ZMU.TO vs. XMC.TO
ZMU.TO (BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF) and XMC.TO (iShares S&P U.S. Mid-Cap Index ETF) are both exchange-traded funds - ZMU.TO is a Corporate Bonds fund managed by BMO, while XMC.TO is a Mid Cap Blend Equities fund tracking the Morningstar US SMID TR CAD. Over the past 10 years, ZMU.TO returned 1.66%/yr vs 11.49%/yr for XMC.TO. At a 0.05 correlation, their price movements are largely independent.
Performance
ZMU.TO vs. XMC.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZMU.TO achieves a -0.96% return, which is significantly lower than XMC.TO's 17.19% return. Over the past 10 years, ZMU.TO has underperformed XMC.TO with an annualized return of 1.66%, while XMC.TO has yielded a comparatively higher 11.49% 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%
XMC.TO
- 1D
- -0.61%
- 1M
- 0.02%
- 6M
- 8.97%
- YTD
- 17.19%
- 1Y
- 22.46%
- 3Y*
- 15.22%
- 5Y*
- 11.12%
- 10Y*
- 11.49%
ZMU.TO vs. XMC.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% |
XMC.TO iShares S&P U.S. Mid-Cap Index ETF | 17.19% | 2.37% | 22.99% | 13.65% | -7.61% | 23.39% | 11.11% | 20.90% | -4.83% | 8.76% |
Correlation
The correlation between ZMU.TO and XMC.TO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.19 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2015 | 0.05 |
Over the past year, ZMU.TO and XMC.TO have become more correlated (0.31) than their long-term average of 0.05, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
ZMU.TO vs. XMC.TO — Risk / Return Rank
ZMU.TO
XMC.TO
ZMU.TO vs. XMC.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 iShares S&P U.S. Mid-Cap Index ETF (XMC.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 | XMC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.26 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.81 | 2.72 | -1.91 |
| Martin ratioReturn relative to average drawdown | 1.83 | 9.85 | -8.02 |
Loading charts...
Drawdowns
ZMU.TO vs. XMC.TO - Drawdown Comparison
The maximum ZMU.TO drawdown since its inception was -21.30%, smaller than the maximum XMC.TO drawdown of -36.38%. Use the drawdown chart below to compare losses from any high point for ZMU.TO and XMC.TO.
Loading charts...
Drawdown Indicators
| ZMU.TO | XMC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.30% | -36.38% | +15.08% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -8.28% | +5.17% |
Max Drawdown (3Y)Largest decline over 3 years | -5.90% | -22.70% | +16.80% |
Max Drawdown (5Y)Largest decline over 5 years | -21.30% | -22.70% | +1.40% |
Max Drawdown (10Y)Largest decline over 10 years | -21.30% | -36.38% | +15.08% |
Current DrawdownCurrent decline from peak | -2.79% | -3.24% | +0.45% |
Average DrawdownAverage peak-to-trough decline | -4.53% | -5.00% | +0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.37% | 2.29% | -0.92% |
Volatility
ZMU.TO vs. XMC.TO - Volatility Comparison
The current volatility for BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF (ZMU.TO) is 1.45%, while iShares S&P U.S. Mid-Cap Index ETF (XMC.TO) has a volatility of 3.44%. This indicates that ZMU.TO experiences smaller price fluctuations and is considered to be less risky than XMC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZMU.TO | XMC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 3.44% | -1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 11.76% | -8.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.73% | 15.81% | -11.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.90% | 17.67% | -10.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.88% | 18.58% | -10.70% |
Dividends
ZMU.TO vs. XMC.TO - Dividend Comparison
ZMU.TO's dividend yield for the trailing twelve months is around 4.51%, more than XMC.TO's 0.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XMC.TO iShares S&P U.S. Mid-Cap Index ETF | 0.91% | 1.10% | 0.94% | 1.17% | 1.27% | 0.99% | 1.07% | 1.43% | 1.57% | 0.98% | 1.06% | 0.54% |
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 XMC.TO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZMU.TO is categorized as Corporate Bonds, while XMC.TO is Mid Cap Blend Equities. They also come from different issuers: BMO and iShares.
Find the right allocation for ZMU.TO and XMC.TO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer