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FIE.TO vs. ZMI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FIE.TO vs. ZMI.TO

Last updated Jun 9, 2026

FIE.TO (iShares Canadian Financial Monthly Income ETF) and ZMI.TO (BMO Monthly Income ETF) are both exchange-traded funds - FIE.TO is a Canada Equities fund tracking the Morningstar Can Equity Tgt Alloc NR CAD, while ZMI.TO is a Diversified Portfolio fund actively managed by BMO. FIE.TO is passively managed, while ZMI.TO is actively managed. Over the past 10 years, FIE.TO returned 11.60%/yr vs 6.69%/yr for ZMI.TO. A 0.63 correlation means they provide meaningful diversification when combined. FIE.TO charges 0.85%/yr vs 0.18%/yr for ZMI.TO.

Performance

FIE.TO vs. ZMI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Canadian Financial Monthly Income ETF (FIE.TO) and BMO Monthly Income ETF (ZMI.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, FIE.TO achieves a 9.86% return, which is significantly higher than ZMI.TO's 8.17% return. Over the past 10 years, FIE.TO has outperformed ZMI.TO with an annualized return of 11.60%, while ZMI.TO has yielded a comparatively lower 6.69% annualized return.

FIE.TO

1D
0.09%
1M
2.67%
YTD
9.86%
6M
9.51%
1Y
28.20%
3Y*
23.93%
5Y*
12.12%
10Y*
11.60%

ZMI.TO

1D
-0.10%
1M
2.25%
YTD
8.17%
6M
5.67%
1Y
15.02%
3Y*
12.29%
5Y*
7.70%
10Y*
6.69%
*Multi-year figures are annualized to reflect compound growth (CAGR)

FIE.TO vs. ZMI.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FIE.TO
iShares Canadian Financial Monthly Income ETF		9.86%24.36%27.62%12.58%-14.35%27.34%1.33%18.97%-9.12%12.01%
ZMI.TO
BMO Monthly Income ETF		8.17%8.04%13.60%9.17%-5.76%11.38%2.54%13.52%-2.39%4.98%

Correlation

The correlation between FIE.TO and ZMI.TO is 0.70, 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

0.70

Correlation (3Y)
Calculated over the trailing 3-year period

0.68

Correlation (5Y)
Calculated over the trailing 5-year period

0.68

Correlation (10Y)
Calculated over the trailing 10-year period

0.65

Correlation (All Time)
Calculated using the full available price history since Feb 4, 2011

0.63

The correlation between FIE.TO and ZMI.TO has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.

FIE.TO vs. ZMI.TO - Sectors Allocation Comparison

Sectors
FIE.TO
ZMI.TO

Financial Services

94.1%
20.1%

Real Estate

5.9%
3.1%

Basic Materials

-

5.3%

Communication Services

-

7.4%

Consumer Cyclical

-

5.4%

Consumer Defensive

-

7.3%

Energy

-

13.4%

Healthcare

-

9.8%

Industrials

-

6.0%

Technology

-

16.4%

Utilities

-

5.8%

Financial Services

FIE.TO
94.1%
ZMI.TO
20.1%

Real Estate

FIE.TO
5.9%
ZMI.TO
3.1%

Basic Materials

FIE.TO

-

ZMI.TO
5.3%

Communication Services

FIE.TO

-

ZMI.TO
7.4%

Consumer Cyclical

FIE.TO

-

ZMI.TO
5.4%

Consumer Defensive

FIE.TO

-

ZMI.TO
7.3%

Energy

FIE.TO

-

ZMI.TO
13.4%

Healthcare

FIE.TO

-

ZMI.TO
9.8%

Industrials

FIE.TO

-

ZMI.TO
6.0%

Technology

FIE.TO

-

ZMI.TO
16.4%

Utilities

FIE.TO

-

ZMI.TO
5.8%

Compare stocks, funds, or ETFs

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iShares Canadian Financial Monthly Income ETF

BMO Monthly Income ETF

Often compared with FIE.TO:
FIE.TO vs. XEI.TOFIE.TO vs. XEQT.TOFIE.TO vs. XDIV.TOFIE.TO vs. XFN.TOFIE.TO vs. HMAX.TOFIE.TO vs. VDY.TOFIE.TO vs. FTN.TO
Often compared with ZMI.TO:
ZMI.TO vs. XTR.TOZMI.TO vs. VRIF.TOZMI.TO vs. XDIV.TOZMI.TO vs. VDY.TOZMI.TO vs. VBAL.TOZMI.TO vs. XEI.TOZMI.TO vs. ZBAL.TO

Return for Risk

FIE.TO vs. ZMI.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FIE.TO
FIE.TO Risk / Return Rank: 8888
Overall Rank
FIE.TO Sharpe Ratio Rank: 9494
Sharpe Ratio Rank
FIE.TO Sortino Ratio Rank: 9393
Sortino Ratio Rank
FIE.TO Omega Ratio Rank: 9494
Omega Ratio Rank
FIE.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
FIE.TO Martin Ratio Rank: 7575
Martin Ratio Rank
ZMI.TO
ZMI.TO Risk / Return Rank: 7171
Overall Rank
ZMI.TO Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
ZMI.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
ZMI.TO Omega Ratio Rank: 8181
Omega Ratio Rank
ZMI.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
ZMI.TO Martin Ratio Rank: 6363
Martin Ratio Rank
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.

FIE.TO vs. ZMI.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 Monthly Income ETF (ZMI.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.

FIE.TOZMI.TODifference
Sharpe ratioReturn per unit of total volatility
3.16
2.11

+1.05

Sortino ratioReturn per unit of downside risk
4.30
2.77

+1.53

Omega ratioGain probability vs. loss probability

1.61

1.43

+0.18

Calmar ratioReturn relative to maximum drawdown

3.94

3.17

+0.77

Martin ratioReturn relative to average drawdown

12.80

10.36

+2.45

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIE.TO vs. ZMI.TO - Sharpe Ratio Comparison

The current FIE.TO Sharpe Ratio is 3.16, which is higher than the ZMI.TO Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of FIE.TO and ZMI.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

FIE.TOZMI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.16

2.11

+1.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.16

1.04

+0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.83

0.76

+0.07

Sharpe Ratio (All Time)

Calculated using the full available price history

0.70

0.79

-0.09

Drawdowns

FIE.TO vs. ZMI.TO - Drawdown Comparison

The maximum FIE.TO drawdown since its inception was -42.24%, which is greater than ZMI.TO's maximum drawdown of -26.64%. Use the drawdown chart below to compare losses from any high point for FIE.TO and ZMI.TO.

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Drawdown Indicators

FIE.TOZMI.TODifference

Max Drawdown

Largest peak-to-trough decline

-42.24%

-26.64%

-15.60%

Max Drawdown (1Y)

Largest decline over 1 year

-7.19%

-4.75%

-2.44%

Max Drawdown (3Y)

Largest decline over 3 years

-10.70%

-8.80%

-1.90%

Max Drawdown (5Y)

Largest decline over 5 years

-22.93%

-12.68%

-10.25%

Max Drawdown (10Y)

Largest decline over 10 years

-42.24%

-26.64%

-15.60%

Current Drawdown

Current decline from peak

-0.09%

-1.10%

+1.01%

Average Drawdown

Average peak-to-trough decline

-4.89%

-2.09%

-2.80%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.21%

1.45%

+0.76%

Volatility

FIE.TO vs. ZMI.TO - Volatility Comparison

iShares Canadian Financial Monthly Income ETF (FIE.TO) has a higher volatility of 2.86% compared to BMO Monthly Income ETF (ZMI.TO) at 2.42%. This indicates that FIE.TO's price experiences larger fluctuations and is considered to be riskier than ZMI.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.TOZMI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.86%

2.42%

+0.44%

Volatility (6M)

Calculated over the trailing 6-month period

7.81%

5.88%

+1.93%

Volatility (1Y)

Calculated over the trailing 1-year period

8.99%

7.17%

+1.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.55%

7.44%

+3.11%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.09%

8.87%

+5.22%

FIE.TO vs. ZMI.TO - Expense Ratio Comparison

FIE.TO has a 0.85% expense ratio, which is higher than ZMI.TO's 0.18% expense ratio.

Dividends

FIE.TO vs. ZMI.TO - Dividend Comparison

FIE.TO's dividend yield for the trailing twelve months is around 4.53%, more than ZMI.TO's 4.03% yield.

PositionTTM20252024202320222021202020192018201720162015
FIE.TO
iShares Canadian Financial Monthly Income ETF		4.53%4.94%5.83%6.98%7.31%5.92%7.10%6.65%7.38%6.28%6.59%7.43%
ZMI.TO
BMO Monthly Income ETF		4.03%4.67%4.82%5.09%4.63%3.82%4.34%4.37%4.72%4.18%4.01%4.01%

Frequently Asked Questions

FIE.TO and ZMI.TO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZMI.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZMI.TO is cheaper with a 0.18% expense ratio, compared with 0.85% for FIE.TO.

FIE.TO is categorized as Canada Equities, while ZMI.TO is Diversified Portfolio. They also come from different issuers: iShares and BMO. Their fees differ too: 0.85% for FIE.TO and 0.18% for ZMI.TO.

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