ZMI.TO vs. ZCM.TO
ZMI.TO (BMO Monthly Income ETF) and ZCM.TO (BMO Mid Corporate Bond Index ETF) are both exchange-traded funds - ZMI.TO is a Diversified Portfolio fund actively managed by BMO, while ZCM.TO is a Corporate Bonds fund tracking the FTSE Canada Mid Term Corporate Bond Index. ZMI.TO is actively managed, while ZCM.TO is passively managed. Over the past 10 years, ZMI.TO returned 6.85%/yr vs 3.02%/yr for ZCM.TO. At a 0.17 correlation, their price movements are largely independent. ZMI.TO charges 0.18%/yr vs 0.33%/yr for ZCM.TO.
Performance
ZMI.TO vs. ZCM.TO - Performance Comparison
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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 ZCM.TO's 2.02% return. Over the past 10 years, ZMI.TO has outperformed ZCM.TO with an annualized return of 6.85%, while ZCM.TO has yielded a comparatively lower 3.02% annualized 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%
ZCM.TO
- 1D
- 0.06%
- 1M
- 1.72%
- YTD
- 2.02%
- 6M
- 2.64%
- 1Y
- 5.41%
- 3Y*
- 7.38%
- 5Y*
- 2.32%
- 10Y*
- 3.02%
ZMI.TO vs. ZCM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZMI.TO BMO Monthly Income ETF | 9.27% | 8.04% | 13.60% | 9.17% | -5.76% | 11.38% | 2.54% | 13.52% | -2.39% | 4.98% |
ZCM.TO BMO Mid Corporate Bond Index ETF | 2.02% | 5.06% | 8.07% | 7.97% | -10.18% | -2.08% | 10.35% | 8.60% | 0.58% | 2.29% |
Correlation
The correlation between ZMI.TO and ZCM.TO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2011 | 0.17 |
Over the past year, ZMI.TO and ZCM.TO have become more correlated (0.44) than their long-term average of 0.17, meaning their price movements have been converging.
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Return for Risk
ZMI.TO vs. ZCM.TO — Risk / Return Rank
ZMI.TO
ZCM.TO
ZMI.TO vs. ZCM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Monthly Income ETF (ZMI.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.
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.TO | ZCM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.23 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.28 | 1.76 | +1.52 |
| Martin ratioReturn relative to average drawdown | 10.68 | 5.07 | +5.61 |
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Drawdowns
ZMI.TO vs. ZCM.TO - Drawdown Comparison
The maximum ZMI.TO drawdown since its inception was -26.64%, roughly equal to the maximum ZCM.TO drawdown of -26.06%. Use the drawdown chart below to compare losses from any high point for ZMI.TO and ZCM.TO.
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Drawdown Indicators
| ZMI.TO | ZCM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.64% | -26.06% | -0.58% |
Max Drawdown (1Y)Largest decline over 1 year | -4.75% | -3.08% | -1.67% |
Max Drawdown (3Y)Largest decline over 3 years | -8.80% | -4.02% | -4.78% |
Max Drawdown (5Y)Largest decline over 5 years | -12.68% | -15.81% | +3.13% |
Max Drawdown (10Y)Largest decline over 10 years | -26.64% | -26.06% | -0.58% |
Current DrawdownCurrent decline from peak | -0.10% | -0.31% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -2.09% | -2.60% | +0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 1.07% | +0.39% |
Volatility
ZMI.TO vs. ZCM.TO - Volatility Comparison
BMO Monthly Income ETF (ZMI.TO) has a higher volatility of 2.63% compared to BMO Mid Corporate Bond Index ETF (ZCM.TO) at 1.71%. This indicates that ZMI.TO's price experiences larger fluctuations and is considered to be riskier 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
| ZMI.TO | ZCM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.63% | 1.71% | +0.92% |
Volatility (6M)Calculated over the trailing 6-month period | 5.92% | 3.53% | +2.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.24% | 4.52% | +2.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.45% | 6.10% | +1.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.87% | 8.76% | +0.11% |
ZMI.TO vs. ZCM.TO - Expense Ratio Comparison
ZMI.TO has a 0.18% expense ratio, which is lower than ZCM.TO's 0.33% expense ratio.
Dividends
ZMI.TO vs. ZCM.TO - Dividend Comparison
ZMI.TO's dividend yield for the trailing twelve months is around 3.99%, less 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% | 3.85% | 3.94% | 3.81% | 3.30% | 3.13% | 3.34% | 3.23% | 3.04% | 3.18% | 3.43% |
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 ZCM.TO have a correlation of 0.44, 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 0.33% for ZCM.TO.
ZMI.TO is categorized as Diversified Portfolio, while ZCM.TO is Corporate Bonds. Their fees differ too: 0.18% for ZMI.TO and 0.33% for ZCM.TO.
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