ZMMK.TO vs. ZBAL.TO
ZMMK.TO (BMO Money Market Fund ETF Series) and ZBAL.TO (BMO Balanced ETF) are both exchange-traded funds - ZMMK.TO is a Money Market fund actively managed by BMO, while ZBAL.TO is a Global Allocation fund actively managed by BMO. Both are actively managed. Over the past 3 years, ZMMK.TO returned 3.84%/yr vs 14.05%/yr for ZBAL.TO. At a 0.05 correlation, their price movements are largely independent. ZMMK.TO charges 0.13%/yr vs 0.18%/yr for ZBAL.TO.
Performance
ZMMK.TO vs. ZBAL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZMMK.TO achieves a 1.03% return, which is significantly lower than ZBAL.TO's 8.00% return.
ZMMK.TO
- 1D
- 0.02%
- 1M
- 0.19%
- YTD
- 1.03%
- 6M
- 1.17%
- 1Y
- 2.48%
- 3Y*
- 3.84%
- 5Y*
- —
- 10Y*
- —
ZBAL.TO
- 1D
- 0.44%
- 1M
- 1.65%
- YTD
- 8.00%
- 6M
- 7.02%
- 1Y
- 18.45%
- 3Y*
- 14.05%
- 5Y*
- 8.26%
- 10Y*
- —
ZMMK.TO vs. ZBAL.TO - 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% |
ZBAL.TO BMO Balanced ETF | 8.00% | 11.34% | 16.15% | 12.61% | -11.11% | 2.53% |
Correlation
The correlation between ZMMK.TO and ZBAL.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2021 | 0.05 |
The correlation between ZMMK.TO and ZBAL.TO shifts across timeframes, from 0.05 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZMMK.TO vs. ZBAL.TO — Risk / Return Rank
ZMMK.TO
ZBAL.TO
ZMMK.TO vs. ZBAL.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 BMO Balanced ETF (ZBAL.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.
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 | ZBAL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +7.16 | ||
| Sortino ratioReturn per unit of downside risk | +19.18 | ||
| Omega ratioGain probability vs. loss probability | 5.22 | 1.37 | +3.85 |
| Calmar ratioReturn relative to maximum drawdown | 62.17 | 3.00 | +59.17 |
| Martin ratioReturn relative to average drawdown | 348.17 | 12.25 | +335.92 |
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Drawdowns
ZMMK.TO vs. ZBAL.TO - Drawdown Comparison
The maximum ZMMK.TO drawdown since its inception was -0.16%, smaller than the maximum ZBAL.TO drawdown of -20.75%. Use the drawdown chart below to compare losses from any high point for ZMMK.TO and ZBAL.TO.
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Drawdown Indicators
| ZMMK.TO | ZBAL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.16% | -20.75% | +20.59% |
Max Drawdown (1Y)Largest decline over 1 year | -0.04% | -5.81% | +5.77% |
Max Drawdown (3Y)Largest decline over 3 years | -0.08% | -9.44% | +9.36% |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.32% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.50% | +0.50% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -3.19% | +3.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 1.42% | -1.41% |
Volatility
ZMMK.TO vs. ZBAL.TO - Volatility Comparison
The current volatility for BMO Money Market Fund ETF Series (ZMMK.TO) is 0.08%, while BMO Balanced ETF (ZBAL.TO) has a volatility of 3.51%. This indicates that ZMMK.TO experiences smaller price fluctuations and is considered to be less risky than ZBAL.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 | ZBAL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 3.51% | -3.43% |
Volatility (6M)Calculated over the trailing 6-month period | 0.19% | 7.09% | -6.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.27% | 8.81% | -8.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.34% | 8.78% | -8.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.34% | 10.13% | -9.79% |
ZMMK.TO vs. ZBAL.TO - Expense Ratio Comparison
ZMMK.TO has a 0.13% expense ratio, which is lower than ZBAL.TO's 0.18% 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. ZBAL.TO - Dividend Comparison
ZMMK.TO's dividend yield for the trailing twelve months is around 2.53%, more than ZBAL.TO's 1.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
ZBAL.TO BMO Balanced ETF | 1.75% | 2.02% | 2.18% | 2.48% | 2.72% | 2.35% | 2.53% | 2.38% |
ZMMK.TO BMO Money Market Fund ETF Series | 2.53% | 3.02% | 4.66% | 4.98% | 1.95% | 0.04% | 0.00% | 0.00% |
Frequently Asked Questions
ZMMK.TO and ZBAL.TO have a correlation of 0.15, 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 0.18% for ZBAL.TO.
ZMMK.TO is categorized as Money Market, while ZBAL.TO is Global Allocation. Their fees differ too: 0.13% for ZMMK.TO and 0.18% for ZBAL.TO.
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