ZUCM.TO vs. UBIL-U.TO

Last updated Jun 25, 2026

ZUCM.TO (BMO USD Cash Management ETF) and UBIL-U.TO (Global X 0-3 Month U.S. T-Bill ETF USD) are both exchange-traded funds - ZUCM.TO is a Money Market fund actively managed by BMO, while UBIL-U.TO is a Ultrashort Bond fund actively managed by Global X. Both are actively managed. Over the past year, ZUCM.TO returned 8.00% vs 7.53% for UBIL-U.TO. At a 0.27 correlation, their price movements are largely independent. ZUCM.TO charges 0.14%/yr vs 0.12%/yr for UBIL-U.TO.

Performance

ZUCM.TO vs. UBIL-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 Global X 0-3 Month U.S. T-Bill ETF USD (UBIL-U.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

The year-to-date returns for both stocks are quite close, with ZUCM.TO having a 5.52% return and UBIL-U.TO slightly lower at 5.46%.

ZUCM.TO

• 1D: 0.22%
• 1M: 3.33%
• YTD: 5.52%
• 6M: 5.92%
• 1Y: 8.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

UBIL-U.TO

• 1D: 0.38%
• 1M: 3.25%
• YTD: 5.46%
• 6M: 5.65%
• 1Y: 7.53%
• 3Y*: 7.84%
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023
ZUCM.TO BMO USD Cash Management ETF	5.52%	-0.61%	14.39%	-1.38%
UBIL-U.TO Global X 0-3 Month U.S. T-Bill ETF USD	5.46%	-0.54%	14.42%	-0.16%

Correlation

The correlation between ZUCM.TO and UBIL-U.TO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023	0.27

The correlation between ZUCM.TO and UBIL-U.TO shifts across timeframes, from 0.14 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ZUCM.TO vs. UBIL-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: 57
ZUCM.TO Sharpe Ratio Rank: 64
ZUCM.TO Sortino Ratio Rank: 62
ZUCM.TO Omega Ratio Rank: 65
ZUCM.TO Calmar Ratio Rank: 50
ZUCM.TO Martin Ratio Rank: 41

UBIL-U.TO

UBIL-U.TO Risk / Return Rank: 100
UBIL-U.TO Sharpe Ratio Rank: 100
UBIL-U.TO Sortino Ratio Rank: 100
UBIL-U.TO Omega Ratio Rank: 99
UBIL-U.TO Calmar Ratio Rank: 100
UBIL-U.TO Martin Ratio Rank: 100

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. UBIL-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 Global X 0-3 Month U.S. T-Bill ETF USD (UBIL-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.

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	UBIL-U.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.83	1.73	+0.10
Sortino ratio: Return per unit of downside risk	2.52	2.43	+0.09
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	2.18	2.04	+0.13
Martin ratio: Return relative to average drawdown	5.82	5.56	+0.26

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

The current ZUCM.TO Sharpe Ratio is 1.83, which is comparable to the UBIL-U.TO Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of ZUCM.TO and UBIL-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.

Drawdowns

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

The maximum ZUCM.TO drawdown since its inception was -5.81%, smaller than the maximum UBIL-U.TO drawdown of -6.39%. Use the drawdown chart below to compare losses from any high point for ZUCM.TO and UBIL-U.TO.

Drawdown Indicators

	ZUCM.TO	UBIL-U.TO	Difference
Max Drawdown Largest peak-to-trough decline	-5.81%	-6.39%	+0.58%
Max Drawdown (1Y) Largest decline over 1 year	-3.69%	-3.70%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.39%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.68%	-1.83%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	1.36%	+0.02%

Volatility

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

BMO USD Cash Management ETF (ZUCM.TO) and Global X 0-3 Month U.S. T-Bill ETF USD (UBIL-U.TO) have volatilities of 1.08% and 1.06%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZUCM.TO	UBIL-U.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.08%	1.06%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	3.15%	3.28%	-0.13%
Volatility (1Y) Calculated over the trailing 1-year period	4.41%	4.37%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.32%	5.39%	-0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.32%	5.39%	-0.07%

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

ZUCM.TO has a 0.14% expense ratio, which is higher than UBIL-U.TO's 0.12% 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. UBIL-U.TO - Dividend Comparison

ZUCM.TO's dividend yield for the trailing twelve months is around 3.71%, less than UBIL-U.TO's 3.75% yield.

Position	TTM	2025	2024	2023
UBIL-U.TO Global X 0-3 Month U.S. T-Bill ETF USD	3.75%	4.15%	5.35%	4.96%
ZUCM.TO BMO USD Cash Management ETF	3.71%	4.19%	4.88%	1.40%

Frequently Asked Questions

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

ZUCM.TO and UBIL-U.TO have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, UBIL-U.TO is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

UBIL-U.TO is cheaper with a 0.12% expense ratio, compared with 0.14% for ZUCM.TO.

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

ZUCM.TO is categorized as Money Market, while UBIL-U.TO is Ultrashort Bond. They also come from different issuers: BMO and Global X. Their fees differ too: 0.14% for ZUCM.TO and 0.12% for UBIL-U.TO.