ZPS.TO vs. XTLH.TO
ZPS.TO (BMO Short Provincial Bond Index ETF) and XTLH.TO (iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged)) are both Government Bonds funds. Over the past year, ZPS.TO returned 2.70% vs 1.14% for XTLH.TO. A 0.57 correlation means they provide meaningful diversification when combined.
Performance
ZPS.TO vs. XTLH.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 higher than XTLH.TO's 0.62% 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%
XTLH.TO
- 1D
- -0.79%
- 1M
- 1.67%
- YTD
- 0.62%
- 6M
- -0.16%
- 1Y
- 1.14%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZPS.TO vs. XTLH.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZPS.TO BMO Short Provincial Bond Index ETF | 1.22% | 3.52% | 5.14% | -0.08% |
XTLH.TO iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) | 0.62% | 2.61% | -9.55% | -1.06% |
Correlation
The correlation between ZPS.TO and XTLH.TO is 0.59, 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 | 0.59 |
Correlation (All Time) Calculated using the full available price history since Dec 28, 2023 | 0.57 |
The correlation between ZPS.TO and XTLH.TO has been stable across timeframes, ranging from 0.57 to 0.59 - a consistent structural relationship.
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Return for Risk
ZPS.TO vs. XTLH.TO — Risk / Return Rank
ZPS.TO
XTLH.TO
ZPS.TO vs. XTLH.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 iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) (XTLH.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 | XTLH.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.06 | ||
| Sortino ratioReturn per unit of downside risk | +1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.03 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 0.14 | +1.75 |
| Martin ratioReturn relative to average drawdown | 5.70 | 0.32 | +5.38 |
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Drawdowns
ZPS.TO vs. XTLH.TO - Drawdown Comparison
The maximum ZPS.TO drawdown since its inception was -7.31%, smaller than the maximum XTLH.TO drawdown of -15.86%. Use the drawdown chart below to compare losses from any high point for ZPS.TO and XTLH.TO.
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Drawdown Indicators
| ZPS.TO | XTLH.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.31% | -15.86% | +8.55% |
Max Drawdown (1Y)Largest decline over 1 year | -1.44% | -8.37% | +6.93% |
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% | -10.40% | +10.32% |
Average DrawdownAverage peak-to-trough decline | -1.05% | -9.16% | +8.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 3.58% | -3.10% |
Volatility
ZPS.TO vs. XTLH.TO - Volatility Comparison
The current volatility for BMO Short Provincial Bond Index ETF (ZPS.TO) is 0.61%, while iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) (XTLH.TO) has a volatility of 3.03%. This indicates that ZPS.TO experiences smaller price fluctuations and is considered to be less risky than XTLH.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 | XTLH.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 3.03% | -2.42% |
Volatility (6M)Calculated over the trailing 6-month period | 1.79% | 6.86% | -5.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.30% | 9.58% | -7.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.96% | 12.39% | -9.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.55% | 12.39% | -9.84% |
Dividends
ZPS.TO vs. XTLH.TO - Dividend Comparison
ZPS.TO's dividend yield for the trailing twelve months is around 2.67%, less than XTLH.TO's 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XTLH.TO iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) | 4.58% | 4.42% | 4.32% | 0.51% | 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 XTLH.TO have a correlation of 0.59, 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 iShares.
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