ZGB.TO vs. ZMMK.TO
ZGB.TO (BMO Government Bond Index ETF) and ZMMK.TO (BMO Money Market Fund ETF Series) are both exchange-traded funds - ZGB.TO is a Canadian Government Bonds fund tracking the FTSE Canada All Government Bond Index, while ZMMK.TO is a Money Market fund actively managed by BMO. ZGB.TO is passively managed, while ZMMK.TO is actively managed. Over the past 3 years, ZGB.TO returned 3.59%/yr vs 3.86%/yr for ZMMK.TO. At a correlation of -0.01, they often move in opposite directions. ZGB.TO charges 0.17%/yr vs 0.13%/yr for ZMMK.TO.
Performance
ZGB.TO vs. ZMMK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZGB.TO achieves a 1.73% return, which is significantly higher than ZMMK.TO's 0.99% return.
ZGB.TO
- 1D
- 0.11%
- 1M
- 1.59%
- YTD
- 1.73%
- 6M
- 0.92%
- 1Y
- 2.45%
- 3Y*
- 3.59%
- 5Y*
- 0.16%
- 10Y*
- —
ZMMK.TO
- 1D
- 0.04%
- 1M
- 0.19%
- YTD
- 0.99%
- 6M
- 1.17%
- 1Y
- 2.50%
- 3Y*
- 3.86%
- 5Y*
- —
- 10Y*
- —
ZGB.TO vs. ZMMK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZGB.TO BMO Government Bond Index ETF | 1.73% | 1.54% | 3.30% | 5.92% | -12.38% | 1.08% |
ZMMK.TO BMO Money Market Fund ETF Series | 0.99% | 2.77% | 4.94% | 4.86% | 1.99% | 0.04% |
Correlation
The correlation between ZGB.TO and ZMMK.TO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2021 | -0.01 |
The correlation between ZGB.TO and ZMMK.TO shifts across timeframes, from -0.01 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZGB.TO vs. ZMMK.TO — Risk / Return Rank
ZGB.TO
ZMMK.TO
ZGB.TO vs. ZMMK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Government Bond Index ETF (ZGB.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.
| ZGB.TO | ZMMK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.13 | ||
| Sortino ratioReturn per unit of downside risk | -23.34 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 5.48 | -4.38 |
| Calmar ratioReturn relative to maximum drawdown | 0.89 | 83.57 | -82.68 |
| Martin ratioReturn relative to average drawdown | 1.89 | 380.38 | -378.49 |
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
| ZGB.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.56 | 9.68 | -9.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 10.31 | -10.05 |
Drawdowns
ZGB.TO vs. ZMMK.TO - Drawdown Comparison
The maximum ZGB.TO drawdown since its inception was -19.31%, 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 ZGB.TO and ZMMK.TO.
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Drawdown Indicators
| ZGB.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.31% | -0.16% | -19.15% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -0.03% | -2.73% |
Max Drawdown (3Y)Largest decline over 3 years | -5.86% | -0.08% | -5.78% |
Max Drawdown (5Y)Largest decline over 5 years | -16.35% | — | — |
Current DrawdownCurrent decline from peak | -5.06% | 0.00% | -5.06% |
Average DrawdownAverage peak-to-trough decline | -6.98% | -0.00% | -6.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 0.01% | +1.29% |
Volatility
ZGB.TO vs. ZMMK.TO - Volatility Comparison
BMO Government Bond Index ETF (ZGB.TO) has a higher volatility of 1.84% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.06%. This indicates that ZGB.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
| ZGB.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.84% | 0.06% | +1.78% |
Volatility (6M)Calculated over the trailing 6-month period | 3.52% | 0.18% | +3.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.42% | 0.26% | +4.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.81% | 0.34% | +6.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.15% | 0.34% | +5.81% |
ZGB.TO vs. ZMMK.TO - Expense Ratio Comparison
ZGB.TO has a 0.17% expense ratio, which is higher than ZMMK.TO's 0.13% 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
ZGB.TO vs. ZMMK.TO - Dividend Comparison
ZGB.TO's dividend yield for the trailing twelve months is around 3.04%, more than ZMMK.TO's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ZGB.TO BMO Government Bond Index ETF | 3.04% | 2.81% | 2.69% | 2.71% | 2.76% | 2.38% | 2.26% | 2.41% | 2.58% |
ZMMK.TO BMO Money Market Fund ETF Series | 2.53% | 3.02% | 4.66% | 4.98% | 1.95% | 0.04% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZGB.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 0.17% for ZGB.TO.
ZGB.TO is categorized as Canadian Government Bonds, while ZMMK.TO is Money Market. Their fees differ too: 0.17% for ZGB.TO and 0.13% for ZMMK.TO.
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