ZUCM.TO vs. UCSH-U.TO
ZUCM.TO (BMO USD Cash Management ETF) and UCSH-U.TO (Global X USD High Interest Savings ETF) are both Money Market funds. Both are actively managed. Over the past year, ZUCM.TO returned 6.29% vs 6.28% for UCSH-U.TO. At a 0.27 correlation, their price movements are largely independent.
Performance
ZUCM.TO vs. UCSH-U.TO - Performance Comparison
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Different Trading Currencies
ZUCM.TO is traded in CAD, while UCSH-U.TO is traded in USD. To make them comparable, the UCSH-U.TO values have been converted to CAD using the latest available exchange rates.
Returns By Period
The year-to-date returns for both investments are quite close, with ZUCM.TO having a 4.35% return and UCSH-U.TO slightly higher at 4.42%.
ZUCM.TO
- 1D
- -0.10%
- 1M
- 0.72%
- 6M
- 3.06%
- YTD
- 4.35%
- 1Y
- 6.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
UCSH-U.TO
- 1D
- -0.69%
- 1M
- 0.90%
- 6M
- 2.89%
- YTD
- 4.42%
- 1Y
- 6.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZUCM.TO vs. UCSH-U.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ZUCM.TO BMO USD Cash Management ETF | 4.35% | -0.61% | 11.80% |
UCSH-U.TO Global X USD High Interest Savings ETF | 4.42% | -0.59% | 11.69% |
Correlation
The correlation between ZUCM.TO and UCSH-U.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jan 24, 2024 | 0.27 |
The correlation between ZUCM.TO and UCSH-U.TO shifts across timeframes, from 0.15 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ZUCM.TO vs. UCSH-U.TO — Risk / Return Rank
ZUCM.TO
UCSH-U.TO
ZUCM.TO vs. UCSH-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 USD High Interest Savings ETF (UCSH-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 | UCSH-U.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.26 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 1.67 | +0.04 |
| Martin ratioReturn relative to average drawdown | 4.58 | 4.56 | +0.02 |
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Drawdowns
ZUCM.TO vs. UCSH-U.TO - Drawdown Comparison
The maximum ZUCM.TO drawdown since its inception was -5.81%, smaller than the maximum UCSH-U.TO drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for ZUCM.TO and UCSH-U.TO.
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Drawdown Indicators
| ZUCM.TO | UCSH-U.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.81% | -6.35% | +0.54% |
Max Drawdown (1Y)Largest decline over 1 year | -3.69% | -3.77% | +0.08% |
Current DrawdownCurrent decline from peak | -1.10% | -1.11% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -1.66% | -1.98% | +0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 1.38% | 0.00% |
Volatility
ZUCM.TO vs. UCSH-U.TO - Volatility Comparison
The current volatility for BMO USD Cash Management ETF (ZUCM.TO) is 1.23%, while Global X USD High Interest Savings ETF (UCSH-U.TO) has a volatility of 1.31%. This indicates that ZUCM.TO experiences smaller price fluctuations and is considered to be less risky than UCSH-U.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 | UCSH-U.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.23% | 1.31% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.12% | 3.30% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.27% | 4.38% | -0.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.28% | 5.33% | -0.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.28% | 5.33% | -0.05% |
Dividends
ZUCM.TO vs. UCSH-U.TO - Dividend Comparison
ZUCM.TO's dividend yield for the trailing twelve months is around 3.71%, more than UCSH-U.TO's 3.65% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
UCSH-U.TO Global X USD High Interest Savings ETF | 3.65% | 4.04% | 4.71% | 0.00% |
ZUCM.TO BMO USD Cash Management ETF | 3.71% | 4.19% | 4.88% | 1.40% |
Frequently Asked Questions
ZUCM.TO and UCSH-U.TO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: BMO and Global X.
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