ZMU.TO vs. MFT.TO
ZMU.TO (BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF) and MFT.TO (Mackenzie Floating Rate Income ETF) are both Corporate Bonds funds. Over the past 10 years, ZMU.TO returned 1.66%/yr vs 4.32%/yr for MFT.TO. At a 0.01 correlation, their price movements are largely independent.
Performance
ZMU.TO vs. MFT.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZMU.TO achieves a -0.96% return, which is significantly lower than MFT.TO's 3.12% return. Over the past 10 years, ZMU.TO has underperformed MFT.TO with an annualized return of 1.66%, while MFT.TO has yielded a comparatively higher 4.32% annualized return.
ZMU.TO
- 1D
- 0.08%
- 1M
- -0.18%
- 6M
- -0.89%
- YTD
- -0.96%
- 1Y
- 2.51%
- 3Y*
- 3.99%
- 5Y*
- -0.42%
- 10Y*
- 1.66%
MFT.TO
- 1D
- 0.38%
- 1M
- 0.92%
- 6M
- 2.86%
- YTD
- 3.12%
- 1Y
- 2.89%
- 3Y*
- 5.69%
- 5Y*
- 3.83%
- 10Y*
- 4.32%
ZMU.TO vs. MFT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZMU.TO BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF | -0.96% | 7.47% | 1.42% | 7.89% | -14.71% | -1.75% | 8.27% | 12.98% | -2.77% | 4.58% |
MFT.TO Mackenzie Floating Rate Income ETF | 3.12% | 0.81% | 8.84% | 11.99% | -6.31% | 5.56% | -0.64% | 6.00% | 2.29% | 5.89% |
Correlation
The correlation between ZMU.TO and MFT.TO is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.06 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2016 | 0.01 |
The correlation between ZMU.TO and MFT.TO shifts across timeframes, from -0.04 (1 year) to 0.06 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZMU.TO vs. MFT.TO — Risk / Return Rank
ZMU.TO
MFT.TO
ZMU.TO vs. MFT.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF (ZMU.TO) and Mackenzie Floating Rate Income ETF (MFT.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.
| ZMU.TO | MFT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.60 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.20 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.81 | 2.19 | -1.38 |
| Martin ratioReturn relative to average drawdown | 1.83 | 5.24 | -3.41 |
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Drawdowns
ZMU.TO vs. MFT.TO - Drawdown Comparison
The maximum ZMU.TO drawdown since its inception was -21.30%, roughly equal to the maximum MFT.TO drawdown of -20.87%. Use the drawdown chart below to compare losses from any high point for ZMU.TO and MFT.TO.
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Drawdown Indicators
| ZMU.TO | MFT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.30% | -20.87% | -0.43% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -1.33% | -1.78% |
Max Drawdown (3Y)Largest decline over 3 years | -5.90% | -3.40% | -2.50% |
Max Drawdown (5Y)Largest decline over 5 years | -21.30% | -7.45% | -13.85% |
Max Drawdown (10Y)Largest decline over 10 years | -21.30% | -20.87% | -0.43% |
Current DrawdownCurrent decline from peak | -2.79% | 0.00% | -2.79% |
Average DrawdownAverage peak-to-trough decline | -4.53% | -1.38% | -3.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 0.55% | +0.82% |
Volatility
ZMU.TO vs. MFT.TO - Volatility Comparison
BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF (ZMU.TO) has a higher volatility of 1.45% compared to Mackenzie Floating Rate Income ETF (MFT.TO) at 0.86%. This indicates that ZMU.TO's price experiences larger fluctuations and is considered to be riskier than MFT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZMU.TO | MFT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 0.86% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 1.84% | +1.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.73% | 2.60% | +2.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.90% | 3.72% | +3.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.88% | 5.10% | +2.78% |
Dividends
ZMU.TO vs. MFT.TO - Dividend Comparison
ZMU.TO's dividend yield for the trailing twelve months is around 4.51%, less than MFT.TO's 8.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MFT.TO Mackenzie Floating Rate Income ETF | 8.24% | 8.57% | 9.44% | 10.40% | 6.26% | 3.89% | 6.18% | 6.97% | 6.14% | 4.84% | 3.94% | 0.00% |
ZMU.TO BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF | 4.51% | 4.10% | 4.15% | 4.22% | 4.35% | 3.56% | 3.51% | 3.66% | 3.70% | 3.28% | 3.37% | 3.53% |
Frequently Asked Questions
ZMU.TO and MFT.TO have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and Mackenzie.
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