BMO vs. RY

Last updated Apr 1, 2026

Compare and contrast key facts about Bank of Montreal (BMO) and Royal Bank of Canada (RY).

Performance

BMO vs. RY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bank of Montreal (BMO) and Royal Bank of Canada (RY). The values are adjusted to include any dividend payments, if applicable.

BMO vs. RY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BMO Bank of Montreal	5.20%	39.59%	2.98%	15.24%	-12.41%	48.15%	3.34%	23.51%	-15.02%	16.63%
RY Royal Bank of Canada	-4.43%	46.29%	23.80%	12.72%	-8.00%	34.11%	8.42%	20.17%	-12.88%	24.95%

Fundamentals

Market Cap BMO : $96.11B RY : $166.45B
EPS BMO : $12.59 RY : $15.98
PE Ratio BMO : 10.75 RY : 10.12
PEG Ratio BMO : 0.49 RY : 1.47
PS Ratio BMO : 1.46 RY : 1.55
PB Ratio BMO : 1.14 RY : 1.29
Total Revenue (TTM) BMO : $66.79B RY : $137.63B
Gross Profit (TTM) BMO : $33.35B RY : $63.36B
EBITDA (TTM) BMO : $13.90B RY : $29.23B

Returns By Period

In the year-to-date period, BMO achieves a 5.20% return, which is significantly higher than RY's -4.43% return. Over the past 10 years, BMO has underperformed RY with an annualized return of 13.45%, while RY has yielded a comparatively higher 15.24% annualized return.

BMO

• 1D: 2.87%
• 1M: -5.97%
• YTD: 5.20%
• 6M: 5.81%
• 1Y: 47.58%
• 3Y*: 20.58%
• 5Y*: 13.56%
• 10Y*: 13.45%

RY

• 1D: 2.49%
• 1M: -3.26%
• YTD: -4.43%
• 6M: 11.43%
• 1Y: 48.21%
• 3Y*: 23.86%
• 5Y*: 16.15%
• 10Y*: 15.24%

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

Return for Risk

BMO vs. RY — Risk / Return Rank

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

BMO

BMO Risk / Return Rank: 93
BMO Sharpe Ratio Rank: 94
BMO Sortino Ratio Rank: 92
BMO Omega Ratio Rank: 93
BMO Calmar Ratio Rank: 91
BMO Martin Ratio Rank: 94

RY

RY Risk / Return Rank: 96
RY Sharpe Ratio Rank: 96
RY Sortino Ratio Rank: 97
RY Omega Ratio Rank: 96
RY Calmar Ratio Rank: 94
RY Martin Ratio Rank: 96

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.

BMO vs. RY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bank of Montreal (BMO) and Royal Bank of Canada (RY). 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.

	BMO	RY	Difference
Sharpe ratio Return per unit of total volatility	2.36	2.91	-0.55
Sortino ratio Return per unit of downside risk	2.97	4.05	-1.08
Omega ratio Gain probability vs. loss probability	1.43	1.53	-0.10
Calmar ratio Return relative to maximum drawdown	4.13	4.88	-0.75
Martin ratio Return relative to average drawdown	14.63	18.67	-4.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BMO vs. RY - Sharpe Ratio Comparison

The current BMO Sharpe Ratio is 2.36, which is comparable to the RY Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of BMO and RY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BMO	RY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	2.91	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.91	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.77	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.62	-0.07

Correlation

The correlation between BMO and RY is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BMO vs. RY - Dividend Comparison

BMO's dividend yield for the trailing twelve months is around 3.50%, more than RY's 2.78% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMO Bank of Montreal	3.50%	3.55%	4.60%	4.76%	4.62%	3.95%	4.15%	3.96%	4.78%	4.45%	4.73%	5.74%
RY Royal Bank of Canada	2.78%	2.54%	3.39%	4.29%	4.07%	3.24%	3.88%	3.88%	4.27%	3.22%	3.95%	5.41%

Drawdowns

BMO vs. RY - Drawdown Comparison

The maximum BMO drawdown since its inception was -68.17%, which is greater than RY's maximum drawdown of -62.90%. Use the drawdown chart below to compare losses from any high point for BMO and RY.

Drawdown Indicators

	BMO	RY	Difference
Max Drawdown Largest peak-to-trough decline	-68.17%	-62.90%	-5.27%
Max Drawdown (1Y) Largest decline over 1 year	-11.62%	-10.04%	-1.58%
Max Drawdown (5Y) Largest decline over 5 years	-33.94%	-28.36%	-5.58%
Max Drawdown (10Y) Largest decline over 10 years	-50.97%	-39.95%	-11.02%
Current Drawdown Current decline from peak	-9.08%	-7.80%	-1.28%
Average Drawdown Average peak-to-trough decline	-11.49%	-9.37%	-2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.28%	2.62%	+0.66%

Volatility

BMO vs. RY - Volatility Comparison

Bank of Montreal (BMO) has a higher volatility of 8.03% compared to Royal Bank of Canada (RY) at 5.19%. This indicates that BMO's price experiences larger fluctuations and is considered to be riskier than RY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMO	RY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.03%	5.19%	+2.84%
Volatility (6M) Calculated over the trailing 6-month period	15.00%	10.79%	+4.21%
Volatility (1Y) Calculated over the trailing 1-year period	20.30%	16.65%	+3.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.23%	17.85%	+3.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.62%	19.81%	+3.81%

Financials

BMO vs. RY - Profitability Comparison

The chart below illustrates the profitability comparison between Bank of Montreal and Royal Bank of Canada over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BMO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Bank of Montreal reported a gross profit of 9.08B and revenue of 9.08B. Therefore, the gross margin over that period was 100.0%.

RY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Royal Bank of Canada reported a gross profit of 16.86B and revenue of 35.50B. Therefore, the gross margin over that period was 47.5%.

BMO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Bank of Montreal reported an operating income of 3.89B and revenue of 9.08B, resulting in an operating margin of 42.8%.

RY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Royal Bank of Canada reported an operating income of 7.42B and revenue of 35.50B, resulting in an operating margin of 20.9%.

BMO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Bank of Montreal reported a net income of 2.49B and revenue of 9.08B, resulting in a net margin of 27.4%.

RY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Royal Bank of Canada reported a net income of 5.79B and revenue of 35.50B, resulting in a net margin of 16.3%.