CMR.TO vs. ZAG.TO
CMR.TO (iShares Premium Money Market ETF) and ZAG.TO (BMO Aggregate Bond Index ETF) are both exchange-traded funds - CMR.TO is a Money Market fund actively managed by iShares, while ZAG.TO is a Canadian Government Bonds fund tracking the FTSE Canada Universe Bond Index. CMR.TO is actively managed, while ZAG.TO is passively managed. Over the past 10 years, CMR.TO returned 1.89%/yr vs 1.66%/yr for ZAG.TO. At a 0.01 correlation, their price movements are largely independent. CMR.TO charges 0.14%/yr vs 0.09%/yr for ZAG.TO.
Performance
CMR.TO vs. ZAG.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CMR.TO achieves a 0.97% return, which is significantly lower than ZAG.TO's 1.70% return. Over the past 10 years, CMR.TO has outperformed ZAG.TO with an annualized return of 1.89%, while ZAG.TO has yielded a comparatively lower 1.66% annualized return.
CMR.TO
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- 0.97%
- 6M
- 1.05%
- 1Y
- 2.37%
- 3Y*
- 3.73%
- 5Y*
- 2.94%
- 10Y*
- 1.89%
ZAG.TO
- 1D
- 0.00%
- 1M
- 1.75%
- YTD
- 1.70%
- 6M
- 0.89%
- 1Y
- 3.25%
- 3Y*
- 4.24%
- 5Y*
- 0.76%
- 10Y*
- 1.66%
CMR.TO vs. ZAG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 0.97% | 2.68% | 4.70% | 4.70% | 1.71% | 0.00% | 0.47% | 1.63% | 1.29% | 0.63% |
ZAG.TO BMO Aggregate Bond Index ETF | 1.70% | 2.25% | 4.48% | 6.41% | -11.60% | -2.60% | 8.34% | 6.84% | 1.12% | 2.45% |
Correlation
The correlation between CMR.TO and ZAG.TO is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2010 | 0.01 |
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Return for Risk
CMR.TO vs. ZAG.TO — Risk / Return Rank
CMR.TO
ZAG.TO
CMR.TO vs. ZAG.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Premium Money Market ETF (CMR.TO) and BMO Aggregate Bond Index ETF (ZAG.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.
| CMR.TO | ZAG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +9.87 | ||
| Sortino ratioReturn per unit of downside risk | +20.10 | ||
| Omega ratioGain probability vs. loss probability | 9.57 | 1.13 | +8.43 |
| Calmar ratioReturn relative to maximum drawdown | 25.44 | 1.17 | +24.27 |
| Martin ratioReturn relative to average drawdown | 187.33 | 2.73 | +184.60 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CMR.TO | ZAG.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 10.61 | 0.73 | +9.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 10.67 | 0.12 | +10.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 7.02 | 0.23 | +6.78 |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.84 | 0.45 | +3.39 |
Drawdowns
CMR.TO vs. ZAG.TO - Drawdown Comparison
The maximum CMR.TO drawdown since its inception was -0.52%, smaller than the maximum ZAG.TO drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for CMR.TO and ZAG.TO.
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Drawdown Indicators
| CMR.TO | ZAG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.52% | -18.03% | +17.51% |
Max Drawdown (1Y)Largest decline over 1 year | -0.09% | -2.79% | +2.70% |
Max Drawdown (3Y)Largest decline over 3 years | -0.09% | -5.42% | +5.33% |
Max Drawdown (5Y)Largest decline over 5 years | -0.09% | -15.77% | +15.68% |
Max Drawdown (10Y)Largest decline over 10 years | -0.14% | -18.03% | +17.89% |
Current DrawdownCurrent decline from peak | -0.02% | -1.09% | +1.07% |
Average DrawdownAverage peak-to-trough decline | -0.01% | -3.54% | +3.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 1.19% | -1.18% |
Volatility
CMR.TO vs. ZAG.TO - Volatility Comparison
The current volatility for iShares Premium Money Market ETF (CMR.TO) is 0.05%, while BMO Aggregate Bond Index ETF (ZAG.TO) has a volatility of 1.68%. This indicates that CMR.TO experiences smaller price fluctuations and is considered to be less risky than ZAG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CMR.TO | ZAG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 1.68% | -1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 0.18% | 3.43% | -3.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.22% | 4.46% | -4.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.28% | 6.58% | -6.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.27% | 7.11% | -6.84% |
CMR.TO vs. ZAG.TO - Expense Ratio Comparison
CMR.TO has a 0.14% expense ratio, which is higher than ZAG.TO's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
CMR.TO vs. ZAG.TO - Dividend Comparison
CMR.TO's dividend yield for the trailing twelve months is around 2.48%, less than ZAG.TO's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 2.48% | 2.81% | 4.56% | 4.64% | 1.62% | 0.00% | 0.47% | 1.60% | 1.33% | 0.61% | 0.43% | 0.48% |
ZAG.TO BMO Aggregate Bond Index ETF | 3.42% | 3.48% | 3.44% | 3.47% | 3.56% | 3.04% | 2.88% | 3.03% | 2.92% | 2.95% | 3.07% | 3.13% |
Frequently Asked Questions
CMR.TO and ZAG.TO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZAG.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZAG.TO is cheaper with a 0.09% expense ratio, compared with 0.14% for CMR.TO.
CMR.TO is categorized as Money Market, while ZAG.TO is Canadian Government Bonds. They also come from different issuers: iShares and BMO. Their fees differ too: 0.14% for CMR.TO and 0.09% for ZAG.TO.
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