ZMU.TO vs. ZQB.TO
ZMU.TO (BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF) and ZQB.TO (BMO High Quality Corporate Bond Index ETF) are both Corporate Bonds funds from BMO. Over the past 5 years, ZMU.TO returned -0.16%/yr vs 2.46%/yr for ZQB.TO. At a 0.28 correlation, their price movements are largely independent.
Performance
ZMU.TO vs. ZQB.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 ZQB.TO's 1.59% 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%
ZQB.TO
- 1D
- -0.17%
- 1M
- 0.26%
- YTD
- 1.59%
- 6M
- 1.56%
- 1Y
- 3.80%
- 3Y*
- 6.05%
- 5Y*
- 2.46%
- 10Y*
- —
ZMU.TO vs. ZQB.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 | -0.41% | 7.47% | 1.42% | 7.89% | -14.71% | -1.75% | 5.95% |
ZQB.TO BMO High Quality Corporate Bond Index ETF | 1.59% | 4.80% | 6.78% | 6.49% | -5.39% | -2.02% | 5.33% |
Correlation
The correlation between ZMU.TO and ZQB.TO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2020 | 0.28 |
Over the past year, ZMU.TO and ZQB.TO have become more correlated (0.49) than their long-term average of 0.28, meaning their price movements have been converging.
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Return for Risk
ZMU.TO vs. ZQB.TO — Risk / Return Rank
ZMU.TO
ZQB.TO
ZMU.TO vs. ZQB.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 High Quality Corporate Bond Index ETF (ZQB.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 | ZQB.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.23 | ||
| Sortino ratioReturn per unit of downside risk | -1.75 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.35 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | 2.13 | -1.39 |
| Martin ratioReturn relative to average drawdown | 1.76 | 7.54 | -5.78 |
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Drawdowns
ZMU.TO vs. ZQB.TO - Drawdown Comparison
The maximum ZMU.TO drawdown since its inception was -21.30%, which is greater than ZQB.TO's maximum drawdown of -10.18%. Use the drawdown chart below to compare losses from any high point for ZMU.TO and ZQB.TO.
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Drawdown Indicators
| ZMU.TO | ZQB.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.30% | -10.18% | -11.12% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -1.79% | -1.32% |
Max Drawdown (3Y)Largest decline over 3 years | -6.05% | -1.79% | -4.26% |
Max Drawdown (5Y)Largest decline over 5 years | -21.30% | -9.64% | -11.66% |
Max Drawdown (10Y)Largest decline over 10 years | -21.30% | — | — |
Current DrawdownCurrent decline from peak | -2.24% | -0.17% | -2.07% |
Average DrawdownAverage peak-to-trough decline | -4.54% | -2.34% | -2.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 0.51% | +0.79% |
Volatility
ZMU.TO vs. ZQB.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 High Quality Corporate Bond Index ETF (ZQB.TO) at 0.70%. This indicates that ZMU.TO's price experiences larger fluctuations and is considered to be riskier than ZQB.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 | ZQB.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.63% | 0.70% | +0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 3.40% | 1.79% | +1.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.70% | 2.21% | +2.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.90% | 3.51% | +3.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.88% | 4.18% | +3.70% |
Dividends
ZMU.TO vs. ZQB.TO - Dividend Comparison
ZMU.TO's dividend yield for the trailing twelve months is around 4.48%, more than ZQB.TO's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZQB.TO BMO High Quality Corporate Bond Index ETF | 3.92% | 3.67% | 3.39% | 3.00% | 2.80% | 2.58% | 2.46% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZMU.TO and ZQB.TO have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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