ZCB.TO vs. MFT.TO
ZCB.TO (BMO Corporate Bond Index ETF) and MFT.TO (Mackenzie Floating Rate Income ETF) are both Corporate Bonds funds. ZCB.TO is passively managed, while MFT.TO is actively managed. Over the past 5 years, ZCB.TO returned 1.91%/yr vs 3.71%/yr for MFT.TO. At a 0.02 correlation, their price movements are largely independent.
Performance
ZCB.TO vs. MFT.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZCB.TO achieves a 1.60% return, which is significantly lower than MFT.TO's 2.53% return.
ZCB.TO
- 1D
- 0.17%
- 1M
- -0.45%
- 6M
- 0.92%
- YTD
- 1.60%
- 1Y
- 4.66%
- 3Y*
- 5.97%
- 5Y*
- 1.91%
- 10Y*
- —
MFT.TO
- 1D
- 0.00%
- 1M
- 0.67%
- 6M
- 2.08%
- YTD
- 2.53%
- 1Y
- 2.43%
- 3Y*
- 5.49%
- 5Y*
- 3.71%
- 10Y*
- 4.41%
ZCB.TO vs. MFT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZCB.TO BMO Corporate Bond Index ETF | 1.60% | 3.81% | 6.60% | 8.73% | -10.20% | -2.22% | 8.33% | 8.03% | 0.90% |
MFT.TO Mackenzie Floating Rate Income ETF | 2.53% | 0.81% | 8.84% | 11.99% | -6.31% | 5.56% | -0.64% | 6.00% | 0.04% |
Correlation
The correlation between ZCB.TO and MFT.TO is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 2018 | 0.02 |
The correlation between ZCB.TO and MFT.TO shifts across timeframes, from -0.12 (1 year) to 0.05 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZCB.TO vs. MFT.TO — Risk / Return Rank
ZCB.TO
MFT.TO
ZCB.TO vs. MFT.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Corporate Bond Index ETF (ZCB.TO) and Mackenzie Floating Rate Income ETF (MFT.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.
| ZCB.TO | MFT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.16 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 1.84 | 0.00 |
| Martin ratioReturn relative to average drawdown | 5.62 | 4.39 | +1.23 |
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Drawdowns
ZCB.TO vs. MFT.TO - Drawdown Comparison
The maximum ZCB.TO drawdown since its inception was -15.70%, smaller than the maximum MFT.TO drawdown of -20.87%. Use the drawdown chart below to compare losses from any high point for ZCB.TO and MFT.TO.
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Drawdown Indicators
| ZCB.TO | MFT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.70% | -20.87% | +5.17% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -1.33% | -1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -3.14% | -3.40% | +0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -14.20% | -7.45% | -6.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.87% | — |
Current DrawdownCurrent decline from peak | -0.72% | 0.00% | -0.72% |
Average DrawdownAverage peak-to-trough decline | -3.65% | -1.38% | -2.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | 0.55% | +0.28% |
Volatility
ZCB.TO vs. MFT.TO - Volatility Comparison
BMO Corporate Bond Index ETF (ZCB.TO) has a higher volatility of 0.93% compared to Mackenzie Floating Rate Income ETF (MFT.TO) at 0.79%. This indicates that ZCB.TO's price experiences larger fluctuations and is considered to be riskier than MFT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZCB.TO | MFT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 0.79% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 1.80% | +1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.71% | 2.61% | +1.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.20% | 3.71% | +1.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.40% | 5.10% | +0.30% |
Dividends
ZCB.TO vs. MFT.TO - Dividend Comparison
ZCB.TO's dividend yield for the trailing twelve months is around 4.14%, less than MFT.TO's 8.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
MFT.TO Mackenzie Floating Rate Income ETF | 8.29% | 8.57% | 9.44% | 10.40% | 6.26% | 3.89% | 6.18% | 6.97% | 6.14% | 4.84% | 3.94% |
ZCB.TO BMO Corporate Bond Index ETF | 4.14% | 4.00% | 3.84% | 3.89% | 3.62% | 3.13% | 2.97% | 3.12% | 3.27% | 0.00% | 0.00% |
Frequently Asked Questions
ZCB.TO and MFT.TO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and Mackenzie.
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