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ZMID.TO vs. XMMO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZMID.TO vs. XMMO

Last updated Jul 16, 2026
Documentation

ZMID.TO (BMO S&P US Mid Cap Index ETF) and XMMO (Invesco S&P MidCap Momentum ETF) are both exchange-traded funds - ZMID.TO is a Mid Cap Blend Equities fund managed by BMO, while XMMO is a Momentum fund tracking the S&P MidCap 400 Momentum Index. Over the past 5 years, ZMID.TO returned 10.72%/yr vs 18.09%/yr for XMMO. A 0.51 correlation means they provide meaningful diversification when combined.

Performance

ZMID.TO vs. XMMO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P US Mid Cap Index ETF (ZMID.TO) and Invesco S&P MidCap Momentum ETF (XMMO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZMID.TO is traded in CAD, while XMMO is traded in USD. To make them comparable, the XMMO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZMID.TO achieves a 17.59% return, which is significantly lower than XMMO's 19.46% return.

ZMID.TO

1D
-0.33%
1M
-0.27%
6M
10.47%
YTD
17.59%
1Y
23.28%
3Y*
15.31%
5Y*
10.72%
10Y*
—

XMMO

1D
-0.75%
1M
-5.47%
6M
15.16%
YTD
19.46%
1Y
28.96%
3Y*
29.55%
5Y*
18.09%
10Y*
19.83%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZMID.TO vs. XMMO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
ZMID.TO
BMO S&P US Mid Cap Index ETF		17.59%0.83%23.12%14.42%-8.41%21.96%11.85%
XMMO
Invesco S&P MidCap Momentum ETF		19.46%7.88%49.72%17.53%-10.69%16.63%18.07%

Correlation

The correlation between ZMID.TO and XMMO is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.71

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

0.68

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

0.59

Correlation (All Time)
Calculated using the full available price history since Feb 24, 2020

0.51

Over the past year, ZMID.TO and XMMO have become more correlated (0.71) than their long-term average of 0.51, meaning their price movements have been converging.

ZMID.TO vs. XMMO - Sectors Allocation Comparison

Sectors
ZMID.TO
XMMO

Industrials

24.7%
41.5%

Technology

17.8%
10.7%

Financial Services

13.8%
2.5%

Consumer Cyclical

10.6%
2.2%

Healthcare

9.0%
7.2%

Real Estate

7.3%
4.8%

Energy

4.9%
9.2%

Basic Materials

4.8%
6.8%

Consumer Defensive

3.3%
2.9%

Utilities

2.9%
5.6%

Communication Services

1.0%
1.4%

Industrials

ZMID.TO
24.7%
XMMO
41.5%

Technology

ZMID.TO
17.8%
XMMO
10.7%

Financial Services

ZMID.TO
13.8%
XMMO
2.5%

Consumer Cyclical

ZMID.TO
10.6%
XMMO
2.2%

Healthcare

ZMID.TO
9.0%
XMMO
7.2%

Real Estate

ZMID.TO
7.3%
XMMO
4.8%

Energy

ZMID.TO
4.9%
XMMO
9.2%

Basic Materials

ZMID.TO
4.8%
XMMO
6.8%

Consumer Defensive

ZMID.TO
3.3%
XMMO
2.9%

Utilities

ZMID.TO
2.9%
XMMO
5.6%

Communication Services

ZMID.TO
1.0%
XMMO
1.4%

Compare stocks, funds, or ETFs

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BMO S&P US Mid Cap Index ETF

Invesco S&P MidCap Momentum ETF

Often compared with ZMID.TO:
ZMID.TO vs. XMHQZMID.TO vs. ZEQT.TOZMID.TO vs. ZQQ.TOZMID.TO vs. ZDV.TOZMID.TO vs. ZLB.TOZMID.TO vs. ZSP.TOZMID.TO vs. ZAG.TO
Often compared with XMMO:
XMMO vs. SPMOXMMO vs. VOOXMMO vs. XMHQXMMO vs. MTUMXMMO vs. QMOMXMMO vs. FMTMXMMO vs. SPGP

Return for Risk

ZMID.TO vs. XMMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZMID.TO
ZMID.TO Risk / Return Rank: 5757
Overall Rank
ZMID.TO Sharpe Ratio Rank: 4949
Sharpe Ratio Rank
ZMID.TO Sortino Ratio Rank: 5151
Sortino Ratio Rank
ZMID.TO Omega Ratio Rank: 4646
Omega Ratio Rank
ZMID.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
ZMID.TO Martin Ratio Rank: 7171
Martin Ratio Rank
XMMO
XMMO Risk / Return Rank: 5454
Overall Rank
XMMO Sharpe Ratio Rank: 4343
Sharpe Ratio Rank
XMMO Sortino Ratio Rank: 4242
Sortino Ratio Rank
XMMO Omega Ratio Rank: 4242
Omega Ratio Rank
XMMO Calmar Ratio Rank: 7373
Calmar Ratio Rank
XMMO Martin Ratio Rank: 7070
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.

ZMID.TO vs. XMMO - 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 Invesco S&P MidCap Momentum ETF (XMMO). 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.TOXMMODifference
Sharpe ratioReturn per unit of total volatility
1.42
1.38

+0.04

Sortino ratioReturn per unit of downside risk
2.09
1.99

+0.10

Omega ratioGain probability vs. loss probability

1.25

1.24

+0.01

Calmar ratioReturn relative to maximum drawdown

2.68

3.31

-0.63

Martin ratioReturn relative to average drawdown

10.34

11.45

-1.10

ZMID.TO vs. XMMO - Sharpe Ratio Comparison

The current ZMID.TO Sharpe Ratio is 1.42, which is comparable to the XMMO Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of ZMID.TO and XMMO, 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

ZMID.TO vs. XMMO - Drawdown Comparison

The maximum ZMID.TO drawdown since its inception was -24.51%, smaller than the maximum XMMO drawdown of -42.67%. Use the drawdown chart below to compare losses from any high point for ZMID.TO and XMMO.

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Drawdown Indicators

ZMID.TOXMMODifference

Max Drawdown

Largest peak-to-trough decline

-24.51%

-42.67%

+18.16%

Max Drawdown (1Y)

Largest decline over 1 year

-8.72%

-8.78%

+0.06%

Max Drawdown (3Y)

Largest decline over 3 years

-23.53%

-24.06%

+0.53%

Max Drawdown (5Y)

Largest decline over 5 years

-23.53%

-24.97%

+1.44%

Max Drawdown (10Y)

Largest decline over 10 years

—

-30.98%

—

Current Drawdown

Current decline from peak

-3.05%

-8.36%

+5.31%

Average Drawdown

Average peak-to-trough decline

-5.67%

-8.69%

+3.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.26%

2.54%

-0.28%

Volatility

ZMID.TO vs. XMMO - Volatility Comparison

The current volatility for BMO S&P US Mid Cap Index ETF (ZMID.TO) is 4.60%, while Invesco S&P MidCap Momentum ETF (XMMO) has a volatility of 7.26%. This indicates that ZMID.TO experiences smaller price fluctuations and is considered to be less risky than XMMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZMID.TOXMMODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.60%

7.26%

-2.66%

Volatility (6M)

Calculated over the trailing 6-month period

12.49%

17.91%

-5.42%

Volatility (1Y)

Calculated over the trailing 1-year period

16.53%

21.12%

-4.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.12%

22.52%

-4.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

19.40%

23.24%

-3.84%

Dividends

ZMID.TO vs. XMMO - Dividend Comparison

ZMID.TO's dividend yield for the trailing twelve months is around 0.91%, more than XMMO's 0.60% yield.

PositionTTM20252024202320222021202020192018201720162015
XMMO
Invesco S&P MidCap Momentum ETF		0.60%0.78%0.34%0.80%1.43%0.41%0.61%0.60%0.19%0.21%0.22%0.64%
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%0.00%0.00%

Frequently Asked Questions

ZMID.TO and XMMO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ZMID.TO is categorized as Mid Cap Blend Equities, while XMMO is Momentum. They also come from different issuers: BMO and Invesco.

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