ZMI.TO vs. ZCN.TO
Compare and contrast key facts about BMO Monthly Income ETF (ZMI.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO).
ZMI.TO and ZCN.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. ZCN.TO is a passively managed fund by BMO that tracks the performance of the S&P/TSX Capped Composite Index. It was launched on May 29, 2009.
Performance
ZMI.TO vs. ZCN.TO - Performance Comparison
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ZMI.TO vs. ZCN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZMI.TO BMO Monthly Income ETF | 2.98% | 7.88% | 13.43% | 9.00% | -5.89% | 11.25% | 2.40% | 13.37% | -2.52% | 4.84% |
ZCN.TO BMO S&P/TSX Capped Composite Index ETF | 4.54% | 31.51% | 21.64% | 11.63% | -5.84% | 25.05% | 5.69% | 22.85% | -8.84% | 8.94% |
Returns By Period
In the year-to-date period, ZMI.TO achieves a 2.98% return, which is significantly lower than ZCN.TO's 4.54% return. Over the past 10 years, ZMI.TO has underperformed ZCN.TO with an annualized return of 6.17%, while ZCN.TO has yielded a comparatively higher 12.66% annualized return.
ZMI.TO
- 1D
- 0.00%
- 1M
- -2.04%
- YTD
- 2.98%
- 6M
- 1.71%
- 1Y
- 8.83%
- 3Y*
- 10.12%
- 5Y*
- 6.90%
- 10Y*
- 6.17%
ZCN.TO
- 1D
- 0.64%
- 1M
- -4.29%
- YTD
- 4.54%
- 6M
- 10.66%
- 1Y
- 34.87%
- 3Y*
- 21.33%
- 5Y*
- 14.92%
- 10Y*
- 12.66%
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ZMI.TO vs. ZCN.TO - Expense Ratio Comparison
ZMI.TO has a 0.18% expense ratio, which is higher than ZCN.TO's 0.06% 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%.
Return for Risk
ZMI.TO vs. ZCN.TO — Risk / Return Rank
ZMI.TO
ZCN.TO
ZMI.TO vs. ZCN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Monthly Income ETF (ZMI.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.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 | ZCN.TO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.98 | 2.29 | -1.31 |
Sortino ratioReturn per unit of downside risk | 1.31 | 2.89 | -1.59 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.46 | -0.24 |
Calmar ratioReturn relative to maximum drawdown | 1.10 | 3.22 | -2.12 |
Martin ratioReturn relative to average drawdown | 4.19 | 14.47 | -10.28 |
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 | ZCN.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.98 | 2.29 | -1.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.94 | 1.15 | -0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.70 | 0.85 | -0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.72 | 0.66 | +0.07 |
Correlation
The correlation between ZMI.TO and ZCN.TO is 0.67, 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. ZCN.TO - Dividend Comparison
ZMI.TO's dividend yield for the trailing twelve months is around 4.30%, more than ZCN.TO's 2.15% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZCN.TO BMO S&P/TSX Capped Composite Index ETF | 2.15% | 2.22% | 2.78% | 3.29% | 3.27% | 2.74% | 3.24% | 3.13% | 3.16% | 2.71% | 2.84% | 3.33% |
Drawdowns
ZMI.TO vs. ZCN.TO - Drawdown Comparison
The maximum ZMI.TO drawdown since its inception was -26.65%, smaller than the maximum ZCN.TO drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for ZMI.TO and ZCN.TO.
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Drawdown Indicators
| ZMI.TO | ZCN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.65% | -37.18% | +10.53% |
Max Drawdown (1Y)Largest decline over 1 year | -7.66% | -11.02% | +3.36% |
Max Drawdown (5Y)Largest decline over 5 years | -12.65% | -16.25% | +3.60% |
Max Drawdown (10Y)Largest decline over 10 years | -26.65% | -37.18% | +10.53% |
Current DrawdownCurrent decline from peak | -2.24% | -4.29% | +2.05% |
Average DrawdownAverage peak-to-trough decline | -2.14% | -4.80% | +2.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 2.46% | -0.44% |
Volatility
ZMI.TO vs. ZCN.TO - Volatility Comparison
The current volatility for BMO Monthly Income ETF (ZMI.TO) is 3.01%, while BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) has a volatility of 5.62%. This indicates that ZMI.TO experiences smaller price fluctuations and is considered to be less risky than ZCN.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 | ZCN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.01% | 5.62% | -2.61% |
Volatility (6M)Calculated over the trailing 6-month period | 5.96% | 10.90% | -4.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.07% | 15.29% | -6.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.38% | 13.01% | -5.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.83% | 14.96% | -6.13% |