ZFH.TO vs. MNY.TO
ZFH.TO (BMO Floating Rate High Yield ETF) and MNY.TO (Purpose Cash Management Fund) are both exchange-traded funds - ZFH.TO is a High Yield Bonds fund actively managed by BMO, while MNY.TO is a Money Market fund actively managed by Purpose Investments. Both are actively managed. Over the past 3 years, ZFH.TO returned 9.48%/yr vs 3.91%/yr for MNY.TO. At a correlation of -0.02, they often move in opposite directions. ZFH.TO charges 0.40%/yr vs 0.22%/yr for MNY.TO.
Performance
ZFH.TO vs. MNY.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZFH.TO achieves a 2.17% return, which is significantly higher than MNY.TO's 0.95% return.
ZFH.TO
- 1D
- 0.00%
- 1M
- 0.62%
- YTD
- 2.17%
- 6M
- 1.34%
- 1Y
- 5.99%
- 3Y*
- 9.48%
- 5Y*
- 6.72%
- 10Y*
- 5.61%
MNY.TO
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- 0.95%
- 6M
- 1.22%
- 1Y
- 2.59%
- 3Y*
- 3.91%
- 5Y*
- —
- 10Y*
- —
ZFH.TO vs. MNY.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ZFH.TO BMO Floating Rate High Yield ETF | 2.17% | 5.53% | 11.55% | 13.55% | 4.83% |
MNY.TO Purpose Cash Management Fund | 0.95% | 3.03% | 4.69% | 5.03% | 1.54% |
Correlation
The correlation between ZFH.TO and MNY.TO is -0.06, 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 | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.00 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2022 | -0.02 |
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Return for Risk
ZFH.TO vs. MNY.TO — Risk / Return Rank
ZFH.TO
MNY.TO
ZFH.TO vs. MNY.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Floating Rate High Yield ETF (ZFH.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.
| ZFH.TO | MNY.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -14.54 | ||
| Sortino ratioReturn per unit of downside risk | -50.09 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 22.32 | -21.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 65.02 | -63.18 |
| Martin ratioReturn relative to average drawdown | 6.33 | 605.87 | -599.54 |
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
| ZFH.TO | MNY.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.54 | 16.08 | -14.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.05 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.68 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.64 | 11.02 | -10.38 |
Drawdowns
ZFH.TO vs. MNY.TO - Drawdown Comparison
The maximum ZFH.TO drawdown since its inception was -20.98%, 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 ZFH.TO and MNY.TO.
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Drawdown Indicators
| ZFH.TO | MNY.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.98% | -0.24% | -20.74% |
Max Drawdown (1Y)Largest decline over 1 year | -3.27% | -0.04% | -3.23% |
Max Drawdown (3Y)Largest decline over 3 years | -6.40% | -0.10% | -6.30% |
Max Drawdown (5Y)Largest decline over 5 years | -9.53% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -20.98% | — | — |
Current DrawdownCurrent decline from peak | -0.20% | 0.00% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -1.80% | -0.00% | -1.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.95% | 0.00% | +0.95% |
Volatility
ZFH.TO vs. MNY.TO - Volatility Comparison
BMO Floating Rate High Yield ETF (ZFH.TO) has a higher volatility of 0.96% compared to Purpose Cash Management Fund (MNY.TO) at 0.03%. This indicates that ZFH.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.
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Volatility by Period
| ZFH.TO | MNY.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 0.03% | +0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 3.01% | 0.12% | +2.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.92% | 0.16% | +3.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.42% | 0.37% | +6.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.33% | 0.37% | +7.96% |
ZFH.TO vs. MNY.TO - Expense Ratio Comparison
ZFH.TO has a 0.40% expense ratio, which is higher than MNY.TO's 0.22% expense ratio.
Dividends
ZFH.TO vs. MNY.TO - Dividend Comparison
ZFH.TO's dividend yield for the trailing twelve months is around 5.21%, 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% |
ZFH.TO BMO Floating Rate High Yield ETF | 5.21% | 5.52% | 7.72% | 6.98% | 4.75% | 4.48% | 4.51% | 4.27% | 4.45% | 4.58% | 4.64% | 4.94% |
Frequently Asked Questions
ZFH.TO and MNY.TO have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MNY.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MNY.TO is cheaper with a 0.22% expense ratio, compared with 0.40% for ZFH.TO.
ZFH.TO is categorized as High Yield Bonds, while MNY.TO is Money Market. They also come from different issuers: BMO and Purpose Investments. Their fees differ too: 0.40% for ZFH.TO and 0.22% for MNY.TO.
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