ZCN.TO vs. ZUCM.TO
ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) and ZUCM.TO (BMO USD Cash Management ETF) are both exchange-traded funds - ZCN.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index, while ZUCM.TO is a Money Market fund actively managed by BMO. ZCN.TO is passively managed, while ZUCM.TO is actively managed. Over the past year, ZCN.TO returned 32.92% vs 8.00% for ZUCM.TO. At a correlation of -0.19, they often move in opposite directions. ZCN.TO charges 0.06%/yr vs 0.14%/yr for ZUCM.TO.
Performance
ZCN.TO vs. ZUCM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZCN.TO achieves a 10.54% return, which is significantly higher than ZUCM.TO's 5.52% return.
ZCN.TO
- 1D
- -0.64%
- 1M
- -0.13%
- YTD
- 10.54%
- 6M
- 9.63%
- 1Y
- 32.92%
- 3Y*
- 24.74%
- 5Y*
- 14.61%
- 10Y*
- 12.84%
ZUCM.TO
- 1D
- 0.22%
- 1M
- 3.33%
- YTD
- 5.52%
- 6M
- 5.92%
- 1Y
- 8.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZCN.TO vs. ZUCM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZCN.TO BMO S&P/TSX Capped Composite Index ETF | 10.54% | 31.51% | 21.64% | 8.08% |
ZUCM.TO BMO USD Cash Management ETF | 5.52% | -0.61% | 14.39% | -1.38% |
Correlation
The correlation between ZCN.TO and ZUCM.TO is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023 | -0.19 |
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Return for Risk
ZCN.TO vs. ZUCM.TO — Risk / Return Rank
ZCN.TO
ZUCM.TO
ZCN.TO vs. ZUCM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) and BMO USD Cash Management ETF (ZUCM.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.
| ZCN.TO | ZUCM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.69 | ||
| Sortino ratioReturn per unit of downside risk | +0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.34 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 2.18 | +1.38 |
| Martin ratioReturn relative to average drawdown | 16.26 | 5.82 | +10.43 |
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Drawdowns
ZCN.TO vs. ZUCM.TO - Drawdown Comparison
The maximum ZCN.TO drawdown since its inception was -37.18%, which is greater than ZUCM.TO's maximum drawdown of -5.81%. Use the drawdown chart below to compare losses from any high point for ZCN.TO and ZUCM.TO.
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Drawdown Indicators
| ZCN.TO | ZUCM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.18% | -5.81% | -31.37% |
Max Drawdown (1Y)Largest decline over 1 year | -9.30% | -3.69% | -5.61% |
Max Drawdown (3Y)Largest decline over 3 years | -12.25% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.25% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -37.18% | — | — |
Current DrawdownCurrent decline from peak | -1.89% | 0.00% | -1.89% |
Average DrawdownAverage peak-to-trough decline | -4.72% | -1.68% | -3.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.03% | 1.38% | +0.65% |
Volatility
ZCN.TO vs. ZUCM.TO - Volatility Comparison
BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) has a higher volatility of 4.23% compared to BMO USD Cash Management ETF (ZUCM.TO) at 1.08%. This indicates that ZCN.TO's price experiences larger fluctuations and is considered to be riskier than ZUCM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZCN.TO | ZUCM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.23% | 1.08% | +3.15% |
Volatility (6M)Calculated over the trailing 6-month period | 10.71% | 3.15% | +7.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.13% | 4.41% | +8.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.19% | 5.32% | +7.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.00% | 5.32% | +9.68% |
ZCN.TO vs. ZUCM.TO - Expense Ratio Comparison
ZCN.TO has a 0.06% expense ratio, which is lower than ZUCM.TO's 0.14% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ZCN.TO vs. ZUCM.TO - Dividend Comparison
ZCN.TO's dividend yield for the trailing twelve months is around 2.03%, less than ZUCM.TO's 3.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZCN.TO BMO S&P/TSX Capped Composite Index ETF | 2.03% | 2.22% | 2.78% | 3.29% | 3.27% | 2.74% | 3.24% | 3.13% | 3.16% | 2.75% | 2.86% | 3.36% |
ZUCM.TO BMO USD Cash Management ETF | 3.71% | 4.19% | 4.88% | 1.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZCN.TO and ZUCM.TO have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.14% for ZUCM.TO.
ZCN.TO is categorized as Canada Equities, while ZUCM.TO is Money Market. Their fees differ too: 0.06% for ZCN.TO and 0.14% for ZUCM.TO.
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