ZMMK.TO vs. TBIL.TO
ZMMK.TO (BMO Money Market Fund ETF Series) and TBIL.TO (Harvest Canadian T-Bill ETF) are both Money Market funds. Both are actively managed. Over the past year, ZMMK.TO returned 2.50% vs 2.28% for TBIL.TO. At a 0.14 correlation, their price movements are largely independent. ZMMK.TO charges 0.13%/yr vs 0.00%/yr for TBIL.TO.
Performance
ZMMK.TO vs. TBIL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZMMK.TO achieves a 0.99% return, which is significantly higher than TBIL.TO's 0.83% return.
ZMMK.TO
- 1D
- 0.04%
- 1M
- 0.19%
- YTD
- 0.99%
- 6M
- 1.17%
- 1Y
- 2.50%
- 3Y*
- 3.86%
- 5Y*
- —
- 10Y*
- —
TBIL.TO
- 1D
- 0.00%
- 1M
- 0.16%
- YTD
- 0.83%
- 6M
- 1.01%
- 1Y
- 2.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZMMK.TO vs. TBIL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZMMK.TO BMO Money Market Fund ETF Series | 0.99% | 2.77% | 4.67% |
TBIL.TO Harvest Canadian T-Bill ETF | 0.83% | 2.60% | 9.21% |
Correlation
The correlation between ZMMK.TO and TBIL.TO is 0.06, 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 | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024 | 0.14 |
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Return for Risk
ZMMK.TO vs. TBIL.TO — Risk / Return Rank
ZMMK.TO
TBIL.TO
ZMMK.TO vs. TBIL.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 Harvest Canadian T-Bill ETF (TBIL.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 | TBIL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.67 | ||
| Sortino ratioReturn per unit of downside risk | +4.86 | ||
| Omega ratioGain probability vs. loss probability | 5.48 | 4.08 | +1.41 |
| Calmar ratioReturn relative to maximum drawdown | 83.57 | 57.46 | +26.11 |
| Martin ratioReturn relative to average drawdown | 380.38 | 258.77 | +121.61 |
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 | TBIL.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 9.68 | 8.01 | +1.67 |
Sharpe Ratio (All Time)Calculated using the full available price history | 10.31 | 5.25 | +5.06 |
Drawdowns
ZMMK.TO vs. TBIL.TO - Drawdown Comparison
The maximum ZMMK.TO drawdown since its inception was -0.16%, smaller than the maximum TBIL.TO drawdown of -0.38%. Use the drawdown chart below to compare losses from any high point for ZMMK.TO and TBIL.TO.
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Drawdown Indicators
| ZMMK.TO | TBIL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.16% | -0.38% | +0.22% |
Max Drawdown (1Y)Largest decline over 1 year | -0.03% | -0.04% | +0.01% |
Max Drawdown (3Y)Largest decline over 3 years | -0.08% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -0.00% | 0.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 0.01% | 0.00% |
Volatility
ZMMK.TO vs. TBIL.TO - Volatility Comparison
BMO Money Market Fund ETF Series (ZMMK.TO) has a higher volatility of 0.06% compared to Harvest Canadian T-Bill ETF (TBIL.TO) at 0.04%. This indicates that ZMMK.TO's price experiences larger fluctuations and is considered to be riskier than TBIL.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 | TBIL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 0.04% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 0.18% | 0.18% | 0.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.26% | 0.29% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.34% | 1.08% | -0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.34% | 1.08% | -0.74% |
ZMMK.TO vs. TBIL.TO - Expense Ratio Comparison
ZMMK.TO has a 0.13% expense ratio, which is higher than TBIL.TO's 0.00% 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. TBIL.TO - Dividend Comparison
ZMMK.TO's dividend yield for the trailing twelve months is around 2.53%, more than TBIL.TO's 2.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
TBIL.TO Harvest Canadian T-Bill ETF | 2.27% | 2.57% | 8.81% | 0.00% | 0.00% | 0.00% |
ZMMK.TO BMO Money Market Fund ETF Series | 2.53% | 3.02% | 4.66% | 4.98% | 1.95% | 0.04% |
Frequently Asked Questions
ZMMK.TO and TBIL.TO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TBIL.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TBIL.TO is cheaper with a 0.00% expense ratio, compared with 0.13% for ZMMK.TO.
They also come from different issuers: BMO and Harvest. Their fees differ too: 0.13% for ZMMK.TO and 0.00% for TBIL.TO.
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