ZCS.TO vs. MNY.TO

Last updated Jun 5, 2026

ZCS.TO (BMO Short Corporate Bond Index ETF) and MNY.TO (Purpose Cash Management Fund) are both exchange-traded funds - ZCS.TO is a Canadian Government Bonds fund tracking the FTSE Canada Short Term Corporate Bond Index, while MNY.TO is a Money Market fund actively managed by Purpose Investments. ZCS.TO is passively managed, while MNY.TO is actively managed. Over the past 3 years, ZCS.TO returned 6.00%/yr vs 3.91%/yr for MNY.TO. At a 0.05 correlation, their price movements are largely independent. ZCS.TO charges 0.11%/yr vs 0.22%/yr for MNY.TO.

Performance

ZCS.TO vs. MNY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Short Corporate Bond Index ETF (ZCS.TO) and Purpose Cash Management Fund (MNY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZCS.TO achieves a 1.33% return, which is significantly higher than MNY.TO's 0.96% 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%

MNY.TO

• 1D: 0.00%
• 1M: 0.19%
• YTD: 0.96%
• 6M: 1.21%
• 1Y: 2.59%
• 3Y*: 3.91%
• 5Y*: —
• 10Y*: —

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

ZCS.TO vs. MNY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ZCS.TO BMO Short Corporate Bond Index ETF	1.33%	4.41%	7.42%	6.67%	0.77%
MNY.TO Purpose Cash Management Fund	0.96%	3.03%	4.69%	5.03%	1.54%

Correlation

The correlation between ZCS.TO and MNY.TO is -0.05, 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	-0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (All Time) Calculated using the full available price history since Sep 15, 2022	0.05

The correlation between ZCS.TO and MNY.TO shifts across timeframes, from -0.05 (1 year) to 0.07 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ZCS.TO vs. MNY.TO — Risk / Return Rank

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

ZCS.TO

ZCS.TO Risk / Return Rank: 56
ZCS.TO Sharpe Ratio Rank: 57
ZCS.TO Sortino Ratio Rank: 54
ZCS.TO Omega Ratio Rank: 67
ZCS.TO Calmar Ratio Rank: 49
ZCS.TO Martin Ratio Rank: 55

MNY.TO

MNY.TO Risk / Return Rank: 100
MNY.TO Sharpe Ratio Rank: 100
MNY.TO Sortino Ratio Rank: 100
MNY.TO Omega Ratio Rank: 100
MNY.TO Calmar Ratio Rank: 100
MNY.TO Martin Ratio Rank: 100

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.

ZCS.TO vs. MNY.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 Purpose Cash Management Fund (MNY.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	MNY.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.90	16.13	-14.24
Sortino ratio: Return per unit of downside risk	2.56	52.42	-49.86
Omega ratio: Gain probability vs. loss probability	1.40	22.36	-20.96
Calmar ratio: Return relative to maximum drawdown	2.37	65.14	-62.77
Martin ratio: Return relative to average drawdown	9.37	607.07	-597.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZCS.TO vs. MNY.TO - Sharpe Ratio Comparison

The current ZCS.TO Sharpe Ratio is 1.90, which is lower than the MNY.TO Sharpe Ratio of 16.13. The chart below compares the historical Sharpe Ratios of ZCS.TO and MNY.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

	ZCS.TO	MNY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.90	16.13	-14.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.00	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	11.02	-10.22

Drawdowns

ZCS.TO vs. MNY.TO - Drawdown Comparison

The maximum ZCS.TO drawdown since its inception was -13.95%, which is greater than MNY.TO's maximum drawdown of -0.24%. Use the drawdown chart below to compare losses from any high point for ZCS.TO and MNY.TO.

Drawdown Indicators

	ZCS.TO	MNY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-13.95%	-0.24%	-13.71%
Max Drawdown (1Y) Largest decline over 1 year	-1.63%	-0.04%	-1.59%
Max Drawdown (3Y) Largest decline over 3 years	-1.63%	-0.10%	-1.53%
Max Drawdown (5Y) Largest decline over 5 years	-7.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-13.95%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.89%	-0.00%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.41%	0.00%	+0.41%

Volatility

ZCS.TO vs. MNY.TO - Volatility Comparison

BMO Short Corporate Bond Index ETF (ZCS.TO) has a higher volatility of 0.69% compared to Purpose Cash Management Fund (MNY.TO) at 0.03%. This indicates that ZCS.TO's price experiences larger fluctuations and is considered to be riskier than MNY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZCS.TO	MNY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	0.03%	+0.66%
Volatility (6M) Calculated over the trailing 6-month period	1.79%	0.12%	+1.67%
Volatility (1Y) Calculated over the trailing 1-year period	2.04%	0.16%	+1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.87%	0.37%	+2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.38%	0.37%	+4.01%

ZCS.TO vs. MNY.TO - Expense Ratio Comparison

ZCS.TO has a 0.11% expense ratio, which is lower than MNY.TO's 0.22% 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. MNY.TO - Dividend Comparison

ZCS.TO's dividend yield for the trailing twelve months is around 3.93%, more than MNY.TO's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MNY.TO Purpose Cash Management Fund	2.56%	2.93%	4.71%	4.85%	1.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both ZCS.TO and MNY.TO in my portfolio?

ZCS.TO and MNY.TO have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZCS.TO or MNY.TO?

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.

Which ETF is cheaper, ZCS.TO or MNY.TO?

ZCS.TO is cheaper with a 0.11% expense ratio, compared with 0.22% for MNY.TO.

What is the main difference between ZCS.TO and MNY.TO?

ZCS.TO is categorized as Canadian Government Bonds, while MNY.TO is Money Market. They also come from different issuers: BMO and Purpose Investments. Their fees differ too: 0.11% for ZCS.TO and 0.22% for MNY.TO.