ZMMK.TO vs. RY
ZMMK.TO (BMO Money Market Fund ETF Series) is Money Market fund actively managed by BMO, while RY (Royal Bank of Canada) is a stock. Over the past 3 years, ZMMK.TO returned 3.84%/yr vs 35.55%/yr for RY. At a 0.02 correlation, their price movements are largely independent.
Performance
ZMMK.TO vs. RY - Performance Comparison
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Different Trading Currencies
ZMMK.TO is traded in CAD, while RY is traded in USD. To make them comparable, the RY 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 1.03% return, which is significantly lower than RY's 21.09% return.
ZMMK.TO
- 1D
- 0.02%
- 1M
- 0.19%
- YTD
- 1.03%
- 6M
- 1.17%
- 1Y
- 2.48%
- 3Y*
- 3.84%
- 5Y*
- —
- 10Y*
- —
RY
- 1D
- 0.32%
- 1M
- 10.77%
- YTD
- 21.09%
- 6M
- 23.73%
- 1Y
- 65.38%
- 3Y*
- 35.55%
- 5Y*
- 21.80%
- 10Y*
- 18.19%
ZMMK.TO vs. RY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZMMK.TO BMO Money Market Fund ETF Series | 1.03% | 2.77% | 4.94% | 4.86% | 1.99% | 0.04% |
RY Royal Bank of Canada | 21.09% | 39.61% | 34.28% | 10.04% | -2.17% | 8.04% |
Correlation
The correlation between ZMMK.TO and RY is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2021 | 0.02 |
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Return for Risk
ZMMK.TO vs. RY — Risk / Return Rank
ZMMK.TO
RY
ZMMK.TO vs. RY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Money Market Fund ETF Series (ZMMK.TO) and Royal Bank of Canada (RY). 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 | RY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +5.05 | ||
| Sortino ratioReturn per unit of downside risk | +16.32 | ||
| Omega ratioGain probability vs. loss probability | 5.22 | 1.72 | +3.50 |
| Calmar ratioReturn relative to maximum drawdown | 62.17 | 7.83 | +54.34 |
| Martin ratioReturn relative to average drawdown | 348.17 | 28.12 | +320.05 |
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Drawdowns
ZMMK.TO vs. RY - Drawdown Comparison
The maximum ZMMK.TO drawdown since its inception was -0.16%, smaller than the maximum RY drawdown of -53.85%. Use the drawdown chart below to compare losses from any high point for ZMMK.TO and RY.
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Drawdown Indicators
| ZMMK.TO | RY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.16% | -53.85% | +53.69% |
Max Drawdown (1Y)Largest decline over 1 year | -0.04% | -8.11% | +8.07% |
Max Drawdown (3Y)Largest decline over 3 years | -0.08% | -16.37% | +16.29% |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.93% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.52% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -6.43% | +6.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 2.26% | -2.25% |
Volatility
ZMMK.TO vs. RY - Volatility Comparison
The current volatility for BMO Money Market Fund ETF Series (ZMMK.TO) is 0.08%, while Royal Bank of Canada (RY) has a volatility of 4.29%. This indicates that ZMMK.TO experiences smaller price fluctuations and is considered to be less risky than RY 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 | RY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 4.29% | -4.21% |
Volatility (6M)Calculated over the trailing 6-month period | 0.19% | 11.83% | -11.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.27% | 15.56% | -15.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.34% | 18.61% | -18.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.34% | 20.51% | -20.17% |
Dividends
ZMMK.TO vs. RY - Dividend Comparison
ZMMK.TO's dividend yield for the trailing twelve months is around 2.53%, more than RY's 2.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RY Royal Bank of Canada | 2.32% | 2.54% | 3.39% | 4.29% | 4.07% | 3.24% | 3.88% | 3.88% | 4.27% | 3.22% | 3.95% | 5.41% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZMMK.TO and RY have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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