CMR.TO vs. ZCS.TO
CMR.TO (iShares Premium Money Market ETF) and ZCS.TO (BMO Short Corporate Bond Index ETF) are both exchange-traded funds - CMR.TO is a Money Market fund actively managed by iShares, while ZCS.TO is a Canadian Government Bonds fund tracking the FTSE Canada Short Term Corporate Bond Index. CMR.TO is actively managed, while ZCS.TO is passively managed. Over the past 10 years, CMR.TO returned 1.89%/yr vs 2.79%/yr for ZCS.TO. At a 0.03 correlation, their price movements are largely independent. CMR.TO charges 0.14%/yr vs 0.11%/yr for ZCS.TO.
Performance
CMR.TO vs. ZCS.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 ZCS.TO's 1.29% return. Over the past 10 years, CMR.TO has underperformed ZCS.TO with an annualized return of 1.89%, while ZCS.TO has yielded a comparatively higher 2.79% 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%
ZCS.TO
- 1D
- -0.04%
- 1M
- 1.02%
- YTD
- 1.29%
- 6M
- 1.26%
- 1Y
- 3.96%
- 3Y*
- 5.98%
- 5Y*
- 2.85%
- 10Y*
- 2.79%
CMR.TO vs. ZCS.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% |
ZCS.TO BMO Short Corporate Bond Index ETF | 1.29% | 4.41% | 7.42% | 6.67% | -4.48% | -0.76% | 6.10% | 5.01% | 1.23% | 1.04% |
Correlation
The correlation between CMR.TO and ZCS.TO is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2009 | 0.03 |
The correlation between CMR.TO and ZCS.TO shifts across timeframes, from -0.08 (1 year) to 0.04 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
CMR.TO vs. ZCS.TO — Risk / Return Rank
CMR.TO
ZCS.TO
CMR.TO vs. ZCS.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 Short Corporate Bond Index ETF (ZCS.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 | ZCS.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +8.66 | ||
| Sortino ratioReturn per unit of downside risk | +18.50 | ||
| Omega ratioGain probability vs. loss probability | 9.57 | 1.41 | +8.16 |
| Calmar ratioReturn relative to maximum drawdown | 25.44 | 2.44 | +23.00 |
| Martin ratioReturn relative to average drawdown | 187.33 | 9.64 | +177.68 |
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 | ZCS.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 10.61 | 1.95 | +8.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 10.67 | 1.00 | +9.68 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 7.02 | 0.64 | +6.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 3.84 | 0.80 | +3.04 |
Drawdowns
CMR.TO vs. ZCS.TO - Drawdown Comparison
The maximum CMR.TO drawdown since its inception was -0.52%, smaller than the maximum ZCS.TO drawdown of -13.95%. Use the drawdown chart below to compare losses from any high point for CMR.TO and ZCS.TO.
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Drawdown Indicators
| CMR.TO | ZCS.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.52% | -13.95% | +13.43% |
Max Drawdown (1Y)Largest decline over 1 year | -0.09% | -1.63% | +1.54% |
Max Drawdown (3Y)Largest decline over 3 years | -0.09% | -1.63% | +1.54% |
Max Drawdown (5Y)Largest decline over 5 years | -0.09% | -7.76% | +7.67% |
Max Drawdown (10Y)Largest decline over 10 years | -0.14% | -13.95% | +13.81% |
Current DrawdownCurrent decline from peak | -0.02% | -0.04% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -0.01% | -0.89% | +0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.41% | -0.40% |
Volatility
CMR.TO vs. ZCS.TO - Volatility Comparison
The current volatility for iShares Premium Money Market ETF (CMR.TO) is 0.05%, while BMO Short Corporate Bond Index ETF (ZCS.TO) has a volatility of 0.69%. This indicates that CMR.TO experiences smaller price fluctuations and is considered to be less risky than ZCS.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 | ZCS.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 0.69% | -0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 0.18% | 1.79% | -1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.22% | 2.05% | -1.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.28% | 2.87% | -2.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.27% | 4.38% | -4.11% |
CMR.TO vs. ZCS.TO - Expense Ratio Comparison
CMR.TO has a 0.14% expense ratio, which is higher than ZCS.TO's 0.11% 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. ZCS.TO - Dividend Comparison
CMR.TO's dividend yield for the trailing twelve months is around 2.48%, less than ZCS.TO's 3.93% 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% |
ZCS.TO BMO Short Corporate Bond Index ETF | 3.93% | 3.60% | 3.27% | 3.35% | 3.23% | 2.99% | 2.88% | 2.96% | 2.88% | 3.04% | 3.34% | 3.53% |
Frequently Asked Questions
CMR.TO and ZCS.TO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCS.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCS.TO is cheaper with a 0.11% expense ratio, compared with 0.14% for CMR.TO.
CMR.TO is categorized as Money Market, while ZCS.TO is Canadian Government Bonds. They also come from different issuers: iShares and BMO. Their fees differ too: 0.14% for CMR.TO and 0.11% for ZCS.TO.
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