ZIC.TO vs. ZMMK.TO
ZIC.TO (BMO Mid-Term US Investment Grade Corporate Bond Index ETF) and ZMMK.TO (BMO Money Market Fund ETF Series) are both exchange-traded funds - ZIC.TO is a Corporate Bonds fund tracking the Bloomberg US Investment Grade 5 to 10 Year Corporate Bond Capped Index, while ZMMK.TO is a Money Market fund actively managed by BMO. ZIC.TO is passively managed, while ZMMK.TO is actively managed. Over the past 3 years, ZIC.TO returned 6.85%/yr vs 3.85%/yr for ZMMK.TO. At a correlation of -0.04, they often move in opposite directions. ZIC.TO charges 0.25%/yr vs 0.13%/yr for ZMMK.TO.
Performance
ZIC.TO vs. ZMMK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZIC.TO achieves a 1.06% return, which is significantly higher than ZMMK.TO's 0.95% return.
ZIC.TO
- 1D
- -0.11%
- 1M
- 2.32%
- YTD
- 1.06%
- 6M
- -0.75%
- 1Y
- 7.10%
- 3Y*
- 6.85%
- 5Y*
- 3.89%
- 10Y*
- 3.47%
ZMMK.TO
- 1D
- -0.01%
- 1M
- 0.19%
- YTD
- 0.95%
- 6M
- 1.13%
- 1Y
- 2.48%
- 3Y*
- 3.85%
- 5Y*
- —
- 10Y*
- —
ZIC.TO vs. ZMMK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZIC.TO BMO Mid-Term US Investment Grade Corporate Bond Index ETF | 1.06% | 4.24% | 11.86% | 6.33% | -8.93% | 0.02% |
ZMMK.TO BMO Money Market Fund ETF Series | 0.95% | 2.77% | 4.94% | 4.86% | 1.99% | 0.04% |
Correlation
The correlation between ZIC.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 | -0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2021 | -0.04 |
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Return for Risk
ZIC.TO vs. ZMMK.TO — Risk / Return Rank
ZIC.TO
ZMMK.TO
ZIC.TO vs. ZMMK.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 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.
| ZIC.TO | ZMMK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.36 | ||
| Sortino ratioReturn per unit of downside risk | -22.01 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 5.45 | -4.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.67 | 82.88 | -81.21 |
| Martin ratioReturn relative to average drawdown | 3.61 | 377.25 | -373.65 |
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 | ZMMK.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 9.66 | -8.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.49 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 10.29 | -9.70 |
Drawdowns
ZIC.TO vs. ZMMK.TO - Drawdown Comparison
The maximum ZIC.TO drawdown since its inception was -19.49%, 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 ZIC.TO and ZMMK.TO.
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Drawdown Indicators
| ZIC.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.49% | -0.16% | -19.33% |
Max Drawdown (1Y)Largest decline over 1 year | -4.26% | -0.03% | -4.23% |
Max Drawdown (3Y)Largest decline over 3 years | -6.96% | -0.08% | -6.88% |
Max Drawdown (5Y)Largest decline over 5 years | -15.66% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -19.49% | — | — |
Current DrawdownCurrent decline from peak | -1.69% | -0.02% | -1.67% |
Average DrawdownAverage peak-to-trough decline | -5.15% | -0.00% | -5.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 0.01% | +1.96% |
Volatility
ZIC.TO vs. ZMMK.TO - Volatility Comparison
BMO Mid-Term US Investment Grade Corporate Bond Index ETF (ZIC.TO) has a higher volatility of 1.68% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.06%. This indicates that ZIC.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
| ZIC.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 0.06% | +1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 4.17% | 0.18% | +3.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.47% | 0.26% | +5.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.95% | 0.34% | +7.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.91% | 0.34% | +8.57% |
ZIC.TO vs. ZMMK.TO - Expense Ratio Comparison
ZIC.TO has a 0.25% 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
ZIC.TO vs. ZMMK.TO - Dividend Comparison
ZIC.TO's dividend yield for the trailing twelve months is around 4.32%, more than ZMMK.TO's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZIC.TO BMO Mid-Term US Investment Grade Corporate Bond Index ETF | 4.32% | 4.03% | 3.79% | 3.84% | 3.93% | 3.52% | 3.46% | 3.56% | 3.46% | 3.32% | 3.29% | 3.11% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZIC.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.
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 0.25% for ZIC.TO.
ZIC.TO is categorized as Corporate Bonds, while ZMMK.TO is Money Market. Their fees differ too: 0.25% for ZIC.TO and 0.13% for ZMMK.TO.
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