ZMMK.TO vs. PSU-U.TO

Last updated Jun 5, 2026

ZMMK.TO (BMO Money Market Fund ETF Series) and PSU-U.TO (Purpose US Cash Fund) are both Money Market funds. Both are actively managed. Over the past 3 years, ZMMK.TO returned 3.86%/yr vs 4.54%/yr for PSU-U.TO. At a correlation of -0.03, they often move in opposite directions. ZMMK.TO charges 0.13%/yr vs 0.17%/yr for PSU-U.TO.

Performance

ZMMK.TO vs. PSU-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Money Market Fund ETF Series (ZMMK.TO) and Purpose US Cash Fund (PSU-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, ZMMK.TO achieves a 0.99% return, which is significantly lower than PSU-U.TO's 2.45% return.

ZMMK.TO

• 1D: 0.04%
• 1M: 0.19%
• YTD: 0.99%
• 6M: 1.17%
• 1Y: 2.50%
• 3Y*: 3.86%
• 5Y*: —
• 10Y*: —

PSU-U.TO

• 1D: 0.11%
• 1M: 2.35%
• YTD: 2.45%
• 6M: 0.86%
• 1Y: 4.47%
• 3Y*: 4.54%
• 5Y*: 5.62%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZMMK.TO vs. PSU-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ZMMK.TO BMO Money Market Fund ETF Series	0.99%	2.77%	4.94%	4.86%	1.99%	0.04%
PSU-U.TO Purpose US Cash Fund	2.45%	-1.75%	12.58%	1.64%	8.73%	-1.25%

Correlation

The correlation between ZMMK.TO and PSU-U.TO is -0.10, 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	-0.10
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Dec 3, 2021	-0.03

Return for Risk

ZMMK.TO vs. PSU-U.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZMMK.TO

ZMMK.TO Risk / Return Rank: 100
ZMMK.TO Sharpe Ratio Rank: 99
ZMMK.TO Sortino Ratio Rank: 100
ZMMK.TO Omega Ratio Rank: 99
ZMMK.TO Calmar Ratio Rank: 100
ZMMK.TO Martin Ratio Rank: 100

PSU-U.TO

PSU-U.TO Risk / Return Rank: 99
PSU-U.TO Sharpe Ratio Rank: 99
PSU-U.TO Sortino Ratio Rank: 99
PSU-U.TO Omega Ratio Rank: 99
PSU-U.TO Calmar Ratio Rank: 99
PSU-U.TO Martin Ratio Rank: 99

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.

ZMMK.TO vs. PSU-U.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 Purpose US Cash Fund (PSU-U.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.

	ZMMK.TO	PSU-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	9.68	0.98	+8.70
Sortino ratio: Return per unit of downside risk	24.12	1.37	+22.75
Omega ratio: Gain probability vs. loss probability	5.48	1.18	+4.31
Calmar ratio: Return relative to maximum drawdown	83.57	1.10	+82.47
Martin ratio: Return relative to average drawdown	380.38	2.85	+377.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZMMK.TO vs. PSU-U.TO - Sharpe Ratio Comparison

The current ZMMK.TO Sharpe Ratio is 9.68, which is higher than the PSU-U.TO Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of ZMMK.TO and PSU-U.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZMMK.TO	PSU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	9.68	0.98	+8.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	10.31	0.46	+9.85

Drawdowns

ZMMK.TO vs. PSU-U.TO - Drawdown Comparison

The maximum ZMMK.TO drawdown since its inception was -0.16%, smaller than the maximum PSU-U.TO drawdown of -16.93%. Use the drawdown chart below to compare losses from any high point for ZMMK.TO and PSU-U.TO.

Drawdown Indicators

	ZMMK.TO	PSU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.16%	-16.93%	+16.77%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-4.07%	+4.04%
Max Drawdown (3Y) Largest decline over 3 years	-0.08%	-5.47%	+5.39%
Max Drawdown (5Y) Largest decline over 5 years	—	-5.47%	—
Current Drawdown Current decline from peak	0.00%	-0.59%	+0.59%
Average Drawdown Average peak-to-trough decline	-0.00%	-4.86%	+4.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	1.57%	-1.56%

Volatility

ZMMK.TO vs. PSU-U.TO - Volatility Comparison

The current volatility for BMO Money Market Fund ETF Series (ZMMK.TO) is 0.06%, while Purpose US Cash Fund (PSU-U.TO) has a volatility of 0.80%. This indicates that ZMMK.TO experiences smaller price fluctuations and is considered to be less risky than PSU-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZMMK.TO	PSU-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.80%	-0.74%
Volatility (6M) Calculated over the trailing 6-month period	0.18%	3.43%	-3.25%
Volatility (1Y) Calculated over the trailing 1-year period	0.26%	4.58%	-4.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.34%	6.32%	-5.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.34%	6.56%	-6.22%

ZMMK.TO vs. PSU-U.TO - Expense Ratio Comparison

ZMMK.TO has a 0.13% expense ratio, which is lower than PSU-U.TO's 0.17% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZMMK.TO vs. PSU-U.TO - Dividend Comparison

ZMMK.TO's dividend yield for the trailing twelve months is around 2.53%, less than PSU-U.TO's 2.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PSU-U.TO Purpose US Cash Fund	2.70%	2.90%	3.65%	3.87%	1.45%	0.29%	0.41%	1.70%	1.20%
ZMMK.TO BMO Money Market Fund ETF Series	2.53%	3.02%	4.66%	4.98%	1.95%	0.04%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZMMK.TO and PSU-U.TO in my portfolio?

ZMMK.TO and PSU-U.TO have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZMMK.TO or PSU-U.TO?

On fees, ZMMK.TO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZMMK.TO or PSU-U.TO?

ZMMK.TO is cheaper with a 0.13% expense ratio, compared with 0.17% for PSU-U.TO.

What is the main difference between ZMMK.TO and PSU-U.TO?

They also come from different issuers: BMO and Purpose Investments. Their fees differ too: 0.13% for ZMMK.TO and 0.17% for PSU-U.TO.