ZMMK.TO vs. ZAAA.NEO
ZMMK.TO (BMO Money Market Fund ETF Series) and ZAAA.NEO (BMO AAA CLO ETF) are both exchange-traded funds - ZMMK.TO is a Money Market fund actively managed by BMO, while ZAAA.NEO is a CLO fund actively managed by BMO. Both are actively managed. Over the past year, ZMMK.TO returned 2.48% vs 8.64% for ZAAA.NEO. At a correlation of -0.17, they often move in opposite directions. ZMMK.TO charges 0.13%/yr vs 0.23%/yr for ZAAA.NEO.
Performance
ZMMK.TO vs. ZAAA.NEO - Performance Comparison
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Returns By Period
In the year-to-date period, ZMMK.TO achieves a 1.09% return, which is significantly lower than ZAAA.NEO's 5.64% return.
ZMMK.TO
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- 1.09%
- 6M
- 1.15%
- 1Y
- 2.48%
- 3Y*
- 3.81%
- 5Y*
- —
- 10Y*
- —
ZAAA.NEO
- 1D
- 0.32%
- 1M
- 3.29%
- YTD
- 5.64%
- 6M
- 6.09%
- 1Y
- 8.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZMMK.TO vs. ZAAA.NEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZMMK.TO BMO Money Market Fund ETF Series | 1.09% | 1.77% |
ZAAA.NEO BMO AAA CLO ETF | 5.64% | 3.10% |
Correlation
The correlation between ZMMK.TO and ZAAA.NEO is -0.19, 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 | -0.19 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | -0.17 |
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Return for Risk
ZMMK.TO vs. ZAAA.NEO — Risk / Return Rank
ZMMK.TO
ZAAA.NEO
ZMMK.TO vs. ZAAA.NEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Money Market Fund ETF Series (ZMMK.TO) and BMO AAA CLO ETF (ZAAA.NEO). 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 | ZAAA.NEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +7.28 | ||
| Sortino ratioReturn per unit of downside risk | +19.29 | ||
| Omega ratioGain probability vs. loss probability | 5.22 | 1.37 | +3.84 |
| Calmar ratioReturn relative to maximum drawdown | 62.17 | 2.89 | +59.28 |
| Martin ratioReturn relative to average drawdown | 348.18 | 7.00 | +341.18 |
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Drawdowns
ZMMK.TO vs. ZAAA.NEO - Drawdown Comparison
The maximum ZMMK.TO drawdown since its inception was -0.16%, smaller than the maximum ZAAA.NEO drawdown of -3.01%. Use the drawdown chart below to compare losses from any high point for ZMMK.TO and ZAAA.NEO.
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Drawdown Indicators
| ZMMK.TO | ZAAA.NEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.16% | -3.01% | +2.85% |
Max Drawdown (1Y)Largest decline over 1 year | -0.04% | -3.01% | +2.97% |
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% | -1.03% | +1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 1.24% | -1.23% |
Volatility
ZMMK.TO vs. ZAAA.NEO - Volatility Comparison
The current volatility for BMO Money Market Fund ETF Series (ZMMK.TO) is 0.07%, while BMO AAA CLO ETF (ZAAA.NEO) has a volatility of 1.38%. This indicates that ZMMK.TO experiences smaller price fluctuations and is considered to be less risky than ZAAA.NEO 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 | ZAAA.NEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 1.38% | -1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 0.19% | 3.38% | -3.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.27% | 4.71% | -4.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.34% | 4.68% | -4.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.34% | 4.68% | -4.34% |
ZMMK.TO vs. ZAAA.NEO - Expense Ratio Comparison
ZMMK.TO has a 0.13% expense ratio, which is lower than ZAAA.NEO's 0.23% 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. ZAAA.NEO - Dividend Comparison
ZMMK.TO's dividend yield for the trailing twelve months is around 2.53%, less than ZAAA.NEO's 5.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
ZAAA.NEO BMO AAA CLO ETF | 5.09% | 3.16% | 0.00% | 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 ZAAA.NEO have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
ZMMK.TO is cheaper with a 0.13% expense ratio, compared with 0.23% for ZAAA.NEO.
ZMMK.TO is categorized as Money Market, while ZAAA.NEO is CLO. Their fees differ too: 0.13% for ZMMK.TO and 0.23% for ZAAA.NEO.
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