PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZSB.TO vs. ZFL.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZSB.TO vs. ZFL.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Short-Term Bond Index ETF (ZSB.TO) and BMO Long Federal Bond (ZFL.TO).

ZSB.TO and ZFL.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZSB.TO is a passively managed fund by BMO that tracks the performance of the FTSE Canada Short Term Overall Bond Index. It was launched on Mar 1, 2018. ZFL.TO is a passively managed fund by BMO that tracks the performance of the FTSE TMX Canada Long Term Federal Bond Index. It was launched on May 19, 2010. Both ZSB.TO and ZFL.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZSB.TO vs. ZFL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Short-Term Bond Index ETF (ZSB.TO) and BMO Long Federal Bond (ZFL.TO). The values are adjusted to include any dividend payments, if applicable.

Loading graphics...

ZSB.TO vs. ZFL.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
ZSB.TO
BMO Short-Term Bond Index ETF		0.26%3.77%5.55%5.05%-4.08%-1.20%5.13%2.95%1.69%
ZFL.TO
BMO Long Federal Bond		0.34%-5.14%-2.20%7.30%-23.89%-7.47%12.68%8.73%4.95%

Returns By Period

In the year-to-date period, ZSB.TO achieves a 0.26% return, which is significantly lower than ZFL.TO's 0.34% return.

ZSB.TO

1D
0.23%
1M
-0.90%
YTD
0.26%
6M
0.64%
1Y
2.40%
3Y*
4.25%
5Y*
1.91%
10Y*
—

ZFL.TO

1D
0.08%
1M
-4.10%
YTD
0.34%
6M
-2.68%
1Y
-7.31%
3Y*
-1.69%
5Y*
-4.29%
10Y*
-1.28%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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-Term Bond Index ETF

BMO Long Federal Bond

Often compared with ZSB.TO:
ZSB.TO vs. XSB.TOZSB.TO vs. ZST.TOZSB.TO vs. ZAG.TOZSB.TO vs. ZBBB.TOZSB.TO vs. CBIL.TOZSB.TO vs. ZMMK.TOZSB.TO vs. VLB.TO
Often compared with ZFL.TO:
ZFL.TO vs. XLB.TOZFL.TO vs. TLTZFL.TO vs. ZLB.TOZFL.TO vs. XBB.TOZFL.TO vs. ZST.TOZFL.TO vs. PGLOXZFL.TO vs. ZMMK.TO

ZSB.TO vs. ZFL.TO - Expense Ratio Comparison

ZSB.TO has a 0.10% expense ratio, which is lower than ZFL.TO's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

ZFL.TO
BMO Long Federal Bond
ZSB.TO
BMO Short-Term Bond Index ETF

Return for Risk

ZSB.TO vs. ZFL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZSB.TO
ZSB.TO Risk / Return Rank: 6868
Overall Rank
ZSB.TO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
ZSB.TO Sortino Ratio Rank: 6868
Sortino Ratio Rank
ZSB.TO Omega Ratio Rank: 6767
Omega Ratio Rank
ZSB.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
ZSB.TO Martin Ratio Rank: 6767
Martin Ratio Rank
ZFL.TO
ZFL.TO Risk / Return Rank: 33
Overall Rank
ZFL.TO Sharpe Ratio Rank: 22
Sharpe Ratio Rank
ZFL.TO Sortino Ratio Rank: 22
Sortino Ratio Rank
ZFL.TO Omega Ratio Rank: 22
Omega Ratio Rank
ZFL.TO Calmar Ratio Rank: 22
Calmar Ratio Rank
ZFL.TO Martin Ratio Rank: 44
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.

ZSB.TO vs. ZFL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Short-Term Bond Index ETF (ZSB.TO) and BMO Long Federal Bond (ZFL.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.

ZSB.TOZFL.TODifference

Sharpe ratio

Return per unit of total volatility

1.26

-0.69

+1.95

Sortino ratio

Return per unit of downside risk

1.72

-0.85

+2.57

Omega ratio

Gain probability vs. loss probability

1.25

0.90

+0.35

Calmar ratio

Return relative to maximum drawdown

1.68

-0.63

+2.31

Martin ratio

Return relative to average drawdown

6.82

-0.97

+7.79

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZSB.TO vs. ZFL.TO - Sharpe Ratio Comparison

The current ZSB.TO Sharpe Ratio is 1.26, which is higher than the ZFL.TO Sharpe Ratio of -0.69. The chart below compares the historical Sharpe Ratios of ZSB.TO and ZFL.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Loading graphics...

Sharpe Ratios by Period

ZSB.TOZFL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.26

-0.69

+1.95

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.71

-0.29

+1.00

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

-0.10

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.89

0.15

+0.73

Correlation

The correlation between ZSB.TO and ZFL.TO is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZSB.TO vs. ZFL.TO - Dividend Comparison

ZSB.TO's dividend yield for the trailing twelve months is around 3.20%, more than ZFL.TO's 2.99% yield.

TTM20252024202320222021202020192018201720162015
ZSB.TO
BMO Short-Term Bond Index ETF		3.20%3.16%2.91%2.54%2.60%2.43%2.34%2.40%2.42%0.00%0.00%0.00%
ZFL.TO
BMO Long Federal Bond		2.99%3.13%3.20%3.49%3.77%2.85%2.57%2.95%3.00%2.99%3.05%3.10%

Drawdowns

ZSB.TO vs. ZFL.TO - Drawdown Comparison

The maximum ZSB.TO drawdown since its inception was -7.49%, smaller than the maximum ZFL.TO drawdown of -40.32%. Use the drawdown chart below to compare losses from any high point for ZSB.TO and ZFL.TO.

Loading graphics...

Drawdown Indicators

ZSB.TOZFL.TODifference

Max Drawdown

Largest peak-to-trough decline

-7.49%

-40.32%

+32.83%

Max Drawdown (1Y)

Largest decline over 1 year

-1.46%

-10.39%

+8.93%

Max Drawdown (5Y)

Largest decline over 5 years

-7.12%

-32.25%

+25.13%

Max Drawdown (10Y)

Largest decline over 10 years

—

-40.32%

—

Current Drawdown

Current decline from peak

-0.90%

-33.24%

+32.34%

Average Drawdown

Average peak-to-trough decline

-1.52%

-12.23%

+10.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.36%

6.76%

-6.40%

Volatility

ZSB.TO vs. ZFL.TO - Volatility Comparison

The current volatility for BMO Short-Term Bond Index ETF (ZSB.TO) is 0.96%, while BMO Long Federal Bond (ZFL.TO) has a volatility of 3.88%. This indicates that ZSB.TO experiences smaller price fluctuations and is considered to be less risky than ZFL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading graphics...

Volatility by Period

ZSB.TOZFL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.96%

3.88%

-2.92%

Volatility (6M)

Calculated over the trailing 6-month period

1.38%

6.66%

-5.28%

Volatility (1Y)

Calculated over the trailing 1-year period

1.91%

10.73%

-8.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

2.72%

14.69%

-11.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

2.63%

12.52%

-9.89%