PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZUD.TO vs. ZMMK.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZUD.TO vs. ZMMK.TO

Last updated Jul 1, 2026
See Documentation

ZUD.TO (BMO US Dividend Hedged to CAD ETF) and ZMMK.TO (BMO Money Market Fund ETF Series) are both exchange-traded funds - ZUD.TO is a Dividend fund managed by BMO, while ZMMK.TO is a Money Market fund actively managed by BMO. Over the past 3 years, ZUD.TO returned 15.49%/yr vs 3.78%/yr for ZMMK.TO. At a 0.04 correlation, their price movements are largely independent. ZUD.TO charges 0.30%/yr vs 0.13%/yr for ZMMK.TO.

Performance

ZUD.TO vs. ZMMK.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO US Dividend Hedged to CAD ETF (ZUD.TO) and BMO Money Market Fund ETF Series (ZMMK.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ZUD.TO achieves a 14.29% return, which is significantly higher than ZMMK.TO's 1.17% return.

ZUD.TO

1D
0.18%
1M
-0.75%
YTD
14.29%
6M
13.68%
1Y
21.33%
3Y*
15.49%
5Y*
10.22%
10Y*
9.32%

ZMMK.TO

1D
0.02%
1M
0.22%
YTD
1.17%
6M
1.17%
1Y
2.50%
3Y*
3.78%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZUD.TO vs. ZMMK.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021
ZUD.TO
BMO US Dividend Hedged to CAD ETF		14.29%11.69%15.31%6.36%-7.23%8.21%
ZMMK.TO
BMO Money Market Fund ETF Series		1.17%2.77%4.94%4.86%1.99%0.04%

Correlation

The correlation between ZUD.TO and ZMMK.TO is 0.10, 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

0.10

Correlation (3Y)
Calculated over the trailing 3-year period

0.06

Correlation (All Time)
Calculated using the full available price history since Dec 2, 2021

0.04

Compare stocks, funds, or ETFs

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

BMO US Dividend Hedged to CAD ETF

BMO Money Market Fund ETF Series

Often compared with ZMMK.TO:
ZMMK.TO vs. CASH.TOZMMK.TO vs. CMR.TOZMMK.TO vs. CBIL.TOZMMK.TO vs. HSAV.TOZMMK.TO vs. ZAG.TOZMMK.TO vs. TCSH.TOZMMK.TO vs. PSA.TO

Return for Risk

ZUD.TO vs. ZMMK.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZUD.TO
ZUD.TO Risk / Return Rank: 7272
Overall Rank
ZUD.TO Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
ZUD.TO Sortino Ratio Rank: 6767
Sortino Ratio Rank
ZUD.TO Omega Ratio Rank: 6666
Omega Ratio Rank
ZUD.TO Calmar Ratio Rank: 8282
Calmar Ratio Rank
ZUD.TO Martin Ratio Rank: 7575
Martin Ratio Rank
ZMMK.TO
ZMMK.TO Risk / Return Rank: 9999
Overall Rank
ZMMK.TO Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
ZMMK.TO Sortino Ratio Rank: 9999
Sortino Ratio Rank
ZMMK.TO Omega Ratio Rank: 9999
Omega Ratio Rank
ZMMK.TO Calmar Ratio Rank: 100100
Calmar Ratio Rank
ZMMK.TO Martin Ratio Rank: 100100
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.

ZUD.TO vs. ZMMK.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO US Dividend Hedged to CAD ETF (ZUD.TO) and BMO Money Market Fund ETF Series (ZMMK.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.

ZUD.TOZMMK.TODifference
Sharpe ratioReturn per unit of total volatility
1.88
9.16

-7.28

Sortino ratioReturn per unit of downside risk
2.64
22.20

-19.55

Omega ratioGain probability vs. loss probability

1.34

5.25

-3.91

Calmar ratioReturn relative to maximum drawdown

3.78

62.69

-58.91

Martin ratioReturn relative to average drawdown

12.14

351.07

-338.93

ZUD.TO vs. ZMMK.TO - Sharpe Ratio Comparison

The current ZUD.TO Sharpe Ratio is 1.88, which is lower than the ZMMK.TO Sharpe Ratio of 9.16. The chart below compares the historical Sharpe Ratios of ZUD.TO and ZMMK.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.

Loading charts...

Drawdowns

ZUD.TO vs. ZMMK.TO - Drawdown Comparison

The maximum ZUD.TO drawdown since its inception was -40.60%, which is greater than ZMMK.TO's maximum drawdown of -0.16%. Use the drawdown chart below to compare losses from any high point for ZUD.TO and ZMMK.TO.

Loading charts...

Drawdown Indicators

ZUD.TOZMMK.TODifference

Max Drawdown

Largest peak-to-trough decline

-40.60%

-0.16%

-40.44%

Max Drawdown (1Y)

Largest decline over 1 year

-5.67%

-0.04%

-5.63%

Max Drawdown (3Y)

Largest decline over 3 years

-14.94%

-0.08%

-14.86%

Max Drawdown (5Y)

Largest decline over 5 years

-17.65%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-40.60%

—

—

Current Drawdown

Current decline from peak

-1.23%

0.00%

-1.23%

Average Drawdown

Average peak-to-trough decline

-4.08%

-0.00%

-4.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.76%

0.01%

+1.75%

Volatility

ZUD.TO vs. ZMMK.TO - Volatility Comparison

BMO US Dividend Hedged to CAD ETF (ZUD.TO) has a higher volatility of 3.42% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.07%. This indicates that ZUD.TO's price experiences larger fluctuations and is considered to be riskier than ZMMK.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

ZUD.TOZMMK.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.42%

0.07%

+3.35%

Volatility (6M)

Calculated over the trailing 6-month period

7.74%

0.19%

+7.55%

Volatility (1Y)

Calculated over the trailing 1-year period

11.46%

0.27%

+11.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.24%

0.34%

+14.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.99%

0.34%

+16.65%

ZUD.TO vs. ZMMK.TO - Expense Ratio Comparison

ZUD.TO has a 0.30% expense ratio, which is higher than ZMMK.TO's 0.13% expense ratio.

Dividends

ZUD.TO vs. ZMMK.TO - Dividend Comparison

ZUD.TO's dividend yield for the trailing twelve months is around 1.47%, less than ZMMK.TO's 2.49% yield.

PositionTTM20252024202320222021202020192018201720162015
ZMMK.TO
BMO Money Market Fund ETF Series		2.49%3.02%4.66%4.98%1.95%0.04%0.00%0.00%0.00%0.00%0.00%0.00%
ZUD.TO
BMO US Dividend Hedged to CAD ETF		1.47%1.68%2.17%2.54%2.77%2.50%3.76%3.13%3.11%2.69%2.61%2.97%

Frequently Asked Questions

ZUD.TO and ZMMK.TO have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZMMK.TO is cheaper at 0.13% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZMMK.TO is cheaper with a 0.13% expense ratio, compared with 0.30% for ZUD.TO.

ZUD.TO is categorized as Dividend, while ZMMK.TO is Money Market. Their fees differ too: 0.30% for ZUD.TO and 0.13% for ZMMK.TO.

Portfolio Optimizer

Find the right allocation for ZUD.TO and ZMMK.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer