ZCM.TO vs. ZMI.TO
ZCM.TO (BMO Mid Corporate Bond Index ETF) and ZMI.TO (BMO 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 ZMI.TO is a Diversified Portfolio fund actively managed by BMO. ZCM.TO is passively managed, while ZMI.TO is actively managed. Over the past 10 years, ZCM.TO returned 3.02%/yr vs 6.85%/yr for ZMI.TO. At a 0.17 correlation, their price movements are largely independent. ZCM.TO charges 0.33%/yr vs 0.18%/yr for ZMI.TO.
Performance
ZCM.TO vs. ZMI.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZCM.TO achieves a 2.02% return, which is significantly lower than ZMI.TO's 9.27% return. Over the past 10 years, ZCM.TO has underperformed ZMI.TO with an annualized return of 3.02%, while ZMI.TO has yielded a comparatively higher 6.85% annualized return.
ZCM.TO
- 1D
- 0.06%
- 1M
- 1.72%
- YTD
- 2.02%
- 6M
- 2.64%
- 1Y
- 5.41%
- 3Y*
- 7.38%
- 5Y*
- 2.32%
- 10Y*
- 3.02%
ZMI.TO
- 1D
- 0.35%
- 1M
- 2.97%
- YTD
- 9.27%
- 6M
- 6.28%
- 1Y
- 15.52%
- 3Y*
- 12.55%
- 5Y*
- 7.84%
- 10Y*
- 6.85%
ZCM.TO vs. ZMI.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZCM.TO BMO Mid Corporate Bond Index ETF | 2.02% | 5.06% | 8.07% | 7.97% | -10.18% | -2.08% | 10.35% | 8.60% | 0.58% | 2.29% |
ZMI.TO BMO Monthly Income ETF | 9.27% | 8.04% | 13.60% | 9.17% | -5.76% | 11.38% | 2.54% | 13.52% | -2.39% | 4.98% |
Correlation
The correlation between ZCM.TO and ZMI.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 | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2011 | 0.17 |
Over the past year, ZCM.TO and ZMI.TO have become more correlated (0.44) than their long-term average of 0.17, meaning their price movements have been converging.
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Return for Risk
ZCM.TO vs. ZMI.TO — Risk / Return Rank
ZCM.TO
ZMI.TO
ZCM.TO vs. ZMI.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 Monthly Income ETF (ZMI.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 | ZMI.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.44 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 3.28 | -1.52 |
| Martin ratioReturn relative to average drawdown | 5.07 | 10.68 | -5.61 |
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Drawdowns
ZCM.TO vs. ZMI.TO - Drawdown Comparison
The maximum ZCM.TO drawdown since its inception was -26.06%, roughly equal to the maximum ZMI.TO drawdown of -26.64%. Use the drawdown chart below to compare losses from any high point for ZCM.TO and ZMI.TO.
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Drawdown Indicators
| ZCM.TO | ZMI.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.06% | -26.64% | +0.58% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -4.75% | +1.67% |
Max Drawdown (3Y)Largest decline over 3 years | -4.02% | -8.80% | +4.78% |
Max Drawdown (5Y)Largest decline over 5 years | -15.81% | -12.68% | -3.13% |
Max Drawdown (10Y)Largest decline over 10 years | -26.06% | -26.64% | +0.58% |
Current DrawdownCurrent decline from peak | -0.31% | -0.10% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -2.60% | -2.09% | -0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 1.46% | -0.39% |
Volatility
ZCM.TO vs. ZMI.TO - Volatility Comparison
The current volatility for BMO Mid Corporate Bond Index ETF (ZCM.TO) is 1.71%, while BMO Monthly Income ETF (ZMI.TO) has a volatility of 2.63%. This indicates that ZCM.TO experiences smaller price fluctuations and is considered to be less risky than ZMI.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 | ZMI.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.71% | 2.63% | -0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 3.53% | 5.92% | -2.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.52% | 7.24% | -2.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.10% | 7.45% | -1.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.76% | 8.87% | -0.11% |
ZCM.TO vs. ZMI.TO - Expense Ratio Comparison
ZCM.TO has a 0.33% expense ratio, which is higher than ZMI.TO's 0.18% expense ratio.
Dividends
ZCM.TO vs. ZMI.TO - Dividend Comparison
ZCM.TO's dividend yield for the trailing twelve months is around 4.25%, more than ZMI.TO's 3.99% 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% | 3.85% | 3.94% | 3.81% | 3.30% | 3.13% | 3.34% | 3.23% | 3.04% | 3.18% | 3.43% |
ZMI.TO BMO Monthly Income ETF | 3.99% | 4.67% | 4.82% | 5.09% | 4.63% | 3.82% | 4.34% | 4.37% | 4.72% | 4.18% | 4.01% | 4.01% |
Frequently Asked Questions
ZCM.TO and ZMI.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.
On fees, ZMI.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZMI.TO is cheaper with a 0.18% expense ratio, compared with 0.33% for ZCM.TO.
ZCM.TO is categorized as Corporate Bonds, while ZMI.TO is Diversified Portfolio. Their fees differ too: 0.33% for ZCM.TO and 0.18% for ZMI.TO.
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