ZCLN.TO vs. MNY.TO
ZCLN.TO (BMO Clean Energy Index ETF) and MNY.TO (Purpose Cash Management Fund) are both exchange-traded funds - ZCLN.TO is a Alternative Energy Equities fund tracking the S&P Global Clean Energy Index, while MNY.TO is a Money Market fund actively managed by Purpose Investments. ZCLN.TO is passively managed, while MNY.TO is actively managed. Over the past 3 years, ZCLN.TO returned 9.66%/yr vs 3.91%/yr for MNY.TO. At a correlation of -0.02, they often move in opposite directions. ZCLN.TO charges 0.39%/yr vs 0.22%/yr for MNY.TO.
Performance
ZCLN.TO vs. MNY.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZCLN.TO achieves a 43.19% return, which is significantly higher than MNY.TO's 0.95% return.
ZCLN.TO
- 1D
- -1.82%
- 1M
- 14.50%
- YTD
- 43.19%
- 6M
- 37.47%
- 1Y
- 83.05%
- 3Y*
- 9.66%
- 5Y*
- 4.92%
- 10Y*
- —
MNY.TO
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- 0.95%
- 6M
- 1.22%
- 1Y
- 2.59%
- 3Y*
- 3.91%
- 5Y*
- —
- 10Y*
- —
ZCLN.TO vs. MNY.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ZCLN.TO BMO Clean Energy Index ETF | 43.19% | 37.90% | -20.23% | -20.37% | -10.91% |
MNY.TO Purpose Cash Management Fund | 0.95% | 3.03% | 4.69% | 5.03% | 1.54% |
Correlation
The correlation between ZCLN.TO and MNY.TO is -0.05, 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 | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2022 | -0.02 |
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Return for Risk
ZCLN.TO vs. MNY.TO — Risk / Return Rank
ZCLN.TO
MNY.TO
ZCLN.TO vs. MNY.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Clean Energy Index ETF (ZCLN.TO) and Purpose Cash Management Fund (MNY.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.
| ZCLN.TO | MNY.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -13.00 | ||
| Sortino ratioReturn per unit of downside risk | -48.51 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 22.32 | -20.86 |
| Calmar ratioReturn relative to maximum drawdown | 6.45 | 65.02 | -58.57 |
| Martin ratioReturn relative to average drawdown | 19.07 | 605.87 | -586.80 |
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
| ZCLN.TO | MNY.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.08 | 16.08 | -13.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.12 | 11.02 | -11.14 |
Drawdowns
ZCLN.TO vs. MNY.TO - Drawdown Comparison
The maximum ZCLN.TO drawdown since its inception was -61.07%, which is greater than MNY.TO's maximum drawdown of -0.24%. Use the drawdown chart below to compare losses from any high point for ZCLN.TO and MNY.TO.
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Drawdown Indicators
| ZCLN.TO | MNY.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.07% | -0.24% | -60.83% |
Max Drawdown (1Y)Largest decline over 1 year | -12.95% | -0.04% | -12.91% |
Max Drawdown (3Y)Largest decline over 3 years | -38.80% | -0.10% | -38.70% |
Max Drawdown (5Y)Largest decline over 5 years | -50.26% | — | — |
Current DrawdownCurrent decline from peak | -16.13% | 0.00% | -16.13% |
Average DrawdownAverage peak-to-trough decline | -40.49% | -0.00% | -40.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.37% | 0.00% | +4.37% |
Volatility
ZCLN.TO vs. MNY.TO - Volatility Comparison
BMO Clean Energy Index ETF (ZCLN.TO) has a higher volatility of 9.92% compared to Purpose Cash Management Fund (MNY.TO) at 0.03%. This indicates that ZCLN.TO's price experiences larger fluctuations and is considered to be riskier than MNY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZCLN.TO | MNY.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.92% | 0.03% | +9.89% |
Volatility (6M)Calculated over the trailing 6-month period | 20.45% | 0.12% | +20.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.21% | 0.16% | +27.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.89% | 0.37% | +25.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.06% | 0.37% | +26.69% |
ZCLN.TO vs. MNY.TO - Expense Ratio Comparison
ZCLN.TO has a 0.39% expense ratio, which is higher than MNY.TO's 0.22% expense ratio.
Dividends
ZCLN.TO vs. MNY.TO - Dividend Comparison
ZCLN.TO's dividend yield for the trailing twelve months is around 1.19%, less than MNY.TO's 2.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
MNY.TO Purpose Cash Management Fund | 2.56% | 2.93% | 4.71% | 4.85% | 1.47% | 0.00% |
ZCLN.TO BMO Clean Energy Index ETF | 1.19% | 1.71% | 2.13% | 1.37% | 0.93% | 0.83% |
Frequently Asked Questions
ZCLN.TO and MNY.TO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MNY.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MNY.TO is cheaper with a 0.22% expense ratio, compared with 0.39% for ZCLN.TO.
ZCLN.TO is categorized as Alternative Energy Equities, while MNY.TO is Money Market. They also come from different issuers: BMO and Purpose Investments. Their fees differ too: 0.39% for ZCLN.TO and 0.22% for MNY.TO.
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