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SHOP.TO vs. ZMI.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SHOP.TO vs. ZMI.TO

Last updated Jul 21, 2026
Documentation

SHOP.TO (Shopify Inc.) is a stock, while ZMI.TO (BMO Monthly Income ETF) is Diversified Portfolio fund actively managed by BMO. Over the past 10 years, SHOP.TO returned 44.82%/yr vs 6.46%/yr for ZMI.TO. At a 0.30 correlation, their price movements are largely independent.

Performance

SHOP.TO vs. ZMI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Shopify Inc. (SHOP.TO) and BMO Monthly Income ETF (ZMI.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, SHOP.TO achieves a -20.74% return, which is significantly lower than ZMI.TO's 9.16% return. Over the past 10 years, SHOP.TO has outperformed ZMI.TO with an annualized return of 44.82%, while ZMI.TO has yielded a comparatively lower 6.46% annualized return.

SHOP.TO

1D
1.12%
1M
15.56%
6M
-18.20%
YTD
-20.74%
1Y
0.46%
3Y*
26.41%
5Y*
-2.34%
10Y*
44.82%
ALL TIME*
41.96%

ZMI.TO

1D
-0.25%
1M
-0.70%
6M
6.85%
YTD
9.16%
1Y
13.83%
3Y*
11.84%
5Y*
7.51%
10Y*
6.46%
ALL TIME*
6.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SHOP.TO vs. ZMI.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SHOP.TO
Shopify Inc.		-20.74%44.45%48.30%119.44%-73.01%21.18%178.39%173.48%48.52%120.29%
ZMI.TO
BMO Monthly Income ETF		9.16%8.04%13.60%9.17%-5.76%11.38%2.54%13.52%-2.39%4.98%

Correlation

The correlation between SHOP.TO and ZMI.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.28

Correlation (3Y)
Calculated over the trailing 3-year period

0.38

Correlation (5Y)
Calculated over the trailing 5-year period

0.40

Correlation (10Y)
Calculated over the trailing 10-year period

0.31

Correlation (All Time)
Calculated using the full available price history since May 21, 2015

0.30

The correlation between SHOP.TO and ZMI.TO shifts across timeframes, from 0.28 (1 year) to 0.40 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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Shopify Inc.

BMO Monthly Income ETF

Often compared with SHOP.TO:
SHOP.TO vs. SPOTSHOP.TO vs. LSPD.TOSHOP.TO vs. BEPC.TOSHOP.TO vs. XEQT.TOSHOP.TO vs. VOOSHOP.TO vs. ONLNSHOP.TO vs. VGT
Often compared with ZMI.TO:
ZMI.TO vs. XTR.TOZMI.TO vs. VRIF.TOZMI.TO vs. XDIV.TOZMI.TO vs. VDY.TOZMI.TO vs. ZBAL.TOZMI.TO vs. XEI.TOZMI.TO vs. VBAL.TO

Return for Risk

SHOP.TO vs. ZMI.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SHOP.TO
SHOP.TO Risk / Return Rank: 4545
Overall Rank
SHOP.TO Sharpe Ratio Rank: 4646
Sharpe Ratio Rank
SHOP.TO Sortino Ratio Rank: 4545
Sortino Ratio Rank
SHOP.TO Omega Ratio Rank: 4545
Omega Ratio Rank
SHOP.TO Calmar Ratio Rank: 4646
Calmar Ratio Rank
SHOP.TO Martin Ratio Rank: 4646
Martin Ratio Rank
ZMI.TO
ZMI.TO Risk / Return Rank: 7878
Overall Rank
ZMI.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
ZMI.TO Sortino Ratio Rank: 7777
Sortino Ratio Rank
ZMI.TO Omega Ratio Rank: 8686
Omega Ratio Rank
ZMI.TO Calmar Ratio Rank: 7777
Calmar Ratio Rank
ZMI.TO Martin Ratio Rank: 7171
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.

SHOP.TO vs. ZMI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Shopify Inc. (SHOP.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.

SHOP.TOZMI.TODifference
Sharpe ratioReturn per unit of total volatility
0.01
1.93

-1.92

Sortino ratioReturn per unit of downside risk
0.42
2.58

-2.16

Omega ratioGain probability vs. loss probability

1.05

1.39

-0.34

Calmar ratioReturn relative to maximum drawdown

0.01

2.92

-2.91

Martin ratioReturn relative to average drawdown

0.02

9.45

-9.43

SHOP.TO vs. ZMI.TO - Sharpe Ratio Comparison

The current SHOP.TO Sharpe Ratio is 0.01, which is lower than the ZMI.TO Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of SHOP.TO and ZMI.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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Drawdowns

SHOP.TO vs. ZMI.TO - Drawdown Comparison

The maximum SHOP.TO drawdown since its inception was -83.47%, which is greater than ZMI.TO's maximum drawdown of -26.64%. Use the drawdown chart below to compare losses from any high point for SHOP.TO and ZMI.TO.

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Drawdown Indicators

SHOP.TOZMI.TODifference

Max Drawdown

Largest peak-to-trough decline

-83.47%

-26.64%

-56.83%

Max Drawdown (1Y)

Largest decline over 1 year

-47.66%

-4.75%

-42.91%

Max Drawdown (3Y)

Largest decline over 3 years

-47.66%

-8.80%

-38.86%

Max Drawdown (5Y)

Largest decline over 5 years

-83.47%

-12.68%

-70.79%

Max Drawdown (10Y)

Largest decline over 10 years

-83.47%

-26.64%

-56.83%

Current Drawdown

Current decline from peak

-29.85%

-1.59%

-28.26%

Average Drawdown

Average peak-to-trough decline

-26.92%

-2.07%

-24.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

25.20%

1.47%

+23.73%

Volatility

SHOP.TO vs. ZMI.TO - Volatility Comparison

Shopify Inc. (SHOP.TO) has a higher volatility of 10.97% compared to BMO Monthly Income ETF (ZMI.TO) at 1.29%. This indicates that SHOP.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

SHOP.TOZMI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

10.97%

1.29%

+9.68%

Volatility (6M)

Calculated over the trailing 6-month period

42.70%

5.19%

+37.51%

Volatility (1Y)

Calculated over the trailing 1-year period

55.98%

7.21%

+48.77%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

63.22%

7.45%

+55.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

57.61%

8.86%

+48.75%

Dividends

SHOP.TO vs. ZMI.TO - Dividend Comparison

SHOP.TO has not paid dividends to shareholders, while ZMI.TO's dividend yield for the trailing twelve months is around 3.89%.

PositionTTM20252024202320222021202020192018201720162015
SHOP.TO
Shopify Inc.		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
ZMI.TO
BMO Monthly Income ETF		3.89%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

SHOP.TO and ZMI.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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