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BMO Monthly Income ETF (ZMI.TO) Diversifiers

ETF · Currency in CAD · Last updated Jul 16, 2026

The BMO Monthly Income ETF aims to provide monthly cash distributions and potential modest long-term capital appreciation by investing in BMO ETFs that offer exposure to a diversified portfolio of income-generating assets, including common equities, preferred shares, fixed income securities, and trust units.

Looking to diversify beyond ZMI.TO? The ETFs below have the lowest correlation with ZMI.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from ZMI.TO.

Best Diversifiers for ZMI.TO

3 ETFs have low correlation with ZMI.TO (below 0.3), 0 of which are negatively correlated. The least correlated is BMO Money Market Fund ETF Series (ZMMK.TO) (Money Market) with a 1Y correlation of 0.05, roughly unchanged from 0.04 over 3 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
ZMMK.TO
BMO Money Market Fund ETF Series0.050.04—
99
Money MarketZMI.TO vs ZMMK.TO
GRO.TO
Franklin Growth ETF Portfolio0.12——
94
Diversified PortfolioZMI.TO vs GRO.TO
ZST.TO
BMO Ultra Short-Term Bond ETF0.160.170.20
56
Ultrashort BondZMI.TO vs ZST.TO
CEQT.TO
CI Equity Asset Allocation ETF0.380.27—
92
Diversified PortfolioZMI.TO vs CEQT.TO
ZIN.TO
BMO Equal Weight Industrials Index ETF0.430.410.44
83
Industrials Equities, Equal WeightZMI.TO vs ZIN.TO
See all 52 diversifiers for ZMI.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from ZMI.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZMI.TO and solid risk/return profiles. The least correlated is Bank of Montreal (BMO.TO) (Financial Services) with a 1Y correlation of 0.55, roughly unchanged from 0.57 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
BMO.TO
Bank of Montreal0.550.560.57
98
Financial Services

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Diversification Analysis

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