ZTL.NEO vs. IWM
ZTL.NEO (BMO Long-Term US Treasury Bond Index ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - ZTL.NEO is a Government Bonds fund tracking the Bloomberg U.S. Treasury 20+ Year Index, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 5 years, ZTL.NEO returned -3.68%/yr vs 9.14%/yr for IWM. At a correlation of -0.08, they often move in opposite directions. ZTL.NEO charges 0.23%/yr vs 0.19%/yr for IWM.
Performance
ZTL.NEO vs. IWM - Performance Comparison
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Different Trading Currencies
ZTL.NEO is traded in CAD, while IWM is traded in USD. To make them comparable, the IWM values have been converted to CAD using the latest available exchange rates.
Returns By Period
In the year-to-date period, ZTL.NEO achieves a 0.92% return, which is significantly lower than IWM's 18.56% 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*
- —
IWM
- 1D
- -0.96%
- 1M
- 5.59%
- YTD
- 18.56%
- 6M
- 15.38%
- 1Y
- 40.90%
- 3Y*
- 19.25%
- 5Y*
- 9.14%
- 10Y*
- 11.73%
ZTL.NEO vs. IWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZTL.NEO BMO Long-Term US Treasury Bond Index ETF | 0.92% | -0.43% | -0.21% | 0.46% | -26.25% | -5.72% | 14.95% | 8.69% | 6.67% | 2.82% |
IWM iShares Russell 2000 ETF | 18.56% | 7.49% | 20.95% | 14.25% | -14.82% | 13.50% | 18.00% | 19.23% | -3.58% | 5.53% |
Correlation
The correlation between ZTL.NEO and IWM 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 | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2017 | -0.08 |
The correlation between ZTL.NEO and IWM shifts across timeframes, from -0.08 (all time) to 0.12 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZTL.NEO vs. IWM — Risk / Return Rank
ZTL.NEO
IWM
ZTL.NEO vs. IWM - 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 iShares Russell 2000 ETF (IWM). 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 | IWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.53 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.37 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.72 | 3.92 | -3.20 |
| Martin ratioReturn relative to average drawdown | 1.59 | 12.86 | -11.27 |
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
| ZTL.NEO | IWM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.67 | 2.20 | -1.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.23 | 0.45 | -0.68 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.56 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.03 | 0.70 | -0.73 |
Drawdowns
ZTL.NEO vs. IWM - Drawdown Comparison
The maximum ZTL.NEO drawdown since its inception was -49.55%, which is greater than IWM's maximum drawdown of -35.30%. Use the drawdown chart below to compare losses from any high point for ZTL.NEO and IWM.
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Drawdown Indicators
| ZTL.NEO | IWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.55% | -35.30% | -14.25% |
Max Drawdown (1Y)Largest decline over 1 year | -9.01% | -10.49% | +1.48% |
Max Drawdown (3Y)Largest decline over 3 years | -16.37% | -26.17% | +9.80% |
Max Drawdown (5Y)Largest decline over 5 years | -39.89% | -29.15% | -10.74% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.30% | — |
Current DrawdownCurrent decline from peak | -41.05% | -1.12% | -39.93% |
Average DrawdownAverage peak-to-trough decline | -23.75% | -6.80% | -16.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.06% | 3.19% | +0.87% |
Volatility
ZTL.NEO vs. IWM - Volatility Comparison
The current volatility for BMO Long-Term US Treasury Bond Index ETF (ZTL.NEO) is 2.82%, while iShares Russell 2000 ETF (IWM) has a volatility of 5.70%. This indicates that ZTL.NEO experiences smaller price fluctuations and is considered to be less risky than IWM 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 | IWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.82% | 5.70% | -2.88% |
Volatility (6M)Calculated over the trailing 6-month period | 6.71% | 13.41% | -6.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.70% | 18.78% | -9.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.29% | 20.32% | -4.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.83% | 21.01% | -5.18% |
ZTL.NEO vs. IWM - Expense Ratio Comparison
ZTL.NEO has a 0.23% expense ratio, which is higher than IWM's 0.19% 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
ZTL.NEO vs. IWM - Dividend Comparison
ZTL.NEO's dividend yield for the trailing twelve months is around 3.17%, more than IWM's 0.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWM iShares Russell 2000 ETF | 0.88% | 1.04% | 1.15% | 1.35% | 1.48% | 0.94% | 1.04% | 1.26% | 1.40% | 1.26% | 1.38% | 1.54% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
ZTL.NEO and IWM 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, IWM is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IWM is cheaper with a 0.19% expense ratio, compared with 0.23% for ZTL.NEO.
ZTL.NEO is categorized as Government Bonds, while IWM is Small Cap Blend Equities. ZTL.NEO tracks Bloomberg U.S. Treasury 20+ Year Index, while IWM tracks Russell 2000 Index. They also come from different issuers: BMO and iShares. Their fees differ too: 0.23% for ZTL.NEO and 0.19% for IWM.
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