ZTIP.TO vs. XLK
ZTIP.TO (BMO Short-Term US TIPS Index ETF) and XLK (State Street Technology Select Sector SPDR 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 XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index. Both are passively managed. Over the past 5 years, ZTIP.TO returned 6.29%/yr vs 27.37%/yr for XLK. At a correlation of -0.03, they often move in opposite directions. ZTIP.TO charges 0.17%/yr vs 0.08%/yr for XLK.
Performance
ZTIP.TO vs. XLK - Performance Comparison
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Different Trading Currencies
ZTIP.TO is traded in CAD, while XLK is traded in USD. To make them comparable, the XLK 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 lower than XLK's 38.21% 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*
- —
XLK
- 1D
- -0.59%
- 1M
- 23.51%
- YTD
- 38.21%
- 6M
- 35.18%
- 1Y
- 69.08%
- 3Y*
- 35.46%
- 5Y*
- 27.37%
- 10Y*
- 26.75%
ZTIP.TO vs. XLK - 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% |
XLK State Street Technology Select Sector SPDR ETF | 38.21% | 18.89% | 32.08% | 52.58% | -22.58% | 30.19% |
Correlation
The correlation between ZTIP.TO and XLK is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021 | -0.03 |
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Return for Risk
ZTIP.TO vs. XLK — Risk / Return Rank
ZTIP.TO
XLK
ZTIP.TO vs. XLK - 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 State Street Technology Select Sector SPDR ETF (XLK). 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 | XLK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.10 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.56 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.59 | 4.31 | -2.72 |
| Martin ratioReturn relative to average drawdown | 4.26 | 12.81 | -8.54 |
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 | XLK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 3.40 | -2.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.99 | 1.18 | -0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 1.17 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.84 | 1.16 | -0.32 |
Drawdowns
ZTIP.TO vs. XLK - Drawdown Comparison
The maximum ZTIP.TO drawdown since its inception was -5.60%, smaller than the maximum XLK drawdown of -29.07%. Use the drawdown chart below to compare losses from any high point for ZTIP.TO and XLK.
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Drawdown Indicators
| ZTIP.TO | XLK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.60% | -29.07% | +23.47% |
Max Drawdown (1Y)Largest decline over 1 year | -3.78% | -16.11% | +12.33% |
Max Drawdown (3Y)Largest decline over 3 years | -5.60% | -26.15% | +20.55% |
Max Drawdown (5Y)Largest decline over 5 years | -5.60% | -29.07% | +23.47% |
Max Drawdown (10Y)Largest decline over 10 years | — | -29.07% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.59% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -1.53% | -4.61% | +3.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.41% | 5.41% | -4.00% |
Volatility
ZTIP.TO vs. XLK - Volatility Comparison
The current volatility for BMO Short-Term US TIPS Index ETF (ZTIP.TO) is 0.77%, while State Street Technology Select Sector SPDR ETF (XLK) has a volatility of 6.77%. This indicates that ZTIP.TO experiences smaller price fluctuations and is considered to be less risky than XLK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZTIP.TO | XLK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 6.77% | -6.00% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 16.37% | -13.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.67% | 20.48% | -15.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.36% | 23.32% | -16.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.28% | 23.01% | -16.73% |
ZTIP.TO vs. XLK - Expense Ratio Comparison
ZTIP.TO has a 0.17% expense ratio, which is higher than XLK's 0.08% 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. XLK - Dividend Comparison
ZTIP.TO's dividend yield for the trailing twelve months is around 3.43%, more than XLK's 0.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XLK State Street Technology Select Sector SPDR ETF | 0.39% | 0.54% | 0.66% | 0.76% | 1.04% | 0.65% | 0.92% | 1.16% | 1.60% | 1.37% | 1.74% | 1.79% |
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% | 0.00% |
Frequently Asked Questions
ZTIP.TO and XLK have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XLK is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XLK is cheaper with a 0.08% expense ratio, compared with 0.17% for ZTIP.TO.
ZTIP.TO is categorized as Inflation-Protected Bonds, while XLK is Technology Equities. ZTIP.TO tracks Bloomberg Barclays U.S. Government Inflation-Linked 0-5 Year Bond Index, while XLK tracks S&P Technology Select Sector Daily Capped 35/20 Index. They also come from different issuers: BMO and State Street. Their fees differ too: 0.17% for ZTIP.TO and 0.08% for XLK.
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