XSTP.TO vs. ZMMK.TO
XSTP.TO (iShares 0-5 Year TIPS Bond Index ETF) and ZMMK.TO (BMO Money Market Fund ETF Series) are both exchange-traded funds - XSTP.TO is a Inflation-Protected Bonds fund tracking the Morningstar Gbl Core Bd GR CAD, while ZMMK.TO is a Money Market fund actively managed by BMO. XSTP.TO is passively managed, while ZMMK.TO is actively managed. Over the past 3 years, XSTP.TO returned 6.18%/yr vs 3.85%/yr for ZMMK.TO. At a correlation of -0.03, they often move in opposite directions. XSTP.TO charges 0.16%/yr vs 0.13%/yr for ZMMK.TO.
Performance
XSTP.TO vs. ZMMK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XSTP.TO achieves a 3.35% return, which is significantly higher than ZMMK.TO's 0.95% return.
XSTP.TO
- 1D
- 0.51%
- 1M
- 2.16%
- YTD
- 3.35%
- 6M
- 1.23%
- 1Y
- 5.54%
- 3Y*
- 6.18%
- 5Y*
- —
- 10Y*
- —
ZMMK.TO
- 1D
- -0.01%
- 1M
- 0.19%
- YTD
- 0.95%
- 6M
- 1.13%
- 1Y
- 2.48%
- 3Y*
- 3.85%
- 5Y*
- —
- 10Y*
- —
XSTP.TO vs. ZMMK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
XSTP.TO iShares 0-5 Year TIPS Bond Index ETF | 3.35% | 0.64% | 13.59% | 2.31% | 17.76% | 0.34% |
ZMMK.TO BMO Money Market Fund ETF Series | 0.95% | 2.77% | 4.94% | 4.86% | 1.99% | 0.04% |
Correlation
The correlation between XSTP.TO and ZMMK.TO is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2021 | -0.03 |
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Return for Risk
XSTP.TO vs. ZMMK.TO — Risk / Return Rank
XSTP.TO
ZMMK.TO
XSTP.TO vs. ZMMK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-5 Year TIPS Bond Index ETF (XSTP.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.
| XSTP.TO | ZMMK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.53 | ||
| Sortino ratioReturn per unit of downside risk | -22.38 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 5.45 | -4.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 82.88 | -81.71 |
| Martin ratioReturn relative to average drawdown | 2.84 | 377.25 | -374.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| XSTP.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.13 | 9.66 | -8.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.98 | 10.29 | -9.32 |
Drawdowns
XSTP.TO vs. ZMMK.TO - Drawdown Comparison
The maximum XSTP.TO drawdown since its inception was -5.68%, 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 XSTP.TO and ZMMK.TO.
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Drawdown Indicators
| XSTP.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.68% | -0.16% | -5.52% |
Max Drawdown (1Y)Largest decline over 1 year | -4.76% | -0.03% | -4.73% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -0.08% | -5.60% |
Current DrawdownCurrent decline from peak | -0.33% | -0.02% | -0.31% |
Average DrawdownAverage peak-to-trough decline | -1.66% | -0.00% | -1.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 0.01% | +1.95% |
Volatility
XSTP.TO vs. ZMMK.TO - Volatility Comparison
iShares 0-5 Year TIPS Bond Index ETF (XSTP.TO) has a higher volatility of 0.94% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.06%. This indicates that XSTP.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.
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Volatility by Period
| XSTP.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 0.06% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 3.50% | 0.18% | +3.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.91% | 0.26% | +4.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.13% | 0.34% | +8.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.13% | 0.34% | +8.79% |
XSTP.TO vs. ZMMK.TO - Expense Ratio Comparison
XSTP.TO has a 0.16% expense ratio, which is higher than ZMMK.TO's 0.13% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
XSTP.TO vs. ZMMK.TO - Dividend Comparison
XSTP.TO's dividend yield for the trailing twelve months is around 3.57%, more than ZMMK.TO's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
XSTP.TO iShares 0-5 Year TIPS Bond Index ETF | 3.57% | 4.06% | 2.41% | 3.08% | 5.70% | 2.35% |
ZMMK.TO BMO Money Market Fund ETF Series | 2.53% | 3.02% | 4.66% | 4.98% | 1.95% | 0.04% |
Frequently Asked Questions
XSTP.TO and ZMMK.TO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
ZMMK.TO is cheaper with a 0.13% expense ratio, compared with 0.16% for XSTP.TO.
XSTP.TO is categorized as Inflation-Protected Bonds, while ZMMK.TO is Money Market. They also come from different issuers: iShares and BMO. Their fees differ too: 0.16% for XSTP.TO and 0.13% for ZMMK.TO.
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