ZPS.TO vs. HBND.TO
ZPS.TO (BMO Short Provincial Bond Index ETF) and HBND.TO ( Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)) are both Government Bonds funds. Over the past year, ZPS.TO returned 2.70% vs 3.27% for HBND.TO. A 0.57 correlation means they provide meaningful diversification when combined.
Performance
ZPS.TO vs. HBND.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 HBND.TO's 1.71% 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%
HBND.TO
- 1D
- -0.11%
- 1M
- 1.94%
- YTD
- 1.71%
- 6M
- 1.14%
- 1Y
- 3.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZPS.TO vs. HBND.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZPS.TO BMO Short Provincial Bond Index ETF | 1.22% | 3.52% | 5.14% | 3.41% |
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) | 1.71% | 4.05% | -7.02% | 4.34% |
Correlation
The correlation between ZPS.TO and HBND.TO is 0.56, 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 | 0.56 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023 | 0.57 |
The correlation between ZPS.TO and HBND.TO has been stable across timeframes, ranging from 0.56 to 0.57 - a consistent structural relationship.
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Return for Risk
ZPS.TO vs. HBND.TO — Risk / Return Rank
ZPS.TO
HBND.TO
ZPS.TO vs. HBND.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. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.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 | HBND.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.07 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 0.49 | +1.40 |
| Martin ratioReturn relative to average drawdown | 5.70 | 1.22 | +4.48 |
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Drawdowns
ZPS.TO vs. HBND.TO - Drawdown Comparison
The maximum ZPS.TO drawdown since its inception was -7.31%, smaller than the maximum HBND.TO drawdown of -13.62%. Use the drawdown chart below to compare losses from any high point for ZPS.TO and HBND.TO.
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Drawdown Indicators
| ZPS.TO | HBND.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.31% | -13.62% | +6.31% |
Max Drawdown (1Y)Largest decline over 1 year | -1.44% | -6.76% | +5.32% |
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 DrawdownCurrent decline from peak | -0.08% | -6.15% | +6.07% |
Average DrawdownAverage peak-to-trough decline | -1.05% | -6.52% | +5.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 2.71% | -2.23% |
Volatility
ZPS.TO vs. HBND.TO - Volatility Comparison
The current volatility for BMO Short Provincial Bond Index ETF (ZPS.TO) is 0.61%, while Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) has a volatility of 2.51%. This indicates that ZPS.TO experiences smaller price fluctuations and is considered to be less risky than HBND.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 | HBND.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 2.51% | -1.90% |
Volatility (6M)Calculated over the trailing 6-month period | 1.79% | 6.03% | -4.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.30% | 8.49% | -6.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.96% | 11.26% | -8.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.55% | 11.26% | -8.71% |
Dividends
ZPS.TO vs. HBND.TO - Dividend Comparison
ZPS.TO's dividend yield for the trailing twelve months is around 2.67%, less than HBND.TO's 10.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) | 10.96% | 11.84% | 11.51% | 2.41% | 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 HBND.TO have a correlation of 0.56, 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 Capital.
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