ZUCM.TO vs. MNU-U.TO

Last updated Jun 5, 2026

ZUCM.TO (BMO USD Cash Management ETF) and MNU-U.TO (Purpose USD Cash Management ETF) are both exchange-traded funds - ZUCM.TO is a Money Market fund actively managed by BMO, while MNU-U.TO is a Ultrashort Bond fund actively managed by Purpose Investments. Both are actively managed. Over the past year, ZUCM.TO returned 5.72% vs 4.57% for MNU-U.TO. A 0.70 correlation means they provide meaningful diversification when combined. ZUCM.TO charges 0.14%/yr vs 0.20%/yr for MNU-U.TO.

Performance

ZUCM.TO vs. MNU-U.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO USD Cash Management ETF (ZUCM.TO) and Purpose USD Cash Management ETF (MNU-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

ZUCM.TO is traded in CAD, while MNU-U.TO is traded in USD. To make them comparable, the MNU-U.TO values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ZUCM.TO achieves a 2.88% return, which is significantly higher than MNU-U.TO's 2.53% return.

ZUCM.TO

• 1D: 0.10%
• 1M: 2.35%
• YTD: 2.88%
• 6M: 1.35%
• 1Y: 5.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MNU-U.TO

• 1D: 0.11%
• 1M: 2.35%
• YTD: 2.53%
• 6M: 0.93%
• 1Y: 4.57%
• 3Y*: 4.79%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ZUCM.TO vs. MNU-U.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZUCM.TO BMO USD Cash Management ETF	2.88%	-0.61%	14.39%	-1.38%
MNU-U.TO Purpose USD Cash Management ETF	2.53%	-1.74%	13.18%	-2.04%

Correlation

The correlation between ZUCM.TO and MNU-U.TO is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023	0.70

Over the past year, ZUCM.TO and MNU-U.TO have become more correlated (0.91) than their long-term average of 0.70, meaning their price movements have been converging.

Return for Risk

ZUCM.TO vs. MNU-U.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZUCM.TO

ZUCM.TO Risk / Return Rank: 34
ZUCM.TO Sharpe Ratio Rank: 37
ZUCM.TO Sortino Ratio Rank: 34
ZUCM.TO Omega Ratio Rank: 36
ZUCM.TO Calmar Ratio Rank: 33
ZUCM.TO Martin Ratio Rank: 29

MNU-U.TO

MNU-U.TO Risk / Return Rank: 99
MNU-U.TO Sharpe Ratio Rank: 99
MNU-U.TO Sortino Ratio Rank: 99
MNU-U.TO Omega Ratio Rank: 99
MNU-U.TO Calmar Ratio Rank: 98
MNU-U.TO Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZUCM.TO vs. MNU-U.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO USD Cash Management ETF (ZUCM.TO) and Purpose USD Cash Management ETF (MNU-U.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	MNU-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.00	+0.30
Sortino ratio: Return per unit of downside risk	1.79	1.40	+0.40
Omega ratio: Gain probability vs. loss probability	1.24	1.18	+0.05
Calmar ratio: Return relative to maximum drawdown	1.56	1.14	+0.42
Martin ratio: Return relative to average drawdown	4.15	2.98	+1.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZUCM.TO vs. MNU-U.TO - Sharpe Ratio Comparison

The current ZUCM.TO Sharpe Ratio is 1.30, which is comparable to the MNU-U.TO Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of ZUCM.TO and MNU-U.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ZUCM.TO	MNU-U.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.30	1.00	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.86	+0.17

Drawdowns

ZUCM.TO vs. MNU-U.TO - Drawdown Comparison

The maximum ZUCM.TO drawdown since its inception was -5.81%, which is greater than MNU-U.TO's maximum drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for ZUCM.TO and MNU-U.TO.

Drawdown Indicators

	ZUCM.TO	MNU-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-5.81%	-5.44%	-0.37%
Max Drawdown (1Y) Largest decline over 1 year	-3.69%	-4.02%	+0.33%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.44%	—
Current Drawdown Current decline from peak	0.00%	-0.47%	+0.47%
Average Drawdown Average peak-to-trough decline	-1.72%	-1.70%	-0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	1.54%	-0.16%

Volatility

ZUCM.TO vs. MNU-U.TO - Volatility Comparison

The current volatility for BMO USD Cash Management ETF (ZUCM.TO) is 0.75%, while Purpose USD Cash Management ETF (MNU-U.TO) has a volatility of 0.80%. This indicates that ZUCM.TO experiences smaller price fluctuations and is considered to be less risky than MNU-U.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZUCM.TO	MNU-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	0.80%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	3.23%	3.45%	-0.22%
Volatility (1Y) Calculated over the trailing 1-year period	4.43%	4.59%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.34%	5.27%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.34%	5.27%	+0.07%

ZUCM.TO vs. MNU-U.TO - Expense Ratio Comparison

ZUCM.TO has a 0.14% expense ratio, which is lower than MNU-U.TO's 0.20% 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. MNU-U.TO - Dividend Comparison

ZUCM.TO's dividend yield for the trailing twelve months is around 3.81%, more than MNU-U.TO's 2.79% yield.

Position	TTM	2025	2024	2023
MNU-U.TO Purpose USD Cash Management ETF	2.79%	2.98%	4.25%	2.69%
ZUCM.TO BMO USD Cash Management ETF	3.81%	4.19%	4.88%	1.40%

Frequently Asked Questions

Can I hold both ZUCM.TO and MNU-U.TO in my portfolio?

With a correlation of 0.91, ZUCM.TO and MNU-U.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, ZUCM.TO or MNU-U.TO?

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.

Which ETF is cheaper, ZUCM.TO or MNU-U.TO?

ZUCM.TO is cheaper with a 0.14% expense ratio, compared with 0.20% for MNU-U.TO.

What is the main difference between ZUCM.TO and MNU-U.TO?

ZUCM.TO is categorized as Money Market, while MNU-U.TO is Ultrashort Bond. They also come from different issuers: BMO and Purpose Investments. Their fees differ too: 0.14% for ZUCM.TO and 0.20% for MNU-U.TO.