ZAG.TO vs. ZUCM.TO
ZAG.TO (BMO Aggregate Bond Index ETF) and ZUCM.TO (BMO USD Cash Management ETF) are both exchange-traded funds - ZAG.TO is a Canadian Government Bonds fund tracking the FTSE Canada Universe Bond Index, while ZUCM.TO is a Money Market fund actively managed by BMO. ZAG.TO is passively managed, while ZUCM.TO is actively managed. Over the past year, ZAG.TO returned 3.62% vs 8.00% for ZUCM.TO. At a 0.01 correlation, their price movements are largely independent. ZAG.TO charges 0.09%/yr vs 0.14%/yr for ZUCM.TO.
Performance
ZAG.TO vs. ZUCM.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZAG.TO achieves a 2.21% return, which is significantly lower than ZUCM.TO's 5.52% return.
ZAG.TO
- 1D
- 0.51%
- 1M
- 1.00%
- YTD
- 2.21%
- 6M
- 2.06%
- 1Y
- 3.62%
- 3Y*
- 4.70%
- 5Y*
- 0.81%
- 10Y*
- 1.70%
ZUCM.TO
- 1D
- 0.22%
- 1M
- 3.33%
- YTD
- 5.52%
- 6M
- 5.92%
- 1Y
- 8.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZAG.TO vs. ZUCM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZAG.TO BMO Aggregate Bond Index ETF | 2.21% | 2.25% | 4.48% | 8.43% |
ZUCM.TO BMO USD Cash Management ETF | 5.52% | -0.61% | 14.39% | -1.38% |
Correlation
The correlation between ZAG.TO and ZUCM.TO is -0.11, 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 | -0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023 | 0.01 |
The correlation between ZAG.TO and ZUCM.TO shifts across timeframes, from -0.11 (1 year) to 0.01 (all time), reflecting how their relationship changes across market environments.
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
ZAG.TO vs. ZUCM.TO — Risk / Return Rank
ZAG.TO
ZUCM.TO
ZAG.TO vs. ZUCM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Aggregate Bond Index ETF (ZAG.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.
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.
| ZAG.TO | ZUCM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.34 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 2.18 | -0.87 |
| Martin ratioReturn relative to average drawdown | 3.04 | 5.82 | -2.78 |
Loading charts...
Drawdowns
ZAG.TO vs. ZUCM.TO - Drawdown Comparison
The maximum ZAG.TO drawdown since its inception was -18.03%, which is greater than ZUCM.TO's maximum drawdown of -5.81%. Use the drawdown chart below to compare losses from any high point for ZAG.TO and ZUCM.TO.
Loading charts...
Drawdown Indicators
| ZAG.TO | ZUCM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.03% | -5.81% | -12.22% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -3.69% | +0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -5.42% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.77% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -18.03% | — | — |
Current DrawdownCurrent decline from peak | -0.59% | 0.00% | -0.59% |
Average DrawdownAverage peak-to-trough decline | -3.53% | -1.68% | -1.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 1.38% | -0.19% |
Volatility
ZAG.TO vs. ZUCM.TO - Volatility Comparison
BMO Aggregate Bond Index ETF (ZAG.TO) and BMO USD Cash Management ETF (ZUCM.TO) have volatilities of 1.08% and 1.08%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZAG.TO | ZUCM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 1.08% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 3.15% | +0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.48% | 4.41% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.58% | 5.32% | +1.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.11% | 5.32% | +1.79% |
ZAG.TO vs. ZUCM.TO - Expense Ratio Comparison
ZAG.TO has a 0.09% 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
ZAG.TO vs. ZUCM.TO - Dividend Comparison
ZAG.TO's dividend yield for the trailing twelve months is around 3.40%, less than ZUCM.TO's 3.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZAG.TO BMO Aggregate Bond Index ETF | 3.40% | 3.48% | 3.44% | 3.47% | 3.56% | 3.04% | 2.88% | 3.03% | 2.92% | 2.95% | 3.07% | 3.13% |
ZUCM.TO BMO USD Cash Management ETF | 3.71% | 4.19% | 4.88% | 1.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZAG.TO and ZUCM.TO have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZAG.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZAG.TO is cheaper with a 0.09% expense ratio, compared with 0.14% for ZUCM.TO.
ZAG.TO is categorized as Canadian Government Bonds, while ZUCM.TO is Money Market. Their fees differ too: 0.09% for ZAG.TO and 0.14% for ZUCM.TO.
Find the right allocation for ZAG.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