HCON.TO vs. ZGRO.TO
HCON.TO (Global X Conservative Asset Allocation ETF) and ZGRO.TO (BMO Growth ETF) are both Global Allocation funds. Both are actively managed. Over the past 5 years, HCON.TO returned 4.95%/yr vs 15.61%/yr for ZGRO.TO. A 0.53 correlation means they provide meaningful diversification when combined. HCON.TO charges 0.22%/yr vs 0.18%/yr for ZGRO.TO.
Performance
HCON.TO vs. ZGRO.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HCON.TO achieves a 5.55% return, which is significantly lower than ZGRO.TO's 10.93% return.
HCON.TO
- 1D
- 0.00%
- 1M
- 1.21%
- YTD
- 5.55%
- 6M
- 5.87%
- 1Y
- 13.30%
- 3Y*
- 11.00%
- 5Y*
- 4.95%
- 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*
- —
HCON.TO vs. ZGRO.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HCON.TO Global X Conservative Asset Allocation ETF | 5.55% | 10.11% | 12.67% | 11.86% | -16.79% | 9.57% | 14.04% | 11.37% |
ZGRO.TO BMO Growth ETF | 10.93% | 18.65% | 25.70% | 20.36% | -5.92% | 20.50% | 17.11% | 16.29% |
Correlation
The correlation between HCON.TO and ZGRO.TO is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2019 | 0.53 |
The correlation between HCON.TO and ZGRO.TO shifts across timeframes, from 0.43 (3 years) to 0.53 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HCON.TO vs. ZGRO.TO — Risk / Return Rank
HCON.TO
ZGRO.TO
HCON.TO vs. ZGRO.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Conservative Asset Allocation ETF (HCON.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.
| HCON.TO | ZGRO.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.23 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.40 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | 3.70 | -0.87 |
| Martin ratioReturn relative to average drawdown | 10.78 | 14.49 | -3.72 |
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Drawdowns
HCON.TO vs. ZGRO.TO - Drawdown Comparison
The maximum HCON.TO drawdown since its inception was -22.98%, smaller than the maximum ZGRO.TO drawdown of -24.67%. Use the drawdown chart below to compare losses from any high point for HCON.TO and ZGRO.TO.
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Drawdown Indicators
| HCON.TO | ZGRO.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.98% | -24.67% | +1.69% |
Max Drawdown (1Y)Largest decline over 1 year | -4.71% | -6.87% | +2.16% |
Max Drawdown (3Y)Largest decline over 3 years | -6.10% | -11.60% | +5.50% |
Max Drawdown (5Y)Largest decline over 5 years | -20.12% | -16.21% | -3.91% |
Current DrawdownCurrent decline from peak | -0.39% | -2.43% | +2.04% |
Average DrawdownAverage peak-to-trough decline | -4.29% | -2.49% | -1.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 1.75% | -0.51% |
Volatility
HCON.TO vs. ZGRO.TO - Volatility Comparison
The current volatility for Global X Conservative Asset Allocation ETF (HCON.TO) is 2.41%, while BMO Growth ETF (ZGRO.TO) has a volatility of 5.05%. This indicates that HCON.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
| HCON.TO | ZGRO.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 5.05% | -2.64% |
Volatility (6M)Calculated over the trailing 6-month period | 5.72% | 9.91% | -4.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.97% | 11.83% | -4.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.84% | 11.18% | -2.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.64% | 13.19% | -1.55% |
HCON.TO vs. ZGRO.TO - Expense Ratio Comparison
HCON.TO has a 0.22% 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
HCON.TO vs. ZGRO.TO - Dividend Comparison
HCON.TO's dividend yield for the trailing twelve months is around 2.72%, more than ZGRO.TO's 2.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HCON.TO Global X Conservative Asset Allocation ETF | 2.72% | 2.83% | 2.60% | 1.19% | 0.02% | 0.09% | 0.78% | 0.03% |
ZGRO.TO BMO Growth ETF | 2.24% | 3.38% | 5.76% | 6.81% | 7.63% | 6.65% | 7.47% | 6.95% |
Frequently Asked Questions
HCON.TO and ZGRO.TO have a correlation of 0.43, 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 0.22% for HCON.TO.
They also come from different issuers: Global X and BMO. Their fees differ too: 0.22% for HCON.TO and 0.18% for ZGRO.TO.
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