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GBAL.TO vs. ZCN.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GBAL.TO vs. ZCN.TO

Last updated Jun 5, 2026

GBAL.TO (iShares ESG Balanced ETF Portfolio) and ZCN.TO (BMO S&P/TSX Capped Composite Index ETF) are both exchange-traded funds - GBAL.TO is a Diversified Portfolio fund actively managed by iShares, while ZCN.TO is a Canada Equities fund tracking the S&P/TSX Capped Composite Index. GBAL.TO is actively managed, while ZCN.TO is passively managed. Over the past 5 years, GBAL.TO returned 9.04%/yr vs 15.19%/yr for ZCN.TO. A 0.56 correlation means they provide meaningful diversification when combined. GBAL.TO charges 0.25%/yr vs 0.06%/yr for ZCN.TO.

Performance

GBAL.TO vs. ZCN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares ESG Balanced ETF Portfolio (GBAL.TO) and BMO S&P/TSX Capped Composite Index ETF (ZCN.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GBAL.TO achieves a 9.39% return, which is significantly lower than ZCN.TO's 12.08% return.

GBAL.TO

1D
0.16%
1M
5.46%
YTD
9.39%
6M
7.35%
1Y
18.03%
3Y*
15.66%
5Y*
9.04%
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)

GBAL.TO vs. ZCN.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
GBAL.TO
iShares ESG Balanced ETF Portfolio		9.39%11.77%17.38%14.48%-11.94%11.32%6.10%
ZCN.TO
BMO S&P/TSX Capped Composite Index ETF		12.08%31.51%21.64%11.63%-5.84%25.05%8.60%

Correlation

The correlation between GBAL.TO and ZCN.TO is 0.68, 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

0.68

Correlation (3Y)
Calculated over the trailing 3-year period

0.61

Correlation (5Y)
Calculated over the trailing 5-year period

0.57

Correlation (All Time)
Calculated using the full available price history since Sep 14, 2020

0.56

The correlation between GBAL.TO and ZCN.TO shifts across timeframes, from 0.56 (all time) to 0.68 (1 year), reflecting how their relationship changes across market environments.

GBAL.TO vs. ZCN.TO - Sectors Allocation Comparison

Sectors
GBAL.TO
ZCN.TO

Technology

22.2%
7.6%

Financial Services

18.1%
32.8%

Industrials

5.4%
10.3%

Basic Materials

4.5%
18.4%

Consumer Cyclical

3.1%
3.8%

Healthcare

2.9%
0.1%

Real Estate

1.9%
1.6%

Communication Services

1.8%
1.8%

Consumer Defensive

1.7%
2.9%

Utilities

0.6%
3.2%

Energy

0.0%
17.5%

Technology

GBAL.TO
22.2%
ZCN.TO
7.6%

Financial Services

GBAL.TO
18.1%
ZCN.TO
32.8%

Industrials

GBAL.TO
5.4%
ZCN.TO
10.3%

Basic Materials

GBAL.TO
4.5%
ZCN.TO
18.4%

Consumer Cyclical

GBAL.TO
3.1%
ZCN.TO
3.8%

Healthcare

GBAL.TO
2.9%
ZCN.TO
0.1%

Real Estate

GBAL.TO
1.9%
ZCN.TO
1.6%

Communication Services

GBAL.TO
1.8%
ZCN.TO
1.8%

Consumer Defensive

GBAL.TO
1.7%
ZCN.TO
2.9%

Utilities

GBAL.TO
0.6%
ZCN.TO
3.2%

Energy

GBAL.TO
0.0%
ZCN.TO
17.5%

Compare stocks, funds, or ETFs

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iShares ESG Balanced ETF Portfolio

BMO S&P/TSX Capped Composite Index ETF

Often compared with GBAL.TO:
GBAL.TO vs. XBAL.TOGBAL.TO vs. EAORGBAL.TO vs. GEQT.TOGBAL.TO vs. XIN.TOGBAL.TO vs. GGRO.TOGBAL.TO vs. VBAL.TOGBAL.TO vs. VFV.TO
Often compared with ZCN.TO:
ZCN.TO vs. XIC.TOZCN.TO vs. XIU.TOZCN.TO vs. ZSP.TOZCN.TO vs. VDY.TOZCN.TO vs. VCE.TOZCN.TO vs. XEQT.TOZCN.TO vs. VFV.TO

Return for Risk

GBAL.TO vs. ZCN.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GBAL.TO
GBAL.TO Risk / Return Rank: 6060
Overall Rank
GBAL.TO Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
GBAL.TO Sortino Ratio Rank: 6060
Sortino Ratio Rank
GBAL.TO Omega Ratio Rank: 6161
Omega Ratio Rank
GBAL.TO Calmar Ratio Rank: 5858
Calmar Ratio Rank
GBAL.TO Martin Ratio Rank: 6363
Martin Ratio Rank
ZCN.TO
ZCN.TO Risk / Return Rank: 8585
Overall Rank
ZCN.TO Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
ZCN.TO Sortino Ratio Rank: 8585
Sortino Ratio Rank
ZCN.TO Omega Ratio Rank: 8787
Omega Ratio Rank
ZCN.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
ZCN.TO Martin Ratio Rank: 8787
Martin Ratio Rank
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.

GBAL.TO vs. ZCN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares ESG Balanced ETF Portfolio (GBAL.TO) 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.

GBAL.TOZCN.TODifference
Sharpe ratioReturn per unit of total volatility
1.92
2.92

-1.00

Sortino ratioReturn per unit of downside risk
2.79
3.75

-0.96

Omega ratioGain probability vs. loss probability

1.37

1.53

-0.16

Calmar ratioReturn relative to maximum drawdown

2.83

3.99

-1.16

Martin ratioReturn relative to average drawdown

11.25

18.58

-7.33

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBAL.TO vs. ZCN.TO - Sharpe Ratio Comparison

The current GBAL.TO Sharpe Ratio is 1.92, which is lower than the ZCN.TO Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of GBAL.TO 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.

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Sharpe Ratios by Period

GBAL.TOZCN.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.92

2.92

-1.00

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.94

1.17

-0.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.85

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.03

0.68

+0.35

Drawdowns

GBAL.TO vs. ZCN.TO - Drawdown Comparison

The maximum GBAL.TO drawdown since its inception was -18.92%, smaller than the maximum ZCN.TO drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for GBAL.TO and ZCN.TO.

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Drawdown Indicators

GBAL.TOZCN.TODifference

Max Drawdown

Largest peak-to-trough decline

-18.92%

-37.18%

+18.26%

Max Drawdown (1Y)

Largest decline over 1 year

-6.40%

-9.30%

+2.90%

Max Drawdown (3Y)

Largest decline over 3 years

-10.24%

-12.25%

+2.01%

Max Drawdown (5Y)

Largest decline over 5 years

-18.92%

-16.25%

-2.67%

Max Drawdown (10Y)

Largest decline over 10 years

—

-37.18%

—

Current Drawdown

Current decline from peak

-0.08%

0.00%

-0.08%

Average Drawdown

Average peak-to-trough decline

-4.30%

-4.76%

+0.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.61%

1.99%

-0.38%

Volatility

GBAL.TO vs. ZCN.TO - Volatility Comparison

The current volatility for iShares ESG Balanced ETF Portfolio (GBAL.TO) is 3.19%, while BMO S&P/TSX Capped Composite Index ETF (ZCN.TO) has a volatility of 3.63%. This indicates that GBAL.TO 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.

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Volatility by Period

GBAL.TOZCN.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.19%

3.63%

-0.44%

Volatility (6M)

Calculated over the trailing 6-month period

7.87%

10.37%

-2.50%

Volatility (1Y)

Calculated over the trailing 1-year period

9.42%

12.71%

-3.29%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.70%

13.10%

-3.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

9.53%

14.99%

-5.46%

GBAL.TO vs. ZCN.TO - Expense Ratio Comparison

GBAL.TO has a 0.25% expense ratio, which is higher than ZCN.TO's 0.06% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GBAL.TO vs. ZCN.TO - Dividend Comparison

GBAL.TO's dividend yield for the trailing twelve months is around 1.71%, less than ZCN.TO's 2.00% yield.

PositionTTM20252024202320222021202020192018201720162015
GBAL.TO
iShares ESG Balanced ETF Portfolio		1.71%1.83%1.84%2.40%1.87%1.43%0.96%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

GBAL.TO and ZCN.TO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

ZCN.TO is cheaper with a 0.06% expense ratio, compared with 0.25% for GBAL.TO.

GBAL.TO is categorized as Diversified Portfolio, while ZCN.TO is Canada Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.25% for GBAL.TO and 0.06% for ZCN.TO.

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