ZTL.NEO vs. HBND.TO

Last updated Apr 2, 2026

Compare and contrast key facts about BMO Long-Term US Treasury Bond Index ETF (ZTL.NEO) and Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO).

ZTL.NEO and HBND.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZTL.NEO is a passively managed fund by BMO that tracks the performance of the Bloomberg U.S. Treasury 20+ Year Index. It was launched on Feb 28, 2017. HBND.TO is an actively managed fund by Hamilton Capital. It was launched on Aug 21, 2024.

Performance

ZTL.NEO vs. HBND.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Long-Term US Treasury Bond Index ETF (ZTL.NEO) and Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO). The values are adjusted to include any dividend payments, if applicable.

ZTL.NEO vs. HBND.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZTL.NEO BMO Long-Term US Treasury Bond Index ETF	1.22%	-0.43%	-0.21%	5.54%
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)	-0.27%	4.05%	-7.02%	4.80%

Returns By Period

In the year-to-date period, ZTL.NEO achieves a 1.22% return, which is significantly higher than HBND.TO's -0.27% return.

ZTL.NEO

• 1D: -0.38%
• 1M: -1.74%
• YTD: 1.22%
• 6M: -1.42%
• 1Y: -4.26%
• 3Y*: -1.89%
• 5Y*: -4.01%
• 10Y*: —

HBND.TO

• 1D: -0.04%
• 1M: -2.88%
• YTD: -0.27%
• 6M: -1.46%
• 1Y: -1.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZTL.NEO vs. HBND.TO - Expense Ratio Comparison

ZTL.NEO has a 0.23% expense ratio, which is lower than HBND.TO's 0.45% expense ratio.

HBND.TO

Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)

ZTL.NEO

BMO Long-Term US Treasury Bond Index ETF

Return for Risk

ZTL.NEO vs. HBND.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZTL.NEO

ZTL.NEO Risk / Return Rank: 6
ZTL.NEO Sharpe Ratio Rank: 6
ZTL.NEO Sortino Ratio Rank: 5
ZTL.NEO Omega Ratio Rank: 5
ZTL.NEO Calmar Ratio Rank: 7
ZTL.NEO Martin Ratio Rank: 7

HBND.TO

HBND.TO Risk / Return Rank: 9
HBND.TO Sharpe Ratio Rank: 9
HBND.TO Sortino Ratio Rank: 8
HBND.TO Omega Ratio Rank: 8
HBND.TO Calmar Ratio Rank: 11
HBND.TO Martin Ratio Rank: 11

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.

ZTL.NEO vs. HBND.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 Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.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.

	ZTL.NEO	HBND.TO	Difference
Sharpe ratio Return per unit of total volatility	-0.36	-0.14	-0.22
Sortino ratio Return per unit of downside risk	-0.41	-0.12	-0.29
Omega ratio Gain probability vs. loss probability	0.95	0.99	-0.04
Calmar ratio Return relative to maximum drawdown	-0.32	-0.07	-0.25
Martin ratio Return relative to average drawdown	-0.57	-0.16	-0.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZTL.NEO vs. HBND.TO - Sharpe Ratio Comparison

The current ZTL.NEO Sharpe Ratio is -0.36, which is lower than the HBND.TO Sharpe Ratio of -0.14. The chart below compares the historical Sharpe Ratios of ZTL.NEO and HBND.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.

Sharpe Ratios by Period

	ZTL.NEO	HBND.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.36	-0.14	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.04	-0.06

Correlation

The correlation between ZTL.NEO and HBND.TO is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZTL.NEO vs. HBND.TO - Dividend Comparison

ZTL.NEO's dividend yield for the trailing twelve months is around 3.16%, less than HBND.TO's 11.67% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZTL.NEO BMO Long-Term US Treasury Bond Index ETF	3.16%	3.15%	3.07%	3.55%	3.44%	2.46%	2.26%	2.55%	2.75%	2.82%
HBND.TO Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged)	11.67%	11.84%	11.51%	2.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

ZTL.NEO vs. HBND.TO - Drawdown Comparison

The maximum ZTL.NEO drawdown since its inception was -49.55%, which is greater than HBND.TO's maximum drawdown of -13.65%. Use the drawdown chart below to compare losses from any high point for ZTL.NEO and HBND.TO.

Drawdown Indicators

	ZTL.NEO	HBND.TO	Difference
Max Drawdown Largest peak-to-trough decline	-49.55%	-13.65%	-35.90%
Max Drawdown (1Y) Largest decline over 1 year	-11.95%	-8.60%	-3.35%
Max Drawdown (5Y) Largest decline over 5 years	-39.89%	—	—
Current Drawdown Current decline from peak	-40.87%	-7.99%	-32.88%
Average Drawdown Average peak-to-trough decline	-23.41%	-6.39%	-17.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.75%	3.96%	+2.79%

Volatility

ZTL.NEO vs. HBND.TO - Volatility Comparison

BMO Long-Term US Treasury Bond Index ETF (ZTL.NEO) and Hamilton U.S. Bond YIELD MAXIMIZER ETF (CAD Hedged) (HBND.TO) have volatilities of 3.24% and 3.41%, 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.

Volatility by Period

	ZTL.NEO	HBND.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.24%	3.41%	-0.17%
Volatility (6M) Calculated over the trailing 6-month period	6.83%	5.88%	+0.95%
Volatility (1Y) Calculated over the trailing 1-year period	11.99%	10.25%	+1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.36%	11.55%	+4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.93%	11.55%	+4.38%