CGR.TO vs. ZRE.TO
CGR.TO (iShares Global Real Estate Index ETF) and ZRE.TO (BMO Equal Weight REITs Index ETF) are both REIT funds - CGR.TO tracks the Morningstar DM REIT NR CAD while ZRE.TO tracks the Solactive Equal Weight Canada REIT Index. Both are passively managed. Over the past 10 years, CGR.TO returned 3.96%/yr vs 6.80%/yr for ZRE.TO. At a 0.46 correlation, their price movements are largely independent. CGR.TO charges 0.72%/yr vs 0.61%/yr for ZRE.TO.
Performance
CGR.TO vs. ZRE.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 lower than ZRE.TO's 9.53% return. Over the past 10 years, CGR.TO has underperformed ZRE.TO with an annualized return of 3.96%, while ZRE.TO has yielded a comparatively higher 6.80% 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%
ZRE.TO
- 1D
- -0.34%
- 1M
- 0.68%
- YTD
- 9.53%
- 6M
- 10.66%
- 1Y
- 11.30%
- 3Y*
- 8.06%
- 5Y*
- 3.45%
- 10Y*
- 6.80%
CGR.TO vs. ZRE.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% |
ZRE.TO BMO Equal Weight REITs Index ETF | 9.53% | 11.21% | 2.82% | 0.84% | -17.80% | 33.96% | -7.79% | 25.79% | 3.29% | 14.28% |
Correlation
The correlation between CGR.TO and ZRE.TO is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since May 27, 2010 | 0.46 |
The correlation between CGR.TO and ZRE.TO shifts across timeframes, from 0.46 (all time) to 0.58 (5 years), reflecting how their relationship changes across market environments.
CGR.TO vs. ZRE.TO - Sectors Allocation Comparison
Sectors
CGR.TO
ZRE.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
ZRE.TO
Financial Services
CGR.TO
ZRE.TO
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Basic Materials
CGR.TO
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ZRE.TO
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Communication Services
CGR.TO
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ZRE.TO
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Consumer Cyclical
CGR.TO
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ZRE.TO
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Consumer Defensive
CGR.TO
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ZRE.TO
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Energy
CGR.TO
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ZRE.TO
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Healthcare
CGR.TO
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ZRE.TO
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Industrials
CGR.TO
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ZRE.TO
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Technology
CGR.TO
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ZRE.TO
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Utilities
CGR.TO
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ZRE.TO
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Return for Risk
CGR.TO vs. ZRE.TO — Risk / Return Rank
CGR.TO
ZRE.TO
CGR.TO vs. ZRE.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 Equal Weight REITs Index ETF (ZRE.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 | ZRE.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.18 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.95 | 1.61 | -0.66 |
| Martin ratioReturn relative to average drawdown | 3.03 | 4.29 | -1.26 |
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 | ZRE.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 1.02 | -0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.24 | 0.22 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.24 | 0.39 | -0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.52 | -0.24 |
Drawdowns
CGR.TO vs. ZRE.TO - Drawdown Comparison
The maximum CGR.TO drawdown since its inception was -52.90%, which is greater than ZRE.TO's maximum drawdown of -46.29%. Use the drawdown chart below to compare losses from any high point for CGR.TO and ZRE.TO.
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Drawdown Indicators
| CGR.TO | ZRE.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.90% | -46.29% | -6.61% |
Max Drawdown (1Y)Largest decline over 1 year | -9.55% | -7.07% | -2.48% |
Max Drawdown (3Y)Largest decline over 3 years | -14.40% | -17.16% | +2.76% |
Max Drawdown (5Y)Largest decline over 5 years | -28.76% | -32.52% | +3.76% |
Max Drawdown (10Y)Largest decline over 10 years | -33.71% | -46.29% | +12.58% |
Current DrawdownCurrent decline from peak | -2.99% | -0.71% | -2.28% |
Average DrawdownAverage peak-to-trough decline | -9.98% | -7.74% | -2.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.99% | 2.64% | +0.35% |
Volatility
CGR.TO vs. ZRE.TO - Volatility Comparison
iShares Global Real Estate Index ETF (CGR.TO) has a higher volatility of 3.77% compared to BMO Equal Weight REITs Index ETF (ZRE.TO) at 2.83%. This indicates that CGR.TO's price experiences larger fluctuations and is considered to be riskier than ZRE.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 | ZRE.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.77% | 2.83% | +0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 9.87% | 8.39% | +1.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.51% | 11.09% | +1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.01% | 15.55% | -0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.56% | 17.68% | -1.12% |
CGR.TO vs. ZRE.TO - Expense Ratio Comparison
CGR.TO has a 0.72% expense ratio, which is higher than ZRE.TO's 0.61% expense ratio.
Dividends
CGR.TO vs. ZRE.TO - Dividend Comparison
CGR.TO's dividend yield for the trailing twelve months is around 2.33%, less than ZRE.TO's 4.42% 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% |
ZRE.TO BMO Equal Weight REITs Index ETF | 4.42% | 4.90% | 5.19% | 5.07% | 4.90% | 3.82% | 4.95% | 4.11% | 4.89% | 4.98% | 5.39% | 5.92% |
Frequently Asked Questions
CGR.TO and ZRE.TO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZRE.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZRE.TO is cheaper with a 0.61% expense ratio, compared with 0.72% for CGR.TO.
CGR.TO tracks Morningstar DM REIT NR CAD, while ZRE.TO tracks Solactive Equal Weight Canada REIT Index. They also come from different issuers: iShares and BMO. Their fees differ too: 0.72% for CGR.TO and 0.61% for ZRE.TO.
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