ZUP.TO vs. ZMMK.TO
ZUP.TO (BMO US Preferred Share Index ETF) and ZMMK.TO (BMO Money Market Fund ETF Series) are both exchange-traded funds - ZUP.TO is a Preferred Stock/Convertible Bonds fund managed by BMO, while ZMMK.TO is a Money Market fund actively managed by BMO. Over the past 3 years, ZUP.TO returned 8.55%/yr vs 3.78%/yr for ZMMK.TO. At a 0.05 correlation, their price movements are largely independent.
Performance
ZUP.TO vs. ZMMK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZUP.TO achieves a 3.54% return, which is significantly higher than ZMMK.TO's 1.17% return.
ZUP.TO
- 1D
- -0.61%
- 1M
- 0.99%
- YTD
- 3.54%
- 6M
- 3.28%
- 1Y
- 6.44%
- 3Y*
- 8.55%
- 5Y*
- 1.32%
- 10Y*
- —
ZMMK.TO
- 1D
- 0.02%
- 1M
- 0.22%
- YTD
- 1.17%
- 6M
- 1.17%
- 1Y
- 2.50%
- 3Y*
- 3.78%
- 5Y*
- —
- 10Y*
- —
ZUP.TO vs. ZMMK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZUP.TO BMO US Preferred Share Index ETF | 3.54% | -4.11% | 17.52% | 3.56% | -14.25% | 1.37% |
ZMMK.TO BMO Money Market Fund ETF Series | 1.17% | 2.77% | 4.94% | 4.86% | 1.99% | 0.04% |
Correlation
The correlation between ZUP.TO and ZMMK.TO is 0.03, 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 | 0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2021 | 0.05 |
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Return for Risk
ZUP.TO vs. ZMMK.TO — Risk / Return Rank
ZUP.TO
ZMMK.TO
ZUP.TO vs. ZMMK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO US Preferred Share Index ETF (ZUP.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.
| ZUP.TO | ZMMK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -8.40 | ||
| Sortino ratioReturn per unit of downside risk | -21.01 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 5.25 | -4.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.36 | 62.69 | -61.33 |
| Martin ratioReturn relative to average drawdown | 2.75 | 351.07 | -348.33 |
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Drawdowns
ZUP.TO vs. ZMMK.TO - Drawdown Comparison
The maximum ZUP.TO drawdown since its inception was -32.93%, 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 ZUP.TO and ZMMK.TO.
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Drawdown Indicators
| ZUP.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.93% | -0.16% | -32.77% |
Max Drawdown (1Y)Largest decline over 1 year | -4.76% | -0.04% | -4.72% |
Max Drawdown (3Y)Largest decline over 3 years | -12.88% | -0.08% | -12.80% |
Max Drawdown (5Y)Largest decline over 5 years | -25.34% | — | — |
Current DrawdownCurrent decline from peak | -4.13% | 0.00% | -4.13% |
Average DrawdownAverage peak-to-trough decline | -5.34% | -0.00% | -5.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.35% | 0.01% | +2.34% |
Volatility
ZUP.TO vs. ZMMK.TO - Volatility Comparison
BMO US Preferred Share Index ETF (ZUP.TO) has a higher volatility of 3.84% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.07%. This indicates that ZUP.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.
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Volatility by Period
| ZUP.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.84% | 0.07% | +3.77% |
Volatility (6M)Calculated over the trailing 6-month period | 6.29% | 0.19% | +6.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.46% | 0.27% | +8.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.81% | 0.34% | +11.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.41% | 0.34% | +14.07% |
Dividends
ZUP.TO vs. ZMMK.TO - Dividend Comparison
ZUP.TO's dividend yield for the trailing twelve months is around 6.13%, more than ZMMK.TO's 2.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
ZUP.TO BMO US Preferred Share Index ETF | 6.13% | 6.51% | 5.82% | 6.88% | 6.33% | 5.28% | 5.81% | 5.52% | 5.29% | 5.14% |
Frequently Asked Questions
ZUP.TO and ZMMK.TO have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZUP.TO is categorized as Preferred Stock/Convertible Bonds, while ZMMK.TO is Money Market.
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