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PMIF.TO vs. ZCS.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PMIF.TO vs. ZCS.TO

Last updated Apr 5, 2026

Compare and contrast key facts about PIMCO Monthly Income Fund (Canada) (PMIF.TO) and BMO Short Corporate Bond Index ETF (ZCS.TO).

PMIF.TO and ZCS.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZCS.TO is a passively managed fund by BMO that tracks the performance of the FTSE Canada Short Term Corporate Bond Index. It was launched on Oct 20, 2009.

Performance

PMIF.TO vs. ZCS.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in PIMCO Monthly Income Fund (Canada) (PMIF.TO) and BMO Short Corporate Bond Index ETF (ZCS.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PMIF.TO achieves a -0.44% return, which is significantly lower than ZCS.TO's 0.36% return.

PMIF.TO

1D
0.28%
1M
-0.97%
YTD
-0.44%
6M
1.44%
1Y
5.84%
3Y*
6.31%
5Y*
3.19%
10Y*
—

ZCS.TO

1D
0.14%
1M
-0.30%
YTD
0.36%
6M
0.83%
1Y
3.56%
3Y*
5.43%
5Y*
2.73%
10Y*
2.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PMIF.TO vs. ZCS.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PMIF.TO
PIMCO Monthly Income Fund (Canada)		-0.44%9.01%5.20%7.58%-6.32%1.90%3.93%7.09%0.59%0.54%
ZCS.TO
BMO Short Corporate Bond Index ETF		0.36%4.41%7.42%6.67%-4.48%-0.76%6.10%5.01%1.23%0.53%

Correlation

The correlation between PMIF.TO and ZCS.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners. Combining low-correlation assets is one of the most reliable ways to reduce portfolio risk without sacrificing expected returns.

PMIF.TO vs. ZCS.TO - Expense Ratio Comparison

ZCS.TO
BMO Short Corporate Bond Index ETF

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PIMCO Monthly Income Fund (Canada)

BMO Short Corporate Bond Index ETF

Often compared with PMIF.TO:
PMIF.TO vs. ZAG.TOPMIF.TO vs. CBIL.TOPMIF.TO vs. CASH.TOPMIF.TO vs. CCBI.TOPMIF.TO vs. CAAAPMIF.TO vs. XBB.TOPMIF.TO vs. PFIA.TO
Often compared with ZCS.TO:
ZCS.TO vs. ZAG.TOZCS.TO vs. XCB.TOZCS.TO vs. XSB.TOZCS.TO vs. PSA.TOZCS.TO vs. ZCB.TOZCS.TO vs. VSB.TOZCS.TO vs. ZCM.TO

Return for Risk

PMIF.TO vs. ZCS.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PMIF.TO
PMIF.TO Risk / Return Rank: 7070
Overall Rank
PMIF.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
PMIF.TO Sortino Ratio Rank: 8181
Sortino Ratio Rank
PMIF.TO Omega Ratio Rank: 7474
Omega Ratio Rank
PMIF.TO Calmar Ratio Rank: 5656
Calmar Ratio Rank
PMIF.TO Martin Ratio Rank: 5656
Martin Ratio Rank
ZCS.TO
ZCS.TO Risk / Return Rank: 7575
Overall Rank
ZCS.TO Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
ZCS.TO Sortino Ratio Rank: 7979
Sortino Ratio Rank
ZCS.TO Omega Ratio Rank: 8181
Omega Ratio Rank
ZCS.TO Calmar Ratio Rank: 6363
Calmar Ratio Rank
ZCS.TO Martin Ratio Rank: 6969
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PMIF.TO vs. ZCS.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Monthly Income Fund (Canada) (PMIF.TO) and BMO Short Corporate Bond Index ETF (ZCS.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.

PMIF.TOZCS.TODifference

Sharpe ratio

Return per unit of total volatility

1.60

1.60

0.00

Sortino ratio

Return per unit of downside risk

2.22

2.13

+0.09

Omega ratio

Gain probability vs. loss probability

1.29

1.33

-0.03

Calmar ratio

Return relative to maximum drawdown

1.80

2.05

-0.25

Martin ratio

Return relative to average drawdown

7.01

8.81

-1.80

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PMIF.TO vs. ZCS.TO - Sharpe Ratio Comparison

The current PMIF.TO Sharpe Ratio is 1.60, which is comparable to the ZCS.TO Sharpe Ratio of 1.60. The chart below compares the historical Sharpe Ratios of PMIF.TO and ZCS.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PMIF.TOZCS.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.60

1.60

0.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.68

0.96

-0.28

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.64

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.79

-0.22

Drawdowns

PMIF.TO vs. ZCS.TO - Drawdown Comparison

The maximum PMIF.TO drawdown since its inception was -18.30%, which is greater than ZCS.TO's maximum drawdown of -13.95%. Use the drawdown chart below to compare losses from any high point for PMIF.TO and ZCS.TO.

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Drawdown Indicators

PMIF.TOZCS.TODifference

Max Drawdown

Largest peak-to-trough decline

-18.30%

-13.95%

-4.35%

Max Drawdown (1Y)

Largest decline over 1 year

-3.22%

-1.63%

-1.59%

Max Drawdown (5Y)

Largest decline over 5 years

-10.25%

-7.76%

-2.49%

Max Drawdown (10Y)

Largest decline over 10 years

—

-13.95%

—

Current Drawdown

Current decline from peak

-1.75%

-0.80%

-0.95%

Average Drawdown

Average peak-to-trough decline

-1.89%

-0.90%

-0.99%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.82%

0.38%

+0.44%

Volatility

PMIF.TO vs. ZCS.TO - Volatility Comparison

PIMCO Monthly Income Fund (Canada) (PMIF.TO) has a higher volatility of 1.80% compared to BMO Short Corporate Bond Index ETF (ZCS.TO) at 1.23%. This indicates that PMIF.TO's price experiences larger fluctuations and is considered to be riskier than ZCS.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PMIF.TOZCS.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.80%

1.23%

+0.57%

Volatility (6M)

Calculated over the trailing 6-month period

2.49%

1.61%

+0.88%

Volatility (1Y)

Calculated over the trailing 1-year period

3.59%

2.09%

+1.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.73%

2.86%

+1.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.85%

4.38%

+1.47%

Dividends

PMIF.TO vs. ZCS.TO - Dividend Comparison

PMIF.TO's dividend yield for the trailing twelve months is around 5.43%, more than ZCS.TO's 3.81% yield.

TTM20252024202320222021202020192018201720162015
PMIF.TO
PIMCO Monthly Income Fund (Canada)		5.43%5.50%6.95%6.06%3.73%3.22%3.58%3.80%3.51%0.59%0.00%0.00%
ZCS.TO
BMO Short Corporate Bond Index ETF		3.81%3.60%3.27%3.35%3.23%2.99%2.88%2.96%2.88%3.04%3.34%3.53%