ISIF.TO vs. ZMI.TO
ISIF.TO (IA Clarington Strategic Income Fund) and ZMI.TO (BMO Monthly Income ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past 5 years, ISIF.TO returned 7.01%/yr vs 7.59%/yr for ZMI.TO. At a 0.12 correlation, their price movements are largely independent. ISIF.TO charges 0.94%/yr vs 0.18%/yr for ZMI.TO.
Performance
ISIF.TO vs. ZMI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ISIF.TO achieves a 6.17% return, which is significantly lower than ZMI.TO's 10.10% return.
ISIF.TO
- 1D
- -0.37%
- 1M
- 0.68%
- 6M
- 5.28%
- YTD
- 6.17%
- 1Y
- 10.95%
- 3Y*
- 11.09%
- 5Y*
- 7.01%
- 10Y*
- —
- ALL TIME*
- 7.42%
ZMI.TO
- 1D
- 0.60%
- 1M
- 0.20%
- 6M
- 8.11%
- YTD
- 10.10%
- 1Y
- 14.28%
- 3Y*
- 12.23%
- 5Y*
- 7.59%
- 10Y*
- 6.58%
- ALL TIME*
- 6.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$409.30 | CA$5.79K | CA$2.57K | |
ZMI.TO BMO Monthly Income ETF | CA$173.50K | CA$284.92K | CA$374.43K |
ISIF.TO vs. ZMI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ISIF.TO IA Clarington Strategic Income Fund | 6.17% | 12.42% | 11.91% | 6.17% | -5.63% | 17.60% | 0.18% | 2.55% |
ZMI.TO BMO Monthly Income ETF | 10.10% | 8.04% | 13.60% | 9.17% | -5.76% | 11.38% | 2.54% | 1.53% |
Correlation
The correlation between ISIF.TO and ZMI.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 (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Nov 4, 2019 | 0.12 |
The correlation between ISIF.TO and ZMI.TO shifts across timeframes, from 0.05 (1 year) to 0.15 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ISIF.TO vs. ZMI.TO — Risk / Return Rank
ISIF.TO
ZMI.TO
ISIF.TO vs. ZMI.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IA Clarington Strategic Income Fund (ISIF.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.
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.
| ISIF.TO | ZMI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.40 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.49 | 3.02 | -0.53 |
| Martin ratioReturn relative to average drawdown | 10.30 | 9.72 | +0.58 |
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Drawdowns
ISIF.TO vs. ZMI.TO - Drawdown Comparison
The maximum ISIF.TO drawdown since its inception was -18.65%, smaller than the maximum ZMI.TO drawdown of -26.64%. Use the drawdown chart below to compare losses from any high point for ISIF.TO and ZMI.TO.
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Drawdown Indicators
| ISIF.TO | ZMI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.65% | -26.64% | +7.99% |
Max Drawdown (1Y)Largest decline over 1 year | -4.64% | -4.75% | +0.11% |
Max Drawdown (3Y)Largest decline over 3 years | -8.40% | -8.80% | +0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -11.47% | -12.68% | +1.21% |
Max Drawdown (10Y)Largest decline over 10 years | — | -26.64% | — |
Current DrawdownCurrent decline from peak | -0.58% | -0.74% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -3.04% | -2.07% | -0.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 1.47% | -0.35% |
Volatility
ISIF.TO vs. ZMI.TO - Volatility Comparison
IA Clarington Strategic Income Fund (ISIF.TO) has a higher volatility of 5.06% compared to BMO Monthly Income ETF (ZMI.TO) at 1.60%. This indicates that ISIF.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
| ISIF.TO | ZMI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.06% | 1.60% | +3.46% |
Volatility (6M)Calculated over the trailing 6-month period | 6.64% | 5.16% | +1.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.48% | 7.24% | +0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.60% | 7.45% | +2.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.25% | 8.86% | +1.39% |
ISIF.TO vs. ZMI.TO - Expense Ratio Comparison
ISIF.TO has a 0.94% expense ratio, which is higher than ZMI.TO's 0.18% expense ratio.
Dividends
ISIF.TO vs. ZMI.TO - Dividend Comparison
ISIF.TO's dividend yield for the trailing twelve months is around 2.78%, less than ZMI.TO's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISIF.TO IA Clarington Strategic Income Fund | 2.78% | 2.83% | 2.85% | 2.58% | 2.98% | 1.59% | 2.68% | 0.44% | 0.00% | 0.00% | 0.00% | 0.00% |
ZMI.TO BMO Monthly Income ETF | 3.86% | 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
ISIF.TO and ZMI.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, 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 0.94% for ISIF.TO.
They also come from different issuers: IA Clarington Investments Inc. and BMO. Their fees differ too: 0.94% for ISIF.TO and 0.18% for ZMI.TO.
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