ZMU.TO vs. ZCB.TO
ZMU.TO (BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF) and ZCB.TO (BMO Corporate Bond Index ETF) are both Corporate Bonds funds from BMO. Over the past 5 years, ZMU.TO returned -0.16%/yr vs 2.15%/yr for ZCB.TO. At a 0.47 correlation, their price movements are largely independent.
Performance
ZMU.TO vs. ZCB.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZMU.TO achieves a -0.41% return, which is significantly lower than ZCB.TO's 2.10% return.
ZMU.TO
- 1D
- -0.48%
- 1M
- -0.10%
- YTD
- -0.41%
- 6M
- -0.72%
- 1Y
- 2.28%
- 3Y*
- 4.49%
- 5Y*
- -0.16%
- 10Y*
- 1.75%
ZCB.TO
- 1D
- -0.08%
- 1M
- 0.22%
- YTD
- 2.10%
- 6M
- 1.75%
- 1Y
- 3.73%
- 3Y*
- 6.07%
- 5Y*
- 2.15%
- 10Y*
- —
ZMU.TO vs. ZCB.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZMU.TO BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF | -0.41% | 7.47% | 1.42% | 7.89% | -14.71% | -1.75% | 8.27% | 12.98% | 0.23% |
ZCB.TO BMO Corporate Bond Index ETF | 2.10% | 3.81% | 6.60% | 8.73% | -10.20% | -2.22% | 8.33% | 8.03% | 0.90% |
Correlation
The correlation between ZMU.TO and ZCB.TO is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Mar 16, 2018 | 0.47 |
The correlation between ZMU.TO and ZCB.TO shifts across timeframes, from 0.47 (all time) to 0.60 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
ZMU.TO vs. ZCB.TO — Risk / Return Rank
ZMU.TO
ZCB.TO
ZMU.TO vs. ZCB.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 BMO Corporate Bond Index ETF (ZCB.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 | ZCB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.19 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 1.47 | -0.73 |
| Martin ratioReturn relative to average drawdown | 1.76 | 4.48 | -2.72 |
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Drawdowns
ZMU.TO vs. ZCB.TO - Drawdown Comparison
The maximum ZMU.TO drawdown since its inception was -21.30%, which is greater than ZCB.TO's maximum drawdown of -15.70%. Use the drawdown chart below to compare losses from any high point for ZMU.TO and ZCB.TO.
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Drawdown Indicators
| ZMU.TO | ZCB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.30% | -15.70% | -5.60% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -2.55% | -0.56% |
Max Drawdown (3Y)Largest decline over 3 years | -6.05% | -3.14% | -2.91% |
Max Drawdown (5Y)Largest decline over 5 years | -21.30% | -14.20% | -7.10% |
Max Drawdown (10Y)Largest decline over 10 years | -21.30% | — | — |
Current DrawdownCurrent decline from peak | -2.24% | -0.24% | -2.00% |
Average DrawdownAverage peak-to-trough decline | -4.54% | -3.67% | -0.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 0.86% | +0.44% |
Volatility
ZMU.TO vs. ZCB.TO - Volatility Comparison
BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF (ZMU.TO) has a higher volatility of 1.63% compared to BMO Corporate Bond Index ETF (ZCB.TO) at 0.91%. This indicates that ZMU.TO's price experiences larger fluctuations and is considered to be riskier than ZCB.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 | ZCB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.63% | 0.91% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 3.40% | 2.93% | +0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.70% | 3.72% | +0.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.90% | 5.20% | +1.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.88% | 5.41% | +2.47% |
Dividends
ZMU.TO vs. ZCB.TO - Dividend Comparison
ZMU.TO's dividend yield for the trailing twelve months is around 4.48%, more than ZCB.TO's 4.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZCB.TO BMO Corporate Bond Index ETF | 4.12% | 4.00% | 3.84% | 3.89% | 3.62% | 3.13% | 2.97% | 3.12% | 3.27% | 0.00% | 0.00% | 0.00% |
ZMU.TO BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF | 4.48% | 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 ZCB.TO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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