ZMMK.TO vs. SGOV
ZMMK.TO (BMO Money Market Fund ETF Series) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - ZMMK.TO is a Money Market fund actively managed by BMO, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. ZMMK.TO is actively managed, while SGOV is passively managed. Over the past 3 years, ZMMK.TO returned 3.86%/yr vs 5.87%/yr for SGOV. At a correlation of -0.04, they often move in opposite directions. ZMMK.TO charges 0.13%/yr vs 0.09%/yr for SGOV.
Performance
ZMMK.TO vs. SGOV - Performance Comparison
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Different Trading Currencies
ZMMK.TO is traded in CAD, while SGOV is traded in USD. To make them comparable, the SGOV 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 SGOV's 2.80% return.
ZMMK.TO
- 1D
- 0.04%
- 1M
- 0.19%
- YTD
- 0.99%
- 6M
- 1.17%
- 1Y
- 2.50%
- 3Y*
- 3.86%
- 5Y*
- —
- 10Y*
- —
SGOV
- 1D
- 0.00%
- 1M
- 2.32%
- YTD
- 2.80%
- 6M
- 1.33%
- 1Y
- 5.60%
- 3Y*
- 5.87%
- 5Y*
- 6.50%
- 10Y*
- —
ZMMK.TO vs. SGOV - 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% |
SGOV iShares 0-3 Month Treasury Bond ETF | 2.91% | -0.54% | 14.32% | 2.80% | 8.82% | -1.27% |
Correlation
The correlation between ZMMK.TO and SGOV is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2021 | -0.04 |
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Return for Risk
ZMMK.TO vs. SGOV — Risk / Return Rank
ZMMK.TO
SGOV
ZMMK.TO vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Money Market Fund ETF Series (ZMMK.TO) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +8.47 | ||
| Sortino ratioReturn per unit of downside risk | +22.44 | ||
| Omega ratioGain probability vs. loss probability | 5.48 | 1.22 | +4.27 |
| Calmar ratioReturn relative to maximum drawdown | 83.57 | 1.51 | +82.07 |
| Martin ratioReturn relative to average drawdown | 380.38 | 4.17 | +376.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZMMK.TO | SGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 9.68 | 1.21 | +8.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.03 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 10.31 | 0.49 | +9.82 |
Drawdowns
ZMMK.TO vs. SGOV - Drawdown Comparison
The maximum ZMMK.TO drawdown since its inception was -0.16%, smaller than the maximum SGOV drawdown of -12.53%. Use the drawdown chart below to compare losses from any high point for ZMMK.TO and SGOV.
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Drawdown Indicators
| ZMMK.TO | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.16% | -12.53% | +12.37% |
Max Drawdown (1Y)Largest decline over 1 year | -0.03% | -3.73% | +3.70% |
Max Drawdown (3Y)Largest decline over 3 years | -0.08% | -5.17% | +5.09% |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.17% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -3.62% | +3.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 1.34% | -1.33% |
Volatility
ZMMK.TO vs. SGOV - Volatility Comparison
The current volatility for BMO Money Market Fund ETF Series (ZMMK.TO) is 0.06%, while iShares 0-3 Month Treasury Bond ETF (SGOV) has a volatility of 0.80%. This indicates that ZMMK.TO experiences smaller price fluctuations and is considered to be less risky than SGOV 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 | SGOV | 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% | 3.48% | -3.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.26% | 4.65% | -4.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.34% | 6.36% | -6.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.34% | 6.40% | -6.06% |
ZMMK.TO vs. SGOV - Expense Ratio Comparison
ZMMK.TO has a 0.13% expense ratio, which is higher than SGOV's 0.09% expense ratio. However, 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. SGOV - Dividend Comparison
ZMMK.TO's dividend yield for the trailing twelve months is around 2.53%, less than SGOV's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 3.86% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
ZMMK.TO BMO Money Market Fund ETF Series | 2.53% | 3.02% | 4.66% | 4.98% | 1.95% | 0.04% | 0.00% |
Frequently Asked Questions
ZMMK.TO and SGOV have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGOV is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.13% for ZMMK.TO.
ZMMK.TO is categorized as Money Market, while SGOV is Ultrashort Bond. They also come from different issuers: BMO and iShares. Their fees differ too: 0.13% for ZMMK.TO and 0.09% for SGOV.
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