ZFC.TO vs. ZAG.TO
ZFC.TO (BMO SIA Focused Canadian Equity Fund) and ZAG.TO (BMO Aggregate Bond Index ETF) are both exchange-traded funds - ZFC.TO is a Canada Equities fund actively managed by BMO, while ZAG.TO is a Canadian Government Bonds fund tracking the FTSE Canada Universe Bond Index. ZFC.TO is actively managed, while ZAG.TO is passively managed. Over the past 5 years, ZFC.TO returned 10.74%/yr vs 0.22%/yr for ZAG.TO. Their 0.04 correlation means their historical movements had little consistent relationship. ZFC.TO charges 0.84%/yr vs 0.09%/yr for ZAG.TO.
Performance
ZFC.TO vs. ZAG.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZFC.TO achieves a 17.68% return, which is significantly higher than ZAG.TO's 0.79% return.
ZFC.TO
- 1D
- 1.04%
- 1M
- -1.02%
- 6M
- 14.33%
- YTD
- 17.68%
- 1Y
- 29.30%
- 3Y*
- 15.16%
- 5Y*
- 10.74%
- 10Y*
- —
- ALL TIME*
- 10.54%
ZAG.TO
- 1D
- -0.29%
- 1M
- -1.02%
- 6M
- 0.22%
- YTD
- 0.79%
- 1Y
- 2.55%
- 3Y*
- 4.50%
- 5Y*
- 0.22%
- 10Y*
- 1.40%
- ALL TIME*
- 2.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$7.87M | CA$7.75M | CA$8.66M | |
| CA$17.49K | CA$19.26K | CA$37.47K |
ZFC.TO vs. ZAG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZFC.TO BMO SIA Focused Canadian Equity Fund | 17.68% | 13.10% | 15.48% | 6.00% | -3.79% | 15.56% | 0.92% | 23.89% | -5.11% |
ZAG.TO BMO Aggregate Bond Index ETF | 0.79% | 2.25% | 4.48% | 6.41% | -11.60% | -2.60% | 8.34% | 6.84% | 0.64% |
Correlation
The correlation between ZFC.TO and ZAG.TO is 0.10, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.10 |
Correlation (3Y) Balances recent behavior with more history. | 0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 11, 2018 | 0.04 |
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Return for Risk
ZFC.TO vs. ZAG.TO — Risk / Return Rank
ZFC.TO
ZAG.TO
ZFC.TO vs. ZAG.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO SIA Focused Canadian Equity Fund (ZFC.TO) and BMO Aggregate Bond Index ETF (ZAG.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.
| ZFC.TO | ZAG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.60 | ||
| Sortino ratioReturn per unit of downside risk | +0.78 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.12 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 3.49 | 1.08 | +2.40 |
| Martin ratioReturn relative to average drawdown | 10.59 | 2.62 | +7.97 |
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Drawdowns
ZFC.TO vs. ZAG.TO - Drawdown Comparison
The maximum ZFC.TO drawdown since its inception was -27.50%, which is greater than ZAG.TO's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for ZFC.TO and ZAG.TO.
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Drawdown Indicators
| ZFC.TO | ZAG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.50% | -18.03% | -9.47% |
Max Drawdown (1Y)Largest decline over 1 year | -8.12% | -2.79% | -5.33% |
Max Drawdown (3Y)Largest decline over 3 years | -14.98% | -4.36% | -10.62% |
Max Drawdown (5Y)Largest decline over 5 years | -14.98% | -15.77% | +0.79% |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.03% | — |
Current DrawdownCurrent decline from peak | -3.90% | -1.97% | -1.93% |
Average DrawdownAverage peak-to-trough decline | -5.52% | -3.52% | -2.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.67% | 1.15% | +1.52% |
Volatility
ZFC.TO vs. ZAG.TO - Volatility Comparison
BMO SIA Focused Canadian Equity Fund (ZFC.TO) has a higher volatility of 4.24% compared to BMO Aggregate Bond Index ETF (ZAG.TO) at 1.35%. This indicates that ZFC.TO's price experiences larger fluctuations and is considered to be riskier than ZAG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZFC.TO | ZAG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.24% | 1.35% | +2.89% |
Volatility (6M)Calculated over the trailing 6-month period | 11.95% | 3.52% | +8.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.98% | 4.40% | +17.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.07% | 6.58% | +8.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.13% | 7.11% | +9.02% |
ZFC.TO vs. ZAG.TO - Expense Ratio Comparison
ZFC.TO has a 0.84% expense ratio, which is higher than ZAG.TO's 0.09% expense ratio.
Dividends
ZFC.TO vs. ZAG.TO - Dividend Comparison
ZFC.TO's dividend yield for the trailing twelve months is around 0.13%, less than ZAG.TO's 3.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZAG.TO BMO Aggregate Bond Index ETF | 3.45% | 3.48% | 3.44% | 3.47% | 3.56% | 3.04% | 2.88% | 3.03% | 2.92% | 2.95% | 3.07% | 3.13% |
ZFC.TO BMO SIA Focused Canadian Equity Fund | 0.13% | 0.15% | 0.04% | 0.54% | 2.54% | 0.94% | 1.81% | 0.51% | 0.03% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZFC.TO and ZAG.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZAG.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZAG.TO is cheaper with a 0.09% expense ratio, compared with 0.84% for ZFC.TO.
ZFC.TO is categorized as Canada Equities, while ZAG.TO is Canadian Government Bonds. Their fees differ too: 0.84% for ZFC.TO and 0.09% for ZAG.TO.
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