ZTL.NEO vs. ZPL.TO
ZTL.NEO (BMO Long-Term US Treasury Bond Index ETF) and ZPL.TO (BMO Long Provincial Bond Index ETF) are both Government Bonds funds from BMO. Over the past 5 years, ZTL.NEO returned -4.22%/yr vs -2.27%/yr for ZPL.TO. A 0.67 correlation means they provide meaningful diversification when combined.
Performance
ZTL.NEO vs. ZPL.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 ZPL.TO's 3.53% 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*
- —
ZPL.TO
- 1D
- 0.08%
- 1M
- 0.46%
- YTD
- 3.53%
- 6M
- 3.10%
- 1Y
- 3.20%
- 3Y*
- 2.13%
- 5Y*
- -2.27%
- 10Y*
- 0.48%
ZTL.NEO vs. ZPL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 6.67% | 2.82% |
ZPL.TO BMO Long Provincial Bond Index ETF | 3.53% | -1.77% | 1.41% | 8.19% | -22.32% | -4.72% | 11.32% | 13.74% | -1.69% | 8.29% |
Correlation
The correlation between ZTL.NEO and ZPL.TO is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2017 | 0.67 |
The correlation between ZTL.NEO and ZPL.TO shifts across timeframes, from 0.55 (1 year) to 0.75 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZTL.NEO vs. ZPL.TO — Risk / Return Rank
ZTL.NEO
ZPL.TO
ZTL.NEO vs. ZPL.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 BMO Long Provincial Bond Index ETF (ZPL.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 | ZPL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.07 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 0.65 | +0.09 |
| Martin ratioReturn relative to average drawdown | 1.60 | 1.37 | +0.23 |
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Drawdowns
ZTL.NEO vs. ZPL.TO - Drawdown Comparison
The maximum ZTL.NEO drawdown since its inception was -49.55%, which is greater than ZPL.TO's maximum drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for ZTL.NEO and ZPL.TO.
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Drawdown Indicators
| ZTL.NEO | ZPL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.55% | -33.96% | -15.59% |
Max Drawdown (1Y)Largest decline over 1 year | -9.01% | -4.91% | -4.10% |
Max Drawdown (3Y)Largest decline over 3 years | -15.68% | -12.26% | -3.42% |
Max Drawdown (5Y)Largest decline over 5 years | -39.89% | -28.61% | -11.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.96% | — |
Current DrawdownCurrent decline from peak | -39.05% | -19.82% | -19.23% |
Average DrawdownAverage peak-to-trough decline | -23.86% | -11.14% | -12.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.17% | 2.48% | +1.69% |
Volatility
ZTL.NEO vs. ZPL.TO - Volatility Comparison
BMO Long-Term US Treasury Bond Index ETF (ZTL.NEO) has a higher volatility of 3.18% compared to BMO Long Provincial Bond Index ETF (ZPL.TO) at 2.44%. This indicates that ZTL.NEO's price experiences larger fluctuations and is considered to be riskier than ZPL.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 | ZPL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.18% | 2.44% | +0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 7.09% | 6.57% | +0.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.77% | 8.63% | +1.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.17% | 12.98% | +3.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.80% | 11.43% | +4.37% |
Dividends
ZTL.NEO vs. ZPL.TO - Dividend Comparison
ZTL.NEO's dividend yield for the trailing twelve months is around 3.09%, less than ZPL.TO's 3.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZPL.TO BMO Long Provincial Bond Index ETF | 3.53% | 3.84% | 3.88% | 4.16% | 4.31% | 3.22% | 2.97% | 3.20% | 3.44% | 3.28% | 3.59% | 3.60% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
ZTL.NEO and ZPL.TO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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