ZQB.TO vs. ZMU.TO
ZQB.TO (BMO High Quality Corporate Bond Index ETF) and ZMU.TO (BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF) are both Corporate Bonds funds from BMO. Over the past 5 years, ZQB.TO returned 2.53%/yr vs -0.43%/yr for ZMU.TO. At a 0.28 correlation, their price movements are largely independent.
Performance
ZQB.TO vs. ZMU.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZQB.TO achieves a 1.35% return, which is significantly higher than ZMU.TO's -1.04% return.
ZQB.TO
- 1D
- 0.10%
- 1M
- -0.22%
- 6M
- 0.97%
- YTD
- 1.35%
- 1Y
- 4.19%
- 3Y*
- 5.91%
- 5Y*
- 2.53%
- 10Y*
- —
ZMU.TO
- 1D
- 0.24%
- 1M
- -0.58%
- 6M
- -1.35%
- YTD
- -1.04%
- 1Y
- 2.75%
- 3Y*
- 4.07%
- 5Y*
- -0.43%
- 10Y*
- 1.68%
ZQB.TO vs. ZMU.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ZQB.TO BMO High Quality Corporate Bond Index ETF | 1.35% | 4.80% | 6.78% | 6.49% | -5.39% | -2.02% | 5.33% |
ZMU.TO BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF | -1.04% | 7.47% | 1.42% | 7.89% | -14.71% | -1.75% | 5.95% |
Correlation
The correlation between ZQB.TO and ZMU.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, ZQB.TO and ZMU.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
ZQB.TO vs. ZMU.TO — Risk / Return Rank
ZQB.TO
ZMU.TO
ZQB.TO vs. ZMU.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO High Quality Corporate Bond Index ETF (ZQB.TO) and BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF (ZMU.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.
| ZQB.TO | ZMU.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.33 | ||
| Sortino ratioReturn per unit of downside risk | +1.91 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.10 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 0.89 | +1.46 |
| Martin ratioReturn relative to average drawdown | 8.27 | 2.03 | +6.24 |
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Drawdowns
ZQB.TO vs. ZMU.TO - Drawdown Comparison
The maximum ZQB.TO drawdown since its inception was -10.18%, smaller than the maximum ZMU.TO drawdown of -21.30%. Use the drawdown chart below to compare losses from any high point for ZQB.TO and ZMU.TO.
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Drawdown Indicators
| ZQB.TO | ZMU.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.18% | -21.30% | +11.12% |
Max Drawdown (1Y)Largest decline over 1 year | -1.79% | -3.11% | +1.32% |
Max Drawdown (3Y)Largest decline over 3 years | -1.79% | -5.97% | +4.18% |
Max Drawdown (5Y)Largest decline over 5 years | -9.64% | -21.30% | +11.66% |
Max Drawdown (10Y)Largest decline over 10 years | — | -21.30% | — |
Current DrawdownCurrent decline from peak | -0.45% | -2.86% | +2.41% |
Average DrawdownAverage peak-to-trough decline | -2.33% | -4.53% | +2.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.51% | 1.36% | -0.85% |
Volatility
ZQB.TO vs. ZMU.TO - Volatility Comparison
The current volatility for BMO High Quality Corporate Bond Index ETF (ZQB.TO) is 0.69%, while BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF (ZMU.TO) has a volatility of 1.50%. This indicates that ZQB.TO experiences smaller price fluctuations and is considered to be less risky than ZMU.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZQB.TO | ZMU.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 1.50% | -0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 1.80% | 3.52% | -1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.24% | 4.75% | -2.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.50% | 6.90% | -3.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.17% | 7.88% | -3.71% |
Dividends
ZQB.TO vs. ZMU.TO - Dividend Comparison
ZQB.TO's dividend yield for the trailing twelve months is around 3.93%, less than ZMU.TO's 4.51% 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 | 4.51% | 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 | 3.93% | 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
ZQB.TO and ZMU.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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