ZMU.TO vs. RQO.TO
ZMU.TO (BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF) and RQO.TO (RBC Target 2026 Corporate Bond Index ETF) are both Corporate Bonds funds. Over the past 5 years, ZMU.TO returned -0.42%/yr vs 1.59%/yr for RQO.TO. At a 0.45 correlation, their price movements are largely independent.
Performance
ZMU.TO vs. RQO.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 RQO.TO's 1.23% 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%
RQO.TO
- 1D
- 0.05%
- 1M
- 0.19%
- 6M
- 1.17%
- YTD
- 1.23%
- 1Y
- 2.74%
- 3Y*
- 5.05%
- 5Y*
- 1.59%
- 10Y*
- —
ZMU.TO vs. RQO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
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% | 1.39% |
RQO.TO RBC Target 2026 Corporate Bond Index ETF | 1.23% | 3.57% | 5.40% | 6.86% | -7.50% | -2.27% | 0.63% |
Correlation
The correlation between ZMU.TO and RQO.TO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2020 | 0.45 |
Over the past year, the correlation between ZMU.TO and RQO.TO has dropped to 0.16 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.
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Return for Risk
ZMU.TO vs. RQO.TO — Risk / Return Rank
ZMU.TO
RQO.TO
ZMU.TO vs. RQO.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 RBC Target 2026 Corporate Bond Index ETF (RQO.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 | RQO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.38 | ||
| Sortino ratioReturn per unit of downside risk | -5.94 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.97 | -0.88 |
| Calmar ratioReturn relative to maximum drawdown | 0.81 | 25.95 | -25.14 |
| Martin ratioReturn relative to average drawdown | 1.83 | 86.01 | -84.19 |
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Drawdowns
ZMU.TO vs. RQO.TO - Drawdown Comparison
The maximum ZMU.TO drawdown since its inception was -21.30%, which is greater than RQO.TO's maximum drawdown of -12.86%. Use the drawdown chart below to compare losses from any high point for ZMU.TO and RQO.TO.
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Drawdown Indicators
| ZMU.TO | RQO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.30% | -12.86% | -8.44% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -0.11% | -3.00% |
Max Drawdown (3Y)Largest decline over 3 years | -5.90% | -0.93% | -4.97% |
Max Drawdown (5Y)Largest decline over 5 years | -21.30% | -11.65% | -9.65% |
Max Drawdown (10Y)Largest decline over 10 years | -21.30% | — | — |
Current DrawdownCurrent decline from peak | -2.79% | 0.00% | -2.79% |
Average DrawdownAverage peak-to-trough decline | -4.53% | -3.72% | -0.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 0.03% | +1.34% |
Volatility
ZMU.TO vs. RQO.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 RBC Target 2026 Corporate Bond Index ETF (RQO.TO) at 0.16%. This indicates that ZMU.TO's price experiences larger fluctuations and is considered to be riskier than RQO.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 | RQO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 0.16% | +1.29% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 0.48% | +3.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.73% | 0.70% | +4.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.90% | 2.98% | +3.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.88% | 2.93% | +4.95% |
Dividends
ZMU.TO vs. RQO.TO - Dividend Comparison
ZMU.TO's dividend yield for the trailing twelve months is around 4.51%, more than RQO.TO's 3.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RQO.TO RBC Target 2026 Corporate Bond Index ETF | 3.03% | 2.66% | 2.56% | 1.98% | 1.86% | 1.97% | 0.52% | 0.00% | 0.00% | 0.00% | 0.00% | 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 RQO.TO have a correlation of 0.16, 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 RBC.
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