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ZUCM.TO vs. ZQQ.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZUCM.TO vs. ZQQ.TO

Last updated Jun 5, 2026

ZUCM.TO (BMO USD Cash Management ETF) and ZQQ.TO (BMO NASDAQ 100 Equity (CAD Hedged)) are both exchange-traded funds - ZUCM.TO is a Money Market fund actively managed by BMO, while ZQQ.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index. ZUCM.TO is actively managed, while ZQQ.TO is passively managed. Over the past year, ZUCM.TO returned 5.72% vs 37.46% for ZQQ.TO. At a correlation of -0.17, they often move in opposite directions. ZUCM.TO charges 0.14%/yr vs 0.39%/yr for ZQQ.TO.

Performance

ZUCM.TO vs. ZQQ.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 BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZUCM.TO achieves a 2.88% return, which is significantly lower than ZQQ.TO's 19.23% return.

ZUCM.TO

1D
0.10%
1M
2.35%
YTD
2.88%
6M
1.35%
1Y
5.72%
3Y*
—
5Y*
—
10Y*
—

ZQQ.TO

1D
-0.49%
1M
8.68%
YTD
19.23%
6M
17.57%
1Y
37.46%
3Y*
26.20%
5Y*
16.01%
10Y*
19.97%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZUCM.TO vs. ZQQ.TO - Yearly Performance Comparison

2026 (YTD)202520242023
ZUCM.TO
BMO USD Cash Management ETF		2.88%-0.61%14.39%-1.38%
ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)		19.23%18.38%24.00%13.09%

Correlation

The correlation between ZUCM.TO and ZQQ.TO is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.26

Correlation (All Time)
Calculated using the full available price history since Oct 3, 2023

-0.17

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO USD Cash Management ETF

BMO NASDAQ 100 Equity (CAD Hedged)

Often compared with ZUCM.TO:
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Often compared with ZQQ.TO:
ZQQ.TO vs. ZNQ.TOZQQ.TO vs. XQQ.TOZQQ.TO vs. QQC.TOZQQ.TO vs. QQQZQQ.TO vs. VFV.TOZQQ.TO vs. TEC.TOZQQ.TO vs. ZSP.TO

Return for Risk

ZUCM.TO vs. ZQQ.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: 3434
Overall Rank
ZUCM.TO Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
ZUCM.TO Sortino Ratio Rank: 3434
Sortino Ratio Rank
ZUCM.TO Omega Ratio Rank: 3636
Omega Ratio Rank
ZUCM.TO Calmar Ratio Rank: 3333
Calmar Ratio Rank
ZUCM.TO Martin Ratio Rank: 2929
Martin Ratio Rank
ZQQ.TO
ZQQ.TO Risk / Return Rank: 6868
Overall Rank
ZQQ.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
ZQQ.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
ZQQ.TO Omega Ratio Rank: 7070
Omega Ratio Rank
ZQQ.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
ZQQ.TO Martin Ratio Rank: 6262
Martin Ratio Rank
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. ZQQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO USD Cash Management ETF (ZUCM.TO) and BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.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.TOZQQ.TODifference
Sharpe ratioReturn per unit of total volatility
1.30
2.39

-1.09

Sortino ratioReturn per unit of downside risk
1.79
3.17

-1.38

Omega ratioGain probability vs. loss probability

1.24

1.41

-0.18

Calmar ratioReturn relative to maximum drawdown

1.56

2.93

-1.37

Martin ratioReturn relative to average drawdown

4.15

10.93

-6.78

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZUCM.TO vs. ZQQ.TO - Sharpe Ratio Comparison

The current ZUCM.TO Sharpe Ratio is 1.30, which is lower than the ZQQ.TO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of ZUCM.TO and ZQQ.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.

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Sharpe Ratios by Period

ZUCM.TOZQQ.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.30

2.39

-1.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.71

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.90

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.03

0.91

+0.13

Drawdowns

ZUCM.TO vs. ZQQ.TO - Drawdown Comparison

The maximum ZUCM.TO drawdown since its inception was -5.81%, smaller than the maximum ZQQ.TO drawdown of -36.39%. Use the drawdown chart below to compare losses from any high point for ZUCM.TO and ZQQ.TO.

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Drawdown Indicators

ZUCM.TOZQQ.TODifference

Max Drawdown

Largest peak-to-trough decline

-5.81%

-36.39%

+30.58%

Max Drawdown (1Y)

Largest decline over 1 year

-3.69%

-12.86%

+9.17%

Max Drawdown (3Y)

Largest decline over 3 years

—

-22.79%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-36.39%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-36.39%

—

Current Drawdown

Current decline from peak

0.00%

-0.77%

+0.77%

Average Drawdown

Average peak-to-trough decline

-1.72%

-5.37%

+3.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.38%

3.44%

-2.06%

Volatility

ZUCM.TO vs. ZQQ.TO - Volatility Comparison

The current volatility for BMO USD Cash Management ETF (ZUCM.TO) is 0.75%, while BMO NASDAQ 100 Equity (CAD Hedged) (ZQQ.TO) has a volatility of 4.56%. This indicates that ZUCM.TO experiences smaller price fluctuations and is considered to be less risky than ZQQ.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.TOZQQ.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

0.75%

4.56%

-3.81%

Volatility (6M)

Calculated over the trailing 6-month period

3.23%

12.02%

-8.79%

Volatility (1Y)

Calculated over the trailing 1-year period

4.43%

15.73%

-11.30%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.34%

22.56%

-17.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.34%

22.41%

-17.07%

ZUCM.TO vs. ZQQ.TO - Expense Ratio Comparison

ZUCM.TO has a 0.14% expense ratio, which is lower than ZQQ.TO's 0.39% expense ratio.

Dividends

ZUCM.TO vs. ZQQ.TO - Dividend Comparison

ZUCM.TO's dividend yield for the trailing twelve months is around 3.81%, more than ZQQ.TO's 0.22% yield.

PositionTTM20252024202320222021202020192018201720162015
ZQQ.TO
BMO NASDAQ 100 Equity (CAD Hedged)		0.22%0.27%0.37%0.32%0.45%0.14%0.41%0.51%0.64%0.57%1.60%0.81%
ZUCM.TO
BMO USD Cash Management ETF		3.81%4.19%4.88%1.40%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ZUCM.TO and ZQQ.TO have a correlation of -0.26, 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 0.39% for ZQQ.TO.

ZUCM.TO is categorized as Money Market, while ZQQ.TO is Nasdaq-100. Their fees differ too: 0.14% for ZUCM.TO and 0.39% for ZQQ.TO.

Portfolio Optimizer

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