CDN RIF - short - (no zmi & 50% zbal)

Asset Allocation

Position	Category/Sector	Target Weight
ZBAL.TO BMO Balanced ETF	Global Allocation	50%
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF	Canada Equities	14%
XCV.TO iShares Canadian Value Index ETF	Canada Equities	10%
ZST.TO BMO Ultra Short-Term Bond ETF	Canadian Government Bonds, Ultrashort Bond	6%
ZMMK.TO BMO Money Market Fund ETF Series	Money Market	5%
ZEB.TO BMO Equal Weight Banks Index ETF	Financials Equities	5%
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	Dividend	4%
ZCB.TO BMO Corporate Bond Index ETF	Corporate Bonds	3%
ZRE.TO BMO Equal Weight REITs Index ETF	REIT	2%
ZIN.TO BMO Equal Weight Industrials Index ETF	Industrials Equities	1%

Benchmark Against

Benchmark

S&P 500 Index

Rebalance

Portfolio Optimizer

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Performance

Performance Chart

The chart shows the growth of an initial investment of CA$10,000 in CDN RIF - short - (no zmi & 50% zbal), comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced Every 3 months.

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Returns By Period

Position	1D	1M	YTD	6M	1Y	3Y*	5Y*	10Y*
Benchmark S&P 500 Index	0.54%	2.13%	10.12%	8.99%	25.88%	21.58%	15.10%	14.49%
Portfolio CDN RIF - short - (no zmi & 50% zbal)	0.06%	2.10%	11.02%	10.90%	-16.89%	1.92%	—	—
Portfolio components:
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	0.31%	5.30%	21.54%	22.15%	47.47%	26.69%	17.54%	14.25%
XCV.TO iShares Canadian Value Index ETF	0.18%	5.14%	19.91%	19.01%	45.12%	27.78%	18.31%	13.52%
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF	0.05%	3.98%	22.47%	18.86%	38.50%	20.67%	14.49%	11.86%
ZBAL.TO BMO Balanced ETF	0.00%	0.89%	6.78%	7.25%	-60.63%	-20.69%	-13.02%	—
ZCB.TO BMO Corporate Bond Index ETF	-0.13%	0.55%	1.72%	2.29%	4.42%	5.94%	2.15%	—
ZEB.TO BMO Equal Weight Banks Index ETF	0.59%	5.70%	21.69%	24.57%	62.87%	33.95%	18.84%	16.09%
ZIN.TO BMO Equal Weight Industrials Index ETF	-3.11%	2.39%	20.55%	22.38%	40.96%	20.05%	13.19%	13.11%
ZMMK.TO BMO Money Market Fund ETF Series	0.00%	0.19%	0.99%	1.15%	2.48%	3.85%	—	—
ZRE.TO BMO Equal Weight REITs Index ETF	-0.42%	0.29%	10.13%	12.31%	11.54%	8.50%	3.17%	6.88%
ZST.TO BMO Ultra Short-Term Bond ETF	0.00%	0.21%	1.08%	0.29%	1.70%	3.86%	2.98%	2.37%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Monthly Returns

Based on dividend-adjusted daily data since Dec 3, 2021, CDN RIF - short - (no zmi & 50% zbal)'s average daily return is +0.01%, while the average monthly return is +0.25%. At this rate, an investment would double in approximately 23.1 years.

Historically, 62% of months were positive and 38% were negative. The best month was Nov 2023 with a return of +5.6%, while the worst month was Jul 2025 at -32.4%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 3 months.

On a daily basis, CDN RIF - short - (no zmi & 50% zbal) closed higher 56% of trading days. The best single day was Apr 9, 2025 with a return of +3.1%, while the worst single day was Jul 21, 2025 at -33.2%.

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Total
2026	1.55%	3.68%	-1.61%	4.13%	2.66%	0.25%							11.02%
2025	1.97%	0.02%	-0.93%	-1.16%	3.57%	2.08%	-32.38%	3.15%	3.95%	0.38%	1.82%	-0.52%	-22.17%
2024	0.15%	1.61%	2.86%	-1.90%	2.25%	0.00%	3.83%	1.05%	2.65%	0.22%	3.49%	-1.56%	15.47%
2023	5.39%	-1.49%	-0.17%	2.14%	-2.97%	1.94%	1.65%	-1.01%	-2.76%	-1.85%	5.61%	3.70%	10.12%
2022	-0.01%	-0.32%	1.07%	-3.22%	-0.01%	-6.42%	3.80%	-1.66%	-3.37%	3.37%	3.99%	-3.08%	-6.23%
2021												2.38%	2.38%

Benchmark Metrics

CDN RIF - short - (no zmi & 50% zbal) has an annualized alpha of -2.44%, beta of 0.32, and R2 of 0.11 versus S&P 500 Index. Calculated based on daily prices since December 03, 2021.

This portfolio participated in 50.78% of S&P 500 Index downside but only 21.71% of its upside - more exposed to losses than it benefited from rallies.
Beta of 0.32 may look defensive, but with R2 of 0.11 this portfolio is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this portfolio's risk.
R2 of 0.11 means this portfolio moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

Alpha: -2.44%

Beta: 0.32

R²: 0.11

Upside Capture: 21.71%

Downside Capture: 50.78%

Expense Ratio

CDN RIF - short - (no zmi & 50% zbal) has an expense ratio of 0.24%, which is considered low. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.

ZIN.TO

BMO Equal Weight Industrials Index ETF

ZRE.TO

BMO Equal Weight REITs Index ETF

XCV.TO

iShares Canadian Value Index ETF

ZEB.TO

BMO Equal Weight Banks Index ETF

XEI.TO

iShares S&P/TSX Composite High Dividend Index ETF

VDY.TO

Vanguard FTSE Canadian High Dividend Yield Index ETF

ZBAL.TO

BMO Balanced ETF

ZST.TO

BMO Ultra Short-Term Bond ETF

ZCB.TO

BMO Corporate Bond Index ETF

ZMMK.TO

BMO Money Market Fund ETF Series

Return for Risk

Return / Risk — by metrics

The table below presents risk-adjusted performance metrics for CDN RIF - short - (no zmi & 50% zbal) and compares them with S&P 500 Index.

	Portfolio	Benchmark	Difference
Sharpe ratioReturn per unit of total volatility	-0.50	2.07	-2.57
Sortino ratioReturn per unit of downside risk	-0.33	2.84	-3.18
Omega ratioGain probability vs. loss probability	0.82	1.36	-0.54
Calmar ratioReturn relative to maximum drawdown	-0.51	2.83	-3.34
Martin ratioReturn relative to average drawdown	-0.68	10.59	-11.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

How much return does each position deliver for the risk it carries? Higher values mean better reward for the risk taken.

Position	Risk / Return Rank	Sharpe ratio	Sortino ratio	Omega ratio	Calmar ratio	Martin ratio
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	98	5.76	8.29	2.16	15.30	62.34
XCV.TO iShares Canadian Value Index ETF	98	5.02	6.70	2.03	11.81	44.42
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF	98	4.96	6.80	2.01	9.17	41.24
ZBAL.TO BMO Balanced ETF	2	-0.90	-0.75	0.54	-0.91	-1.01
ZCB.TO BMO Corporate Bond Index ETF	32	1.04	1.45	1.20	1.52	4.53
ZEB.TO BMO Equal Weight Banks Index ETF	97	4.97	6.76	1.93	7.49	32.20
ZIN.TO BMO Equal Weight Industrials Index ETF	88	2.75	3.54	1.49	5.11	18.30
ZMMK.TO BMO Money Market Fund ETF Series	99	9.19	22.38	5.37	62.17	353.74
ZRE.TO BMO Equal Weight REITs Index ETF	32	1.04	1.57	1.18	1.64	4.39
ZST.TO BMO Ultra Short-Term Bond ETF	51	1.58	1.66	1.84	1.70	4.56

Sharpe Ratio

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

CDN RIF - short - (no zmi & 50% zbal) Sharpe ratios as of Jun 6, 2026 (values are recalculated daily):

1-Year: -0.50
All Time: 0.07

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

Compared to the broad market, where average Sharpe ratios range from 1.64 to 2.53, this portfolio's current Sharpe ratio places it in the bottom 25%. This suggests weaker risk-adjusted returns than most portfolios, possibly due to lower returns, higher volatility, or both. It may be worth reviewing the allocation. You can use the Portfolio Optimization tool to explore options for improving the Sharpe ratio.

The chart below shows the rolling Sharpe ratio of CDN RIF - short - (no zmi & 50% zbal) compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time.

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Dividends

Dividend yield

CDN RIF - short - (no zmi & 50% zbal) provided a 2.81% dividend yield over the last twelve months.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Portfolio	2.81%	3.73%	3.36%	3.53%	3.23%	2.52%	3.08%	2.87%	1.86%	1.50%	1.53%	1.84%
Portfolio components:
VDY.TO Vanguard FTSE Canadian High Dividend Yield Index ETF	2.88%	3.59%	4.37%	4.64%	4.42%	3.46%	4.59%	4.25%	4.44%	3.42%	3.25%	4.11%
XCV.TO iShares Canadian Value Index ETF	2.32%	2.78%	3.84%	4.00%	3.28%	2.18%	3.46%	3.16%	3.23%	2.49%	2.57%	3.26%
XEI.TO iShares S&P/TSX Composite High Dividend Index ETF	3.58%	4.47%	5.45%	4.97%	4.68%	3.58%	5.03%	4.62%	5.42%	4.29%	4.41%	5.64%
ZBAL.TO BMO Balanced ETF	2.68%	3.97%	2.18%	2.48%	2.72%	2.35%	2.53%	2.38%	0.00%	0.00%	0.00%	0.00%
ZCB.TO BMO Corporate Bond Index ETF	4.04%	4.00%	3.84%	3.89%	3.62%	3.13%	2.97%	3.12%	3.27%	0.00%	0.00%	0.00%
ZEB.TO BMO Equal Weight Banks Index ETF	2.48%	2.95%	3.98%	4.75%	4.29%	3.13%	4.15%	3.65%	3.64%	3.02%	3.19%	3.70%
ZIN.TO BMO Equal Weight Industrials Index ETF	0.97%	1.22%	1.42%	1.68%	2.01%	1.84%	2.10%	2.32%	1.82%	1.35%	1.48%	2.25%
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%	0.00%	0.00%
ZRE.TO BMO Equal Weight REITs Index ETF	4.43%	4.96%	5.26%	5.14%	4.97%	3.87%	5.01%	4.17%	4.95%	5.05%	5.46%	6.00%
ZST.TO BMO Ultra Short-Term Bond ETF	2.56%	2.85%	4.70%	4.84%	2.78%	2.31%	2.68%	2.84%	3.47%	4.09%	3.96%	3.94%

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the CDN RIF - short - (no zmi & 50% zbal). A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the CDN RIF - short - (no zmi & 50% zbal) was 33.27%, occurring on Aug 1, 2025. The portfolio has not yet recovered.

The current CDN RIF - short - (no zmi & 50% zbal) drawdown is 0.12%.

Related event	Drawdown	Fall	Recovery	Underwater
2025 bear market2025	-33.27%Aug 2025	14d	—	10mo 26dJul 2025 - now
Bear market2022	-12.23%Oct 2022	8mo 4d	1y 2mo	1y 10moFeb 2022 - Dec 2023
2025 selloff2025	-8.21%Apr 2025	2mo 7d	1mo 7d	3mo 14dJan 2025 - May 2025
Bear market2022	-3.15%Jan 2022	6d	16d	22dJan 2022 - Feb 2022
2024 pullback2024	-3.00%Aug 2024	6d	9d	15dAug 2024 - Aug 2024

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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Diversification

Diversification Metrics

Number of Effective Assets

The portfolio contains 10 assets, with an effective number of assets of 3.43, reflecting the diversification based on asset allocation. Your portfolio is dominated by one or two holdings, which significantly increases concentration risk. Consider rebalancing toward more even weights or adding additional positions.

Diversification Ratio

	1Y	3Y	All Time
Diversification Ratio	1.09	1.16	1.20

The portfolio has a diversification ratio of 1.20, placing it in the bottom quartile across portfolios — positions are highly correlated. Consider adding assets from different classes or sectors to reduce risk.

CDN RIF - short - (no zmi & 50% zbal) correlation to the S&P 500 Index

CDN RIF - short - (no zmi & 50% zbal) has a 0.69 correlation to S&P 500 Index over the trailing 12 months. This section compares each holding's correlation to the benchmark and to the portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (All Time) Calculated using the full available price history since Dec 3, 2021	0.67

Benchmark Correlations

Correlation vs. S&P 500 Index. ZBAL.TO has the highest benchmark correlation at 0.70, while ZMMK.TO has the lowest at 0.06.

0.06

0.07

0.10

0.34

0.44

0.48

0.48

0.52

0.55

0.70

Portfolio Correlations

Correlation vs. CDN RIF - short - (no zmi & 50% zbal). ZBAL.TO has the highest portfolio correlation at 0.90, while ZMMK.TO has the lowest at 0.05.

0.05

0.17

0.28

0.56

0.67

0.82

0.83

0.84

0.86

0.90

Asset Correlations Table

The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.

	ZMMK.TO	ZST.TO	ZCB.TO	ZIN.TO	ZRE.TO	ZBAL.TO	ZEB.TO	XEI.TO	XCV.TO	VDY.TO
ZMMK.TO	1.00	0.11	0.02	0.03	0.00	0.05	0.05	0.03	0.02	0.04
ZST.TO	0.11	1.00	0.32	0.04	0.12	0.19	0.08	0.08	0.07	0.07
ZCB.TO	0.02	0.32	1.00	0.12	0.21	0.36	0.14	0.10	0.10	0.10
ZIN.TO	0.03	0.04	0.12	1.00	0.42	0.49	0.46	0.44	0.45	0.45
ZRE.TO	0.00	0.12	0.21	0.42	1.00	0.55	0.57	0.61	0.56	0.57
ZBAL.TO	0.05	0.19	0.36	0.49	0.55	1.00	0.63	0.57	0.59	0.60
ZEB.TO	0.05	0.08	0.14	0.46	0.57	0.63	1.00	0.73	0.78	0.85
XEI.TO	0.03	0.08	0.10	0.44	0.61	0.57	0.73	1.00	0.88	0.95
XCV.TO	0.02	0.07	0.10	0.45	0.56	0.59	0.78	0.88	1.00	0.91
VDY.TO	0.04	0.07	0.10	0.45	0.57	0.60	0.85	0.95	0.91	1.00

The correlation results are calculated based on daily price changes starting from Dec 3, 2021

Diversification Analysis

Find what CDN RIF - short - (no zmi & 50% zbal) is missing

See which holdings overlap, where CDN RIF - short - (no zmi & 50% zbal) is concentrated, and which low-correlation assets could fill the gaps.

Analyze Diversification