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ZMI.TO vs. VCIP.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZMI.TO vs. VCIP.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Monthly Income ETF (ZMI.TO) and Vanguard Conservative Income ETF Portfolio (VCIP.TO).

ZMI.TO and VCIP.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZMI.TO is an actively managed fund by BMO. It was launched on Jan 28, 2011. VCIP.TO is an actively managed fund by Vanguard. It was launched on Jan 29, 2019.

Performance

ZMI.TO vs. VCIP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Monthly Income ETF (ZMI.TO) and Vanguard Conservative Income ETF Portfolio (VCIP.TO). The values are adjusted to include any dividend payments, if applicable.

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ZMI.TO vs. VCIP.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
ZMI.TO
BMO Monthly Income ETF		2.98%7.88%13.43%9.00%-5.89%11.25%2.40%8.71%
VCIP.TO
Vanguard Conservative Income ETF Portfolio		0.07%5.91%6.91%8.32%-12.18%1.42%8.47%7.25%

Returns By Period

In the year-to-date period, ZMI.TO achieves a 2.98% return, which is significantly higher than VCIP.TO's 0.07% return.

ZMI.TO

1D
1.29%
1M
-2.24%
YTD
2.98%
6M
2.10%
1Y
8.46%
3Y*
10.12%
5Y*
6.90%
10Y*
6.17%

VCIP.TO

1D
0.00%
1M
-2.60%
YTD
0.07%
6M
0.52%
1Y
5.06%
3Y*
5.74%
5Y*
2.22%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Monthly Income ETF

Vanguard Conservative Income ETF Portfolio

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Often compared with VCIP.TO:
VCIP.TO vs. VCNS.TOVCIP.TO vs. VEQT.TOVCIP.TO vs. XBAL.TOVCIP.TO vs. XCNS.TOVCIP.TO vs. NUBF.TOVCIP.TO vs. VBAL.TOVCIP.TO vs. VAB.TO

ZMI.TO vs. VCIP.TO - Expense Ratio Comparison

ZMI.TO has a 0.18% expense ratio, which is lower than VCIP.TO's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

VCIP.TO
Vanguard Conservative Income ETF Portfolio
ZMI.TO
BMO Monthly Income ETF

Return for Risk

ZMI.TO vs. VCIP.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZMI.TO
ZMI.TO Risk / Return Rank: 5050
Overall Rank
ZMI.TO Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
ZMI.TO Sortino Ratio Rank: 4646
Sortino Ratio Rank
ZMI.TO Omega Ratio Rank: 5555
Omega Ratio Rank
ZMI.TO Calmar Ratio Rank: 4747
Calmar Ratio Rank
ZMI.TO Martin Ratio Rank: 4848
Martin Ratio Rank
VCIP.TO
VCIP.TO Risk / Return Rank: 5050
Overall Rank
VCIP.TO Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
VCIP.TO Sortino Ratio Rank: 4747
Sortino Ratio Rank
VCIP.TO Omega Ratio Rank: 4949
Omega Ratio Rank
VCIP.TO Calmar Ratio Rank: 5353
Calmar Ratio Rank
VCIP.TO Martin Ratio Rank: 4747
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZMI.TO vs. VCIP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Monthly Income ETF (ZMI.TO) and Vanguard Conservative Income ETF Portfolio (VCIP.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.TOVCIP.TODifference

Sharpe ratio

Return per unit of total volatility

0.94

0.93

0.00

Sortino ratio

Return per unit of downside risk

1.25

1.26

-0.01

Omega ratio

Gain probability vs. loss probability

1.20

1.18

+0.02

Calmar ratio

Return relative to maximum drawdown

1.19

1.33

-0.14

Martin ratio

Return relative to average drawdown

4.53

4.51

+0.02

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZMI.TO vs. VCIP.TO - Sharpe Ratio Comparison

The current ZMI.TO Sharpe Ratio is 0.94, which is comparable to the VCIP.TO Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of ZMI.TO and VCIP.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZMI.TOVCIP.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.94

0.93

0.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.94

0.40

+0.54

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.70

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.72

0.55

+0.17

Correlation

The correlation between ZMI.TO and VCIP.TO is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZMI.TO vs. VCIP.TO - Dividend Comparison

ZMI.TO's dividend yield for the trailing twelve months is around 4.30%, more than VCIP.TO's 3.69% yield.

TTM20252024202320222021202020192018201720162015
ZMI.TO
BMO Monthly Income ETF		4.30%4.54%4.68%4.94%4.49%3.71%4.21%4.24%4.58%4.06%3.89%3.89%
VCIP.TO
Vanguard Conservative Income ETF Portfolio		3.69%2.93%2.90%2.77%2.29%2.23%1.86%2.08%0.00%0.00%0.00%0.00%

Drawdowns

ZMI.TO vs. VCIP.TO - Drawdown Comparison

The maximum ZMI.TO drawdown since its inception was -26.65%, which is greater than VCIP.TO's maximum drawdown of -15.87%. Use the drawdown chart below to compare losses from any high point for ZMI.TO and VCIP.TO.

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Drawdown Indicators

ZMI.TOVCIP.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.65%

-15.87%

-10.78%

Max Drawdown (1Y)

Largest decline over 1 year

-7.66%

-3.80%

-3.86%

Max Drawdown (5Y)

Largest decline over 5 years

-12.65%

-15.87%

+3.22%

Max Drawdown (10Y)

Largest decline over 10 years

-26.65%

—

—

Current Drawdown

Current decline from peak

-2.24%

-2.60%

+0.36%

Average Drawdown

Average peak-to-trough decline

-2.14%

-3.65%

+1.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.03%

1.12%

+0.91%

Volatility

ZMI.TO vs. VCIP.TO - Volatility Comparison

BMO Monthly Income ETF (ZMI.TO) has a higher volatility of 3.14% compared to Vanguard Conservative Income ETF Portfolio (VCIP.TO) at 2.42%. This indicates that ZMI.TO's price experiences larger fluctuations and is considered to be riskier than VCIP.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.TOVCIP.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.14%

2.42%

+0.72%

Volatility (6M)

Calculated over the trailing 6-month period

5.97%

3.45%

+2.52%

Volatility (1Y)

Calculated over the trailing 1-year period

9.09%

5.02%

+4.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.39%

5.64%

+1.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.83%

6.25%

+2.58%