ZST.TO vs. ZMMK.TO
ZST.TO (BMO Ultra Short-Term Bond ETF) and ZMMK.TO (BMO Money Market Fund ETF Series) are both exchange-traded funds - ZST.TO is a Canadian Government Bonds fund actively managed by BMO, while ZMMK.TO is a Money Market fund actively managed by BMO. Both are actively managed. Over the past 3 years, ZST.TO returned 3.84%/yr vs 3.85%/yr for ZMMK.TO. At a 0.11 correlation, their price movements are largely independent. ZST.TO charges 0.17%/yr vs 0.13%/yr for ZMMK.TO.
Performance
ZST.TO vs. ZMMK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZST.TO achieves a 1.08% return, which is significantly higher than ZMMK.TO's 0.95% return.
ZST.TO
- 1D
- 0.02%
- 1M
- 0.25%
- YTD
- 1.08%
- 6M
- 0.26%
- 1Y
- 1.68%
- 3Y*
- 3.84%
- 5Y*
- 2.95%
- 10Y*
- 2.34%
ZMMK.TO
- 1D
- -0.01%
- 1M
- 0.19%
- YTD
- 0.95%
- 6M
- 1.13%
- 1Y
- 2.48%
- 3Y*
- 3.85%
- 5Y*
- —
- 10Y*
- —
ZST.TO vs. ZMMK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZST.TO BMO Ultra Short-Term Bond ETF | 1.08% | 2.03% | 5.16% | 5.33% | 1.19% | 0.06% |
ZMMK.TO BMO Money Market Fund ETF Series | 0.95% | 2.77% | 4.94% | 4.86% | 1.99% | 0.04% |
Correlation
The correlation between ZST.TO and ZMMK.TO is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2021 | 0.11 |
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Return for Risk
ZST.TO vs. ZMMK.TO — Risk / Return Rank
ZST.TO
ZMMK.TO
ZST.TO vs. ZMMK.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 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.
| ZST.TO | ZMMK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.10 | ||
| Sortino ratioReturn per unit of downside risk | -22.28 | ||
| Omega ratioGain probability vs. loss probability | 1.83 | 5.45 | -3.62 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 82.88 | -81.21 |
| Martin ratioReturn relative to average drawdown | 4.51 | 377.25 | -372.75 |
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
| ZST.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.56 | 9.66 | -8.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 4.12 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 3.30 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.81 | 10.29 | -8.49 |
Drawdowns
ZST.TO vs. ZMMK.TO - Drawdown Comparison
The maximum ZST.TO drawdown since its inception was -1.06%, 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 ZST.TO and ZMMK.TO.
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Drawdown Indicators
| ZST.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.06% | -0.16% | -0.90% |
Max Drawdown (1Y)Largest decline over 1 year | -1.01% | -0.03% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -1.01% | -0.08% | -0.93% |
Max Drawdown (5Y)Largest decline over 5 years | -1.01% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -1.06% | — | — |
Current DrawdownCurrent decline from peak | -0.00% | -0.02% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -0.13% | -0.00% | -0.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.37% | 0.01% | +0.36% |
Volatility
ZST.TO vs. ZMMK.TO - Volatility Comparison
BMO Ultra Short-Term Bond ETF (ZST.TO) has a higher volatility of 0.08% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.06%. This indicates that ZST.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
| ZST.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.08% | 0.06% | +0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 1.05% | 0.18% | +0.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.08% | 0.26% | +0.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.72% | 0.34% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.71% | 0.34% | +0.37% |
ZST.TO vs. ZMMK.TO - Expense Ratio Comparison
ZST.TO has a 0.17% 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%.
Dividends
ZST.TO vs. ZMMK.TO - Dividend Comparison
ZST.TO's dividend yield for the trailing twelve months is around 2.55%, which matches 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% |
ZST.TO BMO Ultra Short-Term Bond ETF | 2.55% | 2.82% | 4.65% | 4.79% | 2.75% | 2.29% | 2.65% | 2.82% | 3.43% | 4.05% | 3.92% | 3.90% |
Frequently Asked Questions
ZST.TO and ZMMK.TO have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZMMK.TO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZMMK.TO is cheaper with a 0.13% expense ratio, compared with 0.17% for ZST.TO.
ZST.TO is categorized as Canadian Government Bonds, while ZMMK.TO is Money Market. Their fees differ too: 0.17% for ZST.TO and 0.13% for ZMMK.TO.
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