ZSP.TO vs. ZMMK.TO
ZSP.TO (BMO S&P 500 Index ETF) and ZMMK.TO (BMO Money Market Fund ETF Series) are both exchange-traded funds - ZSP.TO is a S&P 500 fund tracking the S&P 500 Index, while ZMMK.TO is a Money Market fund actively managed by BMO. ZSP.TO is passively managed, while ZMMK.TO is actively managed. Over the past 3 years, ZSP.TO returned 23.44%/yr vs 3.85%/yr for ZMMK.TO. At a 0.03 correlation, their price movements are largely independent. ZSP.TO charges 0.09%/yr vs 0.13%/yr for ZMMK.TO.
Performance
ZSP.TO vs. ZMMK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZSP.TO achieves a 12.15% return, which is significantly higher than ZMMK.TO's 0.95% return.
ZSP.TO
- 1D
- -0.29%
- 1M
- 7.18%
- YTD
- 12.15%
- 6M
- 10.04%
- 1Y
- 28.96%
- 3Y*
- 23.44%
- 5Y*
- 16.74%
- 10Y*
- 15.98%
ZMMK.TO
- 1D
- -0.01%
- 1M
- 0.19%
- YTD
- 0.95%
- 6M
- 1.13%
- 1Y
- 2.48%
- 3Y*
- 3.85%
- 5Y*
- —
- 10Y*
- —
ZSP.TO vs. ZMMK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZSP.TO BMO S&P 500 Index ETF | 12.15% | 12.02% | 35.07% | 23.30% | -12.68% | 2.84% |
ZMMK.TO BMO Money Market Fund ETF Series | 0.95% | 2.77% | 4.94% | 4.86% | 1.99% | 0.04% |
Correlation
The correlation between ZSP.TO and ZMMK.TO is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2021 | 0.03 |
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Return for Risk
ZSP.TO vs. ZMMK.TO — Risk / Return Rank
ZSP.TO
ZMMK.TO
ZSP.TO vs. ZMMK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO S&P 500 Index ETF (ZSP.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.
| ZSP.TO | ZMMK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -7.14 | ||
| Sortino ratioReturn per unit of downside risk | -20.47 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 5.45 | -3.98 |
| Calmar ratioReturn relative to maximum drawdown | 3.38 | 82.88 | -79.51 |
| Martin ratioReturn relative to average drawdown | 12.70 | 377.25 | -364.56 |
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
| ZSP.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.53 | 9.66 | -7.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.13 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.98 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.15 | 10.29 | -9.14 |
Drawdowns
ZSP.TO vs. ZMMK.TO - Drawdown Comparison
The maximum ZSP.TO drawdown since its inception was -26.94%, 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 ZSP.TO and ZMMK.TO.
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Drawdown Indicators
| ZSP.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.94% | -0.16% | -26.78% |
Max Drawdown (1Y)Largest decline over 1 year | -8.61% | -0.03% | -8.58% |
Max Drawdown (3Y)Largest decline over 3 years | -18.95% | -0.08% | -18.87% |
Max Drawdown (5Y)Largest decline over 5 years | -22.25% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -26.94% | — | — |
Current DrawdownCurrent decline from peak | -0.29% | -0.02% | -0.27% |
Average DrawdownAverage peak-to-trough decline | -3.34% | -0.00% | -3.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 0.01% | +2.28% |
Volatility
ZSP.TO vs. ZMMK.TO - Volatility Comparison
BMO S&P 500 Index ETF (ZSP.TO) has a higher volatility of 3.14% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.06%. This indicates that ZSP.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
| ZSP.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.14% | 0.06% | +3.08% |
Volatility (6M)Calculated over the trailing 6-month period | 8.65% | 0.18% | +8.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.53% | 0.26% | +11.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.97% | 0.34% | +14.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.36% | 0.34% | +16.02% |
ZSP.TO vs. ZMMK.TO - Expense Ratio Comparison
ZSP.TO has a 0.09% expense ratio, which is lower than ZMMK.TO's 0.13% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ZSP.TO vs. ZMMK.TO - Dividend Comparison
ZSP.TO's dividend yield for the trailing twelve months is around 0.75%, less than ZMMK.TO's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZMMK.TO BMO Money Market Fund ETF Series | 2.53% | 3.02% | 4.66% | 4.98% | 1.95% | 0.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZSP.TO BMO S&P 500 Index ETF | 0.75% | 0.82% | 0.94% | 1.33% | 1.44% | 1.15% | 1.44% | 1.47% | 1.63% | 1.63% | 2.20% | 1.53% |
Frequently Asked Questions
ZSP.TO and ZMMK.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.13% for ZMMK.TO.
ZSP.TO is categorized as S&P 500, while ZMMK.TO is Money Market. Their fees differ too: 0.09% for ZSP.TO and 0.13% for ZMMK.TO.
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