CSAV.TO vs. ZUCM.TO
CSAV.TO (CI High Interest Savings ETF) and ZUCM.TO (BMO USD Cash Management ETF) are both Money Market funds. Both are actively managed. Over the past year, CSAV.TO returned 2.26% vs 5.27% for ZUCM.TO. At a correlation of -0.05, they often move in opposite directions. CSAV.TO charges 0.15%/yr vs 0.14%/yr for ZUCM.TO.
Performance
CSAV.TO vs. ZUCM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CSAV.TO achieves a 0.86% return, which is significantly lower than ZUCM.TO's 2.78% return.
CSAV.TO
- 1D
- 0.02%
- 1M
- 0.19%
- YTD
- 0.86%
- 6M
- 1.05%
- 1Y
- 2.26%
- 3Y*
- 3.61%
- 5Y*
- 3.10%
- 10Y*
- —
ZUCM.TO
- 1D
- 0.39%
- 1M
- 2.35%
- YTD
- 2.78%
- 6M
- 1.28%
- 1Y
- 5.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSAV.TO vs. ZUCM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
CSAV.TO CI High Interest Savings ETF | 0.86% | 2.55% | 4.43% | 1.26% |
ZUCM.TO BMO USD Cash Management ETF | 2.78% | -0.61% | 14.39% | -1.38% |
Correlation
The correlation between CSAV.TO and ZUCM.TO is -0.06, 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 | -0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023 | -0.05 |
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Return for Risk
CSAV.TO vs. ZUCM.TO — Risk / Return Rank
CSAV.TO
ZUCM.TO
CSAV.TO vs. ZUCM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI High Interest Savings ETF (CSAV.TO) and BMO USD Cash Management ETF (ZUCM.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.
| CSAV.TO | ZUCM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +8.57 | ||
| Sortino ratioReturn per unit of downside risk | +24.72 | ||
| Omega ratioGain probability vs. loss probability | 5.66 | 1.21 | +4.45 |
| Calmar ratioReturn relative to maximum drawdown | 113.53 | 1.43 | +112.10 |
| Martin ratioReturn relative to average drawdown | 409.45 | 3.82 | +405.63 |
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
| CSAV.TO | ZUCM.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 9.76 | 1.19 | +8.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 11.58 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 10.17 | 1.03 | +9.15 |
Drawdowns
CSAV.TO vs. ZUCM.TO - Drawdown Comparison
The maximum CSAV.TO drawdown since its inception was -0.03%, smaller than the maximum ZUCM.TO drawdown of -5.81%. Use the drawdown chart below to compare losses from any high point for CSAV.TO and ZUCM.TO.
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Drawdown Indicators
| CSAV.TO | ZUCM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.03% | -5.81% | +5.78% |
Max Drawdown (1Y)Largest decline over 1 year | -0.02% | -3.69% | +3.67% |
Max Drawdown (3Y)Largest decline over 3 years | -0.03% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -0.03% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -1.72% | +1.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 1.38% | -1.37% |
Volatility
CSAV.TO vs. ZUCM.TO - Volatility Comparison
The current volatility for CI High Interest Savings ETF (CSAV.TO) is 0.08%, while BMO USD Cash Management ETF (ZUCM.TO) has a volatility of 0.75%. This indicates that CSAV.TO experiences smaller price fluctuations and is considered to be less risky than ZUCM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CSAV.TO | ZUCM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 0.75% | -0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 0.17% | 3.23% | -3.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.23% | 4.43% | -4.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.27% | 5.34% | -5.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 5.34% | -5.08% |
CSAV.TO vs. ZUCM.TO - Expense Ratio Comparison
CSAV.TO has a 0.15% expense ratio, which is higher than ZUCM.TO's 0.14% 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
CSAV.TO vs. ZUCM.TO - Dividend Comparison
CSAV.TO's dividend yield for the trailing twelve months is around 2.23%, less than ZUCM.TO's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CSAV.TO CI High Interest Savings ETF | 2.23% | 2.54% | 4.40% | 4.90% | 2.15% | 0.73% | 0.97% | 1.14% |
ZUCM.TO BMO USD Cash Management ETF | 3.81% | 4.19% | 4.88% | 1.40% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CSAV.TO and ZUCM.TO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZUCM.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZUCM.TO is cheaper with a 0.14% expense ratio, compared with 0.15% for CSAV.TO.
They also come from different issuers: CI Investments and BMO. Their fees differ too: 0.15% for CSAV.TO and 0.14% for ZUCM.TO.
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