INDA vs. ZMMK.TO
INDA (iShares MSCI India ETF) and ZMMK.TO (BMO Money Market Fund ETF Series) are both exchange-traded funds - INDA is a Asia Pacific Equities fund tracking the MSCI India Index, while ZMMK.TO is a Money Market fund actively managed by BMO. INDA is passively managed, while ZMMK.TO is actively managed. Over the past 3 years, INDA returned 4.13%/yr vs 2.38%/yr for ZMMK.TO. At a correlation of -0.04, they often move in opposite directions. INDA charges 0.69%/yr vs 0.13%/yr for ZMMK.TO.
Performance
INDA vs. ZMMK.TO - Performance Comparison
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Different Trading Currencies
INDA is traded in USD, while ZMMK.TO is traded in CAD. To make them comparable, the ZMMK.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, INDA achieves a -12.65% return, which is significantly lower than ZMMK.TO's -0.82% return.
INDA
- 1D
- -0.27%
- 1M
- -5.28%
- YTD
- -12.65%
- 6M
- -11.06%
- 1Y
- -14.02%
- 3Y*
- 4.13%
- 5Y*
- 2.36%
- 10Y*
- 6.73%
ZMMK.TO
- 1D
- -0.28%
- 1M
- -1.85%
- YTD
- -0.82%
- 6M
- 0.35%
- 1Y
- 0.44%
- 3Y*
- 2.38%
- 5Y*
- —
- 10Y*
- —
INDA vs. ZMMK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
INDA iShares MSCI India ETF | -12.65% | 2.68% | 8.63% | 17.16% | -8.94% | 0.42% |
ZMMK.TO BMO Money Market Fund ETF Series | -0.82% | 7.68% | -3.25% | 7.42% | -4.09% | 0.56% |
Correlation
The correlation between INDA and ZMMK.TO is 0.02, 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 | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2021 | -0.04 |
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Return for Risk
INDA vs. ZMMK.TO — Risk / Return Rank
INDA
ZMMK.TO
INDA vs. ZMMK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares MSCI India ETF (INDA) 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.
| INDA | ZMMK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.52 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.02 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 0.15 | -0.90 |
| Martin ratioReturn relative to average drawdown | -1.78 | 0.30 | -2.08 |
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
| INDA | ZMMK.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.96 | 0.10 | -1.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.32 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | 0.25 | -0.01 |
Drawdowns
INDA vs. ZMMK.TO - Drawdown Comparison
The maximum INDA drawdown since its inception was -45.07%, which is greater than ZMMK.TO's maximum drawdown of -9.01%. Use the drawdown chart below to compare losses from any high point for INDA and ZMMK.TO.
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Drawdown Indicators
| INDA | ZMMK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.07% | -9.01% | -36.06% |
Max Drawdown (1Y)Largest decline over 1 year | -18.69% | -2.96% | -15.73% |
Max Drawdown (3Y)Largest decline over 3 years | -22.72% | -7.52% | -15.20% |
Max Drawdown (5Y)Largest decline over 5 years | -22.72% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -45.07% | — | — |
Current DrawdownCurrent decline from peak | -19.68% | -2.47% | -17.21% |
Average DrawdownAverage peak-to-trough decline | -9.58% | -2.58% | -7.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.88% | 1.49% | +6.39% |
Volatility
INDA vs. ZMMK.TO - Volatility Comparison
iShares MSCI India ETF (INDA) has a higher volatility of 5.11% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.73%. This indicates that INDA'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
| INDA | ZMMK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.11% | 0.73% | +4.38% |
Volatility (6M)Calculated over the trailing 6-month period | 12.75% | 3.30% | +9.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.72% | 4.40% | +10.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.39% | 6.23% | +9.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.12% | 6.23% | +14.89% |
INDA vs. ZMMK.TO - Expense Ratio Comparison
INDA has a 0.69% expense ratio, which is higher than ZMMK.TO's 0.13% expense ratio.
Dividends
INDA vs. ZMMK.TO - Dividend Comparison
INDA has not paid dividends to shareholders, while ZMMK.TO's dividend yield for the trailing twelve months is around 2.53%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INDA iShares MSCI India ETF | 0.00% | 0.00% | 0.76% | 0.16% | 0.00% | 6.44% | 0.27% | 0.99% | 0.94% | 1.09% | 0.90% | 1.19% |
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
INDA and ZMMK.TO have a correlation of 0.02, 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 0.69% for INDA.
INDA is categorized as Asia Pacific Equities, while ZMMK.TO is Money Market. They also come from different issuers: iShares and BMO. Their fees differ too: 0.69% for INDA and 0.13% for ZMMK.TO.
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