ZUCM.TO vs. MNY.TO
ZUCM.TO (BMO USD Cash Management ETF) and MNY.TO (Purpose Cash Management Fund) are both Money Market funds. Both are actively managed. Over the past year, ZUCM.TO returned 5.72% vs 2.59% for MNY.TO. At a correlation of -0.03, they often move in opposite directions. ZUCM.TO charges 0.14%/yr vs 0.22%/yr for MNY.TO.
Performance
ZUCM.TO vs. MNY.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZUCM.TO achieves a 2.88% return, which is significantly higher than MNY.TO's 0.96% return.
ZUCM.TO
- 1D
- 0.10%
- 1M
- 2.35%
- YTD
- 2.88%
- 6M
- 1.35%
- 1Y
- 5.72%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MNY.TO
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- 0.96%
- 6M
- 1.21%
- 1Y
- 2.59%
- 3Y*
- 3.91%
- 5Y*
- —
- 10Y*
- —
ZUCM.TO vs. MNY.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZUCM.TO BMO USD Cash Management ETF | 2.88% | -0.61% | 14.39% | -1.38% |
MNY.TO Purpose Cash Management Fund | 0.96% | 3.03% | 4.69% | 1.39% |
Correlation
The correlation between ZUCM.TO and MNY.TO is -0.01, 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 | -0.01 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023 | -0.03 |
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Return for Risk
ZUCM.TO vs. MNY.TO — Risk / Return Rank
ZUCM.TO
MNY.TO
ZUCM.TO vs. MNY.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 Cash Management Fund (MNY.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 | MNY.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -14.83 | ||
| Sortino ratioReturn per unit of downside risk | -50.62 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 22.36 | -21.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.56 | 65.14 | -63.59 |
| Martin ratioReturn relative to average drawdown | 4.15 | 607.07 | -602.92 |
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
| ZUCM.TO | MNY.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.30 | 16.13 | -14.83 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.03 | 11.02 | -9.98 |
Drawdowns
ZUCM.TO vs. MNY.TO - Drawdown Comparison
The maximum ZUCM.TO drawdown since its inception was -5.81%, which is greater than MNY.TO's maximum drawdown of -0.24%. Use the drawdown chart below to compare losses from any high point for ZUCM.TO and MNY.TO.
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Drawdown Indicators
| ZUCM.TO | MNY.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.81% | -0.24% | -5.57% |
Max Drawdown (1Y)Largest decline over 1 year | -3.69% | -0.04% | -3.65% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.10% | — |
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% | 0.00% | +1.38% |
Volatility
ZUCM.TO vs. MNY.TO - Volatility Comparison
BMO USD Cash Management ETF (ZUCM.TO) has a higher volatility of 0.75% compared to Purpose Cash Management Fund (MNY.TO) at 0.03%. This indicates that ZUCM.TO's price experiences larger fluctuations and is considered to be riskier than MNY.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 | MNY.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 0.03% | +0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 3.23% | 0.12% | +3.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.43% | 0.16% | +4.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.34% | 0.37% | +4.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.34% | 0.37% | +4.97% |
ZUCM.TO vs. MNY.TO - Expense Ratio Comparison
ZUCM.TO has a 0.14% expense ratio, which is lower than MNY.TO's 0.22% 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. MNY.TO - Dividend Comparison
ZUCM.TO's dividend yield for the trailing twelve months is around 3.81%, more than MNY.TO's 2.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
MNY.TO Purpose Cash Management Fund | 2.56% | 2.93% | 4.71% | 4.85% | 1.47% |
ZUCM.TO BMO USD Cash Management ETF | 3.81% | 4.19% | 4.88% | 1.40% | 0.00% |
Frequently Asked Questions
ZUCM.TO and MNY.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, 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 0.22% for MNY.TO.
They also come from different issuers: BMO and Purpose Investments. Their fees differ too: 0.14% for ZUCM.TO and 0.22% for MNY.TO.
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