ZMMK.TO vs. PFIA.TO
ZMMK.TO (BMO Money Market Fund ETF Series) and PFIA.TO (Picton Mahoney Fortified Income Alternative Fund) are both exchange-traded funds - ZMMK.TO is a Money Market fund actively managed by BMO, while PFIA.TO is a fund fund. Over the past 3 years, ZMMK.TO returned 3.75%/yr vs 6.03%/yr for PFIA.TO. At a 0.00 correlation, their price movements are largely independent.
Performance
ZMMK.TO vs. PFIA.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ZMMK.TO having a 1.25% return and PFIA.TO slightly higher at 1.26%.
ZMMK.TO
- 1D
- 0.00%
- 1M
- 0.20%
- 6M
- 1.15%
- YTD
- 1.25%
- 1Y
- 2.45%
- 3Y*
- 3.75%
- 5Y*
- —
- 10Y*
- —
PFIA.TO
- 1D
- 0.20%
- 1M
- 0.23%
- 6M
- 0.66%
- YTD
- 1.26%
- 1Y
- 3.80%
- 3Y*
- 6.03%
- 5Y*
- 3.46%
- 10Y*
- —
ZMMK.TO vs. PFIA.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZMMK.TO BMO Money Market Fund ETF Series | 1.25% | 2.77% | 4.94% | 4.86% | 1.99% | 0.04% |
PFIA.TO Picton Mahoney Fortified Income Alternative Fund | 1.26% | 5.42% | 7.76% | 7.26% | -3.42% | -0.16% |
Correlation
The correlation between ZMMK.TO and PFIA.TO is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2021 | 0.00 |
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Return for Risk
ZMMK.TO vs. PFIA.TO — Risk / Return Rank
ZMMK.TO
PFIA.TO
ZMMK.TO vs. PFIA.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Money Market Fund ETF Series (ZMMK.TO) and Picton Mahoney Fortified Income Alternative Fund (PFIA.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.
| ZMMK.TO | PFIA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +7.46 | ||
| Sortino ratioReturn per unit of downside risk | +19.80 | ||
| Omega ratioGain probability vs. loss probability | 5.32 | 1.31 | +4.01 |
| Calmar ratioReturn relative to maximum drawdown | 61.40 | 2.81 | +58.59 |
| Martin ratioReturn relative to average drawdown | 349.38 | 7.87 | +341.50 |
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Drawdowns
ZMMK.TO vs. PFIA.TO - Drawdown Comparison
The maximum ZMMK.TO drawdown since its inception was -0.16%, smaller than the maximum PFIA.TO drawdown of -17.12%. Use the drawdown chart below to compare losses from any high point for ZMMK.TO and PFIA.TO.
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Drawdown Indicators
| ZMMK.TO | PFIA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.16% | -17.12% | +16.96% |
Max Drawdown (1Y)Largest decline over 1 year | -0.04% | -1.36% | +1.32% |
Max Drawdown (3Y)Largest decline over 3 years | -0.08% | -1.47% | +1.39% |
Max Drawdown (5Y)Largest decline over 5 years | — | -6.46% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -1.11% | +1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.48% | -0.47% |
Volatility
ZMMK.TO vs. PFIA.TO - Volatility Comparison
The current volatility for BMO Money Market Fund ETF Series (ZMMK.TO) is 0.06%, while Picton Mahoney Fortified Income Alternative Fund (PFIA.TO) has a volatility of 0.64%. This indicates that ZMMK.TO experiences smaller price fluctuations and is considered to be less risky than PFIA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZMMK.TO | PFIA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 0.64% | -0.58% |
Volatility (6M)Calculated over the trailing 6-month period | 0.17% | 1.93% | -1.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.27% | 2.44% | -2.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.34% | 4.19% | -3.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.34% | 6.36% | -6.02% |
Dividends
ZMMK.TO vs. PFIA.TO - Dividend Comparison
ZMMK.TO's dividend yield for the trailing twelve months is around 2.46%, less than PFIA.TO's 4.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
PFIA.TO Picton Mahoney Fortified Income Alternative Fund | 4.65% | 3.97% | 3.66% | 5.63% | 4.69% | 4.25% | 6.02% | 1.66% |
ZMMK.TO BMO Money Market Fund ETF Series | 2.46% | 3.02% | 4.66% | 4.98% | 1.95% | 0.04% | 0.00% | 0.00% |
Frequently Asked Questions
ZMMK.TO and PFIA.TO have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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