ZUCM.TO vs. HSAV.TO
ZUCM.TO (BMO USD Cash Management ETF) and HSAV.TO (Global X Cash Maximizer Corporate Class ETF) are both Money Market funds. Both are actively managed. Over the past year, ZUCM.TO returned 8.00% vs 2.44% for HSAV.TO. At a correlation of -0.02, they often move in opposite directions. ZUCM.TO charges 0.14%/yr vs 0.18%/yr for HSAV.TO.
Performance
ZUCM.TO vs. HSAV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZUCM.TO achieves a 5.52% return, which is significantly higher than HSAV.TO's 0.94% return.
ZUCM.TO
- 1D
- 0.22%
- 1M
- 3.33%
- YTD
- 5.52%
- 6M
- 5.92%
- 1Y
- 8.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HSAV.TO
- 1D
- 0.04%
- 1M
- 0.02%
- YTD
- 0.94%
- 6M
- 1.02%
- 1Y
- 2.44%
- 3Y*
- 3.46%
- 5Y*
- 3.18%
- 10Y*
- —
ZUCM.TO vs. HSAV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZUCM.TO BMO USD Cash Management ETF | 5.52% | -0.61% | 14.39% | -1.38% |
HSAV.TO Global X Cash Maximizer Corporate Class ETF | 0.94% | 2.58% | 4.24% | 0.50% |
Correlation
The correlation between ZUCM.TO and HSAV.TO is 0.05, 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 | 0.05 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023 | -0.02 |
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Return for Risk
ZUCM.TO vs. HSAV.TO — Risk / Return Rank
ZUCM.TO
HSAV.TO
ZUCM.TO vs. HSAV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO USD Cash Management ETF (ZUCM.TO) and Global X Cash Maximizer Corporate Class ETF (HSAV.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.
| ZUCM.TO | HSAV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.33 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 4.14 | -1.96 |
| Martin ratioReturn relative to average drawdown | 5.82 | 10.94 | -5.12 |
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Drawdowns
ZUCM.TO vs. HSAV.TO - Drawdown Comparison
The maximum ZUCM.TO drawdown since its inception was -5.81%, which is greater than HSAV.TO's maximum drawdown of -2.18%. Use the drawdown chart below to compare losses from any high point for ZUCM.TO and HSAV.TO.
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Drawdown Indicators
| ZUCM.TO | HSAV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.81% | -2.18% | -3.63% |
Max Drawdown (1Y)Largest decline over 1 year | -3.69% | -0.59% | -3.10% |
Max Drawdown (3Y)Largest decline over 3 years | — | -1.06% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -2.18% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.28% | +0.28% |
Average DrawdownAverage peak-to-trough decline | -1.68% | -0.19% | -1.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 0.22% | +1.16% |
Volatility
ZUCM.TO vs. HSAV.TO - Volatility Comparison
BMO USD Cash Management ETF (ZUCM.TO) has a higher volatility of 1.08% compared to Global X Cash Maximizer Corporate Class ETF (HSAV.TO) at 0.35%. This indicates that ZUCM.TO's price experiences larger fluctuations and is considered to be riskier than HSAV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZUCM.TO | HSAV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 0.35% | +0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 3.15% | 1.02% | +2.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.41% | 1.39% | +3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.32% | 1.77% | +3.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.32% | 1.57% | +3.75% |
ZUCM.TO vs. HSAV.TO - Expense Ratio Comparison
ZUCM.TO has a 0.14% expense ratio, which is lower than HSAV.TO's 0.18% 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. HSAV.TO - Dividend Comparison
ZUCM.TO's dividend yield for the trailing twelve months is around 3.71%, while HSAV.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
HSAV.TO Global X Cash Maximizer Corporate Class ETF | 0.00% | 0.00% | 0.00% | 0.00% |
ZUCM.TO BMO USD Cash Management ETF | 3.71% | 4.19% | 4.88% | 1.40% |
Frequently Asked Questions
ZUCM.TO and HSAV.TO have a correlation of 0.05, 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 0.18% for HSAV.TO.
They also come from different issuers: BMO and Global X. Their fees differ too: 0.14% for ZUCM.TO and 0.18% for HSAV.TO.
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