ZFS.TO vs. ZMMK.TO
ZFS.TO (BMO Short Federal Bond Index ETF) and ZMMK.TO (BMO Money Market Fund ETF Series) are both exchange-traded funds - ZFS.TO is a Government Bonds fund managed by BMO, while ZMMK.TO is a Money Market fund actively managed by BMO. Over the past 3 years, ZFS.TO returned 4.08%/yr vs 3.78%/yr for ZMMK.TO. At a 0.01 correlation, their price movements are largely independent.
Performance
ZFS.TO vs. ZMMK.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ZFS.TO having a 1.19% return and ZMMK.TO slightly lower at 1.17%.
ZFS.TO
- 1D
- 0.00%
- 1M
- 0.35%
- YTD
- 1.19%
- 6M
- 1.26%
- 1Y
- 2.43%
- 3Y*
- 4.08%
- 5Y*
- 1.58%
- 10Y*
- 1.39%
ZMMK.TO
- 1D
- 0.02%
- 1M
- 0.22%
- YTD
- 1.17%
- 6M
- 1.17%
- 1Y
- 2.50%
- 3Y*
- 3.78%
- 5Y*
- —
- 10Y*
- —
ZFS.TO vs. ZMMK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZFS.TO BMO Short Federal Bond Index ETF | 1.19% | 3.10% | 4.61% | 3.93% | -4.03% | 0.23% |
ZMMK.TO BMO Money Market Fund ETF Series | 1.17% | 2.77% | 4.94% | 4.86% | 1.99% | 0.04% |
Correlation
The correlation between ZFS.TO and ZMMK.TO is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2021 | 0.01 |
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Return for Risk
ZFS.TO vs. ZMMK.TO — Risk / Return Rank
ZFS.TO
ZMMK.TO
ZFS.TO vs. ZMMK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Short Federal Bond Index ETF (ZFS.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.
| ZFS.TO | ZMMK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.92 | ||
| Sortino ratioReturn per unit of downside risk | -20.47 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 5.25 | -4.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 62.69 | -61.06 |
| Martin ratioReturn relative to average drawdown | 5.19 | 351.07 | -345.89 |
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Drawdowns
ZFS.TO vs. ZMMK.TO - Drawdown Comparison
The maximum ZFS.TO drawdown since its inception was -6.80%, 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 ZFS.TO and ZMMK.TO.
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Drawdown Indicators
| ZFS.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.80% | -0.16% | -6.64% |
Max Drawdown (1Y)Largest decline over 1 year | -1.50% | -0.04% | -1.46% |
Max Drawdown (3Y)Largest decline over 3 years | -1.50% | -0.08% | -1.42% |
Max Drawdown (5Y)Largest decline over 5 years | -6.43% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -6.80% | — | — |
Current DrawdownCurrent decline from peak | -0.01% | 0.00% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -1.07% | -0.00% | -1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.48% | 0.01% | +0.47% |
Volatility
ZFS.TO vs. ZMMK.TO - Volatility Comparison
BMO Short Federal Bond Index ETF (ZFS.TO) has a higher volatility of 0.49% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.07%. This indicates that ZFS.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
| ZFS.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.49% | 0.07% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 1.58% | 0.19% | +1.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.97% | 0.27% | +1.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.64% | 0.34% | +2.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.27% | 0.34% | +1.93% |
Dividends
ZFS.TO vs. ZMMK.TO - Dividend Comparison
ZFS.TO's dividend yield for the trailing twelve months is around 2.54%, more than ZMMK.TO's 2.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZFS.TO BMO Short Federal Bond Index ETF | 2.54% | 2.41% | 2.06% | 1.96% | 1.99% | 1.88% | 1.81% | 1.86% | 1.59% | 1.59% | 1.77% | 1.90% |
ZMMK.TO BMO Money Market Fund ETF Series | 2.49% | 3.02% | 4.66% | 4.98% | 1.95% | 0.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZFS.TO and ZMMK.TO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZFS.TO is categorized as Government Bonds, while ZMMK.TO is Money Market.
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