ZPAY.TO vs. ZMMK.TO
ZPAY.TO (BMO Premium Yield ETF) and ZMMK.TO (BMO Money Market Fund ETF Series) are both exchange-traded funds - ZPAY.TO is a Large Cap Growth Equities fund actively managed by BMO, while ZMMK.TO is a Money Market fund actively managed by BMO. Both are actively managed. Over the past 3 years, ZPAY.TO returned 9.74%/yr vs 3.85%/yr for ZMMK.TO. At a 0.01 correlation, their price movements are largely independent. ZPAY.TO charges 0.73%/yr vs 0.13%/yr for ZMMK.TO.
Performance
ZPAY.TO vs. ZMMK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZPAY.TO achieves a 4.79% return, which is significantly higher than ZMMK.TO's 0.95% return.
ZPAY.TO
- 1D
- 0.37%
- 1M
- 3.77%
- YTD
- 4.79%
- 6M
- 0.79%
- 1Y
- 10.41%
- 3Y*
- 9.74%
- 5Y*
- 8.59%
- 10Y*
- —
ZMMK.TO
- 1D
- -0.01%
- 1M
- 0.19%
- YTD
- 0.95%
- 6M
- 1.13%
- 1Y
- 2.48%
- 3Y*
- 3.85%
- 5Y*
- —
- 10Y*
- —
ZPAY.TO vs. ZMMK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZPAY.TO BMO Premium Yield ETF | 4.79% | 2.61% | 16.94% | 16.87% | -6.33% | 2.07% |
ZMMK.TO BMO Money Market Fund ETF Series | 0.95% | 2.77% | 4.94% | 4.86% | 1.99% | 0.04% |
Correlation
The correlation between ZPAY.TO and ZMMK.TO is 0.06, 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 | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2021 | 0.01 |
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Return for Risk
ZPAY.TO vs. ZMMK.TO — Risk / Return Rank
ZPAY.TO
ZMMK.TO
ZPAY.TO vs. ZMMK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Premium Yield ETF (ZPAY.TO) and BMO Money Market Fund ETF Series (ZMMK.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.
| ZPAY.TO | ZMMK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.39 | ||
| Sortino ratioReturn per unit of downside risk | -22.19 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 5.45 | -4.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 82.88 | -81.52 |
| Martin ratioReturn relative to average drawdown | 3.57 | 377.25 | -373.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZPAY.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.27 | 9.66 | -8.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 10.29 | -10.08 |
Drawdowns
ZPAY.TO vs. ZMMK.TO - Drawdown Comparison
The maximum ZPAY.TO drawdown since its inception was -14.89%, which is greater than ZMMK.TO's maximum drawdown of -0.16%. Use the drawdown chart below to compare losses from any high point for ZPAY.TO and ZMMK.TO.
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Drawdown Indicators
| ZPAY.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.89% | -0.16% | -14.73% |
Max Drawdown (1Y)Largest decline over 1 year | -7.64% | -0.03% | -7.61% |
Max Drawdown (3Y)Largest decline over 3 years | -12.47% | -0.08% | -12.39% |
Max Drawdown (5Y)Largest decline over 5 years | -14.76% | — | — |
Current DrawdownCurrent decline from peak | -1.70% | -0.02% | -1.68% |
Average DrawdownAverage peak-to-trough decline | -2.66% | -0.00% | -2.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.92% | 0.01% | +2.91% |
Volatility
ZPAY.TO vs. ZMMK.TO - Volatility Comparison
BMO Premium Yield ETF (ZPAY.TO) has a higher volatility of 2.74% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.06%. This indicates that ZPAY.TO's price experiences larger fluctuations and is considered to be riskier than ZMMK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZPAY.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.74% | 0.06% | +2.68% |
Volatility (6M)Calculated over the trailing 6-month period | 6.70% | 0.18% | +6.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.24% | 0.26% | +7.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.53% | 0.34% | +10.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 196.01% | 0.34% | +195.67% |
ZPAY.TO vs. ZMMK.TO - Expense Ratio Comparison
ZPAY.TO has a 0.73% expense ratio, which is higher than ZMMK.TO's 0.13% expense ratio.
Dividends
ZPAY.TO vs. ZMMK.TO - Dividend Comparison
ZPAY.TO's dividend yield for the trailing twelve months is around 7.40%, more than ZMMK.TO's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
ZMMK.TO BMO Money Market Fund ETF Series | 2.53% | 3.02% | 4.66% | 4.98% | 1.95% | 0.04% | 0.00% |
ZPAY.TO BMO Premium Yield ETF | 7.40% | 7.46% | 5.81% | 6.40% | 7.00% | 6.10% | 5.42% |
Frequently Asked Questions
ZPAY.TO and ZMMK.TO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZMMK.TO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZMMK.TO is cheaper with a 0.13% expense ratio, compared with 0.73% for ZPAY.TO.
ZPAY.TO is categorized as Large Cap Growth Equities, while ZMMK.TO is Money Market. Their fees differ too: 0.73% for ZPAY.TO and 0.13% for ZMMK.TO.
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