FIE.TO vs. ZCM.TO
FIE.TO (iShares Canadian Financial Monthly Income ETF) and ZCM.TO (BMO Mid Corporate Bond Index ETF) are both exchange-traded funds - FIE.TO is a Canada Equities fund tracking the Morningstar Can Equity Tgt Alloc NR CAD, while ZCM.TO is a Corporate Bonds fund tracking the FTSE Canada Mid Term Corporate Bond Index. Both are passively managed. Over the past 10 years, FIE.TO returned 11.99%/yr vs 3.02%/yr for ZCM.TO. At a correlation of -0.05, they often move in opposite directions. FIE.TO charges 0.85%/yr vs 0.33%/yr for ZCM.TO.
Performance
FIE.TO vs. ZCM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FIE.TO achieves a 12.21% return, which is significantly higher than ZCM.TO's 2.02% return. Over the past 10 years, FIE.TO has outperformed ZCM.TO with an annualized return of 11.99%, while ZCM.TO has yielded a comparatively lower 3.02% annualized return.
FIE.TO
- 1D
- 0.64%
- 1M
- 5.26%
- YTD
- 12.21%
- 6M
- 10.27%
- 1Y
- 31.71%
- 3Y*
- 24.56%
- 5Y*
- 12.62%
- 10Y*
- 11.99%
ZCM.TO
- 1D
- 0.06%
- 1M
- 2.44%
- YTD
- 2.02%
- 6M
- 2.64%
- 1Y
- 5.82%
- 3Y*
- 7.38%
- 5Y*
- 2.32%
- 10Y*
- 3.02%
FIE.TO vs. ZCM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FIE.TO iShares Canadian Financial Monthly Income ETF | 12.21% | 24.36% | 27.62% | 12.58% | -14.35% | 27.34% | 1.33% | 18.97% | -9.12% | 12.01% |
ZCM.TO BMO Mid Corporate Bond Index ETF | 2.02% | 5.06% | 8.07% | 7.97% | -10.18% | -2.08% | 10.35% | 8.60% | 0.58% | 2.29% |
Correlation
The correlation between FIE.TO and ZCM.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2010 | -0.05 |
The correlation between FIE.TO and ZCM.TO shifts across timeframes, from -0.05 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FIE.TO vs. ZCM.TO — Risk / Return Rank
FIE.TO
ZCM.TO
FIE.TO vs. ZCM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Financial Monthly Income ETF (FIE.TO) and BMO Mid Corporate Bond Index ETF (ZCM.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.
| FIE.TO | ZCM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.24 | ||
| Sortino ratioReturn per unit of downside risk | +3.00 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.23 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 4.32 | 1.76 | +2.56 |
| Martin ratioReturn relative to average drawdown | 14.05 | 5.07 | +8.98 |
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Drawdowns
FIE.TO vs. ZCM.TO - Drawdown Comparison
The maximum FIE.TO drawdown since its inception was -42.24%, which is greater than ZCM.TO's maximum drawdown of -26.06%. Use the drawdown chart below to compare losses from any high point for FIE.TO and ZCM.TO.
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Drawdown Indicators
| FIE.TO | ZCM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.24% | -26.06% | -16.18% |
Max Drawdown (1Y)Largest decline over 1 year | -7.19% | -3.08% | -4.11% |
Max Drawdown (3Y)Largest decline over 3 years | -10.70% | -4.02% | -6.68% |
Max Drawdown (5Y)Largest decline over 5 years | -22.93% | -15.81% | -7.12% |
Max Drawdown (10Y)Largest decline over 10 years | -42.24% | -26.06% | -16.18% |
Current DrawdownCurrent decline from peak | 0.00% | -0.31% | +0.31% |
Average DrawdownAverage peak-to-trough decline | -4.89% | -2.60% | -2.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.21% | 1.07% | +1.14% |
Volatility
FIE.TO vs. ZCM.TO - Volatility Comparison
iShares Canadian Financial Monthly Income ETF (FIE.TO) has a higher volatility of 2.93% compared to BMO Mid Corporate Bond Index ETF (ZCM.TO) at 1.71%. This indicates that FIE.TO's price experiences larger fluctuations and is considered to be riskier than ZCM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIE.TO | ZCM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.93% | 1.71% | +1.22% |
Volatility (6M)Calculated over the trailing 6-month period | 7.86% | 3.53% | +4.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.04% | 4.52% | +4.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.56% | 6.10% | +4.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.08% | 8.76% | +5.32% |
FIE.TO vs. ZCM.TO - Expense Ratio Comparison
FIE.TO has a 0.85% expense ratio, which is higher than ZCM.TO's 0.33% expense ratio.
Dividends
FIE.TO vs. ZCM.TO - Dividend Comparison
FIE.TO's dividend yield for the trailing twelve months is around 4.44%, more than ZCM.TO's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIE.TO iShares Canadian Financial Monthly Income ETF | 4.44% | 4.94% | 5.83% | 6.98% | 7.31% | 5.92% | 7.10% | 6.65% | 7.38% | 6.28% | 6.59% | 7.43% |
ZCM.TO BMO Mid Corporate Bond Index ETF | 4.25% | 4.03% | 3.85% | 3.94% | 3.81% | 3.30% | 3.13% | 3.34% | 3.23% | 3.04% | 3.18% | 3.43% |
Frequently Asked Questions
FIE.TO and ZCM.TO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCM.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCM.TO is cheaper with a 0.33% expense ratio, compared with 0.85% for FIE.TO.
FIE.TO is categorized as Canada Equities, while ZCM.TO is Corporate Bonds. FIE.TO tracks Morningstar Can Equity Tgt Alloc NR CAD, while ZCM.TO tracks FTSE Canada Mid Term Corporate Bond Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.85% for FIE.TO and 0.33% for ZCM.TO.
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