETF (ZPS.TO) is 0.63%, while Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units (HBIL-U.TO) has a volatility of 1.82%. This indicates that ZPS.TO experiences smaller price fluctuations and is considered to be less risky than HBIL-U.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.TOHBIL-U.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.63%

1.82%

-1.19%

Volatility (6M)

Calculated over the trailing 6-month period

1.79%

3.60%

-1.81%

Volatility (1Y)

Calculated over the trailing 1-year period

2.30%

4.68%

-2.38%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.96%

5.85%

-2.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.55%

5.85%

-3.30%

Dividends

ZPS.TO vs. HBIL-U.TO - Dividend Comparison

ZPS.TO's dividend yield for the trailing twelve months is around 2.67%, less than HBIL-U.TO's 6.74% yield.

PositionTTM20252024202320222021202020192018201720162015
HBIL-U.TO
Hamilton U.S. T-Bill YIELD MAXIMIZER ETF USD Unhedged Units		6.74%7.37%2.40%0.00%0.00%0.00%0.00%0.00%0.00%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 HBIL-U.TO have a correlation of 0.14, 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 Hamilton.

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