VMO.TO vs. ZMMK.TO

Last updated Jul 15, 2026

VMO.TO (Vanguard Global Momentum Factor ETF) and ZMMK.TO (BMO Money Market Fund ETF Series) are both exchange-traded funds - VMO.TO is a Momentum fund actively managed by Vanguard, while ZMMK.TO is a Money Market fund actively managed by BMO. Both are actively managed. Over the past 3 years, VMO.TO returned 27.65%/yr vs 3.76%/yr for ZMMK.TO. At a 0.04 correlation, their price movements are largely independent. VMO.TO charges 0.38%/yr vs 0.13%/yr for ZMMK.TO.

Performance

VMO.TO vs. ZMMK.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard Global Momentum Factor ETF (VMO.TO) and BMO Money Market Fund ETF Series (ZMMK.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VMO.TO achieves a 22.96% return, which is significantly higher than ZMMK.TO's 1.25% return.

VMO.TO

• 1D: 0.94%
• 1M: -2.64%
• 6M: 14.03%
• YTD: 22.96%
• 1Y: 36.82%
• 3Y*: 27.65%
• 5Y*: 16.59%
• 10Y*: 14.51%

ZMMK.TO

• 1D: 0.02%
• 1M: 0.22%
• 6M: 1.19%
• YTD: 1.25%
• 1Y: 2.49%
• 3Y*: 3.76%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

VMO.TO vs. ZMMK.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
VMO.TO Vanguard Global Momentum Factor ETF	22.96%	21.72%	29.69%	14.95%	-9.07%	2.90%
ZMMK.TO BMO Money Market Fund ETF Series	1.25%	2.77%	4.94%	4.86%	1.99%	0.04%

Correlation

The correlation between VMO.TO and ZMMK.TO is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.03
Correlation (All Time) Calculated using the full available price history since Dec 2, 2021	0.04

Return for Risk

VMO.TO vs. ZMMK.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VMO.TO

VMO.TO Risk / Return Rank: 71
VMO.TO Sharpe Ratio Rank: 65
VMO.TO Sortino Ratio Rank: 60
VMO.TO Omega Ratio Rank: 61
VMO.TO Calmar Ratio Rank: 85
VMO.TO Martin Ratio Rank: 84

ZMMK.TO

ZMMK.TO Risk / Return Rank: 99
ZMMK.TO Sharpe Ratio Rank: 99
ZMMK.TO Sortino Ratio Rank: 99
ZMMK.TO Omega Ratio Rank: 99
ZMMK.TO Calmar Ratio Rank: 100
ZMMK.TO Martin Ratio Rank: 100

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.

VMO.TO vs. ZMMK.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global Momentum Factor ETF (VMO.TO) and BMO Money Market Fund ETF Series (ZMMK.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.

	VMO.TO	ZMMK.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.70	9.17	-7.46
Sortino ratio: Return per unit of downside risk	2.25	22.47	-20.22
Omega ratio: Gain probability vs. loss probability	1.30	5.39	-4.09
Calmar ratio: Return relative to maximum drawdown	3.67	62.43	-58.76
Martin ratio: Return relative to average drawdown	13.28	355.23	-341.95

VMO.TO vs. ZMMK.TO - Sharpe Ratio Comparison

The current VMO.TO Sharpe Ratio is 1.70, which is lower than the ZMMK.TO Sharpe Ratio of 9.17. The chart below compares the historical Sharpe Ratios of VMO.TO and ZMMK.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.

Drawdowns

VMO.TO vs. ZMMK.TO - Drawdown Comparison

The maximum VMO.TO drawdown since its inception was -30.53%, which is greater than ZMMK.TO's maximum drawdown of -0.16%. Use the drawdown chart below to compare losses from any high point for VMO.TO and ZMMK.TO.

Drawdown Indicators

	VMO.TO	ZMMK.TO	Difference
Max Drawdown Largest peak-to-trough decline	-30.53%	-0.16%	-30.37%
Max Drawdown (1Y) Largest decline over 1 year	-10.07%	-0.04%	-10.03%
Max Drawdown (3Y) Largest decline over 3 years	-19.72%	-0.08%	-19.64%
Max Drawdown (5Y) Largest decline over 5 years	-23.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.53%	—	—
Current Drawdown Current decline from peak	-6.73%	0.00%	-6.73%
Average Drawdown Average peak-to-trough decline	-5.19%	-0.00%	-5.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	0.01%	+2.77%

Volatility

VMO.TO vs. ZMMK.TO - Volatility Comparison

Vanguard Global Momentum Factor ETF (VMO.TO) has a higher volatility of 8.09% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.06%. This indicates that VMO.TO's price experiences larger fluctuations and is considered to be riskier than ZMMK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VMO.TO	ZMMK.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.09%	0.06%	+8.03%
Volatility (6M) Calculated over the trailing 6-month period	18.07%	0.17%	+17.90%
Volatility (1Y) Calculated over the trailing 1-year period	21.73%	0.27%	+21.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.47%	0.34%	+18.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.12%	0.34%	+18.78%

VMO.TO vs. ZMMK.TO - Expense Ratio Comparison

VMO.TO has a 0.38% expense ratio, which is higher than ZMMK.TO's 0.13% expense ratio.

Dividends

VMO.TO vs. ZMMK.TO - Dividend Comparison

VMO.TO's dividend yield for the trailing twelve months is around 0.69%, less than ZMMK.TO's 2.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
VMO.TO Vanguard Global Momentum Factor ETF	0.69%	0.85%	0.90%	1.04%	1.67%	1.11%	0.71%	1.71%	0.81%	1.17%	0.51%
ZMMK.TO BMO Money Market Fund ETF Series	2.46%	3.02%	4.66%	4.98%	1.95%	0.04%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VMO.TO and ZMMK.TO in my portfolio?

VMO.TO and ZMMK.TO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VMO.TO or ZMMK.TO?

On fees, ZMMK.TO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VMO.TO or ZMMK.TO?

ZMMK.TO is cheaper with a 0.13% expense ratio, compared with 0.38% for VMO.TO.

What is the main difference between VMO.TO and ZMMK.TO?

VMO.TO is categorized as Momentum, while ZMMK.TO is Money Market. They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.38% for VMO.TO and 0.13% for ZMMK.TO.