ZCM.TO vs. DXO.TO
ZCM.TO (BMO Mid Corporate Bond Index ETF) and DXO.TO (Dynamic Active Crossover Bond ETF) are both Corporate Bonds funds. ZCM.TO is passively managed, while DXO.TO is actively managed. Over the past 5 years, ZCM.TO returned 2.10%/yr vs 2.77%/yr for DXO.TO. At a 0.24 correlation, their price movements are largely independent.
Performance
ZCM.TO vs. DXO.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZCM.TO achieves a 1.48% return, which is significantly lower than DXO.TO's 1.81% return.
ZCM.TO
- 1D
- -0.19%
- 1M
- -0.34%
- 6M
- 0.71%
- YTD
- 1.48%
- 1Y
- 5.30%
- 3Y*
- 6.82%
- 5Y*
- 2.10%
- 10Y*
- 2.93%
DXO.TO
- 1D
- 0.05%
- 1M
- -0.14%
- 6M
- 1.45%
- YTD
- 1.81%
- 1Y
- 5.53%
- 3Y*
- 7.25%
- 5Y*
- 2.77%
- 10Y*
- —
ZCM.TO vs. DXO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZCM.TO BMO Mid Corporate Bond Index ETF | 1.48% | 5.06% | 8.07% | 7.97% | -10.18% | -2.08% | 10.35% | 8.60% | 0.58% | 1.92% |
DXO.TO Dynamic Active Crossover Bond ETF | 1.81% | 6.82% | 6.51% | 11.28% | -12.16% | 5.03% | 10.15% | 12.26% | -1.94% | 4.52% |
Correlation
The correlation between ZCM.TO and DXO.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2017 | 0.24 |
The correlation between ZCM.TO and DXO.TO shifts across timeframes, from 0.24 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZCM.TO vs. DXO.TO — Risk / Return Rank
ZCM.TO
DXO.TO
ZCM.TO vs. DXO.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Mid Corporate Bond Index ETF (ZCM.TO) and Dynamic Active Crossover Bond ETF (DXO.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.
| ZCM.TO | DXO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.83 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.36 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.73 | 2.30 | -0.58 |
| Martin ratioReturn relative to average drawdown | 5.03 | 9.91 | -4.87 |
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Drawdowns
ZCM.TO vs. DXO.TO - Drawdown Comparison
The maximum ZCM.TO drawdown since its inception was -26.06%, which is greater than DXO.TO's maximum drawdown of -17.61%. Use the drawdown chart below to compare losses from any high point for ZCM.TO and DXO.TO.
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Drawdown Indicators
| ZCM.TO | DXO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.06% | -17.61% | -8.45% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -2.41% | -0.67% |
Max Drawdown (3Y)Largest decline over 3 years | -3.82% | -3.78% | -0.04% |
Max Drawdown (5Y)Largest decline over 5 years | -15.81% | -15.91% | +0.10% |
Max Drawdown (10Y)Largest decline over 10 years | -26.06% | — | — |
Current DrawdownCurrent decline from peak | -1.01% | -0.56% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -2.59% | -2.94% | +0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 0.56% | +0.49% |
Volatility
ZCM.TO vs. DXO.TO - Volatility Comparison
BMO Mid Corporate Bond Index ETF (ZCM.TO) has a higher volatility of 1.22% compared to Dynamic Active Crossover Bond ETF (DXO.TO) at 0.92%. This indicates that ZCM.TO's price experiences larger fluctuations and is considered to be riskier than DXO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZCM.TO | DXO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 0.92% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 3.68% | 2.65% | +1.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.51% | 3.34% | +1.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.12% | 5.63% | +0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.75% | 7.73% | +1.02% |
Dividends
ZCM.TO vs. DXO.TO - Dividend Comparison
ZCM.TO's dividend yield for the trailing twelve months is around 4.30%, less than DXO.TO's 5.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DXO.TO Dynamic Active Crossover Bond ETF | 5.32% | 5.55% | 5.61% | 5.65% | 5.29% | 4.15% | 4.20% | 3.96% | 4.31% | 2.15% | 0.00% | 0.00% |
ZCM.TO BMO Mid Corporate Bond Index ETF | 4.30% | 4.03% | 3.85% | 3.94% | 3.81% | 3.30% | 3.13% | 3.34% | 3.23% | 3.04% | 3.18% | 3.43% |
Frequently Asked Questions
ZCM.TO and DXO.TO have a correlation of 0.44, 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 Dynamic.
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