ZTL.NEO vs. ZPS.TO
ZTL.NEO (BMO Long-Term US Treasury Bond Index ETF) and ZPS.TO (BMO Short Provincial Bond Index ETF) are both Government Bonds funds from BMO. Over the past 5 years, ZTL.NEO returned -4.22%/yr vs 1.78%/yr for ZPS.TO. At a 0.43 correlation, their price movements are largely independent.
Performance
ZTL.NEO vs. ZPS.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 ZPS.TO's 1.22% 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*
- —
ZPS.TO
- 1D
- -0.08%
- 1M
- 0.37%
- YTD
- 1.22%
- 6M
- 1.22%
- 1Y
- 2.70%
- 3Y*
- 4.59%
- 5Y*
- 1.78%
- 10Y*
- 1.70%
ZTL.NEO vs. ZPS.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% |
ZPS.TO BMO Short Provincial Bond Index ETF | 1.22% | 3.52% | 5.14% | 4.18% | -4.26% | -1.47% | 5.25% | 2.82% | 1.45% | -0.37% |
Correlation
The correlation between ZTL.NEO and ZPS.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Feb 21, 2017 | 0.43 |
The correlation between ZTL.NEO and ZPS.TO shifts across timeframes, from 0.40 (1 year) to 0.53 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZTL.NEO vs. ZPS.TO — Risk / Return Rank
ZTL.NEO
ZPS.TO
ZTL.NEO vs. ZPS.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 Short Provincial Bond Index ETF (ZPS.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 | ZPS.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.50 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.22 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 1.88 | -1.14 |
| Martin ratioReturn relative to average drawdown | 1.60 | 5.70 | -4.09 |
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Drawdowns
ZTL.NEO vs. ZPS.TO - Drawdown Comparison
The maximum ZTL.NEO drawdown since its inception was -49.55%, which is greater than ZPS.TO's maximum drawdown of -7.31%. Use the drawdown chart below to compare losses from any high point for ZTL.NEO and ZPS.TO.
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Drawdown Indicators
| ZTL.NEO | ZPS.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.55% | -7.31% | -42.24% |
Max Drawdown (1Y)Largest decline over 1 year | -9.01% | -1.44% | -7.57% |
Max Drawdown (3Y)Largest decline over 3 years | -15.68% | -1.44% | -14.24% |
Max Drawdown (5Y)Largest decline over 5 years | -39.89% | -7.15% | -32.74% |
Max Drawdown (10Y)Largest decline over 10 years | — | -7.31% | — |
Current DrawdownCurrent decline from peak | -39.05% | -0.08% | -38.97% |
Average DrawdownAverage peak-to-trough decline | -23.86% | -1.05% | -22.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.17% | 0.48% | +3.69% |
Volatility
ZTL.NEO vs. ZPS.TO - Volatility Comparison
BMO Long-Term US Treasury Bond Index ETF (ZTL.NEO) has a higher volatility of 3.18% compared to BMO Short Provincial Bond Index ETF (ZPS.TO) at 0.61%. This indicates that ZTL.NEO's price experiences larger fluctuations and is considered to be riskier than ZPS.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 | ZPS.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.18% | 0.61% | +2.57% |
Volatility (6M)Calculated over the trailing 6-month period | 7.09% | 1.79% | +5.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.77% | 2.30% | +7.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.17% | 2.96% | +13.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.80% | 2.55% | +13.25% |
Dividends
ZTL.NEO vs. ZPS.TO - Dividend Comparison
ZTL.NEO's dividend yield for the trailing twelve months is around 3.09%, more than ZPS.TO's 2.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZPS.TO BMO Short Provincial Bond Index ETF | 2.67% | 2.90% | 2.92% | 2.98% | 3.13% | 2.98% | 3.02% | 3.28% | 3.10% | 3.16% | 3.37% | 3.04% |
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 ZPS.TO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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