ZBAL.TO vs. ZMMK.TO
ZBAL.TO (BMO Balanced ETF) and ZMMK.TO (BMO Money Market Fund ETF Series) are both exchange-traded funds - ZBAL.TO is a Global Allocation fund actively managed by BMO, while ZMMK.TO is a Money Market fund actively managed by BMO. Both are actively managed. Over the past 3 years, ZBAL.TO returned 14.66%/yr vs 3.85%/yr for ZMMK.TO. At a 0.03 correlation, their price movements are largely independent. ZBAL.TO charges 0.18%/yr vs 0.13%/yr for ZMMK.TO.
Performance
ZBAL.TO vs. ZMMK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZBAL.TO achieves a 8.07% return, which is significantly higher than ZMMK.TO's 0.95% return.
ZBAL.TO
- 1D
- -0.44%
- 1M
- 4.23%
- YTD
- 8.07%
- 6M
- 7.81%
- 1Y
- 19.74%
- 3Y*
- 14.66%
- 5Y*
- 8.70%
- 10Y*
- —
ZMMK.TO
- 1D
- -0.01%
- 1M
- 0.19%
- YTD
- 0.95%
- 6M
- 1.13%
- 1Y
- 2.48%
- 3Y*
- 3.85%
- 5Y*
- —
- 10Y*
- —
ZBAL.TO vs. ZMMK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZBAL.TO BMO Balanced ETF | 8.07% | 12.93% | 16.16% | 12.63% | -11.09% | 1.96% |
ZMMK.TO BMO Money Market Fund ETF Series | 0.95% | 2.77% | 4.94% | 4.86% | 1.99% | 0.04% |
Correlation
The correlation between ZBAL.TO and ZMMK.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2021 | 0.03 |
The correlation between ZBAL.TO and ZMMK.TO shifts across timeframes, from 0.03 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZBAL.TO vs. ZMMK.TO — Risk / Return Rank
ZBAL.TO
ZMMK.TO
ZBAL.TO vs. ZMMK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Balanced ETF (ZBAL.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.
| ZBAL.TO | ZMMK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.29 | ||
| Sortino ratioReturn per unit of downside risk | -20.48 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 5.45 | -4.00 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | 82.88 | -79.47 |
| Martin ratioReturn relative to average drawdown | 14.34 | 377.25 | -362.91 |
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
| ZBAL.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | 9.66 | -7.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.01 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.92 | 10.29 | -9.37 |
Drawdowns
ZBAL.TO vs. ZMMK.TO - Drawdown Comparison
The maximum ZBAL.TO drawdown since its inception was -20.75%, 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 ZBAL.TO and ZMMK.TO.
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Drawdown Indicators
| ZBAL.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.75% | -0.16% | -20.59% |
Max Drawdown (1Y)Largest decline over 1 year | -5.81% | -0.03% | -5.78% |
Max Drawdown (3Y)Largest decline over 3 years | -9.43% | -0.08% | -9.35% |
Max Drawdown (5Y)Largest decline over 5 years | -16.32% | — | — |
Current DrawdownCurrent decline from peak | -0.44% | -0.02% | -0.42% |
Average DrawdownAverage peak-to-trough decline | -3.17% | -0.00% | -3.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 0.01% | +1.37% |
Volatility
ZBAL.TO vs. ZMMK.TO - Volatility Comparison
BMO Balanced ETF (ZBAL.TO) has a higher volatility of 3.09% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.06%. This indicates that ZBAL.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
| ZBAL.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.09% | 0.06% | +3.03% |
Volatility (6M)Calculated over the trailing 6-month period | 6.60% | 0.18% | +6.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.38% | 0.26% | +8.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.72% | 0.34% | +8.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.14% | 0.34% | +9.80% |
ZBAL.TO vs. ZMMK.TO - Expense Ratio Comparison
ZBAL.TO has a 0.18% 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
ZBAL.TO vs. ZMMK.TO - Dividend Comparison
ZBAL.TO's dividend yield for the trailing twelve months is around 1.74%, less than ZMMK.TO's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ZBAL.TO BMO Balanced ETF | 1.74% | 2.00% | 2.20% | 2.49% | 2.74% | 2.37% | 2.55% | 2.39% |
ZMMK.TO BMO Money Market Fund ETF Series | 2.53% | 3.02% | 4.66% | 4.98% | 1.95% | 0.04% | 0.00% | 0.00% |
Frequently Asked Questions
ZBAL.TO and ZMMK.TO have a correlation of 0.15, 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 0.18% for ZBAL.TO.
ZBAL.TO is categorized as Global Allocation, while ZMMK.TO is Money Market. Their fees differ too: 0.18% for ZBAL.TO and 0.13% for ZMMK.TO.
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