ZST.TO vs. CMR.TO
ZST.TO (BMO Ultra Short-Term Bond ETF) and CMR.TO (iShares Premium Money Market ETF) are both exchange-traded funds - ZST.TO is a Ultrashort Bond fund actively managed by BMO, while CMR.TO is a Money Market fund actively managed by iShares. Both are actively managed. Over the past 10 years, ZST.TO returned 2.39%/yr vs 1.94%/yr for CMR.TO. Their 0.06 correlation means their historical movements had little consistent relationship. ZST.TO charges 0.17%/yr vs 0.13%/yr for CMR.TO.
Performance
ZST.TO vs. CMR.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZST.TO achieves a 1.53% return, which is significantly higher than CMR.TO's 1.36% return. Over the past 10 years, ZST.TO has outperformed CMR.TO with an annualized return of 2.39%, while CMR.TO has yielded a comparatively lower 1.94% annualized return.
ZST.TO
- 1D
- -0.02%
- 1M
- 0.19%
- 6M
- 1.28%
- YTD
- 1.53%
- 1Y
- 1.74%
- 3Y*
- 3.78%
- 5Y*
- 3.07%
- 10Y*
- 2.39%
- ALL TIME*
- 1.60%
CMR.TO
- 1D
- 0.02%
- 1M
- 0.19%
- 6M
- 1.14%
- YTD
- 1.36%
- 1Y
- 2.43%
- 3Y*
- 3.65%
- 5Y*
- 3.05%
- 10Y*
- 1.94%
- ALL TIME*
- 1.43%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| CA$5.47M | CA$4.90M | CA$5.14M | |
| CA$1.51M | CA$1.89M | CA$2.46M |
ZST.TO vs. CMR.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZST.TO BMO Ultra Short-Term Bond ETF | 1.53% | 2.06% | 5.21% | 5.38% | 1.22% | 0.24% | 1.77% | 2.39% | 1.99% | 1.47% |
CMR.TO iShares Premium Money Market ETF | 1.36% | 2.78% | 4.70% | 4.70% | 1.72% | 0.01% | 0.47% | 1.63% | 1.29% | 0.63% |
Correlation
The correlation between ZST.TO and CMR.TO is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.01 |
Correlation (3Y) Balances recent behavior with more history. | 0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.09 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 3, 2011 | 0.06 |
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Return for Risk
ZST.TO vs. CMR.TO — Risk / Return Rank
ZST.TO
CMR.TO
ZST.TO vs. CMR.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Ultra Short-Term Bond ETF (ZST.TO) and iShares Premium Money Market ETF (CMR.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.
| ZST.TO | CMR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -10.42 | ||
| Sortino ratioReturn per unit of downside risk | -34.82 | ||
| Omega ratioGain probability vs. loss probability | 1.86 | 12.00 | -10.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 122.86 | -121.09 |
| Martin ratioReturn relative to average drawdown | 4.74 | 540.08 | -535.34 |
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Drawdowns
ZST.TO vs. CMR.TO - Drawdown Comparison
The maximum ZST.TO drawdown since its inception was -3.60%, which is greater than CMR.TO's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for ZST.TO and CMR.TO.
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Drawdown Indicators
| ZST.TO | CMR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.60% | -0.52% | -3.08% |
Max Drawdown (1Y)Largest decline over 1 year | -1.01% | -0.02% | -0.99% |
Max Drawdown (3Y)Largest decline over 3 years | -1.01% | -0.04% | -0.97% |
Max Drawdown (5Y)Largest decline over 5 years | -1.01% | -0.04% | -0.97% |
Max Drawdown (10Y)Largest decline over 10 years | -1.06% | -0.14% | -0.92% |
Current DrawdownCurrent decline from peak | -0.02% | 0.00% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -0.58% | -0.01% | -0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 0.00% | +0.37% |
Volatility
ZST.TO vs. CMR.TO - Volatility Comparison
BMO Ultra Short-Term Bond ETF (ZST.TO) has a higher volatility of 0.13% compared to iShares Premium Money Market ETF (CMR.TO) at 0.06%. This indicates that ZST.TO's price experiences larger fluctuations and is considered to be riskier than CMR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZST.TO | CMR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.13% | 0.06% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 0.26% | 0.15% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.08% | 0.20% | +0.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.72% | 0.27% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.70% | 0.27% | +0.43% |
ZST.TO vs. CMR.TO - Expense Ratio Comparison
ZST.TO has a 0.17% expense ratio, which is higher than CMR.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%.
Dividends
ZST.TO vs. CMR.TO - Dividend Comparison
ZST.TO's dividend yield for the trailing twelve months is around 2.52%, more than CMR.TO's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 2.42% | 2.81% | 4.56% | 4.64% | 1.63% | 0.01% | 0.47% | 1.60% | 1.33% | 0.61% | 0.43% | 0.48% |
ZST.TO BMO Ultra Short-Term Bond ETF | 2.52% | 2.85% | 4.70% | 4.84% | 2.78% | 2.31% | 2.68% | 2.84% | 3.47% | 4.09% | 3.96% | 3.94% |
Frequently Asked Questions
ZST.TO and CMR.TO have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMR.TO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMR.TO is cheaper with a 0.13% expense ratio, compared with 0.17% for ZST.TO.
ZST.TO is categorized as Ultrashort Bond, while CMR.TO is Money Market. They also come from different issuers: BMO and iShares. Their fees differ too: 0.17% for ZST.TO and 0.13% for CMR.TO.
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