GBAL.TO vs. ZGRO.TO
GBAL.TO (iShares ESG Balanced ETF Portfolio) and ZGRO.TO (BMO Growth ETF) are both exchange-traded funds - GBAL.TO is a Diversified Portfolio fund actively managed by iShares, while ZGRO.TO is a Global Allocation fund actively managed by BMO. Both are actively managed. Over the past 5 years, GBAL.TO returned 9.06%/yr vs 15.61%/yr for ZGRO.TO. A 0.52 correlation means they provide meaningful diversification when combined. GBAL.TO charges 0.25%/yr vs 0.18%/yr for ZGRO.TO.
Performance
GBAL.TO vs. ZGRO.TO - Performance Comparison
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Returns By Period
In the year-to-date period, GBAL.TO achieves a 9.95% return, which is significantly lower than ZGRO.TO's 10.93% return.
GBAL.TO
- 1D
- -0.06%
- 1M
- 1.63%
- YTD
- 9.95%
- 6M
- 7.45%
- 1Y
- 17.75%
- 3Y*
- 16.67%
- 5Y*
- 9.06%
- 10Y*
- —
ZGRO.TO
- 1D
- 0.00%
- 1M
- 0.16%
- YTD
- 10.93%
- 6M
- 10.40%
- 1Y
- 25.31%
- 3Y*
- 23.01%
- 5Y*
- 15.61%
- 10Y*
- —
GBAL.TO vs. ZGRO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
GBAL.TO iShares ESG Balanced ETF Portfolio | 9.95% | 11.78% | 18.80% | 13.10% | -10.88% | 11.31% | 6.10% |
ZGRO.TO BMO Growth ETF | 10.93% | 18.65% | 25.70% | 20.36% | -5.92% | 20.50% | 10.34% |
Correlation
The correlation between GBAL.TO and ZGRO.TO is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Sep 11, 2020 | 0.52 |
Over the past year, GBAL.TO and ZGRO.TO have become more correlated (0.80) than their long-term average of 0.52, meaning their price movements have been converging.
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Return for Risk
GBAL.TO vs. ZGRO.TO — Risk / Return Rank
GBAL.TO
ZGRO.TO
GBAL.TO vs. ZGRO.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 Growth ETF (ZGRO.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.
| GBAL.TO | ZGRO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.36 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.40 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.78 | 3.70 | -0.91 |
| Martin ratioReturn relative to average drawdown | 10.94 | 14.49 | -3.56 |
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Drawdowns
GBAL.TO vs. ZGRO.TO - Drawdown Comparison
The maximum GBAL.TO drawdown since its inception was -20.01%, smaller than the maximum ZGRO.TO drawdown of -24.67%. Use the drawdown chart below to compare losses from any high point for GBAL.TO and ZGRO.TO.
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Drawdown Indicators
| GBAL.TO | ZGRO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.01% | -24.67% | +4.66% |
Max Drawdown (1Y)Largest decline over 1 year | -6.40% | -6.87% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -10.24% | -11.60% | +1.36% |
Max Drawdown (5Y)Largest decline over 5 years | -20.01% | -16.21% | -3.80% |
Current DrawdownCurrent decline from peak | -1.13% | -2.43% | +1.30% |
Average DrawdownAverage peak-to-trough decline | -4.90% | -2.49% | -2.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.63% | 1.75% | -0.12% |
Volatility
GBAL.TO vs. ZGRO.TO - Volatility Comparison
The current volatility for iShares ESG Balanced ETF Portfolio (GBAL.TO) is 3.71%, while BMO Growth ETF (ZGRO.TO) has a volatility of 5.05%. This indicates that GBAL.TO experiences smaller price fluctuations and is considered to be less risky than ZGRO.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.TO | ZGRO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.71% | 5.05% | -1.34% |
Volatility (6M)Calculated over the trailing 6-month period | 8.49% | 9.91% | -1.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.98% | 11.83% | -1.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.03% | 11.18% | +2.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.57% | 13.19% | +1.38% |
GBAL.TO vs. ZGRO.TO - Expense Ratio Comparison
GBAL.TO has a 0.25% expense ratio, which is higher than ZGRO.TO's 0.18% 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. ZGRO.TO - Dividend Comparison
GBAL.TO's dividend yield for the trailing twelve months is around 1.70%, less than ZGRO.TO's 2.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
GBAL.TO iShares ESG Balanced ETF Portfolio | 1.70% | 1.84% | 1.83% | 2.40% | 1.85% | 1.44% | 0.96% | 0.00% |
ZGRO.TO BMO Growth ETF | 2.24% | 3.38% | 5.76% | 6.81% | 7.63% | 6.65% | 7.47% | 6.95% |
Frequently Asked Questions
GBAL.TO and ZGRO.TO have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZGRO.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZGRO.TO is cheaper with a 0.18% expense ratio, compared with 0.25% for GBAL.TO.
GBAL.TO is categorized as Diversified Portfolio, while ZGRO.TO is Global Allocation. They also come from different issuers: iShares and BMO. Their fees differ too: 0.25% for GBAL.TO and 0.18% for ZGRO.TO.
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