CM vs. BMO

Last updated Jun 3, 2026

CM (Canadian Imperial Bank of Commerce) and BMO (Bank of Montreal) are both stocks. Both operate in the Banks - Diversified industry within the Financial Services sector. Over the past 10 years, CM returned 16.90%/yr vs 15.06%/yr for BMO. A 0.75 correlation means they provide meaningful diversification when combined.

Performance

CM vs. BMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Canadian Imperial Bank of Commerce (CM) and Bank of Montreal (BMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CM achieves a 20.82% return, which is significantly lower than BMO's 29.59% return. Over the past 10 years, CM has outperformed BMO with an annualized return of 16.90%, while BMO has yielded a comparatively lower 15.06% annualized return.

CM

• 1D: 2.45%
• 1M: -3.18%
• YTD: 20.82%
• 6M: 27.50%
• 1Y: 66.05%
• 3Y*: 43.33%
• 5Y*: 18.61%
• 10Y*: 16.90%

BMO

• 1D: 1.70%
• 1M: 8.45%
• YTD: 29.59%
• 6M: 33.76%
• 1Y: 59.06%
• 3Y*: 29.84%
• 5Y*: 14.35%
• 10Y*: 15.06%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CM vs. BMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CM Canadian Imperial Bank of Commerce	20.82%	49.02%	37.83%	27.23%	-25.71%	42.29%	9.25%	19.22%	-19.75%	26.58%
BMO Bank of Montreal	29.59%	39.59%	2.98%	15.24%	-12.41%	48.15%	3.34%	23.51%	-15.02%	16.63%

Correlation

The correlation between CM and BMO is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Nov 14, 1997	0.75

The correlation between CM and BMO has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.

Fundamentals

Market Cap CM : $73.83B BMO : $85.73B
EPS CM : $12.14 BMO : $14.56
PE Ratio CM : 8.94 BMO : 11.36
PEG Ratio CM : 1.10 BMO : 0.52
PS Ratio CM : 1.42 BMO : 1.43
PB Ratio CM : 1.27 BMO : 1.10
Total Revenue (TTM) CM : $61.84B BMO : $77.05B
Gross Profit (TTM) CM : $28.74B BMO : $34.51B
EBITDA (TTM) CM : $13.01B BMO : $14.21B

Return for Risk

CM vs. BMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CM

CM Risk / Return Rank: 95
CM Sharpe Ratio Rank: 96
CM Sortino Ratio Rank: 96
CM Omega Ratio Rank: 95
CM Calmar Ratio Rank: 93
CM Martin Ratio Rank: 97

BMO

BMO Risk / Return Rank: 94
BMO Sharpe Ratio Rank: 95
BMO Sortino Ratio Rank: 95
BMO Omega Ratio Rank: 94
BMO Calmar Ratio Rank: 91
BMO Martin Ratio Rank: 95

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CM vs. BMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian Imperial Bank of Commerce (CM) and Bank of Montreal (BMO). 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.

	CM	BMO	Difference
Sharpe ratio Return per unit of total volatility	3.53	3.16	+0.37
Sortino ratio Return per unit of downside risk	4.37	4.11	+0.27
Omega ratio Gain probability vs. loss probability	1.60	1.54	+0.06
Calmar ratio Return relative to maximum drawdown	6.08	5.15	+0.93
Martin ratio Return relative to average drawdown	25.42	19.15	+6.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CM vs. BMO - Sharpe Ratio Comparison

The current CM Sharpe Ratio is 3.53, which is comparable to the BMO Sharpe Ratio of 3.16. The chart below compares the historical Sharpe Ratios of CM and BMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CM	BMO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.53	3.16	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.88	0.68	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.64	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.58	-0.08

Drawdowns

CM vs. BMO - Drawdown Comparison

The maximum CM drawdown since its inception was -71.70%, which is greater than BMO's maximum drawdown of -68.17%. Use the drawdown chart below to compare losses from any high point for CM and BMO.

Drawdown Indicators

	CM	BMO	Difference
Max Drawdown Largest peak-to-trough decline	-71.70%	-68.17%	-3.53%
Max Drawdown (1Y) Largest decline over 1 year	-10.79%	-11.62%	+0.83%
Max Drawdown (3Y) Largest decline over 3 years	-19.47%	-18.56%	-0.91%
Max Drawdown (5Y) Largest decline over 5 years	-40.61%	-33.94%	-6.67%
Max Drawdown (10Y) Largest decline over 10 years	-47.82%	-50.97%	+3.15%
Current Drawdown Current decline from peak	-6.22%	0.00%	-6.22%
Average Drawdown Average peak-to-trough decline	-14.67%	-11.43%	-3.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	3.12%	-0.54%

Volatility

CM vs. BMO - Volatility Comparison

Canadian Imperial Bank of Commerce (CM) has a higher volatility of 8.01% compared to Bank of Montreal (BMO) at 5.48%. This indicates that CM's price experiences larger fluctuations and is considered to be riskier than BMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CM	BMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.01%	5.48%	+2.53%
Volatility (6M) Calculated over the trailing 6-month period	16.39%	15.60%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	18.80%	18.80%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.38%	21.31%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.62%	23.66%	-1.04%

Dividends

CM vs. BMO - Dividend Comparison

CM's dividend yield for the trailing twelve months is around 2.73%, less than BMO's 2.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMO Bank of Montreal	2.91%	3.55%	4.60%	4.76%	4.62%	3.95%	4.15%	3.96%	4.78%	4.45%	4.73%	5.74%
CM Canadian Imperial Bank of Commerce	2.73%	3.17%	4.21%	5.88%	7.77%	4.08%	5.06%	6.47%	5.48%	5.28%	5.93%	6.71%

Financials

CM vs. BMO - Profitability Comparison

The chart below illustrates the profitability comparison between Canadian Imperial Bank of Commerce and Bank of Montreal over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Canadian Imperial Bank of Commerce reported a gross profit of 7.36B and revenue of 15.22B. Therefore, the gross margin over that period was 48.4%.

BMO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Bank of Montreal reported a gross profit of 8.78B and revenue of 19.26B. Therefore, the gross margin over that period was 45.6%.

CM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Canadian Imperial Bank of Commerce reported an operating income of 3.20B and revenue of 15.22B, resulting in an operating margin of 21.0%.

BMO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Bank of Montreal reported an operating income of 3.50B and revenue of 19.26B, resulting in an operating margin of 18.2%.

CM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Canadian Imperial Bank of Commerce reported a net income of 2.46B and revenue of 15.22B, resulting in a net margin of 16.1%.

BMO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Bank of Montreal reported a net income of 2.63B and revenue of 19.26B, resulting in a net margin of 13.6%.

Frequently Asked Questions

Can I hold both CM and BMO in my portfolio?

CM and BMO have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CM or BMO?

CM has higher volatility (8.01%) compared to BMO (5.48%). In terms of maximum drawdown, CM dropped -71.70% vs BMO's -68.17%.

Which has better risk-adjusted returns?

CM currently has the higher Sharpe Ratio (3.53 vs 3.16), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.