MAAA.TO vs. ZAAA.NEO
MAAA.TO (Mackenzie AAA CLO ETF) and ZAAA.NEO (BMO AAA CLO ETF) are both CLO funds. MAAA.TO is passively managed, while ZAAA.NEO is actively managed. Over the past year, MAAA.TO returned 3.16% vs 6.75% for ZAAA.NEO. At a 0.04 correlation, their price movements are largely independent. MAAA.TO charges 0.18%/yr vs 0.23%/yr for ZAAA.NEO.
Performance
MAAA.TO vs. ZAAA.NEO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MAAA.TO achieves a 1.25% return, which is significantly lower than ZAAA.NEO's 3.19% return.
MAAA.TO
- 1D
- 0.04%
- 1M
- 0.34%
- YTD
- 1.25%
- 6M
- 1.66%
- 1Y
- 3.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZAAA.NEO
- 1D
- 0.07%
- 1M
- 2.52%
- YTD
- 3.19%
- 6M
- 1.99%
- 1Y
- 6.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MAAA.TO vs. ZAAA.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MAAA.TO Mackenzie AAA CLO ETF | 1.25% | 2.83% |
ZAAA.NEO BMO AAA CLO ETF | 3.19% | 3.21% |
Correlation
The correlation between MAAA.TO and ZAAA.NEO is 0.04, 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 | 0.04 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | 0.04 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MAAA.TO vs. ZAAA.NEO — Risk / Return Rank
MAAA.TO
ZAAA.NEO
MAAA.TO vs. ZAAA.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Mackenzie AAA CLO ETF (MAAA.TO) and BMO AAA CLO ETF (ZAAA.NEO). 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.
| MAAA.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.63 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.29 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 6.22 | 2.25 | +3.97 |
| Martin ratioReturn relative to average drawdown | 22.97 | 5.45 | +17.52 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| MAAA.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | 1.48 | +0.63 |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.56 | 1.30 | +1.25 |
Drawdowns
MAAA.TO vs. ZAAA.NEO - Drawdown Comparison
The maximum MAAA.TO drawdown since its inception was -0.51%, smaller than the maximum ZAAA.NEO drawdown of -3.01%. Use the drawdown chart below to compare losses from any high point for MAAA.TO and ZAAA.NEO.
Loading charts...
Drawdown Indicators
| MAAA.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.51% | -3.01% | +2.50% |
Max Drawdown (1Y)Largest decline over 1 year | -0.51% | -3.01% | +2.50% |
Current DrawdownCurrent decline from peak | -0.32% | 0.00% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -0.07% | -1.07% | +1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.14% | 1.24% | -1.10% |
Volatility
MAAA.TO vs. ZAAA.NEO - Volatility Comparison
The current volatility for Mackenzie AAA CLO ETF (MAAA.TO) is 0.65%, while BMO AAA CLO ETF (ZAAA.NEO) has a volatility of 0.92%. This indicates that MAAA.TO experiences smaller price fluctuations and is considered to be less risky than ZAAA.NEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MAAA.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 0.92% | -0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 1.08% | 3.30% | -2.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.50% | 4.60% | -3.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.48% | 4.60% | -3.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.48% | 4.60% | -3.12% |
MAAA.TO vs. ZAAA.NEO - Expense Ratio Comparison
MAAA.TO has a 0.18% expense ratio, which is lower than ZAAA.NEO's 0.23% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
MAAA.TO vs. ZAAA.NEO - Dividend Comparison
MAAA.TO's dividend yield for the trailing twelve months is around 5.08%, less than ZAAA.NEO's 5.21% yield.
| Position | TTM | 2025 |
|---|---|---|
MAAA.TO Mackenzie AAA CLO ETF | 5.08% | 3.01% |
ZAAA.NEO BMO AAA CLO ETF | 5.21% | 3.16% |
Frequently Asked Questions
MAAA.TO and ZAAA.NEO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MAAA.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MAAA.TO is cheaper with a 0.18% expense ratio, compared with 0.23% for ZAAA.NEO.
They also come from different issuers: Mackenzie and BMO. Their fees differ too: 0.18% for MAAA.TO and 0.23% for ZAAA.NEO.
Find the right allocation for MAAA.TO and ZAAA.NEO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer