ZMMK.TO vs. ZTIP.TO
ZMMK.TO (BMO Money Market Fund ETF Series) and ZTIP.TO (BMO Short-Term US TIPS Index ETF) are both exchange-traded funds - ZMMK.TO is a Money Market fund actively managed by BMO, while ZTIP.TO is a Inflation-Protected Bonds fund tracking the Bloomberg Barclays U.S. Government Inflation-Linked 0-5 Year Bond Index. ZMMK.TO is actively managed, while ZTIP.TO is passively managed. Over the past 3 years, ZMMK.TO returned 3.76%/yr vs 7.51%/yr for ZTIP.TO. At a correlation of -0.01, they often move in opposite directions. ZMMK.TO charges 0.13%/yr vs 0.17%/yr for ZTIP.TO.
Performance
ZMMK.TO vs. ZTIP.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZMMK.TO achieves a 1.23% return, which is significantly lower than ZTIP.TO's 5.00% return.
ZMMK.TO
- 1D
- 0.02%
- 1M
- 0.20%
- 6M
- 1.15%
- YTD
- 1.23%
- 1Y
- 2.47%
- 3Y*
- 3.76%
- 5Y*
- —
- 10Y*
- —
ZTIP.TO
- 1D
- -0.03%
- 1M
- 1.17%
- 6M
- 3.62%
- YTD
- 5.00%
- 1Y
- 7.14%
- 3Y*
- 7.51%
- 5Y*
- 5.97%
- 10Y*
- —
ZMMK.TO vs. ZTIP.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZMMK.TO BMO Money Market Fund ETF Series | 1.23% | 2.77% | 4.94% | 4.86% | 1.99% | 0.04% |
ZTIP.TO BMO Short-Term US TIPS Index ETF | 5.00% | 1.12% | 13.84% | 1.93% | 3.96% | -0.16% |
Correlation
The correlation between ZMMK.TO and ZTIP.TO is -0.07, 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 | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2021 | -0.01 |
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Return for Risk
ZMMK.TO vs. ZTIP.TO — Risk / Return Rank
ZMMK.TO
ZTIP.TO
ZMMK.TO vs. ZTIP.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 Short-Term US TIPS Index ETF (ZTIP.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 | ZTIP.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +7.37 | ||
| Sortino ratioReturn per unit of downside risk | +19.76 | ||
| Omega ratioGain probability vs. loss probability | 5.35 | 1.38 | +3.98 |
| Calmar ratioReturn relative to maximum drawdown | 61.92 | 1.91 | +60.01 |
| Martin ratioReturn relative to average drawdown | 352.30 | 5.20 | +347.10 |
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Drawdowns
ZMMK.TO vs. ZTIP.TO - Drawdown Comparison
The maximum ZMMK.TO drawdown since its inception was -0.16%, smaller than the maximum ZTIP.TO drawdown of -5.60%. Use the drawdown chart below to compare losses from any high point for ZMMK.TO and ZTIP.TO.
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Drawdown Indicators
| ZMMK.TO | ZTIP.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.16% | -5.60% | +5.44% |
Max Drawdown (1Y)Largest decline over 1 year | -0.04% | -3.78% | +3.74% |
Max Drawdown (3Y)Largest decline over 3 years | -0.08% | -5.60% | +5.52% |
Max Drawdown (5Y)Largest decline over 5 years | — | -5.60% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.42% | +0.42% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -1.51% | +1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 1.38% | -1.37% |
Volatility
ZMMK.TO vs. ZTIP.TO - Volatility Comparison
The current volatility for BMO Money Market Fund ETF Series (ZMMK.TO) is 0.06%, while BMO Short-Term US TIPS Index ETF (ZTIP.TO) has a volatility of 1.08%. This indicates that ZMMK.TO experiences smaller price fluctuations and is considered to be less risky than ZTIP.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 | ZTIP.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 1.08% | -1.02% |
Volatility (6M)Calculated over the trailing 6-month period | 0.18% | 2.96% | -2.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.27% | 4.18% | -3.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.34% | 6.34% | -6.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.34% | 6.24% | -5.90% |
ZMMK.TO vs. ZTIP.TO - Expense Ratio Comparison
ZMMK.TO has a 0.13% expense ratio, which is lower than ZTIP.TO's 0.17% 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. ZTIP.TO - Dividend Comparison
ZMMK.TO's dividend yield for the trailing twelve months is around 2.46%, less than ZTIP.TO's 3.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
ZMMK.TO BMO Money Market Fund ETF Series | 2.46% | 3.02% | 4.66% | 4.98% | 1.95% | 0.04% |
ZTIP.TO BMO Short-Term US TIPS Index ETF | 3.78% | 3.63% | 3.63% | 4.91% | 4.93% | 0.38% |
Frequently Asked Questions
ZMMK.TO and ZTIP.TO have a correlation of -0.07, 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 0.17% for ZTIP.TO.
ZMMK.TO is categorized as Money Market, while ZTIP.TO is Inflation-Protected Bonds. Their fees differ too: 0.13% for ZMMK.TO and 0.17% for ZTIP.TO.
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