ZPS.TO vs. XTLT.TO
ZPS.TO (BMO Short Provincial Bond Index ETF) and XTLT.TO (iShares 20+ Year U.S. Treasury Bond Index ETF) are both Government Bonds funds. Over the past 3 years, ZPS.TO returned 4.59%/yr vs -0.22%/yr for XTLT.TO. A 0.51 correlation means they provide meaningful diversification when combined.
Performance
ZPS.TO vs. XTLT.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 XTLT.TO's 4.36% 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%
XTLT.TO
- 1D
- -1.38%
- 1M
- 4.20%
- YTD
- 4.36%
- 6M
- 3.78%
- 1Y
- 5.31%
- 3Y*
- -0.22%
- 5Y*
- —
- 10Y*
- —
ZPS.TO vs. XTLT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZPS.TO BMO Short Provincial Bond Index ETF | 1.22% | 3.52% | 5.14% | 3.49% |
XTLT.TO iShares 20+ Year U.S. Treasury Bond Index ETF | 4.36% | -1.66% | -2.55% | -2.78% |
Correlation
The correlation between ZPS.TO and XTLT.TO is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2023 | 0.51 |
The correlation between ZPS.TO and XTLT.TO has been stable across timeframes, ranging from 0.50 to 0.55 - a consistent structural relationship.
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Return for Risk
ZPS.TO vs. XTLT.TO — Risk / Return Rank
ZPS.TO
XTLT.TO
ZPS.TO vs. XTLT.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 (XTLT.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 | XTLT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.09 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 0.52 | +1.36 |
| Martin ratioReturn relative to average drawdown | 5.70 | 1.08 | +4.62 |
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Drawdowns
ZPS.TO vs. XTLT.TO - Drawdown Comparison
The maximum ZPS.TO drawdown since its inception was -7.31%, smaller than the maximum XTLT.TO drawdown of -21.04%. Use the drawdown chart below to compare losses from any high point for ZPS.TO and XTLT.TO.
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Drawdown Indicators
| ZPS.TO | XTLT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.31% | -21.04% | +13.73% |
Max Drawdown (1Y)Largest decline over 1 year | -1.44% | -10.26% | +8.82% |
Max Drawdown (3Y)Largest decline over 3 years | -1.44% | -15.58% | +14.14% |
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% | -8.09% | +8.01% |
Average DrawdownAverage peak-to-trough decline | -1.05% | -9.46% | +8.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 4.95% | -4.47% |
Volatility
ZPS.TO vs. XTLT.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 (XTLT.TO) has a volatility of 3.09%. This indicates that ZPS.TO experiences smaller price fluctuations and is considered to be less risky than XTLT.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 | XTLT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 3.09% | -2.48% |
Volatility (6M)Calculated over the trailing 6-month period | 1.79% | 7.58% | -5.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.30% | 10.29% | -7.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.96% | 14.15% | -11.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.55% | 14.15% | -11.60% |
Dividends
ZPS.TO vs. XTLT.TO - Dividend Comparison
ZPS.TO's dividend yield for the trailing twelve months is around 2.67%, less than XTLT.TO's 5.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XTLT.TO iShares 20+ Year U.S. Treasury Bond Index ETF | 5.00% | 4.63% | 4.21% | 2.85% | 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 XTLT.TO have a correlation of 0.50, 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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