ZMID.TO vs. MUMC.TO
ZMID.TO (BMO S&P US Mid Cap Index ETF) and MUMC.TO (Manulife Multifactor U.S. Mid Cap Index ETF Hedged) are both Mid Cap Blend Equities funds. Over the past 5 years, ZMID.TO returned 10.66%/yr vs 6.11%/yr for MUMC.TO. At a 0.40 correlation, their price movements are largely independent.
Performance
ZMID.TO vs. MUMC.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZMID.TO achieves a 17.28% return, which is significantly higher than MUMC.TO's 10.75% return.
ZMID.TO
- 1D
- -0.35%
- 1M
- -0.01%
- 6M
- 9.02%
- YTD
- 17.28%
- 1Y
- 20.75%
- 3Y*
- 14.71%
- 5Y*
- 10.66%
- 10Y*
- —
MUMC.TO
- 1D
- -0.11%
- 1M
- -0.49%
- 6M
- 5.96%
- YTD
- 10.75%
- 1Y
- 13.08%
- 3Y*
- 10.68%
- 5Y*
- 6.11%
- 10Y*
- —
ZMID.TO vs. MUMC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ZMID.TO BMO S&P US Mid Cap Index ETF | 17.28% | 0.83% | 23.12% | 14.42% | -8.41% | 21.96% | 11.85% |
MUMC.TO Manulife Multifactor U.S. Mid Cap Index ETF Hedged | 10.75% | 4.82% | 13.82% | 13.06% | -17.20% | 24.09% | 9.22% |
Correlation
The correlation between ZMID.TO and MUMC.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2020 | 0.40 |
The correlation between ZMID.TO and MUMC.TO shifts across timeframes, from 0.23 (1 year) to 0.43 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZMID.TO vs. MUMC.TO — Risk / Return Rank
ZMID.TO
MUMC.TO
ZMID.TO vs. MUMC.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO S&P US Mid Cap Index ETF (ZMID.TO) and Manulife Multifactor U.S. Mid Cap Index ETF Hedged (MUMC.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.
| ZMID.TO | MUMC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.81 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.16 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 1.27 | +1.12 |
| Martin ratioReturn relative to average drawdown | 9.15 | 3.75 | +5.40 |
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Drawdowns
ZMID.TO vs. MUMC.TO - Drawdown Comparison
The maximum ZMID.TO drawdown since its inception was -24.51%, smaller than the maximum MUMC.TO drawdown of -38.47%. Use the drawdown chart below to compare losses from any high point for ZMID.TO and MUMC.TO.
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Drawdown Indicators
| ZMID.TO | MUMC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.51% | -38.47% | +13.96% |
Max Drawdown (1Y)Largest decline over 1 year | -8.72% | -10.38% | +1.66% |
Max Drawdown (3Y)Largest decline over 3 years | -23.53% | -21.77% | -1.76% |
Max Drawdown (5Y)Largest decline over 5 years | -23.53% | -24.62% | +1.09% |
Current DrawdownCurrent decline from peak | -3.31% | -1.94% | -1.37% |
Average DrawdownAverage peak-to-trough decline | -5.67% | -6.48% | +0.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.27% | 3.49% | -1.22% |
Volatility
ZMID.TO vs. MUMC.TO - Volatility Comparison
BMO S&P US Mid Cap Index ETF (ZMID.TO) has a higher volatility of 4.56% compared to Manulife Multifactor U.S. Mid Cap Index ETF Hedged (MUMC.TO) at 3.01%. This indicates that ZMID.TO's price experiences larger fluctuations and is considered to be riskier than MUMC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZMID.TO | MUMC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.56% | 3.01% | +1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 12.43% | 10.47% | +1.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.46% | 17.89% | -1.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.11% | 18.57% | -0.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.39% | 19.44% | -0.05% |
Dividends
ZMID.TO vs. MUMC.TO - Dividend Comparison
ZMID.TO's dividend yield for the trailing twelve months is around 0.91%, more than MUMC.TO's 0.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MUMC.TO Manulife Multifactor U.S. Mid Cap Index ETF Hedged | 0.82% | 1.00% | 0.70% | 1.05% | 0.86% | 0.63% | 0.90% | 0.90% | 1.19% | 0.73% |
ZMID.TO BMO S&P US Mid Cap Index ETF | 0.91% | 1.08% | 1.14% | 1.67% | 1.39% | 1.03% | 1.24% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZMID.TO and MUMC.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and Manulife.
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