ZSML.TO vs. ZMMK.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO S&P US Small Cap Index ETF (ZSML.TO) and BMO Money Market Fund ETF Series (ZMMK.TO).

ZSML.TO and ZMMK.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZSML.TO is a passively managed fund by BMO that tracks the performance of the S&P SmallCap 600® Index. It was launched on Jan 28, 2020. ZMMK.TO is an actively managed fund by BMO. It was launched on Nov 28, 2021.

Performance

ZSML.TO vs. ZMMK.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO S&P US Small Cap Index ETF (ZSML.TO) and BMO Money Market Fund ETF Series (ZMMK.TO). The values are adjusted to include any dividend payments, if applicable.

ZSML.TO vs. ZMMK.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ZSML.TO BMO S&P US Small Cap Index ETF	4.62%	0.20%	17.47%	12.67%	-11.12%	5.43%
ZMMK.TO BMO Money Market Fund ETF Series	0.57%	2.77%	4.94%	4.86%	1.99%	0.04%

Returns By Period

In the year-to-date period, ZSML.TO achieves a 4.62% return, which is significantly higher than ZMMK.TO's 0.57% return.

ZSML.TO

• 1D: 1.69%
• 1M: -2.28%
• YTD: 4.62%
• 6M: 4.77%
• 1Y: 15.31%
• 3Y*: 10.88%
• 5Y*: 5.80%
• 10Y*: —

ZMMK.TO

• 1D: 0.02%
• 1M: 0.20%
• YTD: 0.57%
• 6M: 1.20%
• 1Y: 2.62%
• 3Y*: 4.00%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZSML.TO vs. ZMMK.TO - Expense Ratio Comparison

ZSML.TO has a 0.22% expense ratio, which is higher than ZMMK.TO's 0.13% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

ZSML.TO

BMO S&P US Small Cap Index ETF

ZMMK.TO

BMO Money Market Fund ETF Series

Return for Risk

ZSML.TO vs. ZMMK.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZSML.TO

ZSML.TO Risk / Return Rank: 41
ZSML.TO Sharpe Ratio Rank: 35
ZSML.TO Sortino Ratio Rank: 39
ZSML.TO Omega Ratio Rank: 37
ZSML.TO Calmar Ratio Rank: 46
ZSML.TO Martin Ratio Rank: 46

ZMMK.TO

ZMMK.TO Risk / Return Rank: 100
ZMMK.TO Sharpe Ratio Rank: 100
ZMMK.TO Sortino Ratio Rank: 100
ZMMK.TO Omega Ratio Rank: 100
ZMMK.TO Calmar Ratio Rank: 100
ZMMK.TO Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZSML.TO vs. ZMMK.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 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.

	ZSML.TO	ZMMK.TO	Difference
Sharpe ratio Return per unit of total volatility	0.67	10.17	-9.51
Sortino ratio Return per unit of downside risk	1.10	25.94	-24.84
Omega ratio Gain probability vs. loss probability	1.15	6.05	-4.90
Calmar ratio Return relative to maximum drawdown	1.21	86.98	-85.77
Martin ratio Return relative to average drawdown	4.39	406.21	-401.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZSML.TO vs. ZMMK.TO - Sharpe Ratio Comparison

The current ZSML.TO Sharpe Ratio is 0.67, which is lower than the ZMMK.TO Sharpe Ratio of 10.17. The chart below compares the historical Sharpe Ratios of ZSML.TO and ZMMK.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZSML.TO	ZMMK.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	10.17	-9.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	10.37	-9.97

Correlation

The correlation between ZSML.TO and ZMMK.TO is 0.02, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ZSML.TO vs. ZMMK.TO - Dividend Comparison

ZSML.TO's dividend yield for the trailing twelve months is around 1.14%, less than ZMMK.TO's 2.68% yield.

	TTM	2025	2024	2023	2022	2021	2020
ZSML.TO BMO S&P US Small Cap Index ETF	1.14%	1.21%	1.22%	1.47%	1.72%	1.02%	1.29%
ZMMK.TO BMO Money Market Fund ETF Series	2.68%	3.02%	4.66%	4.98%	1.95%	0.04%	0.00%

Drawdowns

ZSML.TO vs. ZMMK.TO - Drawdown Comparison

The maximum ZSML.TO drawdown since its inception was -35.32%, 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 ZSML.TO and ZMMK.TO.

Drawdown Indicators

	ZSML.TO	ZMMK.TO	Difference
Max Drawdown Largest peak-to-trough decline	-35.32%	-0.16%	-35.16%
Max Drawdown (1Y) Largest decline over 1 year	-14.11%	-0.03%	-14.08%
Max Drawdown (5Y) Largest decline over 5 years	-26.87%	—	—
Current Drawdown Current decline from peak	-4.03%	0.00%	-4.03%
Average Drawdown Average peak-to-trough decline	-9.08%	0.00%	-9.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.95%	0.01%	+3.94%

Volatility

ZSML.TO vs. ZMMK.TO - Volatility Comparison

BMO S&P US Small Cap Index ETF (ZSML.TO) has a higher volatility of 6.04% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.08%. This indicates that ZSML.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.

Volatility by Period

	ZSML.TO	ZMMK.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	0.08%	+5.96%
Volatility (6M) Calculated over the trailing 6-month period	12.56%	0.20%	+12.36%
Volatility (1Y) Calculated over the trailing 1-year period	23.10%	0.26%	+22.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.50%	0.34%	+19.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.41%	0.34%	+22.07%