ZEB.TO vs. ZUCM.TO
ZEB.TO (BMO Equal Weight Banks Index ETF) and ZUCM.TO (BMO USD Cash Management ETF) are both exchange-traded funds - ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index, while ZUCM.TO is a Money Market fund actively managed by BMO. ZEB.TO is passively managed, while ZUCM.TO is actively managed. Over the past year, ZEB.TO returned 71.77% vs 8.00% for ZUCM.TO. At a correlation of -0.13, they often move in opposite directions. ZEB.TO charges 0.25%/yr vs 0.14%/yr for ZUCM.TO.
Performance
ZEB.TO vs. ZUCM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZEB.TO achieves a 30.07% return, which is significantly higher than ZUCM.TO's 5.52% return.
ZEB.TO
- 1D
- -0.48%
- 1M
- 6.91%
- YTD
- 30.07%
- 6M
- 29.50%
- 1Y
- 71.77%
- 3Y*
- 37.81%
- 5Y*
- 20.21%
- 10Y*
- 17.06%
ZUCM.TO
- 1D
- 0.22%
- 1M
- 3.33%
- YTD
- 5.52%
- 6M
- 5.92%
- 1Y
- 8.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZEB.TO vs. ZUCM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZEB.TO BMO Equal Weight Banks Index ETF | 30.07% | 43.43% | 24.58% | 13.05% |
ZUCM.TO BMO USD Cash Management ETF | 5.52% | -0.61% | 14.39% | -1.38% |
Correlation
The correlation between ZEB.TO and ZUCM.TO is -0.18, 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 | -0.18 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023 | -0.13 |
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Return for Risk
ZEB.TO vs. ZUCM.TO — Risk / Return Rank
ZEB.TO
ZUCM.TO
ZEB.TO vs. ZUCM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight Banks Index ETF (ZEB.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.
| ZEB.TO | ZUCM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.79 | ||
| Sortino ratioReturn per unit of downside risk | +4.96 | ||
| Omega ratioGain probability vs. loss probability | 2.03 | 1.34 | +0.69 |
| Calmar ratioReturn relative to maximum drawdown | 8.55 | 2.18 | +6.37 |
| Martin ratioReturn relative to average drawdown | 36.76 | 5.82 | +30.94 |
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Drawdowns
ZEB.TO vs. ZUCM.TO - Drawdown Comparison
The maximum ZEB.TO drawdown since its inception was -39.69%, 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 ZEB.TO and ZUCM.TO.
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Drawdown Indicators
| ZEB.TO | ZUCM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.69% | -5.81% | -33.88% |
Max Drawdown (1Y)Largest decline over 1 year | -8.44% | -3.69% | -4.75% |
Max Drawdown (3Y)Largest decline over 3 years | -14.80% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -25.97% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -39.69% | — | — |
Current DrawdownCurrent decline from peak | -0.48% | 0.00% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -5.64% | -1.68% | -3.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.96% | 1.38% | +0.58% |
Volatility
ZEB.TO vs. ZUCM.TO - Volatility Comparison
BMO Equal Weight Banks Index ETF (ZEB.TO) has a higher volatility of 4.02% compared to BMO USD Cash Management ETF (ZUCM.TO) at 1.08%. This indicates that ZEB.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
| ZEB.TO | ZUCM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.02% | 1.08% | +2.94% |
Volatility (6M)Calculated over the trailing 6-month period | 11.09% | 3.15% | +7.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.86% | 4.41% | +8.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.54% | 5.32% | +8.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.89% | 5.32% | +11.57% |
ZEB.TO vs. ZUCM.TO - Expense Ratio Comparison
ZEB.TO has a 0.25% expense ratio, which is higher than ZUCM.TO's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ZEB.TO vs. ZUCM.TO - Dividend Comparison
ZEB.TO's dividend yield for the trailing twelve months is around 2.32%, less than ZUCM.TO's 3.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZEB.TO BMO Equal Weight Banks Index ETF | 2.32% | 2.95% | 3.98% | 4.75% | 4.29% | 3.13% | 4.15% | 3.65% | 3.64% | 3.02% | 3.19% | 3.70% |
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
ZEB.TO and ZUCM.TO have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZUCM.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZUCM.TO is cheaper with a 0.14% expense ratio, compared with 0.25% for ZEB.TO.
ZEB.TO is categorized as Financials Equities, while ZUCM.TO is Money Market. Their fees differ too: 0.25% for ZEB.TO and 0.14% for ZUCM.TO.
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