ZUCM.TO vs. CSAV.TO
ZUCM.TO (BMO USD Cash Management ETF) and CSAV.TO (CI High Interest Savings ETF) are both Money Market funds. Both are actively managed. Over the past year, ZUCM.TO returned 5.72% vs 2.27% for CSAV.TO. At a correlation of -0.05, they often move in opposite directions. ZUCM.TO charges 0.14%/yr vs 0.15%/yr for CSAV.TO.
Performance
ZUCM.TO vs. CSAV.TO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, ZUCM.TO achieves a 2.88% return, which is significantly higher than CSAV.TO's 0.86% return.
ZUCM.TO
- 1D
- 0.10%
- 1M
- 2.35%
- YTD
- 2.88%
- 6M
- 1.35%
- 1Y
- 5.72%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSAV.TO
- 1D
- 0.00%
- 1M
- 0.17%
- YTD
- 0.86%
- 6M
- 1.05%
- 1Y
- 2.27%
- 3Y*
- 3.61%
- 5Y*
- 3.10%
- 10Y*
- —
ZUCM.TO vs. CSAV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZUCM.TO BMO USD Cash Management ETF | 2.88% | -0.61% | 14.39% | -1.38% |
CSAV.TO CI High Interest Savings ETF | 0.86% | 2.55% | 4.43% | 1.26% |
Correlation
The correlation between ZUCM.TO and CSAV.TO is -0.07, 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 | -0.07 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023 | -0.05 |
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
ZUCM.TO vs. CSAV.TO — Risk / Return Rank
ZUCM.TO
CSAV.TO
ZUCM.TO vs. CSAV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO USD Cash Management ETF (ZUCM.TO) and CI High Interest Savings ETF (CSAV.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.
| ZUCM.TO | CSAV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.53 | ||
| Sortino ratioReturn per unit of downside risk | -24.88 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 5.78 | -4.55 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 114.05 | -112.49 |
| Martin ratioReturn relative to average drawdown | 4.15 | 411.31 | -407.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ZUCM.TO | CSAV.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 9.83 | -8.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 11.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.03 | 10.17 | -9.14 |
Drawdowns
ZUCM.TO vs. CSAV.TO - Drawdown Comparison
The maximum ZUCM.TO drawdown since its inception was -5.81%, which is greater than CSAV.TO's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for ZUCM.TO and CSAV.TO.
Loading charts...
Drawdown Indicators
| ZUCM.TO | CSAV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.81% | -0.03% | -5.78% |
Max Drawdown (1Y)Largest decline over 1 year | -3.69% | -0.02% | -3.67% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.03% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.03% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.72% | -0.00% | -1.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 0.01% | +1.37% |
Volatility
ZUCM.TO vs. CSAV.TO - Volatility Comparison
BMO USD Cash Management ETF (ZUCM.TO) has a higher volatility of 0.75% compared to CI High Interest Savings ETF (CSAV.TO) at 0.08%. This indicates that ZUCM.TO's price experiences larger fluctuations and is considered to be riskier than CSAV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| ZUCM.TO | CSAV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 0.08% | +0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 3.23% | 0.17% | +3.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.43% | 0.23% | +4.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.34% | 0.27% | +5.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.34% | 0.26% | +5.08% |
ZUCM.TO vs. CSAV.TO - Expense Ratio Comparison
ZUCM.TO has a 0.14% expense ratio, which is lower than CSAV.TO's 0.15% 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
ZUCM.TO vs. CSAV.TO - Dividend Comparison
ZUCM.TO's dividend yield for the trailing twelve months is around 3.81%, more than CSAV.TO's 2.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
CSAV.TO CI High Interest Savings ETF | 2.23% | 2.54% | 4.40% | 4.90% | 2.15% | 0.73% | 0.97% | 1.14% |
ZUCM.TO BMO USD Cash Management ETF | 3.81% | 4.19% | 4.88% | 1.40% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZUCM.TO and CSAV.TO have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZUCM.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZUCM.TO is cheaper with a 0.14% expense ratio, compared with 0.15% for CSAV.TO.
They also come from different issuers: BMO and CI Investments. Their fees differ too: 0.14% for ZUCM.TO and 0.15% for CSAV.TO.
Find the right allocation for ZUCM.TO and CSAV.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