ZWC.TO vs. ZMMK.TO
ZWC.TO (BMO CA High Dividend Covered Call ETF) and ZMMK.TO (BMO Money Market Fund ETF Series) are both exchange-traded funds - ZWC.TO is a Derivative Income fund actively managed by BMO, while ZMMK.TO is a Money Market fund actively managed by BMO. Both are actively managed. Over the past 3 years, ZWC.TO returned 17.17%/yr vs 3.85%/yr for ZMMK.TO. At a 0.03 correlation, their price movements are largely independent. ZWC.TO charges 0.91%/yr vs 0.13%/yr for ZMMK.TO.
Performance
ZWC.TO vs. ZMMK.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWC.TO achieves a 11.12% return, which is significantly higher than ZMMK.TO's 0.95% return.
ZWC.TO
- 1D
- -0.27%
- 1M
- 2.71%
- YTD
- 11.12%
- 6M
- 12.78%
- 1Y
- 28.05%
- 3Y*
- 17.17%
- 5Y*
- 11.09%
- 10Y*
- —
ZMMK.TO
- 1D
- -0.01%
- 1M
- 0.19%
- YTD
- 0.95%
- 6M
- 1.13%
- 1Y
- 2.48%
- 3Y*
- 3.85%
- 5Y*
- —
- 10Y*
- —
ZWC.TO vs. ZMMK.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ZWC.TO BMO CA High Dividend Covered Call ETF | 11.12% | 22.79% | 12.00% | 7.54% | -3.54% | 3.42% |
ZMMK.TO BMO Money Market Fund ETF Series | 0.95% | 2.77% | 4.94% | 4.86% | 1.99% | 0.04% |
Correlation
The correlation between ZWC.TO and ZMMK.TO is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 3, 2021 | 0.03 |
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Return for Risk
ZWC.TO vs. ZMMK.TO — Risk / Return Rank
ZWC.TO
ZMMK.TO
ZWC.TO vs. ZMMK.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO CA High Dividend Covered Call ETF (ZWC.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.
| ZWC.TO | ZMMK.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.05 | ||
| Sortino ratioReturn per unit of downside risk | -18.82 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 5.45 | -3.76 |
| Calmar ratioReturn relative to maximum drawdown | 4.71 | 82.88 | -78.18 |
| Martin ratioReturn relative to average drawdown | 23.23 | 377.25 | -354.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZWC.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.61 | 9.66 | -6.05 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.10 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.56 | 10.29 | -9.74 |
Drawdowns
ZWC.TO vs. ZMMK.TO - Drawdown Comparison
The maximum ZWC.TO drawdown since its inception was -40.57%, 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 ZWC.TO and ZMMK.TO.
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Drawdown Indicators
| ZWC.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.57% | -0.16% | -40.41% |
Max Drawdown (1Y)Largest decline over 1 year | -5.99% | -0.03% | -5.96% |
Max Drawdown (3Y)Largest decline over 3 years | -9.09% | -0.08% | -9.01% |
Max Drawdown (5Y)Largest decline over 5 years | -16.43% | — | — |
Current DrawdownCurrent decline from peak | -0.97% | -0.02% | -0.95% |
Average DrawdownAverage peak-to-trough decline | -4.69% | -0.00% | -4.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 0.01% | +1.20% |
Volatility
ZWC.TO vs. ZMMK.TO - Volatility Comparison
BMO CA High Dividend Covered Call ETF (ZWC.TO) has a higher volatility of 2.40% compared to BMO Money Market Fund ETF Series (ZMMK.TO) at 0.06%. This indicates that ZWC.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
| ZWC.TO | ZMMK.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.40% | 0.06% | +2.34% |
Volatility (6M)Calculated over the trailing 6-month period | 6.77% | 0.18% | +6.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.80% | 0.26% | +7.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.13% | 0.34% | +9.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.94% | 0.34% | +14.60% |
ZWC.TO vs. ZMMK.TO - Expense Ratio Comparison
ZWC.TO has a 0.91% expense ratio, which is higher than ZMMK.TO's 0.13% expense ratio.
Dividends
ZWC.TO vs. ZMMK.TO - Dividend Comparison
ZWC.TO's dividend yield for the trailing twelve months is around 5.64%, more than ZMMK.TO's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ZMMK.TO BMO Money Market Fund ETF Series | 2.53% | 3.02% | 4.66% | 4.98% | 1.95% | 0.04% | 0.00% | 0.00% | 0.00% | 0.00% |
ZWC.TO BMO CA High Dividend Covered Call ETF | 5.64% | 5.92% | 6.73% | 7.62% | 7.01% | 6.60% | 8.15% | 6.92% | 7.11% | 5.46% |
Frequently Asked Questions
ZWC.TO and ZMMK.TO have a correlation of 0.09, 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 0.91% for ZWC.TO.
ZWC.TO is categorized as Derivative Income, while ZMMK.TO is Money Market. Their fees differ too: 0.91% for ZWC.TO and 0.13% for ZMMK.TO.
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