ZMI.TO vs. FIE.TO
ZMI.TO (BMO Monthly Income ETF) and FIE.TO (iShares Canadian Financial Monthly Income ETF) are both exchange-traded funds - ZMI.TO is a Diversified Portfolio fund actively managed by BMO, while FIE.TO is a Canada Equities fund tracking the Morningstar Can Equity Tgt Alloc NR CAD. ZMI.TO is actively managed, while FIE.TO is passively managed. Over the past 10 years, ZMI.TO returned 6.69%/yr vs 11.60%/yr for FIE.TO. A 0.63 correlation means they provide meaningful diversification when combined. ZMI.TO charges 0.18%/yr vs 0.85%/yr for FIE.TO.
Performance
ZMI.TO vs. FIE.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZMI.TO achieves a 8.17% return, which is significantly lower than FIE.TO's 9.86% return. Over the past 10 years, ZMI.TO has underperformed FIE.TO with an annualized return of 6.69%, while FIE.TO has yielded a comparatively higher 11.60% annualized return.
ZMI.TO
- 1D
- -0.10%
- 1M
- 2.25%
- YTD
- 8.17%
- 6M
- 5.67%
- 1Y
- 15.02%
- 3Y*
- 12.29%
- 5Y*
- 7.70%
- 10Y*
- 6.69%
FIE.TO
- 1D
- 0.09%
- 1M
- 2.67%
- YTD
- 9.86%
- 6M
- 9.51%
- 1Y
- 28.20%
- 3Y*
- 23.93%
- 5Y*
- 12.12%
- 10Y*
- 11.60%
ZMI.TO vs. FIE.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZMI.TO BMO Monthly Income ETF | 8.17% | 8.04% | 13.60% | 9.17% | -5.76% | 11.38% | 2.54% | 13.52% | -2.39% | 4.98% |
FIE.TO iShares Canadian Financial Monthly Income ETF | 9.86% | 24.36% | 27.62% | 12.58% | -14.35% | 27.34% | 1.33% | 18.97% | -9.12% | 12.01% |
Correlation
The correlation between ZMI.TO and FIE.TO is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2011 | 0.63 |
The correlation between ZMI.TO and FIE.TO has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.
ZMI.TO vs. FIE.TO - Sectors Allocation Comparison
Sectors
ZMI.TO
FIE.TO
Financial Services
Technology
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Energy
-
Healthcare
-
Communication Services
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Consumer Defensive
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Industrials
-
Utilities
-
Consumer Cyclical
-
Basic Materials
-
Real Estate
Financial Services
ZMI.TO
FIE.TO
Technology
ZMI.TO
FIE.TO
-
Energy
ZMI.TO
FIE.TO
-
Healthcare
ZMI.TO
FIE.TO
-
Communication Services
ZMI.TO
FIE.TO
-
Consumer Defensive
ZMI.TO
FIE.TO
-
Industrials
ZMI.TO
FIE.TO
-
Utilities
ZMI.TO
FIE.TO
-
Consumer Cyclical
ZMI.TO
FIE.TO
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Basic Materials
ZMI.TO
FIE.TO
-
Real Estate
ZMI.TO
FIE.TO
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Return for Risk
ZMI.TO vs. FIE.TO — Risk / Return Rank
ZMI.TO
FIE.TO
ZMI.TO vs. FIE.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Monthly Income ETF (ZMI.TO) and iShares Canadian Financial Monthly Income ETF (FIE.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.
| ZMI.TO | FIE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.61 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.17 | 3.94 | -0.77 |
| Martin ratioReturn relative to average drawdown | 10.36 | 12.80 | -2.45 |
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
| ZMI.TO | FIE.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | 3.16 | -1.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.04 | 1.16 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.76 | 0.83 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.79 | 0.70 | +0.09 |
Drawdowns
ZMI.TO vs. FIE.TO - Drawdown Comparison
The maximum ZMI.TO drawdown since its inception was -26.64%, smaller than the maximum FIE.TO drawdown of -42.24%. Use the drawdown chart below to compare losses from any high point for ZMI.TO and FIE.TO.
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Drawdown Indicators
| ZMI.TO | FIE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.64% | -42.24% | +15.60% |
Max Drawdown (1Y)Largest decline over 1 year | -4.75% | -7.19% | +2.44% |
Max Drawdown (3Y)Largest decline over 3 years | -8.80% | -10.70% | +1.90% |
Max Drawdown (5Y)Largest decline over 5 years | -12.68% | -22.93% | +10.25% |
Max Drawdown (10Y)Largest decline over 10 years | -26.64% | -42.24% | +15.60% |
Current DrawdownCurrent decline from peak | -1.10% | -0.09% | -1.01% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -4.89% | +2.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 2.21% | -0.76% |
Volatility
ZMI.TO vs. FIE.TO - Volatility Comparison
The current volatility for BMO Monthly Income ETF (ZMI.TO) is 2.42%, while iShares Canadian Financial Monthly Income ETF (FIE.TO) has a volatility of 2.86%. This indicates that ZMI.TO experiences smaller price fluctuations and is considered to be less risky than FIE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZMI.TO | FIE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.42% | 2.86% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 5.88% | 7.81% | -1.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.17% | 8.99% | -1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.44% | 10.55% | -3.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.87% | 14.09% | -5.22% |
ZMI.TO vs. FIE.TO - Expense Ratio Comparison
ZMI.TO has a 0.18% expense ratio, which is lower than FIE.TO's 0.85% expense ratio.
Dividends
ZMI.TO vs. FIE.TO - Dividend Comparison
ZMI.TO's dividend yield for the trailing twelve months is around 4.03%, less than FIE.TO's 4.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIE.TO iShares Canadian Financial Monthly Income ETF | 4.53% | 4.94% | 5.83% | 6.98% | 7.31% | 5.92% | 7.10% | 6.65% | 7.38% | 6.28% | 6.59% | 7.43% |
ZMI.TO BMO Monthly Income ETF | 4.03% | 4.67% | 4.82% | 5.09% | 4.63% | 3.82% | 4.34% | 4.37% | 4.72% | 4.18% | 4.01% | 4.01% |
Frequently Asked Questions
ZMI.TO and FIE.TO have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZMI.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZMI.TO is cheaper with a 0.18% expense ratio, compared with 0.85% for FIE.TO.
ZMI.TO is categorized as Diversified Portfolio, while FIE.TO is Canada Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.18% for ZMI.TO and 0.85% for FIE.TO.
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