CGR.TO vs. ZAG.TO
CGR.TO (iShares Global Real Estate Index ETF) and ZAG.TO (BMO Aggregate Bond Index ETF) are both exchange-traded funds - CGR.TO is a REIT fund tracking the Morningstar DM REIT NR CAD, while ZAG.TO is a Canadian Government Bonds fund tracking the FTSE Canada Universe Bond Index. Both are passively managed. Over the past 10 years, CGR.TO returned 3.96%/yr vs 1.66%/yr for ZAG.TO. At a 0.13 correlation, their price movements are largely independent. CGR.TO charges 0.72%/yr vs 0.09%/yr for ZAG.TO.
Performance
CGR.TO vs. ZAG.TO - Performance Comparison
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Returns By Period
In the year-to-date period, CGR.TO achieves a 7.84% return, which is significantly higher than ZAG.TO's 1.70% return. Over the past 10 years, CGR.TO has outperformed ZAG.TO with an annualized return of 3.96%, while ZAG.TO has yielded a comparatively lower 1.66% annualized return.
CGR.TO
- 1D
- -0.12%
- 1M
- -0.61%
- YTD
- 7.84%
- 6M
- 6.09%
- 1Y
- 9.02%
- 3Y*
- 9.97%
- 5Y*
- 3.60%
- 10Y*
- 3.96%
ZAG.TO
- 1D
- 0.00%
- 1M
- 1.75%
- YTD
- 1.70%
- 6M
- 0.89%
- 1Y
- 3.25%
- 3Y*
- 4.24%
- 5Y*
- 0.76%
- 10Y*
- 1.66%
CGR.TO vs. ZAG.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CGR.TO iShares Global Real Estate Index ETF | 7.84% | 2.56% | 9.99% | 7.58% | -21.75% | 28.98% | -9.40% | 14.90% | 2.92% | 3.32% |
ZAG.TO BMO Aggregate Bond Index ETF | 1.70% | 2.25% | 4.48% | 6.41% | -11.60% | -2.60% | 8.34% | 6.84% | 1.12% | 2.45% |
Correlation
The correlation between CGR.TO and ZAG.TO is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Jan 26, 2010 | 0.13 |
Over the past year, CGR.TO and ZAG.TO have become more correlated (0.39) than their long-term average of 0.13, meaning their price movements have been converging.
CGR.TO vs. ZAG.TO - Sectors Allocation Comparison
Sectors
CGR.TO
ZAG.TO
Real Estate
Financial Services
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Basic Materials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Energy
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Healthcare
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Industrials
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Technology
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Utilities
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Real Estate
CGR.TO
ZAG.TO
Financial Services
CGR.TO
ZAG.TO
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Basic Materials
CGR.TO
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ZAG.TO
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Communication Services
CGR.TO
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ZAG.TO
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Consumer Cyclical
CGR.TO
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ZAG.TO
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Consumer Defensive
CGR.TO
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ZAG.TO
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Energy
CGR.TO
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ZAG.TO
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Healthcare
CGR.TO
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ZAG.TO
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Industrials
CGR.TO
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ZAG.TO
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Technology
CGR.TO
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ZAG.TO
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Utilities
CGR.TO
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ZAG.TO
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Return for Risk
CGR.TO vs. ZAG.TO — Risk / Return Rank
CGR.TO
ZAG.TO
CGR.TO vs. ZAG.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Global Real Estate Index ETF (CGR.TO) and BMO Aggregate Bond Index ETF (ZAG.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.
| CGR.TO | ZAG.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.13 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 1.17 | -0.22 |
| Martin ratioReturn relative to average drawdown | 3.03 | 2.73 | +0.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CGR.TO | ZAG.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 0.73 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | 0.12 | +0.13 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | 0.23 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.45 | -0.18 |
Drawdowns
CGR.TO vs. ZAG.TO - Drawdown Comparison
The maximum CGR.TO drawdown since its inception was -52.90%, which is greater than ZAG.TO's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for CGR.TO and ZAG.TO.
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Drawdown Indicators
| CGR.TO | ZAG.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.90% | -18.03% | -34.87% |
Max Drawdown (1Y)Largest decline over 1 year | -9.55% | -2.79% | -6.76% |
Max Drawdown (3Y)Largest decline over 3 years | -14.40% | -5.42% | -8.98% |
Max Drawdown (5Y)Largest decline over 5 years | -28.76% | -15.77% | -12.99% |
Max Drawdown (10Y)Largest decline over 10 years | -33.71% | -18.03% | -15.68% |
Current DrawdownCurrent decline from peak | -2.99% | -1.09% | -1.90% |
Average DrawdownAverage peak-to-trough decline | -9.98% | -3.54% | -6.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 1.19% | +1.80% |
Volatility
CGR.TO vs. ZAG.TO - Volatility Comparison
iShares Global Real Estate Index ETF (CGR.TO) has a higher volatility of 3.77% compared to BMO Aggregate Bond Index ETF (ZAG.TO) at 1.68%. This indicates that CGR.TO's price experiences larger fluctuations and is considered to be riskier than ZAG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGR.TO | ZAG.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.77% | 1.68% | +2.09% |
Volatility (6M)Calculated over the trailing 6-month period | 9.87% | 3.43% | +6.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.51% | 4.46% | +8.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.01% | 6.58% | +8.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.56% | 7.11% | +9.45% |
CGR.TO vs. ZAG.TO - Expense Ratio Comparison
CGR.TO has a 0.72% expense ratio, which is higher than ZAG.TO's 0.09% expense ratio.
Dividends
CGR.TO vs. ZAG.TO - Dividend Comparison
CGR.TO's dividend yield for the trailing twelve months is around 2.33%, less than ZAG.TO's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGR.TO iShares Global Real Estate Index ETF | 2.33% | 2.51% | 2.52% | 2.59% | 2.40% | 1.70% | 2.22% | 2.10% | 2.54% | 4.25% | 2.83% | 2.97% |
ZAG.TO BMO Aggregate Bond Index ETF | 3.42% | 3.48% | 3.44% | 3.47% | 3.56% | 3.04% | 2.88% | 3.03% | 2.92% | 2.95% | 3.07% | 3.13% |
Frequently Asked Questions
CGR.TO and ZAG.TO have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZAG.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZAG.TO is cheaper with a 0.09% expense ratio, compared with 0.72% for CGR.TO.
CGR.TO is categorized as REIT, while ZAG.TO is Canadian Government Bonds. CGR.TO tracks Morningstar DM REIT NR CAD, while ZAG.TO tracks FTSE Canada Universe Bond Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.72% for CGR.TO and 0.09% for ZAG.TO.
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