ZFN.TO vs. ZMMK.TO
ZFN.TO (BMO SIA Focused North American Equity Fund) and ZMMK.TO (BMO Money Market Fund ETF Series) are both exchange-traded funds - ZFN.TO is a Canada Equities fund actively managed by BMO, while ZMMK.TO is a Money Market fund actively managed by BMO. Both are actively managed. Over the past 3 years, ZFN.TO returned 15.87%/yr vs 3.73%/yr for ZMMK.TO. Their 0.04 correlation means their historical movements had little consistent relationship. ZFN.TO charges 0.80%/yr vs 0.13%/yr for ZMMK.TO.
Performance
ZFN.TO vs. ZMMK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZFN.TO achieves a 1.20% return, which is significantly lower than ZMMK.TO's 1.36% return.
ZFN.TO
- 1D
- 0.61%
- 1M
- -3.74%
- 6M
- -1.91%
- YTD
- 1.20%
- 1Y
- 13.73%
- 3Y*
- 15.87%
- 5Y*
- 12.50%
- 10Y*
- —
- ALL TIME*
- 11.09%
ZMMK.TO
- 1D
- 0.02%
- 1M
- 0.19%
- 6M
- 1.14%
- YTD
- 1.36%
- 1Y
- 2.46%
- 3Y*
- 3.73%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.42%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$170.59K | CA$152.77K | CA$257.53K | |
| CA$11.59M | CA$10.74M | CA$11.95M |
ZFN.TO vs. ZMMK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZFN.TO BMO SIA Focused North American Equity Fund | 1.20% | 12.52% | 36.74% | 9.08% | -3.72% | -0.37% |
ZMMK.TO BMO Money Market Fund ETF Series | 1.36% | 2.77% | 4.94% | 4.86% | 1.99% | 0.04% |
Correlation
The correlation between ZFN.TO and ZMMK.TO is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2021 | 0.04 |
The correlation between ZFN.TO and ZMMK.TO shifts across timeframes, from 0.03 (3 years) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZFN.TO vs. ZMMK.TO — Risk / Return Rank
ZFN.TO
ZMMK.TO
ZFN.TO vs. ZMMK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO SIA Focused North American Equity Fund (ZFN.TO) and BMO Money Market Fund ETF Series (ZMMK.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.
| ZFN.TO | ZMMK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.52 | ||
| Sortino ratioReturn per unit of downside risk | -21.28 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 5.33 | -4.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.76 | 61.66 | -60.90 |
| Martin ratioReturn relative to average drawdown | 1.75 | 350.85 | -349.09 |
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Drawdowns
ZFN.TO vs. ZMMK.TO - Drawdown Comparison
The maximum ZFN.TO drawdown since its inception was -21.64%, which is greater than ZMMK.TO's maximum drawdown of -0.16%. Use the drawdown chart below to compare losses from any high point for ZFN.TO and ZMMK.TO.
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Drawdown Indicators
| ZFN.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.64% | -0.16% | -21.48% |
Max Drawdown (1Y)Largest decline over 1 year | -15.99% | -0.04% | -15.95% |
Max Drawdown (3Y)Largest decline over 3 years | -17.33% | -0.08% | -17.25% |
Max Drawdown (5Y)Largest decline over 5 years | -17.33% | — | — |
Current DrawdownCurrent decline from peak | -6.81% | 0.00% | -6.81% |
Average DrawdownAverage peak-to-trough decline | -5.01% | 0.00% | -5.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.92% | 0.01% | +6.91% |
Volatility
ZFN.TO vs. ZMMK.TO - Volatility Comparison
BMO SIA Focused North American Equity Fund (ZFN.TO) has a higher volatility of 5.27% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.05%. This indicates that ZFN.TO's price experiences larger fluctuations and is considered to be riskier than ZMMK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZFN.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.27% | 0.05% | +5.22% |
Volatility (6M)Calculated over the trailing 6-month period | 14.94% | 0.17% | +14.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.26% | 0.27% | +21.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.50% | 0.34% | +15.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.44% | 0.34% | +16.10% |
ZFN.TO vs. ZMMK.TO - Expense Ratio Comparison
ZFN.TO has a 0.80% expense ratio, which is higher than ZMMK.TO's 0.13% expense ratio.
Dividends
ZFN.TO vs. ZMMK.TO - Dividend Comparison
ZFN.TO's dividend yield for the trailing twelve months is around 0.49%, less than ZMMK.TO's 2.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ZFN.TO BMO SIA Focused North American Equity Fund | 0.49% | 0.50% | 0.90% | 0.97% | 2.37% | 0.69% | 0.59% | 0.37% | 0.03% |
ZMMK.TO BMO Money Market Fund ETF Series | 2.45% | 3.02% | 4.66% | 4.98% | 1.95% | 0.04% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZFN.TO and ZMMK.TO have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZMMK.TO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZMMK.TO is cheaper with a 0.13% expense ratio, compared with 0.80% for ZFN.TO.
ZFN.TO is categorized as Canada Equities, while ZMMK.TO is Money Market. Their fees differ too: 0.80% for ZFN.TO and 0.13% for ZMMK.TO.
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