CGAA.TO vs. ZBAL.TO
CGAA.TO (CI Global Asset Allocation Private Pool) and ZBAL.TO (BMO Balanced ETF) are both Global Allocation funds. Both are actively managed. Over the past 5 years, CGAA.TO returned 7.25%/yr vs 8.21%/yr for ZBAL.TO. At a 0.33 correlation, their price movements are largely independent.
Performance
CGAA.TO vs. ZBAL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CGAA.TO achieves a 3.81% return, which is significantly lower than ZBAL.TO's 9.27% return.
CGAA.TO
- 1D
- 0.48%
- 1M
- 0.52%
- YTD
- 3.81%
- 6M
- 4.01%
- 1Y
- 12.82%
- 3Y*
- 12.34%
- 5Y*
- 7.25%
- 10Y*
- 6.25%
ZBAL.TO
- 1D
- 0.25%
- 1M
- 1.43%
- YTD
- 9.27%
- 6M
- 8.90%
- 1Y
- 17.02%
- 3Y*
- 14.18%
- 5Y*
- 8.21%
- 10Y*
- —
CGAA.TO vs. ZBAL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
CGAA.TO CI Global Asset Allocation Private Pool | 3.81% | 10.61% | 16.99% | 9.22% | -11.13% | 15.14% | 11.57% | 8.38% |
ZBAL.TO BMO Balanced ETF | 9.27% | 11.34% | 16.15% | 12.61% | -11.11% | 10.39% | 10.25% | 9.89% |
Correlation
The correlation between CGAA.TO and ZBAL.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2019 | 0.33 |
The correlation between CGAA.TO and ZBAL.TO shifts across timeframes, from 0.23 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
CGAA.TO vs. ZBAL.TO — Risk / Return Rank
CGAA.TO
ZBAL.TO
CGAA.TO vs. ZBAL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for CI Global Asset Allocation Private Pool (CGAA.TO) and BMO Balanced ETF (ZBAL.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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CGAA.TO | ZBAL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.79 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.34 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.70 | 2.94 | -1.25 |
| Martin ratioReturn relative to average drawdown | 6.00 | 11.71 | -5.71 |
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Drawdowns
CGAA.TO vs. ZBAL.TO - Drawdown Comparison
The maximum CGAA.TO drawdown since its inception was -41.34%, which is greater than ZBAL.TO's maximum drawdown of -20.75%. Use the drawdown chart below to compare losses from any high point for CGAA.TO and ZBAL.TO.
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Drawdown Indicators
| CGAA.TO | ZBAL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.34% | -20.75% | -20.59% |
Max Drawdown (1Y)Largest decline over 1 year | -7.59% | -5.81% | -1.78% |
Max Drawdown (3Y)Largest decline over 3 years | -11.64% | -9.44% | -2.20% |
Max Drawdown (5Y)Largest decline over 5 years | -17.23% | -16.32% | -0.91% |
Max Drawdown (10Y)Largest decline over 10 years | -23.56% | — | — |
Current DrawdownCurrent decline from peak | -0.68% | -1.59% | +0.91% |
Average DrawdownAverage peak-to-trough decline | -7.47% | -3.18% | -4.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.14% | 1.46% | +0.68% |
Volatility
CGAA.TO vs. ZBAL.TO - Volatility Comparison
The current volatility for CI Global Asset Allocation Private Pool (CGAA.TO) is 3.43%, while BMO Balanced ETF (ZBAL.TO) has a volatility of 4.04%. This indicates that CGAA.TO experiences smaller price fluctuations and is considered to be less risky than ZBAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGAA.TO | ZBAL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.43% | 4.04% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 8.48% | 7.53% | +0.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.43% | 9.24% | +1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.62% | 8.88% | +2.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.25% | 10.16% | +2.09% |
Dividends
CGAA.TO vs. ZBAL.TO - Dividend Comparison
CGAA.TO's dividend yield for the trailing twelve months is around 1.72%, more than ZBAL.TO's 1.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGAA.TO CI Global Asset Allocation Private Pool | 1.72% | 1.57% | 2.00% | 2.19% | 2.21% | 0.91% | 1.14% | 2.66% | 3.74% | 3.36% | 3.12% | 3.20% |
ZBAL.TO BMO Balanced ETF | 1.64% | 2.02% | 2.18% | 2.48% | 2.72% | 2.35% | 2.53% | 2.38% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
CGAA.TO and ZBAL.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
They also come from different issuers: CI and BMO.
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