ZCS.TO vs. CMR.TO
ZCS.TO (BMO Short Corporate Bond Index ETF) and CMR.TO (iShares Premium Money Market ETF) are both exchange-traded funds - ZCS.TO is a Canadian Government Bonds fund tracking the FTSE Canada Short Term Corporate Bond Index, while CMR.TO is a Money Market fund actively managed by iShares. ZCS.TO is passively managed, while CMR.TO is actively managed. Over the past 10 years, ZCS.TO returned 2.80%/yr vs 1.89%/yr for CMR.TO. At a 0.03 correlation, their price movements are largely independent. ZCS.TO charges 0.11%/yr vs 0.14%/yr for CMR.TO.
Performance
ZCS.TO vs. CMR.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZCS.TO achieves a 1.33% return, which is significantly higher than CMR.TO's 0.99% return. Over the past 10 years, ZCS.TO has outperformed CMR.TO with an annualized return of 2.80%, while CMR.TO has yielded a comparatively lower 1.89% annualized return.
ZCS.TO
- 1D
- 0.00%
- 1M
- 0.95%
- YTD
- 1.33%
- 6M
- 1.37%
- 1Y
- 3.85%
- 3Y*
- 6.00%
- 5Y*
- 2.85%
- 10Y*
- 2.80%
CMR.TO
- 1D
- 0.02%
- 1M
- 0.19%
- YTD
- 0.99%
- 6M
- 1.05%
- 1Y
- 2.39%
- 3Y*
- 3.73%
- 5Y*
- 2.94%
- 10Y*
- 1.89%
ZCS.TO vs. CMR.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZCS.TO BMO Short Corporate Bond Index ETF | 1.33% | 4.41% | 7.42% | 6.67% | -4.48% | -0.76% | 6.10% | 5.01% | 1.23% | 1.04% |
CMR.TO iShares Premium Money Market ETF | 0.99% | 2.68% | 4.70% | 4.70% | 1.71% | 0.00% | 0.47% | 1.63% | 1.29% | 0.63% |
Correlation
The correlation between ZCS.TO and CMR.TO is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 2009 | 0.03 |
The correlation between ZCS.TO and CMR.TO shifts across timeframes, from -0.08 (1 year) to 0.04 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZCS.TO vs. CMR.TO — Risk / Return Rank
ZCS.TO
CMR.TO
ZCS.TO vs. CMR.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Short Corporate Bond Index ETF (ZCS.TO) and iShares Premium Money Market ETF (CMR.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.
| ZCS.TO | CMR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.80 | ||
| Sortino ratioReturn per unit of downside risk | -18.75 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 9.64 | -8.24 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 25.66 | -23.29 |
| Martin ratioReturn relative to average drawdown | 9.37 | 188.94 | -179.57 |
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
| ZCS.TO | CMR.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.90 | 10.70 | -8.80 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.00 | 10.68 | -9.68 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 7.03 | -6.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.80 | 3.84 | -3.04 |
Drawdowns
ZCS.TO vs. CMR.TO - Drawdown Comparison
The maximum ZCS.TO drawdown since its inception was -13.95%, which is greater than CMR.TO's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for ZCS.TO and CMR.TO.
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Drawdown Indicators
| ZCS.TO | CMR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.95% | -0.52% | -13.43% |
Max Drawdown (1Y)Largest decline over 1 year | -1.63% | -0.09% | -1.54% |
Max Drawdown (3Y)Largest decline over 3 years | -1.63% | -0.09% | -1.54% |
Max Drawdown (5Y)Largest decline over 5 years | -7.76% | -0.09% | -7.67% |
Max Drawdown (10Y)Largest decline over 10 years | -13.95% | -0.14% | -13.81% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.89% | -0.01% | -0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.01% | +0.40% |
Volatility
ZCS.TO vs. CMR.TO - Volatility Comparison
BMO Short Corporate Bond Index ETF (ZCS.TO) has a higher volatility of 0.69% compared to iShares Premium Money Market ETF (CMR.TO) at 0.05%. This indicates that ZCS.TO's price experiences larger fluctuations and is considered to be riskier than CMR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZCS.TO | CMR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 0.05% | +0.64% |
Volatility (6M)Calculated over the trailing 6-month period | 1.79% | 0.18% | +1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.04% | 0.22% | +1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.87% | 0.28% | +2.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.38% | 0.27% | +4.11% |
ZCS.TO vs. CMR.TO - Expense Ratio Comparison
ZCS.TO has a 0.11% expense ratio, which is lower than CMR.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
ZCS.TO vs. CMR.TO - Dividend Comparison
ZCS.TO's dividend yield for the trailing twelve months is around 3.93%, more than CMR.TO's 2.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 2.48% | 2.81% | 4.56% | 4.64% | 1.62% | 0.00% | 0.47% | 1.60% | 1.33% | 0.61% | 0.43% | 0.48% |
ZCS.TO BMO Short Corporate Bond Index ETF | 3.93% | 3.60% | 3.27% | 3.35% | 3.23% | 2.99% | 2.88% | 2.96% | 2.88% | 3.04% | 3.34% | 3.53% |
Frequently Asked Questions
ZCS.TO and CMR.TO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZCS.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZCS.TO is cheaper with a 0.11% expense ratio, compared with 0.14% for CMR.TO.
ZCS.TO is categorized as Canadian Government Bonds, while CMR.TO is Money Market. They also come from different issuers: BMO and iShares. Their fees differ too: 0.11% for ZCS.TO and 0.14% for CMR.TO.
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