ZAAA.NEO vs. MAAA.TO
ZAAA.NEO (BMO AAA CLO ETF) and MAAA.TO (Mackenzie AAA CLO ETF) are both CLO funds. ZAAA.NEO is actively managed, while MAAA.TO is passively managed. Over the past year, ZAAA.NEO returned 6.75% vs 3.16% for MAAA.TO. At a 0.04 correlation, their price movements are largely independent. ZAAA.NEO charges 0.23%/yr vs 0.18%/yr for MAAA.TO.
Performance
ZAAA.NEO vs. MAAA.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZAAA.NEO achieves a 3.19% return, which is significantly higher than MAAA.TO's 1.25% return.
ZAAA.NEO
- 1D
- 0.07%
- 1M
- 2.45%
- YTD
- 3.19%
- 6M
- 2.93%
- 1Y
- 6.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MAAA.TO
- 1D
- 0.04%
- 1M
- 0.30%
- YTD
- 1.25%
- 6M
- 1.66%
- 1Y
- 3.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZAAA.NEO vs. MAAA.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZAAA.NEO BMO AAA CLO ETF | 3.19% | 3.21% |
MAAA.TO Mackenzie AAA CLO ETF | 1.25% | 2.83% |
Correlation
The correlation between ZAAA.NEO and MAAA.TO is 0.04, 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 | 0.04 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | 0.04 |
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Return for Risk
ZAAA.NEO vs. MAAA.TO — Risk / Return Rank
ZAAA.NEO
MAAA.TO
ZAAA.NEO vs. MAAA.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO AAA CLO ETF (ZAAA.NEO) and Mackenzie AAA CLO ETF (MAAA.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.
| ZAAA.NEO | MAAA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.59 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.25 | 6.22 | -3.97 |
| Martin ratioReturn relative to average drawdown | 5.45 | 22.97 | -17.52 |
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
| ZAAA.NEO | MAAA.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.48 | 2.11 | -0.63 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.30 | 2.56 | -1.25 |
Drawdowns
ZAAA.NEO vs. MAAA.TO - Drawdown Comparison
The maximum ZAAA.NEO drawdown since its inception was -3.01%, which is greater than MAAA.TO's maximum drawdown of -0.51%. Use the drawdown chart below to compare losses from any high point for ZAAA.NEO and MAAA.TO.
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Drawdown Indicators
| ZAAA.NEO | MAAA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.01% | -0.51% | -2.50% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -0.51% | -2.50% |
Current DrawdownCurrent decline from peak | 0.00% | -0.32% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -1.07% | -0.07% | -1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 0.14% | +1.10% |
Volatility
ZAAA.NEO vs. MAAA.TO - Volatility Comparison
BMO AAA CLO ETF (ZAAA.NEO) has a higher volatility of 0.92% compared to Mackenzie AAA CLO ETF (MAAA.TO) at 0.65%. This indicates that ZAAA.NEO's price experiences larger fluctuations and is considered to be riskier than MAAA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZAAA.NEO | MAAA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 0.65% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 3.30% | 1.08% | +2.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.60% | 1.50% | +3.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.60% | 1.48% | +3.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.60% | 1.48% | +3.12% |
ZAAA.NEO vs. MAAA.TO - Expense Ratio Comparison
ZAAA.NEO has a 0.23% expense ratio, which is higher than MAAA.TO's 0.18% 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
ZAAA.NEO vs. MAAA.TO - Dividend Comparison
ZAAA.NEO's dividend yield for the trailing twelve months is around 5.21%, more than MAAA.TO's 5.08% yield.
| Position | TTM | 2025 |
|---|---|---|
MAAA.TO Mackenzie AAA CLO ETF | 5.08% | 3.01% |
ZAAA.NEO BMO AAA CLO ETF | 5.21% | 3.16% |
Frequently Asked Questions
ZAAA.NEO and MAAA.TO have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MAAA.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MAAA.TO is cheaper with a 0.18% expense ratio, compared with 0.23% for ZAAA.NEO.
They also come from different issuers: BMO and Mackenzie. Their fees differ too: 0.23% for ZAAA.NEO and 0.18% for MAAA.TO.
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