HSAV.TO vs. ZUCM.TO
HSAV.TO (Global X Cash Maximizer Corporate Class ETF) and ZUCM.TO (BMO USD Cash Management ETF) are both Money Market funds. Both are actively managed. Over the past year, HSAV.TO returned 2.44% vs 7.41% for ZUCM.TO. At a correlation of -0.02, they often move in opposite directions. HSAV.TO charges 0.18%/yr vs 0.14%/yr for ZUCM.TO.
Performance
HSAV.TO vs. ZUCM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HSAV.TO achieves a 0.94% return, which is significantly lower than ZUCM.TO's 5.28% return.
HSAV.TO
- 1D
- 0.04%
- 1M
- 0.02%
- YTD
- 0.94%
- 6M
- 1.02%
- 1Y
- 2.44%
- 3Y*
- 3.46%
- 5Y*
- 3.18%
- 10Y*
- —
ZUCM.TO
- 1D
- 0.32%
- 1M
- 3.10%
- YTD
- 5.28%
- 6M
- 5.55%
- 1Y
- 7.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HSAV.TO vs. ZUCM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
HSAV.TO Global X Cash Maximizer Corporate Class ETF | 0.94% | 2.58% | 4.24% | 0.50% |
ZUCM.TO BMO USD Cash Management ETF | 5.28% | -0.61% | 14.39% | -1.38% |
Correlation
The correlation between HSAV.TO and ZUCM.TO is 0.05, 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 | 0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023 | -0.02 |
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Return for Risk
HSAV.TO vs. ZUCM.TO — Risk / Return Rank
HSAV.TO
ZUCM.TO
HSAV.TO vs. ZUCM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Cash Maximizer Corporate Class ETF (HSAV.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.
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.
| HSAV.TO | ZUCM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.31 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 4.14 | 2.01 | +2.12 |
| Martin ratioReturn relative to average drawdown | 10.94 | 5.39 | +5.55 |
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Drawdowns
HSAV.TO vs. ZUCM.TO - Drawdown Comparison
The maximum HSAV.TO drawdown since its inception was -2.18%, smaller than the maximum ZUCM.TO drawdown of -5.81%. Use the drawdown chart below to compare losses from any high point for HSAV.TO and ZUCM.TO.
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Drawdown Indicators
| HSAV.TO | ZUCM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.18% | -5.81% | +3.63% |
Max Drawdown (1Y)Largest decline over 1 year | -0.59% | -3.69% | +3.10% |
Max Drawdown (3Y)Largest decline over 3 years | -1.06% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -2.18% | — | — |
Current DrawdownCurrent decline from peak | -0.28% | 0.00% | -0.28% |
Average DrawdownAverage peak-to-trough decline | -0.19% | -1.68% | +1.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.22% | 1.38% | -1.16% |
Volatility
HSAV.TO vs. ZUCM.TO - Volatility Comparison
The current volatility for Global X Cash Maximizer Corporate Class ETF (HSAV.TO) is 0.35%, while BMO USD Cash Management ETF (ZUCM.TO) has a volatility of 1.08%. This indicates that HSAV.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
| HSAV.TO | ZUCM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.35% | 1.08% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 1.02% | 3.16% | -2.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.39% | 4.41% | -3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.77% | 5.32% | -3.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.57% | 5.32% | -3.75% |
HSAV.TO vs. ZUCM.TO - Expense Ratio Comparison
HSAV.TO has a 0.18% 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
HSAV.TO vs. ZUCM.TO - Dividend Comparison
HSAV.TO has not paid dividends to shareholders, while ZUCM.TO's dividend yield for the trailing twelve months is around 3.72%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
HSAV.TO Global X Cash Maximizer Corporate Class ETF | 0.00% | 0.00% | 0.00% | 0.00% |
ZUCM.TO BMO USD Cash Management ETF | 3.72% | 4.19% | 4.88% | 1.40% |
Frequently Asked Questions
HSAV.TO and ZUCM.TO have a correlation of 0.05, 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 0.18% for HSAV.TO.
They also come from different issuers: Global X and BMO. Their fees differ too: 0.18% for HSAV.TO and 0.14% for ZUCM.TO.
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