BMO USD Cash Management ETF (ZUCM.TO): Historical Returns

Simulation Settings

Category: Fixed Income

Period: August 1953 - October 2024 (~71 years)
Consolidated Returns as of 31 October 2024

Currency: CAD

1.00$
Initial Capital
November 1994
2.03$
Final Capital
October 2024
2.39%
Yearly Return
8.16
Std Deviation
-31.47%
Max Drawdown
159months
Recovery Period

1.00$
Initial Capital
August 1953
25.73$
Final Capital
October 2024
4.66%
Yearly Return
5.92
Std Deviation
-31.47%
Max Drawdown
159months
Recovery Period

The BMO USD Cash Management ETF (ZUCM.TO) ETF covers to the following investment themes:

Asset Class: Bond
Region: North America
Country: U.S.
Bond - Duration: Ultra Short-Term

As of October 2024, in the previous 30 Years, the BMO USD Cash Management ETF (ZUCM.TO) ETF obtained a 2.39% compound annual return, with a 8.16% standard deviation. It suffered a maximum drawdown of -31.47% that required 159 months to be recovered.

Disclaimer: The simulations on this website are provided in good faith but should NOT be taken as investment advice. We are not liable for any errors or actions based on this information. The authors of the website are not affiliated with the ETFs/Assets issuers. Content is for informational, educational, illustrative and entertainment purposes only.

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The BMO USD Cash Management ETF (ZUCM.TO) ETF is part of the following Lazy Portfolios:

Portfolio Name	Author	ZUCM.TO Weight▾	Currency
US Permanent Portfolio To CAD	Harry Browne	25.00%	CAD

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Investment Returns as of Oct 31, 2024

The BMO USD Cash Management ETF (ZUCM.TO) ETF guaranteed the following returns.

Returns are calculated in CAD, assuming:

no fees or capital gain taxes.
dividend reinvestment, when applicable.
the actual Canada Inflation rates.

BMO USD CASH MANAGEMENT ETF (ZUCM.TO) ETF

1 August 1953 - 31 October 2024 (~71 years)

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	Chg (%)		Return (%)	Return (%) as of Oct 31, 2024
	1 Day	*Time ET^()**	Nov 2024	YTD (10M)	1M	6M	1Y	5Y	10Y	30Y	MAX (~71Y)
Investment Return	n.a.		n.a.	10.00	3.26	4.58	5.69	3.39	3.70	2.39	4.66
Canada Inflation Adjusted Return				8.09	3.26	4.25	4.05	0.03	1.18	0.26	1.13
Returns over 1 year are annualized
(*) Eastern Time (ET - America/New York)
Canada Inflation is updated to Sep 2024. Pending updates, the monthly inflation is set at 0% for the subsequent periods. Inflation (annualized) is 1Y: 1.58% , 5Y: 3.35% , 10Y: 2.50% , 30Y: 2.13%

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Capital Growth as of Oct 31, 2024

An investment of 1$, from November 1994 to October 2024, would be worth 2.03$, with a total return of 103.12% (2.39% annualized).

The Inflation Adjusted Capital would be 1.08$, with a net total return of 8.05% (0.26% annualized).

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An investment of 1$, from August 1953 to October 2024, would be worth 25.73$, with a total return of 2472.52% (4.66% annualized).

The Inflation Adjusted Capital would be 2.22$, with a net total return of 121.96% (1.13% annualized).

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Investment Metrics as of Oct 31, 2024

Metrics of BMO USD Cash Management ETF (ZUCM.TO) ETF, updated as of 31 October 2024, provide a comprehensive overview of the portfolio's performance and risk characteristics.

These metrics include detailed data on returns, volatility, drawdowns and other key performance indicators. By examining them, you can gain insights into how the portfolio has performed over various time periods and understand its risk profile.

Metrics are calculated based on monthly returns, assuming:

no fees or capital gain taxes.
dividend reinvestment, when applicable.
the actual Canada Inflation rates.

BMO USD CASH MANAGEMENT ETF (ZUCM.TO) ETF

Advanced Metrics

1 August 1953 - 31 October 2024 (~71 years)

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	Metrics as of Oct 31, 2024
	YTD (10M)	1M	3M	6M	1Y	3Y	5Y	10Y	20Y	30Y	MAX (~71Y)
Investment Return (%)	10.00	3.26	2.18	4.58	5.69	7.67	3.39	3.70	2.16	2.39	4.66
Growth of 1$	1.10	1.03	1.02	1.05	1.06	1.25	1.18	1.44	1.53	2.03	25.73
Infl. Adjusted Return (%)	8.09	3.26	2.81	4.25	4.05	3.70	0.03	1.18	0.00	0.26	1.13
Canada Inflation (%)	1.77	0.00	-0.62	0.31	1.58	3.84	3.35	2.50	2.15	2.13	3.50
Pending updates, the monthly inflation of Oct 2024 and beyond is set at 0%. Returns / Inflation rates over 1 year are annualized.
DRAWDOWN Inflation Adjusted: Inflation Adjusted:				Current	1Y	3Y	5Y	10Y	20Y	30Y	MAX
Deepest Drawdown Depth (%)				0.00	-3.92	-3.92	-14.27	-14.27	-25.80	-31.47	-31.47
Start to Recovery (# months)					6	6	41	41	77	159	159
Start (yyyy mm)					2023 11	2023 11	2020 04	2020 04	2009 03	2002 10	2002 10
Start to Bottom (# months)					2	2	14	14	26	61	61
Bottom (yyyy mm)					2023 12	2023 12	2021 05	2021 05	2011 04	2007 10	2007 10
Bottom to End (# months)					4	4	27	27	51	98	98
End (yyyy mm)					2024 04	2024 04	2023 08	2023 08	2015 07	2015 12	2015 12
Longest Drawdown Depth (%)					same	same	same	same	same	same	same
Start to Recovery (# months)					same	same	same	same	same	same	same
Start (yyyy mm)					2023 11	2023 11	2020 04	2020 04	2009 03	2002 10	2002 10
Start to Bottom (# months)					2	2	14	14	26	61	61
Bottom (yyyy mm)					2023 12	2023 12	2021 05	2021 05	2011 04	2007 10	2007 10
Bottom to End (# months)					4	4	27	27	51	98	98
End (yyyy mm)					2024 04	2024 04	2023 08	2023 08	2015 07	2015 12	2015 12
Longest negative period (# months)					5	10	45	80	147	247	247
Start (yyyy mm)					2023 11	2022 10	2020 04	2015 10	2009 03	2001 11	2001 11
End (yyyy mm)					2024 03	2023 07	2023 12	2022 05	2021 05	2022 05	2022 05
Annualized Return (%)					-0.20	-1.53	-0.04	-0.04	-0.07	-0.01	-0.01
Deepest Drawdown Depth (%)				-26.64	-3.73	-6.01	-19.20	-20.70	-29.52	-42.39	-42.39
Start to Recovery (# months)				272*	8	10	55*	105*	188*	272*	272*
Start (yyyy mm)					2023 11	2021 12	2020 04	2016 02	2009 03	2002 03	2002 03
Start to Bottom (# months)					2	6	26	76	26	110	110
Bottom (yyyy mm)					2023 12	2022 05	2022 05	2022 05	2011 04	2011 04	2011 04
Bottom to End (# months)					6	4	29	29	162	162	162
End (yyyy mm)					2024 06	2022 09	-	-	-	-	-
Longest Drawdown Depth (%)					same	-4.65	same	same	same	same	same
Start to Recovery (# months)					same	13	same	same	same	same	same
Start (yyyy mm)					2023 11	2022 10	2020 04	2016 02	2009 03	2002 03	2002 03
Start to Bottom (# months)					2	10	26	76	26	110	110
Bottom (yyyy mm)					2023 12	2023 07	2022 05	2022 05	2011 04	2011 04	2011 04
Bottom to End (# months)					6	3	29	29	162	162	162
End (yyyy mm)					2024 06	2023 10	-	-	-	-	-
Longest negative period (# months)					10	20	59	117*	239	356	357
Start (yyyy mm)					2023 11	2021 12	2019 11	2015 02	2004 11	1995 01	1994 04
End (yyyy mm)					2024 08	2023 07	2024 09	2024 10	2024 09	2024 08	2023 12
Annualized Return (%)					-0.53	-1.21	-0.62	-0.18	-0.16	-0.01	-0.01
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS					1Y	3Y	5Y	10Y	20Y	30Y	MAX
Standard Deviation (%)					5.46	6.37	6.66	7.71	9.00	8.16	5.92
Sharpe Ratio					0.07	0.65	0.17	0.28	0.08	0.01	0.08
Sortino Ratio					0.09	0.96	0.26	0.42	0.11	0.02	0.12
Ulcer Index					1.46	1.30	6.46	5.85	11.27	13.99	9.11
Ratio: Return / Standard Deviation					1.04	1.20	0.51	0.48	0.24	0.29	0.79
Ratio: Return / Deepest Drawdown					1.45	1.96	0.24	0.26	0.08	0.08	0.15
Positive Months (%)					75.00	63.88	55.00	59.16	52.50	54.44	65.84
Positive Months					9	23	33	71	126	196	563
Negative Months					3	13	27	49	114	164	292
LONG TERM RETURNS Inflation Adjusted: Inflation Adjusted:					1Y	3Y	5Y	10Y	20Y	30Y	MAX
Best 10 Years Return (%) - Annualized								3.70	3.99	3.99	13.07
Worst 10 Years Return (%) - Annualized								3.70	0.59	-3.09	-3.09
Best 10 Years Return (%) - Annualized								1.18	2.07	2.07	6.50
Worst 10 Years Return (%) - Annualized								1.18	-1.16	-5.04	-5.04
TIMEFRAMES Inflation Adjusted: Inflation Adjusted:		1M	3M	6M	1Y	3Y	5Y	10Y	20Y	30Y	MAX
··· As of Oct 2024 - Over the previous 30Y
Best Rolling Return (%) - Annualized					31.32	11.81	8.68	3.99	2.42	2.39
Worst Rolling Return (%) - Annualized					-19.43	-8.44	-6.97	-3.09	-0.13	2.39
Positive Periods (%)					64.4	63.6	65.1	69.2	95.0	100.0
Best Rolling Return (%) - Annualized					29.06	10.17	6.66	2.07	0.57	0.26
Worst Rolling Return (%) - Annualized					-20.55	-10.60	-8.77	-5.04	-2.15	0.26
Positive Periods (%)					54.1	47.0	37.5	49.3	23.1	100.0
95% VaR - Value at Risk (%) - Cumulative		3.65	6.03	8.14	10.71	18.74	19.76	24.62	0.06
95% CVaR - Conditional Value at Risk (%)		4.63	7.73	10.53	13.99	21.01	23.49	25.47	1.45
99% VaR - Value at Risk (%) - Cumulative		5.25	8.81	12.07	16.69	22.19	26.81	26.40	2.48
99% CVaR - Conditional Value at Risk (%)		6.27	10.58	14.57	18.34	22.77	29.29	26.92	2.48
Short term VaRs: analytical \| 1+ year VaRs: historical data
Safe Withdrawal Rate (%)					86.69	26.49	15.48	7.19	3.54	3.57
Perpetual Withdrawal Rate (%)					---	---	---	---	---	0.27
% based on initial capital, inflation-adj. monthly withdrawals afterwards \| Credits: BestRetirementPortfolio.com
··· All available data (Aug 1953 - Oct 2024)
Best Rolling Return (%) - Annualized					31.32	15.94	14.93	13.07	9.35	8.32
Worst Rolling Return (%) - Annualized					-19.43	-8.44	-6.97	-3.09	-0.13	2.20
Positive Periods (%)					80.5	85.4	86.8	89.9	99.0	100.0
Best Rolling Return (%) - Annualized					29.06	10.17	7.13	6.50	4.32	3.00
Worst Rolling Return (%) - Annualized					-20.55	-10.60	-8.77	-5.04	-2.15	0.07
Positive Periods (%)					63.0	62.6	62.3	71.8	81.8	100.0
95% VaR - Value at Risk (%) - Cumulative		2.42	3.68	4.51	7.06	10.38	12.03	11.23	0.00	0.00
95% CVaR - Conditional Value at Risk (%)		3.12	4.91	6.25	10.74	16.96	18.96	21.29	0.00	0.00
99% VaR - Value at Risk (%) - Cumulative		3.58	5.70	7.37	13.75	20.93	22.35	25.21	0.06	0.00
99% CVaR - Conditional Value at Risk (%)		4.32	6.98	9.18	16.14	21.98	25.94	25.90	1.45	0.00
Short term VaRs: analytical \| 1+ year VaRs: historical data
Safe Withdrawal Rate (%)					86.69	26.49	15.48	7.19	3.54	3.51
Perpetual Withdrawal Rate (%)					---	---	---	---	---	0.08
% based on initial capital, inflation-adj. monthly withdrawals afterwards \| Credits: BestRetirementPortfolio.com

Terms and Definitions

Annualized Portfolio Return: it's the annualized geometric mean return of the portfolio.
Deepest/Longest Drawdown: a drawdown refers to the decline in value from a relative peak value to a relative trough. The deepest (or maximum) drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained. The longest drawdown is the period observed from a peak to the subsequent peak with the greatest duration.
Longest negative period: it's the maximum period for which an overall negative return has been observed.
Standard Deviation: it's a measure of the dispersion of returns around the mean.
Sharpe Ratio: it's a measure of risk-adjusted performance of the portfolio. It's calculated by dividing the excess return of the portfolio over the risk-free rate by the portfolio standard deviation. The risk-free rate here considered is the 1-3 Mth T-Bill return.
Sortino Ratio: another measure of risk-adjusted performance of the portfolio. It's a modification of the Sharpe Ratio (same formula but the denominator is the portfolio downside standard deviation).
Ulcer Index: it's a measure of downside risk that quantifies the depth and duration of drawdowns in an investment portfolio.
Best/Worst 10Y returns: the best and the worst 10-year return over a time frame.
Rolling Returns: N-year returns over a time frame, calculated over all the available data source (best, worst, % of positive returns). Each rolling period, longer than the longest negative period, yielded a non-negative minimum return.
Value at Risk (VaR): it's an evaluation of a cumulative worst-case loss (in absolute value), associated with a probability (95%-99%) and a time horizon. For short term, it's calculated based on the expected return and standard deviation, assuming a normal distribution of monthly returns. For long term is retrieved by the historical rolling return data.
Conditional Value at Risk (CVaR): it represents the average expected loss if that worst-case threshold (95%-99%) is ever crossed.
Safe Withdrawal Rate (SWR): it's the percentage of the initial portfolio balance that can be withdrawn at the beginning of each month with inflation adjustment, without the portfolio running out of money in any case (money amount withdrawal).
For instance: Your initial invested capital is 100.000$; withdrawal rate (annualized) is 4%. This means that, in the first month, you will withdraw 100.000 * 4% * 1/12 = 333.33$. The second month, you’ll withdraw 333.33$ plus the inflation monthly rate. You’ll continue adjusting your withdraw monthly for inflation.
Perpetual Withdrawal Rate (PWR): it's the percentage of the initial portfolio balance that can be withdrawn at the beginning of each month with inflation adjustment, preserving the original invested capital, adjusted for inflation too.

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Correlations as of Oct 31, 2024

Correlation measures to what degree the returns of two assets move in relation to each other. It is a statistical measure that describes the extent to which the returns of one asset are related to the returns of another asset.

The following table shows the monthly correlations of BMO USD Cash Management ETF (ZUCM.TO) ETF vs the main Asset Classes, over different timeframes. Columns are sortable (click on table header to sort).

BMO USD CASH MANAGEMENT ETF (ZUCM.TO) ETF

Monthly correlations as of 31 October 2024

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		Correlation vs ZUCM.TO
	Asset Class	1 Year	5 Years	10 Years	30 Years
VUN.TO		-0.08	-0.47	-0.12	-0.07

Terms and Definitions

Correlation values range between -1 and +1

A correlation of +1 indicates that the returns of the two assets move in perfect synchrony; when one asset's returns go up, the other asset's returns also go up by the same percentage, and vice versa. This perfect positive correlation implies that the assets perform similarly in different market conditions.
A correlation of -1 indicates a perfect inverse relationship between the returns of the two assets. When one asset's returns go up, the other asset's returns go down by the same percentage. This perfect negative correlation suggests that the assets move in opposite directions, providing a diversification benefit by reducing overall portfolio risk.
A correlation of 0 means that there is no linear relationship between the returns of the two assets. The returns of one asset do not predict the returns of the other.

Learn about historical correlations here: see how the main asset classes relate to each other.

Drawdowns

A drawdown refers to the decline in value from a relative peak value to a relative trough. A maximum drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained.

BMO USD CASH MANAGEMENT ETF (ZUCM.TO) ETF

Drawdown periods

Drawdown periods - Inflation Adjusted

1 November 1994 - 31 October 2024 (30 Years)

1 August 1953 - 31 October 2024 (~71 years)

Inflation Adjusted:

Chart Table Range

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Rolling Returns

For a detailed rolling return analysis, click here
BMO USD Cash Management ETF (ZUCM.TO) ETF: Rolling Returns

A rolling return is a measure of investment performance that calculates the return of an investment over a set period of time, with the starting date rolling forward. This approach can provide a more accurate representation of the investment's historical performance and helps investors to evaluate the investment's consistency over time.

BMO USD CASH MANAGEMENT ETF (ZUCM.TO) ETF

Annualized Rolling Returns

Annualized Rolling Returns - Inflation Adjusted

1 November 1994 - 31 October 2024 (30 Years)

1 August 1953 - 31 October 2024 (~71 years)

Inflation Adjusted:

Return Chart Capital Chart Table

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The values shown for the rolling periods represent key statistical points: the minimum, maximum, median, and the 15th and 85th percentiles. These percentiles give insight into the distribution of the data, indicating the range within which the central 70% of the values lie, while the median represents the middle value.

Seasonality

In which months is it better to invest in BMO USD Cash Management ETF (ZUCM.TO) ETF?

Both the Average Return and the Gain Frequency (Win %) are useful to get an idea of what happened in the past. They are retrieved considering the time period from August 1953 to October 2024.

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For further information about the seasonality, check the Asset Class Seasonality page.

Monthly Returns

This section provides a visual/tabular representation of the performance variability in the BMO USD Cash Management ETF (ZUCM.TO) ETF over time. It illustrates the distribution of monthly returns, showcasing the range and frequency of positive and negative returns.

BMO USD CASH MANAGEMENT ETF (ZUCM.TO) ETF

Monthly Returns Distribution

1 November 1994 - 31 October 2024 (30 Years)

1 August 1953 - 31 October 2024 (~71 years)

196 Positive Months (54%) - 164 Negative Months (46%)

563 Positive Months (66%) - 292 Negative Months (34%)

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Methodology

Returns, up to October 2023, have been derived using the historical series of equivalent ETFs / Assets.
You can find additional information on extended Data Sources here.

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Table of contents

Investment Returns as of Oct 31, 2024

Capital Growth as of Oct 31, 2024

Investment Metrics as of Oct 31, 2024

Correlations as of Oct 31, 2024

Drawdowns

Rolling Returns

Seasonality

Monthly Returns