BGRT.NEO vs. ZCN.TO

Last updated Jun 5, 2026

BGRT.NEO (BMO Global REIT Fund Active ETF Series) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - BGRT.NEO is a REIT fund actively managed by BMO, while ZCN.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. BGRT.NEO is actively managed, while ZCN.TO is passively managed. Over the past year, BGRT.NEO returned 6.97% vs 36.95% for ZCN.TO. At a 0.14 correlation, their price movements are largely independent. BGRT.NEO charges 1.01%/yr vs 0.06%/yr for ZCN.TO.

Performance

BGRT.NEO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Global REIT Fund Active ETF Series (BGRT.NEO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BGRT.NEO achieves a 6.70% return, which is significantly lower than ZCN.TO's 12.08% return.

BGRT.NEO

• 1D: 0.00%
• 1M: -0.62%
• YTD: 6.70%
• 6M: 5.55%
• 1Y: 6.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ZCN.TO

• 1D: 1.24%
• 1M: 5.09%
• YTD: 12.08%
• 6M: 13.16%
• 1Y: 36.95%
• 3Y*: 24.35%
• 5Y*: 15.19%
• 10Y*: 12.72%

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

BGRT.NEO vs. ZCN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BGRT.NEO BMO Global REIT Fund Active ETF Series	6.70%	1.51%	5.79%	8.18%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	12.08%	31.51%	21.64%	8.00%

Correlation

The correlation between BGRT.NEO and ZCN.TO is 0.05, 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	0.05
Correlation (All Time) Calculated using the full available price history since Jun 28, 2023	0.14

Return for Risk

BGRT.NEO vs. ZCN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BGRT.NEO

BGRT.NEO Risk / Return Rank: 30
BGRT.NEO Sharpe Ratio Rank: 22
BGRT.NEO Sortino Ratio Rank: 19
BGRT.NEO Omega Ratio Rank: 58
BGRT.NEO Calmar Ratio Rank: 25
BGRT.NEO Martin Ratio Rank: 24

ZCN.TO

ZCN.TO Risk / Return Rank: 85
ZCN.TO Sharpe Ratio Rank: 88
ZCN.TO Sortino Ratio Rank: 85
ZCN.TO Omega Ratio Rank: 87
ZCN.TO Calmar Ratio Rank: 79
ZCN.TO Martin Ratio Rank: 87

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BGRT.NEO vs. ZCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Global REIT Fund Active ETF Series (BGRT.NEO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.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.

	BGRT.NEO	ZCN.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.72	2.92	-2.20
Sortino ratio: Return per unit of downside risk	0.96	3.75	-2.80
Omega ratio: Gain probability vs. loss probability	1.35	1.53	-0.18
Calmar ratio: Return relative to maximum drawdown	1.13	3.99	-2.86
Martin ratio: Return relative to average drawdown	3.08	18.58	-15.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BGRT.NEO vs. ZCN.TO - Sharpe Ratio Comparison

The current BGRT.NEO Sharpe Ratio is 0.72, which is lower than the ZCN.TO Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of BGRT.NEO and ZCN.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BGRT.NEO	ZCN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	2.92	-2.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.17	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.68	-0.14

Drawdowns

BGRT.NEO vs. ZCN.TO - Drawdown Comparison

The maximum BGRT.NEO drawdown since its inception was -16.06%, smaller than the maximum ZCN.TO drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for BGRT.NEO and ZCN.TO.

Drawdown Indicators

	BGRT.NEO	ZCN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-16.06%	-37.18%	+21.12%
Max Drawdown (1Y) Largest decline over 1 year	-6.17%	-9.30%	+3.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-16.25%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.18%	—
Current Drawdown Current decline from peak	-2.24%	0.00%	-2.24%
Average Drawdown Average peak-to-trough decline	-4.02%	-4.76%	+0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	1.99%	+0.28%

Volatility

BGRT.NEO vs. ZCN.TO - Volatility Comparison

The current volatility for BMO Global REIT Fund Active ETF Series (BGRT.NEO) is 2.59%, while BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) has a volatility of 3.63%. This indicates that BGRT.NEO experiences smaller price fluctuations and is considered to be less risky than ZCN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGRT.NEO	ZCN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.59%	3.63%	-1.04%
Volatility (6M) Calculated over the trailing 6-month period	8.12%	10.37%	-2.25%
Volatility (1Y) Calculated over the trailing 1-year period	9.72%	12.71%	-2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.16%	13.10%	+1.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.16%	14.99%	-0.83%

BGRT.NEO vs. ZCN.TO - Expense Ratio Comparison

BGRT.NEO has a 1.01% expense ratio, which is higher than ZCN.TO's 0.06% expense ratio.

Dividends

BGRT.NEO vs. ZCN.TO - Dividend Comparison

BGRT.NEO's dividend yield for the trailing twelve months is around 3.94%, more than ZCN.TO's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGRT.NEO BMO Global REIT Fund Active ETF Series	3.94%	4.14%	4.03%	1.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZCN.TO BMO S&P/TSX Capped Composite Index ETF	2.00%	2.22%	2.78%	3.29%	3.27%	2.74%	3.24%	3.13%	3.16%	2.71%	2.84%	3.33%

Frequently Asked Questions

Can I hold both BGRT.NEO and ZCN.TO in my portfolio?

BGRT.NEO and ZCN.TO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BGRT.NEO or ZCN.TO?

On fees, ZCN.TO is cheaper at 0.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BGRT.NEO or ZCN.TO?

ZCN.TO is cheaper with a 0.06% expense ratio, compared with 1.01% for BGRT.NEO.

What is the main difference between BGRT.NEO and ZCN.TO?

BGRT.NEO is categorized as REIT, while ZCN.TO is Canada Equities. Their fees differ too: 1.01% for BGRT.NEO and 0.06% for ZCN.TO.