ZTIP.TO vs. BIL
ZTIP.TO (BMO Short-Term US TIPS Index ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - ZTIP.TO is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays U.S. Government Inflation-Linked 0-5 Year Bond Index, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. Both are passively managed. Over the past 5 years, ZTIP.TO returned 6.29%/yr vs 6.36%/yr for BIL. At a 0.44 correlation, their price movements are largely independent. ZTIP.TO charges 0.17%/yr vs 0.14%/yr for BIL.
Performance
ZTIP.TO vs. BIL - Performance Comparison
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Different Trading Currencies
ZTIP.TO is traded in CAD, while BIL is traded in USD. To make them comparable, the BIL values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ZTIP.TO achieves a 3.34% return, which is significantly higher than BIL's 2.78% return.
ZTIP.TO
- 1D
- 0.39%
- 1M
- 2.04%
- YTD
- 3.34%
- 6M
- 1.60%
- 1Y
- 5.97%
- 3Y*
- 6.13%
- 5Y*
- 6.29%
- 10Y*
- —
BIL
- 1D
- 0.43%
- 1M
- 2.29%
- YTD
- 2.78%
- 6M
- 1.38%
- 1Y
- 5.21%
- 3Y*
- 5.85%
- 5Y*
- 6.36%
- 10Y*
- 2.92%
ZTIP.TO vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZTIP.TO BMO Short-Term US TIPS Index ETF | 3.34% | 1.12% | 13.84% | 1.93% | 3.96% | 4.47% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 2.78% | -0.63% | 14.23% | 2.63% | 8.63% | -0.49% |
Correlation
The correlation between ZTIP.TO and BIL is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021 | 0.44 |
Over the past year, ZTIP.TO and BIL have become more correlated (0.65) than their long-term average of 0.44, meaning their price movements have been converging.
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Return for Risk
ZTIP.TO vs. BIL — Risk / Return Rank
ZTIP.TO
BIL
ZTIP.TO vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Short-Term US TIPS Index ETF (ZTIP.TO) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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.
| ZTIP.TO | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.20 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 1.40 | +0.19 |
| Martin ratioReturn relative to average drawdown | 4.26 | 3.87 | +0.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZTIP.TO | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 1.13 | +0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | 1.01 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.84 | 0.31 | +0.54 |
Drawdowns
ZTIP.TO vs. BIL - Drawdown Comparison
The maximum ZTIP.TO drawdown since its inception was -5.60%, smaller than the maximum BIL drawdown of -19.20%. Use the drawdown chart below to compare losses from any high point for ZTIP.TO and BIL.
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Drawdown Indicators
| ZTIP.TO | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.60% | -19.20% | +13.60% |
Max Drawdown (1Y)Largest decline over 1 year | -3.78% | -3.73% | -0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -5.60% | -5.19% | -0.41% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -5.19% | -0.41% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.20% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.53% | -8.13% | +6.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.41% | 1.35% | +0.06% |
Volatility
ZTIP.TO vs. BIL - Volatility Comparison
BMO Short-Term US TIPS Index ETF (ZTIP.TO) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) have volatilities of 0.77% and 0.79%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZTIP.TO | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.79% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 3.49% | -0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.67% | 4.65% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.36% | 6.36% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.28% | 6.77% | -0.49% |
ZTIP.TO vs. BIL - Expense Ratio Comparison
ZTIP.TO has a 0.17% expense ratio, which is higher than BIL's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ZTIP.TO vs. BIL - Dividend Comparison
ZTIP.TO's dividend yield for the trailing twelve months is around 3.43%, less than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
ZTIP.TO BMO Short-Term US TIPS Index ETF | 3.43% | 3.63% | 3.63% | 4.91% | 4.93% | 0.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZTIP.TO and BIL have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BIL is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BIL is cheaper with a 0.14% expense ratio, compared with 0.17% for ZTIP.TO.
ZTIP.TO is categorized as Inflation-Protected Bonds, while BIL is Government Bonds. ZTIP.TO tracks Bloomberg Barclays U.S. Government Inflation-Linked 0-5 Year Bond Index, while BIL tracks Bloomberg 1-3 Month U.S. Treasury Bill Index. They also come from different issuers: BMO and State Street. Their fees differ too: 0.17% for ZTIP.TO and 0.14% for BIL.
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