ZSML.TO vs. MUSC.TO
ZSML.TO (BMO S&P US Small Cap Index ETF) and MUSC.TO (Manulife Multifactor U.S. Small Cap Index ETF Hedged) are both Small Cap Blend Equities funds. ZSML.TO is passively managed, while MUSC.TO is actively managed. Over the past 5 years, ZSML.TO returned 9.88%/yr vs 6.18%/yr for MUSC.TO. At a 0.08 correlation, their price movements are largely independent.
Performance
ZSML.TO vs. MUSC.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZSML.TO achieves a 24.51% return, which is significantly higher than MUSC.TO's 13.47% return.
ZSML.TO
- 1D
- 0.18%
- 1M
- 2.17%
- 6M
- 16.36%
- YTD
- 24.51%
- 1Y
- 35.60%
- 3Y*
- 16.64%
- 5Y*
- 9.88%
- 10Y*
- —
MUSC.TO
- 1D
- 0.00%
- 1M
- 5.24%
- 6M
- 13.47%
- YTD
- 13.47%
- 1Y
- 22.18%
- 3Y*
- 11.17%
- 5Y*
- 6.18%
- 10Y*
- —
ZSML.TO vs. MUSC.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ZSML.TO BMO S&P US Small Cap Index ETF | 24.51% | 0.61% | 17.47% | 12.67% | -11.12% | 28.32% | 5.78% |
MUSC.TO Manulife Multifactor U.S. Small Cap Index ETF Hedged | 13.47% | -3.19% | 24.99% | 11.83% | -16.41% | 20.14% | 12.67% |
Correlation
The correlation between ZSML.TO and MUSC.TO is 0.02, 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 | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Feb 20, 2020 | 0.08 |
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
ZSML.TO vs. MUSC.TO — Risk / Return Rank
ZSML.TO
MUSC.TO
ZSML.TO vs. MUSC.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO S&P US Small Cap Index ETF (ZSML.TO) and Manulife Multifactor U.S. Small Cap Index ETF Hedged (MUSC.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.
| ZSML.TO | MUSC.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | -1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 2.73 | -1.35 |
| Calmar ratioReturn relative to maximum drawdown | 4.41 | 5.59 | -1.18 |
| Martin ratioReturn relative to average drawdown | 15.21 | 18.06 | -2.85 |
Loading charts...
Drawdowns
ZSML.TO vs. MUSC.TO - Drawdown Comparison
The maximum ZSML.TO drawdown since its inception was -35.32%, smaller than the maximum MUSC.TO drawdown of -37.77%. Use the drawdown chart below to compare losses from any high point for ZSML.TO and MUSC.TO.
Loading charts...
Drawdown Indicators
| ZSML.TO | MUSC.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.32% | -37.77% | +2.45% |
Max Drawdown (1Y)Largest decline over 1 year | -8.12% | -4.00% | -4.12% |
Max Drawdown (3Y)Largest decline over 3 years | -26.87% | -24.96% | -1.91% |
Max Drawdown (5Y)Largest decline over 5 years | -26.87% | -24.96% | -1.91% |
Current DrawdownCurrent decline from peak | -2.64% | 0.00% | -2.64% |
Average DrawdownAverage peak-to-trough decline | -8.70% | -7.95% | -0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 1.23% | +1.12% |
Volatility
ZSML.TO vs. MUSC.TO - Volatility Comparison
BMO S&P US Small Cap Index ETF (ZSML.TO) has a higher volatility of 4.29% compared to Manulife Multifactor U.S. Small Cap Index ETF Hedged (MUSC.TO) at 3.78%. This indicates that ZSML.TO's price experiences larger fluctuations and is considered to be riskier than MUSC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZSML.TO | MUSC.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.29% | 3.78% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 12.35% | 8.69% | +3.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.42% | 11.52% | +5.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.68% | 18.28% | +1.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.21% | 22.63% | -0.42% |
Dividends
ZSML.TO vs. MUSC.TO - Dividend Comparison
ZSML.TO's dividend yield for the trailing twelve months is around 0.97%, more than MUSC.TO's 0.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
MUSC.TO Manulife Multifactor U.S. Small Cap Index ETF Hedged | 0.78% | 0.99% | 0.93% | 1.38% | 2.54% | 1.16% | 0.77% | 1.07% | 0.98% | 0.07% |
ZSML.TO BMO S&P US Small Cap Index ETF | 0.97% | 1.21% | 1.22% | 1.47% | 1.72% | 1.02% | 1.29% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZSML.TO and MUSC.TO have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and Manulife.
Find the right allocation for ZSML.TO and MUSC.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