TBIL.TO vs. ZUCM.TO
TBIL.TO (Harvest Canadian T-Bill ETF) and ZUCM.TO (BMO USD Cash Management ETF) are both Money Market funds. Both are actively managed. Over the past year, TBIL.TO returned 2.28% vs 5.27% for ZUCM.TO. At a correlation of -0.02, they often move in opposite directions. TBIL.TO charges 0.00%/yr vs 0.14%/yr for ZUCM.TO.
Performance
TBIL.TO vs. ZUCM.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TBIL.TO achieves a 0.83% return, which is significantly lower than ZUCM.TO's 2.78% return.
TBIL.TO
- 1D
- 0.00%
- 1M
- 0.16%
- YTD
- 0.83%
- 6M
- 1.04%
- 1Y
- 2.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZUCM.TO
- 1D
- 0.39%
- 1M
- 2.35%
- YTD
- 2.78%
- 6M
- 1.28%
- 1Y
- 5.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TBIL.TO vs. ZUCM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TBIL.TO Harvest Canadian T-Bill ETF | 0.83% | 2.60% | 9.21% |
ZUCM.TO BMO USD Cash Management ETF | 2.78% | -0.61% | 11.76% |
Correlation
The correlation between TBIL.TO and ZUCM.TO is -0.09, 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 | -0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024 | -0.02 |
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
TBIL.TO vs. ZUCM.TO — Risk / Return Rank
TBIL.TO
ZUCM.TO
TBIL.TO vs. ZUCM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harvest Canadian T-Bill ETF (TBIL.TO) and BMO USD Cash Management ETF (ZUCM.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.
| TBIL.TO | ZUCM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.81 | ||
| Sortino ratioReturn per unit of downside risk | +17.61 | ||
| Omega ratioGain probability vs. loss probability | 4.08 | 1.21 | +2.86 |
| Calmar ratioReturn relative to maximum drawdown | 57.46 | 1.43 | +56.03 |
| Martin ratioReturn relative to average drawdown | 258.77 | 3.82 | +254.95 |
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
| TBIL.TO | ZUCM.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 8.01 | 1.19 | +6.81 |
Sharpe Ratio (All Time)Calculated using the full available price history | 5.26 | 1.03 | +4.23 |
Drawdowns
TBIL.TO vs. ZUCM.TO - Drawdown Comparison
The maximum TBIL.TO drawdown since its inception was -0.38%, smaller than the maximum ZUCM.TO drawdown of -5.81%. Use the drawdown chart below to compare losses from any high point for TBIL.TO and ZUCM.TO.
Loading charts...
Drawdown Indicators
| TBIL.TO | ZUCM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.38% | -5.81% | +5.43% |
Max Drawdown (1Y)Largest decline over 1 year | -0.04% | -3.69% | +3.65% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -1.72% | +1.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 1.38% | -1.37% |
Volatility
TBIL.TO vs. ZUCM.TO - Volatility Comparison
The current volatility for Harvest Canadian T-Bill ETF (TBIL.TO) is 0.04%, while BMO USD Cash Management ETF (ZUCM.TO) has a volatility of 0.75%. This indicates that TBIL.TO experiences smaller price fluctuations and is considered to be less risky than ZUCM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TBIL.TO | ZUCM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.04% | 0.75% | -0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 0.18% | 3.23% | -3.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.29% | 4.43% | -4.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.08% | 5.34% | -4.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.08% | 5.34% | -4.26% |
TBIL.TO vs. ZUCM.TO - Expense Ratio Comparison
TBIL.TO has a 0.00% expense ratio, which is lower than ZUCM.TO's 0.14% 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
TBIL.TO vs. ZUCM.TO - Dividend Comparison
TBIL.TO's dividend yield for the trailing twelve months is around 2.27%, less than ZUCM.TO's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
TBIL.TO Harvest Canadian T-Bill ETF | 2.27% | 2.57% | 8.81% | 0.00% |
ZUCM.TO BMO USD Cash Management ETF | 3.81% | 4.19% | 4.88% | 1.40% |
Frequently Asked Questions
TBIL.TO and ZUCM.TO have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TBIL.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TBIL.TO is cheaper with a 0.00% expense ratio, compared with 0.14% for ZUCM.TO.
They also come from different issuers: Harvest and BMO. Their fees differ too: 0.00% for TBIL.TO and 0.14% for ZUCM.TO.
Find the right allocation for TBIL.TO and ZUCM.TO
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