ZTL.NEO vs. TULB.TO
ZTL.NEO (BMO Long-Term US Treasury Bond Index ETF) and TULB.TO (TD U.S. Long Term Treasury Bond ETF) are both Government Bonds funds. ZTL.NEO is passively managed, while TULB.TO is actively managed. Over the past 5 years, ZTL.NEO returned -5.64%/yr vs -4.38%/yr for TULB.TO. A 0.62 correlation means they provide meaningful diversification when combined.
Performance
ZTL.NEO vs. TULB.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ZTL.NEO having a 1.19% return and TULB.TO slightly lower at 1.16%.
ZTL.NEO
- 1D
- 0.11%
- 1M
- -1.65%
- 6M
- -0.83%
- YTD
- 1.19%
- 1Y
- 5.99%
- 3Y*
- 0.06%
- 5Y*
- -5.64%
- 10Y*
- —
TULB.TO
- 1D
- 0.63%
- 1M
- -2.20%
- 6M
- -1.00%
- YTD
- 1.16%
- 1Y
- 5.52%
- 3Y*
- 0.30%
- 5Y*
- -4.38%
- 10Y*
- —
ZTL.NEO vs. TULB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ZTL.NEO BMO Long-Term US Treasury Bond Index ETF | 1.19% | -0.43% | -0.21% | 0.46% | -26.25% | -5.72% | 14.95% | -5.50% |
TULB.TO TD U.S. Long Term Treasury Bond ETF | 1.16% | 0.01% | -0.66% | 0.23% | -20.71% | -5.23% | 10.77% | -2.51% |
Correlation
The correlation between ZTL.NEO and TULB.TO is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Nov 28, 2019 | 0.62 |
The correlation between ZTL.NEO and TULB.TO shifts across timeframes, from 0.60 (1 year) to 0.74 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZTL.NEO vs. TULB.TO — Risk / Return Rank
ZTL.NEO
TULB.TO
ZTL.NEO vs. TULB.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 TD U.S. Long Term Treasury Bond ETF (TULB.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 | TULB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.11 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.67 | 0.65 | +0.02 |
| Martin ratioReturn relative to average drawdown | 1.43 | 1.38 | +0.05 |
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Drawdowns
ZTL.NEO vs. TULB.TO - Drawdown Comparison
The maximum ZTL.NEO drawdown since its inception was -49.55%, which is greater than TULB.TO's maximum drawdown of -44.56%. Use the drawdown chart below to compare losses from any high point for ZTL.NEO and TULB.TO.
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Drawdown Indicators
| ZTL.NEO | TULB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.55% | -44.56% | -4.99% |
Max Drawdown (1Y)Largest decline over 1 year | -9.01% | -8.51% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -15.31% | -13.17% | -2.14% |
Max Drawdown (5Y)Largest decline over 5 years | -39.89% | -34.06% | -5.83% |
Current DrawdownCurrent decline from peak | -40.89% | -36.00% | -4.89% |
Average DrawdownAverage peak-to-trough decline | -23.94% | -30.45% | +6.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.22% | 4.02% | +0.20% |
Volatility
ZTL.NEO vs. TULB.TO - Volatility Comparison
BMO Long-Term US Treasury Bond Index ETF (ZTL.NEO) has a higher volatility of 3.35% compared to TD U.S. Long Term Treasury Bond ETF (TULB.TO) at 2.75%. This indicates that ZTL.NEO's price experiences larger fluctuations and is considered to be riskier than TULB.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 | TULB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.35% | 2.75% | +0.60% |
Volatility (6M)Calculated over the trailing 6-month period | 7.07% | 7.06% | +0.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.67% | 9.39% | +0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.08% | 16.00% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.77% | 16.76% | -0.99% |
Dividends
ZTL.NEO vs. TULB.TO - Dividend Comparison
ZTL.NEO's dividend yield for the trailing twelve months is around 3.19%, less than TULB.TO's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TULB.TO TD U.S. Long Term Treasury Bond ETF | 4.62% | 4.54% | 1.99% | 3.37% | 1.04% | 0.21% | 0.00% | 0.00% | 0.00% | 0.00% |
ZTL.NEO BMO Long-Term US Treasury Bond Index ETF | 3.19% | 3.15% | 3.07% | 3.55% | 3.44% | 2.46% | 2.26% | 2.55% | 2.75% | 2.82% |
Frequently Asked Questions
ZTL.NEO and TULB.TO have a correlation of 0.60, 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 TD.
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