ZCM.TO vs. ZIC.TO

Last updated Jun 4, 2026

ZCM.TO (BMO Mid Corporate Bond Index ETF) and ZIC.TO (BMO Mid-Term US Investment Grade Corporate Bond Index ETF) are both Corporate Bonds funds from BMO - ZCM.TO tracks the FTSE Canada Mid Term Corporate Bond Index while ZIC.TO tracks the Bloomberg US Investment Grade 5 to 10 Year Corporate Bond Capped Index. Both are passively managed. Over the past 10 years, ZCM.TO returned 3.01%/yr vs 3.47%/yr for ZIC.TO. At a 0.42 correlation, their price movements are largely independent. ZCM.TO charges 0.33%/yr vs 0.25%/yr for ZIC.TO.

Performance

ZCM.TO vs. ZIC.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 BMO Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.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 higher than ZIC.TO's 1.06% return. Over the past 10 years, ZCM.TO has underperformed ZIC.TO with an annualized return of 3.01%, while ZIC.TO has yielded a comparatively higher 3.47% 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%

ZIC.TO

• 1D: -0.11%
• 1M: 2.32%
• YTD: 1.06%
• 6M: -0.75%
• 1Y: 7.10%
• 3Y*: 6.85%
• 5Y*: 3.89%
• 10Y*: 3.47%

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

ZCM.TO vs. ZIC.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%
ZIC.TO BMO Mid-Term US Investment Grade Corporate Bond Index ETF	1.06%	4.24%	11.86%	6.33%	-8.93%	-1.36%	6.51%	9.03%	6.40%	-1.26%

Correlation

The correlation between ZCM.TO and ZIC.TO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Mar 28, 2013	0.42

The correlation between ZCM.TO and ZIC.TO shifts across timeframes, from 0.42 (1 year) to 0.53 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ZCM.TO vs. ZIC.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

ZIC.TO

ZIC.TO Risk / Return Rank: 34
ZIC.TO Sharpe Ratio Rank: 37
ZIC.TO Sortino Ratio Rank: 37
ZIC.TO Omega Ratio Rank: 36
ZIC.TO Calmar Ratio Rank: 35
ZIC.TO Martin Ratio Rank: 27

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. ZIC.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 BMO Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.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	ZIC.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.30	-0.16
Sortino ratio: Return per unit of downside risk	1.57	1.91	-0.34
Omega ratio: Gain probability vs. loss probability	1.21	1.24	-0.02
Calmar ratio: Return relative to maximum drawdown	1.67	1.67	0.00
Martin ratio: Return relative to average drawdown	4.77	3.61	+1.16
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. ZIC.TO - Sharpe Ratio Comparison

The current ZCM.TO Sharpe Ratio is 1.14, which is comparable to the ZIC.TO Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of ZCM.TO and ZIC.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	ZIC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	1.30	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.49	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.39	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.59	-0.04

Drawdowns

ZCM.TO vs. ZIC.TO - Drawdown Comparison

The maximum ZCM.TO drawdown since its inception was -26.06%, which is greater than ZIC.TO's maximum drawdown of -19.49%. Use the drawdown chart below to compare losses from any high point for ZCM.TO and ZIC.TO.

Drawdown Indicators

	ZCM.TO	ZIC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-26.06%	-19.49%	-6.57%
Max Drawdown (1Y) Largest decline over 1 year	-3.08%	-4.26%	+1.18%
Max Drawdown (3Y) Largest decline over 3 years	-4.02%	-6.96%	+2.94%
Max Drawdown (5Y) Largest decline over 5 years	-15.82%	-15.66%	-0.16%
Max Drawdown (10Y) Largest decline over 10 years	-26.06%	-19.49%	-6.57%
Current Drawdown Current decline from peak	-0.37%	-1.69%	+1.32%
Average Drawdown Average peak-to-trough decline	-2.61%	-5.15%	+2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	1.97%	-0.89%

Volatility

ZCM.TO vs. ZIC.TO - Volatility Comparison

BMO Mid Corporate Bond Index ETF (ZCM.TO) has a higher volatility of 1.81% compared to BMO Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.TO) at 1.68%. This indicates that ZCM.TO's price experiences larger fluctuations and is considered to be riskier than ZIC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZCM.TO	ZIC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.81%	1.68%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	3.65%	4.17%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	4.51%	5.47%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.09%	7.95%	-1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.76%	8.91%	-0.15%

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

ZCM.TO has a 0.33% expense ratio, which is higher than ZIC.TO's 0.25% expense ratio.

Dividends

ZCM.TO vs. ZIC.TO - Dividend Comparison

ZCM.TO's dividend yield for the trailing twelve months is around 4.25%, less than ZIC.TO's 4.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ZIC.TO BMO Mid-Term US Investment Grade Corporate Bond Index ETF	4.32%	4.03%	3.79%	3.84%	3.93%	3.52%	3.46%	3.56%	3.46%	3.32%	3.29%	3.11%

Frequently Asked Questions

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

ZCM.TO and ZIC.TO have a correlation of 0.42, 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 ZIC.TO?

On fees, ZIC.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZIC.TO is cheaper with a 0.25% expense ratio, compared with 0.33% for ZCM.TO.

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

ZCM.TO tracks FTSE Canada Mid Term Corporate Bond Index, while ZIC.TO tracks Bloomberg US Investment Grade 5 to 10 Year Corporate Bond Capped Index. Their fees differ too: 0.33% for ZCM.TO and 0.25% for ZIC.TO.