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

ZMI.TO vs. ZCB.TO

Last updated Jun 13, 2026

ZMI.TO (BMO Monthly Income ETF) and ZCB.TO (BMO Corporate Bond Index ETF) are both exchange-traded funds - ZMI.TO is a Diversified Portfolio fund actively managed by BMO, while ZCB.TO is a Corporate Bonds fund tracking the FTSE Canada All Corporate Bond Index. ZMI.TO is actively managed, while ZCB.TO is passively managed. Over the past 5 years, ZMI.TO returned 7.84%/yr vs 2.14%/yr for ZCB.TO. At a 0.23 correlation, their price movements are largely independent. ZMI.TO charges 0.18%/yr vs 0.17%/yr for ZCB.TO.

Performance

ZMI.TO vs. ZCB.TO - Performance Comparison

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

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Returns By Period

In the year-to-date period, ZMI.TO achieves a 9.27% return, which is significantly higher than ZCB.TO's 1.97% return.

ZMI.TO

1D
0.35%
1M
2.97%
YTD
9.27%
6M
6.28%
1Y
15.52%
3Y*
12.55%
5Y*
7.84%
10Y*
6.85%

ZCB.TO

1D
-0.08%
1M
1.38%
YTD
1.97%
6M
2.40%
1Y
4.64%
3Y*
6.28%
5Y*
2.14%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)20252024202320222021202020192018
ZMI.TO
BMO Monthly Income ETF		9.27%8.04%13.60%9.17%-5.76%11.38%2.54%13.52%-2.25%
ZCB.TO
BMO Corporate Bond Index ETF		1.97%3.81%6.60%8.73%-10.20%-2.22%8.33%8.03%0.90%

Correlation

The correlation between ZMI.TO and ZCB.TO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.47

Correlation (3Y)
Calculated over the trailing 3-year period

0.45

Correlation (5Y)
Calculated over the trailing 5-year period

0.35

Correlation (All Time)
Calculated using the full available price history since Mar 16, 2018

0.23

Over the past year, ZMI.TO and ZCB.TO have become more correlated (0.47) than their long-term average of 0.23, meaning their price movements have been converging.

ZMI.TO vs. ZCB.TO - Sectors Allocation Comparison

Sectors
ZMI.TO
ZCB.TO

Financial Services

20.1%

-

Technology

16.4%

-

Energy

13.4%

-

Healthcare

9.8%

-

Communication Services

7.4%

-

Consumer Defensive

7.3%

-

Industrials

6.0%

-

Utilities

5.8%

-

Consumer Cyclical

5.4%

-

Basic Materials

5.3%

-

Real Estate

3.1%
0.1%

Financial Services

ZMI.TO
20.1%
ZCB.TO

-

Technology

ZMI.TO
16.4%
ZCB.TO

-

Energy

ZMI.TO
13.4%
ZCB.TO

-

Healthcare

ZMI.TO
9.8%
ZCB.TO

-

Communication Services

ZMI.TO
7.4%
ZCB.TO

-

Consumer Defensive

ZMI.TO
7.3%
ZCB.TO

-

Industrials

ZMI.TO
6.0%
ZCB.TO

-

Utilities

ZMI.TO
5.8%
ZCB.TO

-

Consumer Cyclical

ZMI.TO
5.4%
ZCB.TO

-

Basic Materials

ZMI.TO
5.3%
ZCB.TO

-

Real Estate

ZMI.TO
3.1%
ZCB.TO
0.1%

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

BMO Corporate Bond Index ETF

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Often compared with ZCB.TO:
ZCB.TO vs. ZCS.TOZCB.TO vs. ZAG.TOZCB.TO vs. XCB.TOZCB.TO vs. ZUAG.TOZCB.TO vs. XSH.TOZCB.TO vs. ZBBB.TOZCB.TO vs. ZST.TO

Return for Risk

ZMI.TO vs. ZCB.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: 7575
Overall Rank
ZMI.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
ZMI.TO Sortino Ratio Rank: 7373
Sortino Ratio Rank
ZMI.TO Omega Ratio Rank: 8484
Omega Ratio Rank
ZMI.TO Calmar Ratio Rank: 7373
Calmar Ratio Rank
ZMI.TO Martin Ratio Rank: 6666
Martin Ratio Rank
ZCB.TO
ZCB.TO Risk / Return Rank: 4040
Overall Rank
ZCB.TO Sharpe Ratio Rank: 3939
Sharpe Ratio Rank
ZCB.TO Sortino Ratio Rank: 3737
Sortino Ratio Rank
ZCB.TO Omega Ratio Rank: 4141
Omega Ratio Rank
ZCB.TO Calmar Ratio Rank: 4141
Calmar Ratio Rank
ZCB.TO Martin Ratio Rank: 3939
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. ZCB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Monthly Income ETF (ZMI.TO) and BMO Corporate Bond Index ETF (ZCB.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

ZMI.TOZCB.TODifference
Sharpe ratioReturn per unit of total volatility
2.15
1.25

+0.90

Sortino ratioReturn per unit of downside risk
2.85
1.75

+1.10

Omega ratioGain probability vs. loss probability

1.44

1.24

+0.20

Calmar ratioReturn relative to maximum drawdown

3.28

1.83

+1.45

Martin ratioReturn relative to average drawdown

10.68

5.41

+5.27

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

The current ZMI.TO Sharpe Ratio is 2.15, which is higher than the ZCB.TO Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of ZMI.TO and ZCB.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

ZMI.TO vs. ZCB.TO - Drawdown Comparison

The maximum ZMI.TO drawdown since its inception was -26.64%, which is greater than ZCB.TO's maximum drawdown of -15.70%. Use the drawdown chart below to compare losses from any high point for ZMI.TO and ZCB.TO.

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Drawdown Indicators

ZMI.TOZCB.TODifference

Max Drawdown

Largest peak-to-trough decline

-26.64%

-15.70%

-10.94%

Max Drawdown (1Y)

Largest decline over 1 year

-4.75%

-2.55%

-2.20%

Max Drawdown (3Y)

Largest decline over 3 years

-8.80%

-3.27%

-5.53%

Max Drawdown (5Y)

Largest decline over 5 years

-12.68%

-14.20%

+1.52%

Max Drawdown (10Y)

Largest decline over 10 years

-26.64%

—

—

Current Drawdown

Current decline from peak

-0.10%

-0.08%

-0.02%

Average Drawdown

Average peak-to-trough decline

-2.09%

-3.69%

+1.60%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.46%

0.86%

+0.60%

Volatility

ZMI.TO vs. ZCB.TO - Volatility Comparison

BMO Monthly Income ETF (ZMI.TO) has a higher volatility of 2.63% compared to BMO Corporate Bond Index ETF (ZCB.TO) at 1.28%. This indicates that ZMI.TO's price experiences larger fluctuations and is considered to be riskier than ZCB.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.TOZCB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.63%

1.28%

+1.35%

Volatility (6M)

Calculated over the trailing 6-month period

5.92%

2.91%

+3.01%

Volatility (1Y)

Calculated over the trailing 1-year period

7.24%

3.73%

+3.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.45%

5.20%

+2.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.87%

5.42%

+3.45%

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

ZMI.TO has a 0.18% expense ratio, which is higher than ZCB.TO's 0.17% 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

ZMI.TO vs. ZCB.TO - Dividend Comparison

ZMI.TO's dividend yield for the trailing twelve months is around 3.99%, which matches ZCB.TO's 4.03% yield.

PositionTTM20252024202320222021202020192018201720162015
ZCB.TO
BMO Corporate Bond Index ETF		4.03%4.00%3.84%3.89%3.62%3.13%2.97%3.12%3.27%0.00%0.00%0.00%
ZMI.TO
BMO Monthly Income ETF		3.99%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 ZCB.TO have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZCB.TO is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZCB.TO is cheaper with a 0.17% expense ratio, compared with 0.18% for ZMI.TO.

ZMI.TO is categorized as Diversified Portfolio, while ZCB.TO is Corporate Bonds. Their fees differ too: 0.18% for ZMI.TO and 0.17% for ZCB.TO.

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