ZIC.TO vs. ZCM.TO
ZIC.TO (BMO Mid-Term US Investment Grade Corporate Bond Index ETF) and ZCM.TO (BMO Mid Corporate Bond Index ETF) are both Corporate Bonds funds from BMO - ZIC.TO tracks the Bloomberg US Investment Grade 5 to 10 Year Corporate Bond Capped Index while ZCM.TO tracks the FTSE Canada Mid Term Corporate Bond Index. Both are passively managed. Over the past 10 years, ZIC.TO returned 3.62%/yr vs 3.04%/yr for ZCM.TO. At a 0.42 correlation, their price movements are largely independent. ZIC.TO charges 0.25%/yr vs 0.33%/yr for ZCM.TO.
Performance
ZIC.TO vs. ZCM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZIC.TO achieves a 1.28% return, which is significantly lower than ZCM.TO's 1.96% return. Over the past 10 years, ZIC.TO has outperformed ZCM.TO with an annualized return of 3.62%, while ZCM.TO has yielded a comparatively lower 3.04% annualized return.
ZIC.TO
- 1D
- 0.22%
- 1M
- 2.21%
- YTD
- 1.28%
- 6M
- -0.27%
- 1Y
- 6.91%
- 3Y*
- 6.91%
- 5Y*
- 3.94%
- 10Y*
- 3.62%
ZCM.TO
- 1D
- 0.00%
- 1M
- 1.72%
- YTD
- 1.96%
- 6M
- 1.66%
- 1Y
- 4.73%
- 3Y*
- 6.83%
- 5Y*
- 2.32%
- 10Y*
- 3.04%
ZIC.TO vs. ZCM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZIC.TO BMO Mid-Term US Investment Grade Corporate Bond Index ETF | 1.28% | 4.24% | 11.86% | 6.33% | -8.93% | -1.36% | 6.51% | 9.03% | 6.40% | -1.26% |
ZCM.TO BMO Mid Corporate Bond Index ETF | 1.96% | 4.84% | 8.07% | 7.96% | -10.18% | -2.09% | 10.34% | 8.59% | 0.58% | 2.28% |
Correlation
The correlation between ZIC.TO and ZCM.TO is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2013 | 0.42 |
The correlation between ZIC.TO and ZCM.TO shifts across timeframes, from 0.41 (1 year) to 0.53 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZIC.TO vs. ZCM.TO — Risk / Return Rank
ZIC.TO
ZCM.TO
ZIC.TO vs. ZCM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.TO) and BMO Mid Corporate Bond Index ETF (ZCM.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.
| ZIC.TO | ZCM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.20 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.63 | 1.54 | +0.09 |
| Martin ratioReturn relative to average drawdown | 3.51 | 4.41 | -0.90 |
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
| ZIC.TO | ZCM.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | 1.06 | +0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | 0.38 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.35 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.56 | +0.04 |
Drawdowns
ZIC.TO vs. ZCM.TO - Drawdown Comparison
The maximum ZIC.TO drawdown since its inception was -19.49%, smaller than the maximum ZCM.TO drawdown of -26.06%. Use the drawdown chart below to compare losses from any high point for ZIC.TO and ZCM.TO.
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Drawdown Indicators
| ZIC.TO | ZCM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.49% | -26.06% | +6.57% |
Max Drawdown (1Y)Largest decline over 1 year | -4.26% | -3.08% | -1.18% |
Max Drawdown (3Y)Largest decline over 3 years | -6.96% | -4.02% | -2.94% |
Max Drawdown (5Y)Largest decline over 5 years | -15.66% | -15.82% | +0.16% |
Max Drawdown (10Y)Largest decline over 10 years | -19.49% | -26.06% | +6.57% |
Current DrawdownCurrent decline from peak | -1.48% | -0.37% | -1.11% |
Average DrawdownAverage peak-to-trough decline | -5.15% | -2.61% | -2.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 1.08% | +0.89% |
Volatility
ZIC.TO vs. ZCM.TO - Volatility Comparison
The current volatility for BMO Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.TO) is 1.67%, while BMO Mid Corporate Bond Index ETF (ZCM.TO) has a volatility of 1.81%. This indicates that ZIC.TO experiences smaller price fluctuations and is considered to be less risky than ZCM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZIC.TO | ZCM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.67% | 1.81% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 4.18% | 3.65% | +0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.47% | 4.51% | +0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.95% | 6.09% | +1.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.90% | 8.76% | +0.14% |
ZIC.TO vs. ZCM.TO - Expense Ratio Comparison
ZIC.TO has a 0.25% expense ratio, which is lower than ZCM.TO's 0.33% expense ratio.
Dividends
ZIC.TO vs. ZCM.TO - Dividend Comparison
ZIC.TO's dividend yield for the trailing twelve months is around 4.31%, more than ZCM.TO's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZCM.TO BMO Mid Corporate Bond Index ETF | 4.25% | 4.03% | 3.84% | 3.93% | 3.80% | 3.29% | 3.12% | 3.33% | 3.22% | 3.04% | 3.18% | 3.42% |
ZIC.TO BMO Mid-Term US Investment Grade Corporate Bond Index ETF | 4.31% | 4.03% | 3.79% | 3.84% | 3.93% | 3.52% | 3.46% | 3.56% | 3.46% | 3.32% | 3.29% | 3.11% |
Frequently Asked Questions
ZIC.TO and ZCM.TO have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZIC.TO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZIC.TO is cheaper with a 0.25% expense ratio, compared with 0.33% for ZCM.TO.
ZIC.TO tracks Bloomberg US Investment Grade 5 to 10 Year Corporate Bond Capped Index, while ZCM.TO tracks FTSE Canada Mid Term Corporate Bond Index. Their fees differ too: 0.25% for ZIC.TO and 0.33% for ZCM.TO.
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