ZCM.TO vs. VRIF.TO

Last updated Jun 4, 2026

ZCM.TO (BMO Mid Corporate Bond Index ETF) and VRIF.TO (Vanguard Retirement Income ETF Portfolio) are both exchange-traded funds - ZCM.TO is a Corporate Bonds fund tracking the FTSE Canada Mid Term Corporate Bond Index, while VRIF.TO is a Diversified Portfolio fund actively managed by Vanguard. ZCM.TO is passively managed, while VRIF.TO is actively managed. Over the past 5 years, ZCM.TO returned 2.32%/yr vs 4.73%/yr for VRIF.TO. A 0.56 correlation means they provide meaningful diversification when combined. ZCM.TO charges 0.33%/yr vs 0.29%/yr for VRIF.TO.

Performance

ZCM.TO vs. VRIF.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Mid Corporate Bond Index ETF (ZCM.TO) and Vanguard Retirement Income ETF Portfolio (VRIF.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZCM.TO achieves a 1.96% return, which is significantly lower than VRIF.TO's 4.88% 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%

VRIF.TO

• 1D: -0.18%
• 1M: 2.85%
• YTD: 4.88%
• 6M: 4.72%
• 1Y: 12.14%
• 3Y*: 9.70%
• 5Y*: 4.73%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZCM.TO vs. VRIF.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZCM.TO BMO Mid Corporate Bond Index ETF	1.96%	4.84%	8.07%	7.96%	-10.18%	-2.09%	1.57%
VRIF.TO Vanguard Retirement Income ETF Portfolio	4.88%	10.58%	8.44%	8.97%	-11.50%	7.44%	5.55%

Correlation

The correlation between ZCM.TO and VRIF.TO is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Sep 17, 2020	0.56

The correlation between ZCM.TO and VRIF.TO has been stable across timeframes, ranging from 0.56 to 0.65 - a consistent structural relationship.

Return for Risk

ZCM.TO vs. VRIF.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZCM.TO

ZCM.TO Risk / Return Rank: 32
ZCM.TO Sharpe Ratio Rank: 31
ZCM.TO Sortino Ratio Rank: 29
ZCM.TO Omega Ratio Rank: 31
ZCM.TO Calmar Ratio Rank: 34
ZCM.TO Martin Ratio Rank: 32

VRIF.TO

VRIF.TO Risk / Return Rank: 66
VRIF.TO Sharpe Ratio Rank: 68
VRIF.TO Sortino Ratio Rank: 73
VRIF.TO Omega Ratio Rank: 73
VRIF.TO Calmar Ratio Rank: 54
VRIF.TO Martin Ratio Rank: 62

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZCM.TO vs. VRIF.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 Vanguard Retirement Income ETF Portfolio (VRIF.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	VRIF.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.14	2.27	-1.13
Sortino ratio: Return per unit of downside risk	1.57	3.34	-1.77
Omega ratio: Gain probability vs. loss probability	1.21	1.44	-0.23
Calmar ratio: Return relative to maximum drawdown	1.67	2.68	-1.01
Martin ratio: Return relative to average drawdown	4.77	11.16	-6.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZCM.TO vs. VRIF.TO - Sharpe Ratio Comparison

The current ZCM.TO Sharpe Ratio is 1.14, which is lower than the VRIF.TO Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of ZCM.TO and VRIF.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZCM.TO	VRIF.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	2.27	-1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.76	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.92	-0.36

Drawdowns

ZCM.TO vs. VRIF.TO - Drawdown Comparison

The maximum ZCM.TO drawdown since its inception was -26.06%, which is greater than VRIF.TO's maximum drawdown of -16.19%. Use the drawdown chart below to compare losses from any high point for ZCM.TO and VRIF.TO.

Drawdown Indicators

	ZCM.TO	VRIF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-26.06%	-16.19%	-9.87%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-4.55%	+1.47%
Max Drawdown (3Y) Largest decline over 3 years	-4.02%	-5.01%	+0.99%
Max Drawdown (5Y) Largest decline over 5 years	-15.82%	-16.19%	+0.37%
Max Drawdown (10Y) Largest decline over 10 years	-26.06%	—	—
Current Drawdown Current decline from peak	-0.37%	-0.18%	-0.19%
Average Drawdown Average peak-to-trough decline	-2.61%	-3.87%	+1.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	1.09%	-0.01%

Volatility

ZCM.TO vs. VRIF.TO - Volatility Comparison

The current volatility for BMO Mid Corporate Bond Index ETF (ZCM.TO) is 1.81%, while Vanguard Retirement Income ETF Portfolio (VRIF.TO) has a volatility of 2.15%. This indicates that ZCM.TO experiences smaller price fluctuations and is considered to be less risky than VRIF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZCM.TO	VRIF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.81%	2.15%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	3.65%	4.61%	-0.96%
Volatility (1Y) Calculated over the trailing 1-year period	4.51%	5.37%	-0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.09%	6.23%	-0.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.76%	6.25%	+2.51%

ZCM.TO vs. VRIF.TO - Expense Ratio Comparison

ZCM.TO has a 0.33% expense ratio, which is higher than VRIF.TO's 0.29% expense ratio.

Dividends

ZCM.TO vs. VRIF.TO - Dividend Comparison

ZCM.TO's dividend yield for the trailing twelve months is around 4.25%, more than VRIF.TO's 3.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VRIF.TO Vanguard Retirement Income ETF Portfolio	3.73%	3.77%	3.96%	4.33%	4.72%	3.86%	1.27%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both ZCM.TO and VRIF.TO in my portfolio?

ZCM.TO and VRIF.TO have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZCM.TO or VRIF.TO?

On fees, VRIF.TO is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZCM.TO or VRIF.TO?

VRIF.TO is cheaper with a 0.29% expense ratio, compared with 0.33% for ZCM.TO.

What is the main difference between ZCM.TO and VRIF.TO?

ZCM.TO is categorized as Corporate Bonds, while VRIF.TO is Diversified Portfolio. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.33% for ZCM.TO and 0.29% for VRIF.TO.