ZMMK.TO vs. TCSH.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Money Market Fund ETF Series (ZMMK.TO) and TD Cash Management ETF (TCSH.TO).

ZMMK.TO and TCSH.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZMMK.TO is an actively managed fund by BMO. It was launched on Nov 28, 2021. TCSH.TO is an actively managed fund by TD. It was launched on Feb 15, 2024.

Performance

ZMMK.TO vs. TCSH.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 TD Cash Management ETF (TCSH.TO). The values are adjusted to include any dividend payments, if applicable.

ZMMK.TO vs. TCSH.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZMMK.TO BMO Money Market Fund ETF Series	0.57%	2.77%	4.10%
TCSH.TO TD Cash Management ETF	0.37%	3.09%	4.37%

Returns By Period

In the year-to-date period, ZMMK.TO achieves a 0.57% return, which is significantly higher than TCSH.TO's 0.37% return.

ZMMK.TO

• 1D: 0.02%
• 1M: 0.20%
• YTD: 0.57%
• 6M: 1.20%
• 1Y: 2.62%
• 3Y*: 4.00%
• 5Y*: —
• 10Y*: —

TCSH.TO

• 1D: -0.02%
• 1M: 0.12%
• YTD: 0.37%
• 6M: 1.22%
• 1Y: 2.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZMMK.TO vs. TCSH.TO - Expense Ratio Comparison

ZMMK.TO has a 0.13% expense ratio, which is lower than TCSH.TO's 0.16% 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%.

TCSH.TO

TD Cash Management ETF

ZMMK.TO

BMO Money Market Fund ETF Series

Return for Risk

ZMMK.TO vs. TCSH.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: 100
ZMMK.TO Sortino Ratio Rank: 100
ZMMK.TO Omega Ratio Rank: 100
ZMMK.TO Calmar Ratio Rank: 100
ZMMK.TO Martin Ratio Rank: 100

TCSH.TO

TCSH.TO Risk / Return Rank: 99
TCSH.TO Sharpe Ratio Rank: 99
TCSH.TO Sortino Ratio Rank: 99
TCSH.TO Omega Ratio Rank: 99
TCSH.TO Calmar Ratio Rank: 99
TCSH.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. TCSH.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 TD Cash Management ETF (TCSH.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	TCSH.TO	Difference
Sharpe ratio Return per unit of total volatility	10.17	5.78	+4.40
Sortino ratio Return per unit of downside risk	25.94	10.76	+15.18
Omega ratio Gain probability vs. loss probability	6.05	2.86	+3.19
Calmar ratio Return relative to maximum drawdown	86.98	26.59	+60.39
Martin ratio Return relative to average drawdown	406.21	107.81	+298.41
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. TCSH.TO - Sharpe Ratio Comparison

The current ZMMK.TO Sharpe Ratio is 10.17, which is higher than the TCSH.TO Sharpe Ratio of 5.78. The chart below compares the historical Sharpe Ratios of ZMMK.TO and TCSH.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZMMK.TO	TCSH.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	10.17	5.78	+4.40
Sharpe Ratio (All Time) Calculated using the full available price history	10.37	5.30	+5.08

Correlation

The correlation between ZMMK.TO and TCSH.TO is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ZMMK.TO vs. TCSH.TO - Dividend Comparison

ZMMK.TO's dividend yield for the trailing twelve months is around 2.68%, less than TCSH.TO's 2.74% yield.

	TTM	2025	2024	2023	2022	2021
ZMMK.TO BMO Money Market Fund ETF Series	2.68%	3.02%	4.66%	4.98%	1.95%	0.04%
TCSH.TO TD Cash Management ETF	2.74%	3.03%	4.21%	0.00%	0.00%	0.00%

Drawdowns

ZMMK.TO vs. TCSH.TO - Drawdown Comparison

The maximum ZMMK.TO drawdown since its inception was -0.16%, smaller than the maximum TCSH.TO drawdown of -0.54%. Use the drawdown chart below to compare losses from any high point for ZMMK.TO and TCSH.TO.

Drawdown Indicators

	ZMMK.TO	TCSH.TO	Difference
Max Drawdown Largest peak-to-trough decline	-0.16%	-0.54%	+0.38%
Max Drawdown (1Y) Largest decline over 1 year	-0.03%	-0.10%	+0.07%
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	0.00%	-0.01%	+0.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.01%	0.02%	-0.01%

Volatility

ZMMK.TO vs. TCSH.TO - Volatility Comparison

The current volatility for BMO Money Market Fund ETF Series (ZMMK.TO) is 0.08%, while TD Cash Management ETF (TCSH.TO) has a volatility of 0.13%. This indicates that ZMMK.TO experiences smaller price fluctuations and is considered to be less risky than TCSH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZMMK.TO	TCSH.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.08%	0.13%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	0.20%	0.37%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	0.26%	0.46%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.34%	0.71%	-0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.34%	0.71%	-0.37%