ZTL.NEO vs. FGO.TO
ZTL.NEO (BMO Long-Term US Treasury Bond Index ETF) and FGO.TO (CI Enhanced Government Bond ETF) are both Government Bonds funds. ZTL.NEO is passively managed, while FGO.TO is actively managed. Over the past 5 years, ZTL.NEO returned -4.22%/yr vs 0.29%/yr for FGO.TO. A 0.59 correlation means they provide meaningful diversification when combined.
Performance
ZTL.NEO vs. FGO.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZTL.NEO achieves a 4.33% return, which is significantly higher than FGO.TO's 1.63% return.
ZTL.NEO
- 1D
- -1.43%
- 1M
- 4.23%
- YTD
- 4.33%
- 6M
- 3.77%
- 1Y
- 6.63%
- 3Y*
- 0.62%
- 5Y*
- -4.22%
- 10Y*
- —
FGO.TO
- 1D
- -0.20%
- 1M
- 0.38%
- YTD
- 1.63%
- 6M
- 1.42%
- 1Y
- 2.14%
- 3Y*
- 3.04%
- 5Y*
- 0.29%
- 10Y*
- —
ZTL.NEO vs. FGO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZTL.NEO BMO Long-Term US Treasury Bond Index ETF | 4.33% | -0.43% | -0.21% | 0.46% | -26.25% | -5.72% | 14.95% | 8.69% | 8.69% |
FGO.TO CI Enhanced Government Bond ETF | 1.63% | 3.02% | 1.37% | 4.36% | -8.78% | -1.53% | 6.75% | 6.35% | 0.75% |
Correlation
The correlation between ZTL.NEO and FGO.TO is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Aug 2, 2018 | 0.59 |
The correlation between ZTL.NEO and FGO.TO shifts across timeframes, from 0.52 (1 year) to 0.69 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZTL.NEO vs. FGO.TO — Risk / Return Rank
ZTL.NEO
FGO.TO
ZTL.NEO vs. FGO.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Long-Term US Treasury Bond Index ETF (ZTL.NEO) and CI Enhanced Government Bond ETF (FGO.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.
| ZTL.NEO | FGO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.09 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 0.76 | -0.02 |
| Martin ratioReturn relative to average drawdown | 1.60 | 1.72 | -0.12 |
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Drawdowns
ZTL.NEO vs. FGO.TO - Drawdown Comparison
The maximum ZTL.NEO drawdown since its inception was -49.55%, which is greater than FGO.TO's maximum drawdown of -14.83%. Use the drawdown chart below to compare losses from any high point for ZTL.NEO and FGO.TO.
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Drawdown Indicators
| ZTL.NEO | FGO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.55% | -14.83% | -34.72% |
Max Drawdown (1Y)Largest decline over 1 year | -9.01% | -2.82% | -6.19% |
Max Drawdown (3Y)Largest decline over 3 years | -15.68% | -6.12% | -9.56% |
Max Drawdown (5Y)Largest decline over 5 years | -39.89% | -13.26% | -26.63% |
Current DrawdownCurrent decline from peak | -39.05% | -1.54% | -37.51% |
Average DrawdownAverage peak-to-trough decline | -23.86% | -4.66% | -19.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.17% | 1.30% | +2.87% |
Volatility
ZTL.NEO vs. FGO.TO - Volatility Comparison
BMO Long-Term US Treasury Bond Index ETF (ZTL.NEO) has a higher volatility of 3.18% compared to CI Enhanced Government Bond ETF (FGO.TO) at 1.05%. This indicates that ZTL.NEO's price experiences larger fluctuations and is considered to be riskier than FGO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZTL.NEO | FGO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.18% | 1.05% | +2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 7.09% | 3.11% | +3.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.77% | 4.42% | +5.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.17% | 6.12% | +10.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.80% | 5.81% | +9.99% |
Dividends
ZTL.NEO vs. FGO.TO - Dividend Comparison
ZTL.NEO's dividend yield for the trailing twelve months is around 3.09%, more than FGO.TO's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FGO.TO CI Enhanced Government Bond ETF | 2.42% | 2.80% | 3.10% | 2.33% | 1.46% | 0.62% | 0.68% | 0.92% | 0.15% | 0.00% |
ZTL.NEO BMO Long-Term US Treasury Bond Index ETF | 3.09% | 3.15% | 3.07% | 3.55% | 3.44% | 2.46% | 2.26% | 2.55% | 2.75% | 2.82% |
Frequently Asked Questions
ZTL.NEO and FGO.TO have a correlation of 0.52, 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 CI.
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