BMO.TO vs. ZMI.TO
BMO.TO (Bank of Montreal) is a stock, while ZMI.TO (BMO Monthly Income ETF) is Diversified Portfolio fund actively managed by BMO. Over the past 10 years, BMO.TO returned 16.56%/yr vs 6.63%/yr for ZMI.TO. A 0.53 correlation means they provide meaningful diversification when combined.
Performance
BMO.TO vs. ZMI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, BMO.TO achieves a 47.07% return, which is significantly higher than ZMI.TO's 9.82% return. Over the past 10 years, BMO.TO has outperformed ZMI.TO with an annualized return of 16.56%, while ZMI.TO has yielded a comparatively lower 6.63% annualized return.
BMO.TO
- 1D
- 1.30%
- 1M
- 9.46%
- 6M
- 41.63%
- YTD
- 47.07%
- 1Y
- 72.86%
- 3Y*
- 34.42%
- 5Y*
- 20.60%
- 10Y*
- 16.56%
ZMI.TO
- 1D
- 0.25%
- 1M
- 0.15%
- 6M
- 7.61%
- YTD
- 9.82%
- 1Y
- 14.97%
- 3Y*
- 12.42%
- 5Y*
- 7.59%
- 10Y*
- 6.63%
BMO.TO vs. ZMI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BMO.TO Bank of Montreal | 47.07% | 33.33% | 11.74% | 12.19% | -6.19% | 45.89% | 1.29% | 17.51% | -7.94% | 7.99% |
ZMI.TO BMO Monthly Income ETF | 9.82% | 8.04% | 13.60% | 9.17% | -5.76% | 11.38% | 2.54% | 13.52% | -2.39% | 4.98% |
Correlation
The correlation between BMO.TO and ZMI.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 | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2011 | 0.53 |
The correlation between BMO.TO and ZMI.TO has been stable across timeframes, ranging from 0.53 to 0.57 - a consistent structural relationship.
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Return for Risk
BMO.TO vs. ZMI.TO — Risk / Return Rank
BMO.TO
ZMI.TO
BMO.TO vs. ZMI.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bank of Montreal (BMO.TO) and BMO Monthly Income ETF (ZMI.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.
| BMO.TO | ZMI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.99 | ||
| Sortino ratioReturn per unit of downside risk | +2.29 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.43 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 7.24 | 3.16 | +4.07 |
| Martin ratioReturn relative to average drawdown | 26.41 | 10.28 | +16.12 |
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Drawdowns
BMO.TO vs. ZMI.TO - Drawdown Comparison
The maximum BMO.TO drawdown since its inception was -62.39%, which is greater than ZMI.TO's maximum drawdown of -26.64%. Use the drawdown chart below to compare losses from any high point for BMO.TO and ZMI.TO.
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Drawdown Indicators
| BMO.TO | ZMI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.39% | -26.64% | -35.75% |
Max Drawdown (1Y)Largest decline over 1 year | -10.12% | -4.75% | -5.37% |
Max Drawdown (3Y)Largest decline over 3 years | -16.57% | -8.80% | -7.77% |
Max Drawdown (5Y)Largest decline over 5 years | -27.47% | -12.68% | -14.79% |
Max Drawdown (10Y)Largest decline over 10 years | -45.59% | -26.64% | -18.95% |
Current DrawdownCurrent decline from peak | 0.00% | -0.99% | +0.99% |
Average DrawdownAverage peak-to-trough decline | -9.03% | -2.08% | -6.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.77% | 1.46% | +1.31% |
Volatility
BMO.TO vs. ZMI.TO - Volatility Comparison
Bank of Montreal (BMO.TO) has a higher volatility of 4.36% compared to BMO Monthly Income ETF (ZMI.TO) at 1.27%. This indicates that BMO.TO's price experiences larger fluctuations and is considered to be riskier than ZMI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BMO.TO | ZMI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.36% | 1.27% | +3.09% |
Volatility (6M)Calculated over the trailing 6-month period | 14.52% | 5.17% | +9.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.95% | 7.21% | +10.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.41% | 7.45% | +10.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.02% | 8.86% | +12.16% |
Dividends
BMO.TO vs. ZMI.TO - Dividend Comparison
BMO.TO's dividend yield for the trailing twelve months is around 2.56%, less than ZMI.TO's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BMO.TO Bank of Montreal | 2.56% | 3.61% | 4.39% | 4.42% | 4.44% | 3.11% | 4.38% | 4.03% | 4.24% | 3.54% | 3.52% | 4.15% |
ZMI.TO BMO Monthly Income ETF | 3.87% | 4.67% | 4.82% | 5.09% | 4.63% | 3.82% | 4.34% | 4.37% | 4.72% | 4.18% | 4.01% | 4.01% |
Frequently Asked Questions
BMO.TO and ZMI.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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