HFR.TO vs. ZMMK.TO
HFR.TO (Global X Active Ultra-Short Term Investment Grade Bond ETF) and ZMMK.TO (BMO Money Market Fund ETF Series) are both exchange-traded funds - HFR.TO is a Ultrashort Bond fund actively managed by Global X, while ZMMK.TO is a Money Market fund actively managed by BMO. Both are actively managed. Over the past 3 years, HFR.TO returned 5.63%/yr vs 3.81%/yr for ZMMK.TO. At a 0.00 correlation, their price movements are largely independent. HFR.TO charges 0.46%/yr vs 0.13%/yr for ZMMK.TO.
Performance
HFR.TO vs. ZMMK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HFR.TO achieves a 1.47% return, which is significantly higher than ZMMK.TO's 1.09% return.
HFR.TO
- 1D
- 0.00%
- 1M
- 0.39%
- YTD
- 1.47%
- 6M
- 1.59%
- 1Y
- 3.61%
- 3Y*
- 5.63%
- 5Y*
- 3.93%
- 10Y*
- 3.27%
ZMMK.TO
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- 1.09%
- 6M
- 1.15%
- 1Y
- 2.48%
- 3Y*
- 3.81%
- 5Y*
- —
- 10Y*
- —
HFR.TO vs. ZMMK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HFR.TO Global X Active Ultra-Short Term Investment Grade Bond ETF | 1.47% | 4.04% | 6.89% | 7.86% | -0.77% | 0.32% |
ZMMK.TO BMO Money Market Fund ETF Series | 1.09% | 2.77% | 4.94% | 4.86% | 1.99% | 0.04% |
Correlation
The correlation between HFR.TO and ZMMK.TO is -0.03, 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 | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2021 | 0.00 |
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Return for Risk
HFR.TO vs. ZMMK.TO — Risk / Return Rank
HFR.TO
ZMMK.TO
HFR.TO vs. ZMMK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR.TO) and BMO Money Market Fund ETF Series (ZMMK.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.
| HFR.TO | ZMMK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.24 | ||
| Sortino ratioReturn per unit of downside risk | -17.29 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 5.22 | -3.53 |
| Calmar ratioReturn relative to maximum drawdown | 9.04 | 62.17 | -53.13 |
| Martin ratioReturn relative to average drawdown | 34.06 | 348.18 | -314.11 |
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Drawdowns
HFR.TO vs. ZMMK.TO - Drawdown Comparison
The maximum HFR.TO drawdown since its inception was -22.56%, which is greater than ZMMK.TO's maximum drawdown of -0.16%. Use the drawdown chart below to compare losses from any high point for HFR.TO and ZMMK.TO.
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Drawdown Indicators
| HFR.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.56% | -0.16% | -22.40% |
Max Drawdown (1Y)Largest decline over 1 year | -0.40% | -0.04% | -0.36% |
Max Drawdown (3Y)Largest decline over 3 years | -0.52% | -0.08% | -0.44% |
Max Drawdown (5Y)Largest decline over 5 years | -3.51% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -22.56% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -0.00% | -0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.11% | 0.01% | +0.10% |
Volatility
HFR.TO vs. ZMMK.TO - Volatility Comparison
Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR.TO) has a higher volatility of 0.35% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.07%. This indicates that HFR.TO's price experiences larger fluctuations and is considered to be riskier than ZMMK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HFR.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 0.07% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 0.88% | 0.19% | +0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.25% | 0.27% | +0.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.79% | 0.34% | +1.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.78% | 0.34% | +5.44% |
HFR.TO vs. ZMMK.TO - Expense Ratio Comparison
HFR.TO has a 0.46% expense ratio, which is higher than ZMMK.TO's 0.13% expense ratio.
Dividends
HFR.TO vs. ZMMK.TO - Dividend Comparison
HFR.TO's dividend yield for the trailing twelve months is around 3.65%, more than ZMMK.TO's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HFR.TO Global X Active Ultra-Short Term Investment Grade Bond ETF | 3.65% | 3.76% | 4.50% | 5.67% | 3.40% | 1.28% | 2.69% | 2.60% | 2.36% | 2.12% | 2.00% | 2.14% |
ZMMK.TO BMO Money Market Fund ETF Series | 2.53% | 3.02% | 4.66% | 4.98% | 1.95% | 0.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HFR.TO and ZMMK.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZMMK.TO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZMMK.TO is cheaper with a 0.13% expense ratio, compared with 0.46% for HFR.TO.
HFR.TO is categorized as Ultrashort Bond, while ZMMK.TO is Money Market. They also come from different issuers: Global X and BMO. Their fees differ too: 0.46% for HFR.TO and 0.13% for ZMMK.TO.
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