ZTL.NEO vs. HPYT.TO

Last updated Jun 4, 2026

ZTL.NEO (BMO Long-Term US Treasury Bond Index ETF) and HPYT.TO (Harvest Premium Yield Treasury ETF A) are both exchange-traded funds - ZTL.NEO is a Government Bonds fund tracking the Bloomberg U.S. Treasury 20+ Year Index, while HPYT.TO is a Derivative Income fund actively managed by Harvest. ZTL.NEO is passively managed, while HPYT.TO is actively managed. Over the past year, ZTL.NEO returned 6.43% vs 5.01% for HPYT.TO. Their correlation of 0.83 suggests significant overlap in exposure. ZTL.NEO charges 0.23%/yr vs 0.45%/yr for HPYT.TO.

Performance

ZTL.NEO vs. HPYT.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 Harvest Premium Yield Treasury ETF A (HPYT.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZTL.NEO achieves a 0.92% return, which is significantly higher than HPYT.TO's -0.30% return.

ZTL.NEO

• 1D: 0.82%
• 1M: 2.87%
• YTD: 0.92%
• 6M: -2.41%
• 1Y: 6.43%
• 3Y*: -0.65%
• 5Y*: -3.68%
• 10Y*: —

HPYT.TO

• 1D: -0.31%
• 1M: 0.63%
• YTD: -0.30%
• 6M: -1.79%
• 1Y: 5.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
ZTL.NEO BMO Long-Term US Treasury Bond Index ETF	0.92%	-0.43%	-0.21%	10.88%
HPYT.TO Harvest Premium Yield Treasury ETF A	-0.30%	4.39%	-5.96%	4.46%

Correlation

The correlation between ZTL.NEO and HPYT.TO is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Sep 29, 2023	0.83

The correlation between ZTL.NEO and HPYT.TO has been stable across timeframes, ranging from 0.76 to 0.83 - a consistent structural relationship.

Return for Risk

ZTL.NEO vs. HPYT.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: 19
ZTL.NEO Sharpe Ratio Rank: 20
ZTL.NEO Sortino Ratio Rank: 20
ZTL.NEO Omega Ratio Rank: 20
ZTL.NEO Calmar Ratio Rank: 18
ZTL.NEO Martin Ratio Rank: 17

HPYT.TO

HPYT.TO Risk / Return Rank: 18
HPYT.TO Sharpe Ratio Rank: 19
HPYT.TO Sortino Ratio Rank: 18
HPYT.TO Omega Ratio Rank: 17
HPYT.TO Calmar Ratio Rank: 19
HPYT.TO Martin Ratio Rank: 19

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. HPYT.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 Harvest Premium Yield Treasury ETF A (HPYT.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	HPYT.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.67	0.62	+0.05
Sortino ratio: Return per unit of downside risk	1.04	0.93	+0.11
Omega ratio: Gain probability vs. loss probability	1.12	1.11	+0.02
Calmar ratio: Return relative to maximum drawdown	0.72	0.76	-0.04
Martin ratio: Return relative to average drawdown	1.59	2.06	-0.47
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. HPYT.TO - Sharpe Ratio Comparison

The current ZTL.NEO Sharpe Ratio is 0.67, which is comparable to the HPYT.TO Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of ZTL.NEO and HPYT.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZTL.NEO	HPYT.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	0.62	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	0.08	-0.11

Drawdowns

ZTL.NEO vs. HPYT.TO - Drawdown Comparison

The maximum ZTL.NEO drawdown since its inception was -49.55%, which is greater than HPYT.TO's maximum drawdown of -13.17%. Use the drawdown chart below to compare losses from any high point for ZTL.NEO and HPYT.TO.

Drawdown Indicators

	ZTL.NEO	HPYT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-49.55%	-13.17%	-36.38%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-6.61%	-2.40%
Max Drawdown (3Y) Largest decline over 3 years	-16.37%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-39.89%	—	—
Current Drawdown Current decline from peak	-41.05%	-7.33%	-33.72%
Average Drawdown Average peak-to-trough decline	-23.75%	-5.86%	-17.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.06%	2.44%	+1.62%

Volatility

ZTL.NEO vs. HPYT.TO - Volatility Comparison

BMO Long-Term US Treasury Bond Index ETF (ZTL.NEO) and Harvest Premium Yield Treasury ETF A (HPYT.TO) have volatilities of 2.82% and 2.78%, 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	HPYT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	2.78%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	6.71%	5.67%	+1.04%
Volatility (1Y) Calculated over the trailing 1-year period	9.70%	8.14%	+1.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.29%	10.87%	+5.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.83%	10.87%	+4.96%

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

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

Dividends

ZTL.NEO vs. HPYT.TO - Dividend Comparison

ZTL.NEO's dividend yield for the trailing twelve months is around 3.17%, less than HPYT.TO's 17.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HPYT.TO Harvest Premium Yield Treasury ETF A	17.40%	18.87%	18.61%	3.71%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZTL.NEO BMO Long-Term US Treasury Bond Index ETF	3.17%	3.15%	3.07%	3.55%	3.44%	2.46%	2.26%	2.55%	2.75%	2.82%

Frequently Asked Questions

Can I hold both ZTL.NEO and HPYT.TO in my portfolio?

ZTL.NEO and HPYT.TO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZTL.NEO or HPYT.TO?

On fees, ZTL.NEO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZTL.NEO or HPYT.TO?

ZTL.NEO is cheaper with a 0.23% expense ratio, compared with 0.45% for HPYT.TO.

What is the main difference between ZTL.NEO and HPYT.TO?

ZTL.NEO is categorized as Government Bonds, while HPYT.TO is Derivative Income. They also come from different issuers: BMO and Harvest. Their fees differ too: 0.23% for ZTL.NEO and 0.45% for HPYT.TO.