ZUCM.TO vs. XEQT.TO
ZUCM.TO (BMO USD Cash Management ETF) and XEQT.TO (iShares Core Equity ETF Portfolio) are both exchange-traded funds - ZUCM.TO is a Money Market fund actively managed by BMO, while XEQT.TO is a Global Equities fund actively managed by iShares. Both are actively managed. Over the past year, ZUCM.TO returned 8.00% vs 28.80% for XEQT.TO. At a correlation of -0.07, they often move in opposite directions. ZUCM.TO charges 0.14%/yr vs 0.20%/yr for XEQT.TO.
Performance
ZUCM.TO vs. XEQT.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZUCM.TO achieves a 5.52% return, which is significantly lower than XEQT.TO's 12.77% return.
ZUCM.TO
- 1D
- 0.22%
- 1M
- 3.33%
- YTD
- 5.52%
- 6M
- 5.92%
- 1Y
- 8.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XEQT.TO
- 1D
- -0.13%
- 1M
- 0.27%
- YTD
- 12.77%
- 6M
- 12.14%
- 1Y
- 28.80%
- 3Y*
- 22.95%
- 5Y*
- 13.55%
- 10Y*
- —
ZUCM.TO vs. XEQT.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
ZUCM.TO BMO USD Cash Management ETF | 5.52% | -0.61% | 14.39% | -1.38% |
XEQT.TO iShares Core Equity ETF Portfolio | 12.77% | 20.57% | 24.38% | 8.41% |
Correlation
The correlation between ZUCM.TO and XEQT.TO is -0.06, 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 | -0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 2, 2023 | -0.07 |
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Return for Risk
ZUCM.TO vs. XEQT.TO — Risk / Return Rank
ZUCM.TO
XEQT.TO
ZUCM.TO vs. XEQT.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO USD Cash Management ETF (ZUCM.TO) and iShares Core Equity ETF Portfolio (XEQT.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 | XEQT.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.44 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.18 | 3.51 | -1.33 |
| Martin ratioReturn relative to average drawdown | 5.82 | 15.04 | -9.22 |
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Drawdowns
ZUCM.TO vs. XEQT.TO - Drawdown Comparison
The maximum ZUCM.TO drawdown since its inception was -5.81%, smaller than the maximum XEQT.TO drawdown of -29.74%. Use the drawdown chart below to compare losses from any high point for ZUCM.TO and XEQT.TO.
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Drawdown Indicators
| ZUCM.TO | XEQT.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.81% | -29.74% | +23.93% |
Max Drawdown (1Y)Largest decline over 1 year | -3.69% | -8.25% | +4.56% |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.08% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.55% | — |
Current DrawdownCurrent decline from peak | 0.00% | -1.32% | +1.32% |
Average DrawdownAverage peak-to-trough decline | -1.68% | -4.07% | +2.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 1.92% | -0.54% |
Volatility
ZUCM.TO vs. XEQT.TO - Volatility Comparison
The current volatility for BMO USD Cash Management ETF (ZUCM.TO) is 1.08%, while iShares Core Equity ETF Portfolio (XEQT.TO) has a volatility of 4.55%. This indicates that ZUCM.TO experiences smaller price fluctuations and is considered to be less risky than XEQT.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 | XEQT.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.08% | 4.55% | -3.47% |
Volatility (6M)Calculated over the trailing 6-month period | 3.15% | 10.11% | -6.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.41% | 12.22% | -7.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.32% | 13.24% | -7.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.32% | 15.56% | -10.24% |
ZUCM.TO vs. XEQT.TO - Expense Ratio Comparison
ZUCM.TO has a 0.14% expense ratio, which is lower than XEQT.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. XEQT.TO - Dividend Comparison
ZUCM.TO's dividend yield for the trailing twelve months is around 3.71%, more than XEQT.TO's 1.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
XEQT.TO iShares Core Equity ETF Portfolio | 1.48% | 1.66% | 2.03% | 2.09% | 2.14% | 1.66% | 1.69% | 1.21% |
ZUCM.TO BMO USD Cash Management ETF | 3.71% | 4.19% | 4.88% | 1.40% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ZUCM.TO and XEQT.TO have a correlation of -0.06, 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 0.20% for XEQT.TO.
ZUCM.TO is categorized as Money Market, while XEQT.TO is Global Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.14% for ZUCM.TO and 0.20% for XEQT.TO.
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