ZWE.TO vs. CMR.TO
ZWE.TO (BMO Europe High Dividend Covered Call Hedged to CAD ETF) and CMR.TO (iShares Premium Money Market ETF) are both exchange-traded funds - ZWE.TO is a Foreign Large Cap Equities fund actively managed by BMO, while CMR.TO is a Money Market fund actively managed by iShares. Both are actively managed. Over the past 10 years, ZWE.TO returned 8.22%/yr vs 1.89%/yr for CMR.TO. At a 0.01 correlation, their price movements are largely independent. ZWE.TO charges 0.65%/yr vs 0.14%/yr for CMR.TO.
Performance
ZWE.TO vs. CMR.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZWE.TO achieves a 3.89% return, which is significantly higher than CMR.TO's 0.97% return. Over the past 10 years, ZWE.TO has outperformed CMR.TO with an annualized return of 8.22%, while CMR.TO has yielded a comparatively lower 1.89% annualized return.
ZWE.TO
- 1D
- -0.28%
- 1M
- 1.89%
- YTD
- 3.89%
- 6M
- 5.73%
- 1Y
- 12.64%
- 3Y*
- 10.05%
- 5Y*
- 9.16%
- 10Y*
- 8.22%
CMR.TO
- 1D
- 0.00%
- 1M
- 0.19%
- YTD
- 0.97%
- 6M
- 1.05%
- 1Y
- 2.37%
- 3Y*
- 3.73%
- 5Y*
- 2.94%
- 10Y*
- 1.89%
ZWE.TO vs. CMR.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZWE.TO BMO Europe High Dividend Covered Call Hedged to CAD ETF | 3.89% | 14.25% | 7.16% | 14.84% | 0.29% | 19.26% | -8.67% | 22.06% | -10.78% | 11.22% |
CMR.TO iShares Premium Money Market ETF | 0.97% | 2.68% | 4.70% | 4.70% | 1.71% | 0.00% | 0.47% | 1.63% | 1.29% | 0.63% |
Correlation
The correlation between ZWE.TO and CMR.TO is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.01 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2015 | 0.01 |
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Return for Risk
ZWE.TO vs. CMR.TO — Risk / Return Rank
ZWE.TO
CMR.TO
ZWE.TO vs. CMR.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO) and iShares Premium Money Market ETF (CMR.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.
| ZWE.TO | CMR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -9.45 | ||
| Sortino ratioReturn per unit of downside risk | -19.52 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 9.57 | -8.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 25.44 | -24.11 |
| Martin ratioReturn relative to average drawdown | 4.81 | 187.33 | -182.51 |
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
| ZWE.TO | CMR.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.15 | 10.61 | -9.45 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.73 | 10.67 | -9.94 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 7.02 | -6.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.49 | 3.84 | -3.35 |
Drawdowns
ZWE.TO vs. CMR.TO - Drawdown Comparison
The maximum ZWE.TO drawdown since its inception was -35.38%, which is greater than CMR.TO's maximum drawdown of -0.52%. Use the drawdown chart below to compare losses from any high point for ZWE.TO and CMR.TO.
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Drawdown Indicators
| ZWE.TO | CMR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.38% | -0.52% | -34.86% |
Max Drawdown (1Y)Largest decline over 1 year | -9.56% | -0.09% | -9.47% |
Max Drawdown (3Y)Largest decline over 3 years | -13.60% | -0.09% | -13.51% |
Max Drawdown (5Y)Largest decline over 5 years | -13.60% | -0.09% | -13.51% |
Max Drawdown (10Y)Largest decline over 10 years | -35.38% | -0.14% | -35.24% |
Current DrawdownCurrent decline from peak | -1.97% | -0.02% | -1.95% |
Average DrawdownAverage peak-to-trough decline | -4.14% | -0.01% | -4.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 0.01% | +2.62% |
Volatility
ZWE.TO vs. CMR.TO - Volatility Comparison
BMO Europe High Dividend Covered Call Hedged to CAD ETF (ZWE.TO) has a higher volatility of 2.98% compared to iShares Premium Money Market ETF (CMR.TO) at 0.05%. This indicates that ZWE.TO's price experiences larger fluctuations and is considered to be riskier than CMR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZWE.TO | CMR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.98% | 0.05% | +2.93% |
Volatility (6M)Calculated over the trailing 6-month period | 8.72% | 0.18% | +8.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.00% | 0.22% | +10.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.55% | 0.28% | +12.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.40% | 0.27% | +15.13% |
ZWE.TO vs. CMR.TO - Expense Ratio Comparison
ZWE.TO has a 0.65% expense ratio, which is higher than CMR.TO's 0.14% expense ratio.
Dividends
ZWE.TO vs. CMR.TO - Dividend Comparison
ZWE.TO's dividend yield for the trailing twelve months is around 6.74%, more than CMR.TO's 2.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CMR.TO iShares Premium Money Market ETF | 2.48% | 2.81% | 4.56% | 4.64% | 1.62% | 0.00% | 0.47% | 1.60% | 1.33% | 0.61% | 0.43% | 0.48% |
ZWE.TO BMO Europe High Dividend Covered Call Hedged to CAD ETF | 6.74% | 6.81% | 7.25% | 7.25% | 6.98% | 6.30% | 7.74% | 6.53% | 7.59% | 6.49% | 6.76% | 2.32% |
Frequently Asked Questions
ZWE.TO and CMR.TO have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CMR.TO is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CMR.TO is cheaper with a 0.14% expense ratio, compared with 0.65% for ZWE.TO.
ZWE.TO is categorized as Foreign Large Cap Equities, while CMR.TO is Money Market. They also come from different issuers: BMO and iShares. Their fees differ too: 0.65% for ZWE.TO and 0.14% for CMR.TO.
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