ZCM.TO vs. FIE.TO
ZCM.TO (BMO Mid Corporate Bond Index ETF) and FIE.TO (iShares Canadian Financial Monthly Income ETF) are both exchange-traded funds - ZCM.TO is a Corporate Bonds fund tracking the FTSE Canada Mid Term Corporate Bond Index, while FIE.TO is a Canada Equities fund tracking the Morningstar Can Equity Tgt Alloc NR CAD. Both are passively managed. Over the past 10 years, ZCM.TO returned 3.01%/yr vs 11.90%/yr for FIE.TO. At a correlation of -0.06, they often move in opposite directions. ZCM.TO charges 0.33%/yr vs 0.85%/yr for FIE.TO.
Performance
ZCM.TO vs. FIE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZCM.TO achieves a 1.96% return, which is significantly lower than FIE.TO's 8.54% return. Over the past 10 years, ZCM.TO has underperformed FIE.TO with an annualized return of 3.01%, while FIE.TO has yielded a comparatively higher 11.90% annualized return.
ZCM.TO
- 1D
- -0.06%
- 1M
- 1.85%
- YTD
- 1.96%
- 6M
- 1.40%
- 1Y
- 5.13%
- 3Y*
- 6.78%
- 5Y*
- 2.32%
- 10Y*
- 3.01%
FIE.TO
- 1D
- -0.37%
- 1M
- 2.99%
- YTD
- 8.54%
- 6M
- 12.57%
- 1Y
- 31.11%
- 3Y*
- 24.63%
- 5Y*
- 12.71%
- 10Y*
- 11.90%
ZCM.TO vs. FIE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZCM.TO BMO Mid Corporate Bond Index ETF | 1.96% | 4.84% | 8.07% | 7.96% | -10.18% | -2.09% | 10.34% | 8.59% | 0.58% | 2.28% |
FIE.TO iShares Canadian Financial Monthly Income ETF | 8.54% | 28.28% | 27.54% | 12.58% | -14.35% | 29.02% | 1.33% | 18.97% | -9.12% | 12.01% |
Correlation
The correlation between ZCM.TO and FIE.TO is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Apr 19, 2010 | -0.06 |
The correlation between ZCM.TO and FIE.TO shifts across timeframes, from -0.06 (all time) to 0.36 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZCM.TO vs. FIE.TO — Risk / Return Rank
ZCM.TO
FIE.TO
ZCM.TO vs. FIE.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 iShares Canadian Financial Monthly Income ETF (FIE.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.
| ZCM.TO | FIE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.59 | ||
| Sortino ratioReturn per unit of downside risk | -3.89 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.71 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 5.48 | -3.81 |
| Martin ratioReturn relative to average drawdown | 4.77 | 22.60 | -17.83 |
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
| ZCM.TO | FIE.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 3.73 | -2.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.38 | 1.23 | -0.84 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | 0.85 | -0.51 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 0.75 | -0.19 |
Drawdowns
ZCM.TO vs. FIE.TO - Drawdown Comparison
The maximum ZCM.TO drawdown since its inception was -26.06%, smaller than the maximum FIE.TO drawdown of -42.24%. Use the drawdown chart below to compare losses from any high point for ZCM.TO and FIE.TO.
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Drawdown Indicators
| ZCM.TO | FIE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.06% | -42.24% | +16.18% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -5.70% | +2.62% |
Max Drawdown (3Y)Largest decline over 3 years | -4.02% | -10.70% | +6.68% |
Max Drawdown (5Y)Largest decline over 5 years | -15.82% | -22.93% | +7.11% |
Max Drawdown (10Y)Largest decline over 10 years | -26.06% | -42.24% | +16.18% |
Current DrawdownCurrent decline from peak | -0.37% | -1.30% | +0.93% |
Average DrawdownAverage peak-to-trough decline | -2.61% | -4.87% | +2.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 1.38% | -0.30% |
Volatility
ZCM.TO vs. FIE.TO - Volatility Comparison
The current volatility for BMO Mid Corporate Bond Index ETF (ZCM.TO) is 1.81%, while iShares Canadian Financial Monthly Income ETF (FIE.TO) has a volatility of 2.87%. This indicates that ZCM.TO experiences smaller price fluctuations and is considered to be less risky than FIE.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 | FIE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.81% | 2.87% | -1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 3.65% | 7.16% | -3.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.51% | 8.37% | -3.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.09% | 10.44% | -4.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.76% | 14.04% | -5.28% |
ZCM.TO vs. FIE.TO - Expense Ratio Comparison
ZCM.TO has a 0.33% expense ratio, which is lower than FIE.TO's 0.85% expense ratio.
Dividends
ZCM.TO vs. FIE.TO - Dividend Comparison
ZCM.TO's dividend yield for the trailing twelve months is around 4.25%, less than FIE.TO's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIE.TO iShares Canadian Financial Monthly Income ETF | 4.52% | 4.81% | 5.84% | 6.98% | 7.31% | 5.85% | 7.10% | 6.65% | 7.38% | 6.28% | 6.59% | 7.43% |
ZCM.TO BMO Mid Corporate Bond Index ETF | 4.25% | 4.03% | 3.84% | 3.93% | 3.80% | 3.29% | 3.12% | 3.33% | 3.22% | 3.04% | 3.18% | 3.42% |
Frequently Asked Questions
ZCM.TO and FIE.TO have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCM.TO is cheaper at 0.33% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCM.TO is cheaper with a 0.33% expense ratio, compared with 0.85% for FIE.TO.
ZCM.TO is categorized as Corporate Bonds, while FIE.TO is Canada Equities. ZCM.TO tracks FTSE Canada Mid Term Corporate Bond Index, while FIE.TO tracks Morningstar Can Equity Tgt Alloc NR CAD. They also come from different issuers: BMO and iShares. Their fees differ too: 0.33% for ZCM.TO and 0.85% for FIE.TO.
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