ZUCM.TO vs. TBIL.TO
ZUCM.TO (BMO USD Cash Management ETF) and TBIL.TO (Harvest Canadian T-Bill ETF) are both Money Market funds. Both are actively managed. Over the past year, ZUCM.TO returned 5.27% vs 2.28% for TBIL.TO. At a correlation of -0.02, they often move in opposite directions. ZUCM.TO charges 0.14%/yr vs 0.00%/yr for TBIL.TO.
Performance
ZUCM.TO vs. TBIL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZUCM.TO achieves a 2.78% return, which is significantly higher than TBIL.TO's 0.83% return.
ZUCM.TO
- 1D
- 0.39%
- 1M
- 2.35%
- YTD
- 2.78%
- 6M
- 1.28%
- 1Y
- 5.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TBIL.TO
- 1D
- 0.00%
- 1M
- 0.16%
- YTD
- 0.83%
- 6M
- 1.04%
- 1Y
- 2.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZUCM.TO vs. TBIL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZUCM.TO BMO USD Cash Management ETF | 2.78% | -0.61% | 11.76% |
TBIL.TO Harvest Canadian T-Bill ETF | 0.83% | 2.60% | 9.21% |
Correlation
The correlation between ZUCM.TO and TBIL.TO is -0.09, 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 | -0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024 | -0.02 |
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Return for Risk
ZUCM.TO vs. TBIL.TO — Risk / Return Rank
ZUCM.TO
TBIL.TO
ZUCM.TO vs. TBIL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO USD Cash Management ETF (ZUCM.TO) and Harvest Canadian T-Bill ETF (TBIL.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 | TBIL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.81 | ||
| Sortino ratioReturn per unit of downside risk | -17.61 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 4.08 | -2.86 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 57.46 | -56.03 |
| Martin ratioReturn relative to average drawdown | 3.82 | 258.77 | -254.95 |
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 | TBIL.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.19 | 8.01 | -6.81 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.03 | 5.26 | -4.23 |
Drawdowns
ZUCM.TO vs. TBIL.TO - Drawdown Comparison
The maximum ZUCM.TO drawdown since its inception was -5.81%, which is greater than TBIL.TO's maximum drawdown of -0.38%. Use the drawdown chart below to compare losses from any high point for ZUCM.TO and TBIL.TO.
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Drawdown Indicators
| ZUCM.TO | TBIL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.81% | -0.38% | -5.43% |
Max Drawdown (1Y)Largest decline over 1 year | -3.69% | -0.04% | -3.65% |
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. TBIL.TO - Volatility Comparison
BMO USD Cash Management ETF (ZUCM.TO) has a higher volatility of 0.75% compared to Harvest Canadian T-Bill ETF (TBIL.TO) at 0.04%. This indicates that ZUCM.TO's price experiences larger fluctuations and is considered to be riskier than TBIL.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 | TBIL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 0.04% | +0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 3.23% | 0.18% | +3.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.43% | 0.29% | +4.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.34% | 1.08% | +4.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.34% | 1.08% | +4.26% |
ZUCM.TO vs. TBIL.TO - Expense Ratio Comparison
ZUCM.TO has a 0.14% expense ratio, which is higher than TBIL.TO's 0.00% 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
ZUCM.TO vs. TBIL.TO - Dividend Comparison
ZUCM.TO's dividend yield for the trailing twelve months is around 3.81%, more than TBIL.TO's 2.27% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
TBIL.TO Harvest Canadian T-Bill ETF | 2.27% | 2.57% | 8.81% | 0.00% |
ZUCM.TO BMO USD Cash Management ETF | 3.81% | 4.19% | 4.88% | 1.40% |
Frequently Asked Questions
ZUCM.TO and TBIL.TO have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TBIL.TO is cheaper at 0.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TBIL.TO is cheaper with a 0.00% expense ratio, compared with 0.14% for ZUCM.TO.
They also come from different issuers: BMO and Harvest. Their fees differ too: 0.14% for ZUCM.TO and 0.00% for TBIL.TO.
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