RIRA.TO vs. ZGI.TO

Last updated Jul 25, 2026

RIRA.TO (Russell Investments Real Assets) and ZGI.TO (BMO Global Infrastructure Index ETF) are both Infrastructure Equities funds. RIRA.TO is actively managed, while ZGI.TO is passively managed. Over the past 5 years, RIRA.TO returned 7.83%/yr vs 11.37%/yr for ZGI.TO. At a 0.33 correlation, their price movements are largely independent. RIRA.TO charges 1.31%/yr vs 0.61%/yr for ZGI.TO.

Performance

RIRA.TO vs. ZGI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Russell Investments Real Assets (RIRA.TO) and BMO Global Infrastructure Index ETF (ZGI.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with RIRA.TO having a 18.72% return and ZGI.TO slightly higher at 19.23%.

RIRA.TO

• 1D: 0.46%
• 1M: 2.78%
• 6M: 13.99%
• YTD: 18.72%
• 1Y: 26.17%
• 3Y*: 11.94%
• 5Y*: 7.83%
• 10Y*: —
• ALL TIME*: 6.36%

ZGI.TO

• 1D: 0.51%
• 1M: 1.10%
• 6M: 16.72%
• YTD: 19.23%
• 1Y: 18.14%
• 3Y*: 15.57%
• 5Y*: 11.37%
• 10Y*: 8.61%
• ALL TIME*: 11.97%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RIRA.TO Russell Investments Real Assets	CA$30.02K	CA$31.90K	CA$47.40K
ZGI.TO BMO Global Infrastructure Index ETF	CA$172.47K	CA$144.77K	CA$189.46K

RIRA.TO vs. ZGI.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
RIRA.TO Russell Investments Real Assets	18.72%	10.46%	8.03%	4.50%	-8.47%	17.83%	-6.50%
ZGI.TO BMO Global Infrastructure Index ETF	19.23%	1.01%	25.45%	-0.64%	4.56%	26.89%	-13.80%

Correlation

The correlation between RIRA.TO and ZGI.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 23, 2020	0.33

Return for Risk

RIRA.TO vs. ZGI.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RIRA.TO

RIRA.TO Risk / Return Rank: 95
RIRA.TO Sharpe Ratio Rank: 95
RIRA.TO Sortino Ratio Rank: 95
RIRA.TO Omega Ratio Rank: 95
RIRA.TO Calmar Ratio Rank: 96
RIRA.TO Martin Ratio Rank: 95

ZGI.TO

ZGI.TO Risk / Return Rank: 64
ZGI.TO Sharpe Ratio Rank: 62
ZGI.TO Sortino Ratio Rank: 62
ZGI.TO Omega Ratio Rank: 57
ZGI.TO Calmar Ratio Rank: 75
ZGI.TO Martin Ratio Rank: 62

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.

RIRA.TO vs. ZGI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Russell Investments Real Assets (RIRA.TO) and BMO Global Infrastructure Index ETF (ZGI.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.

	RIRA.TO	ZGI.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.88	1.44	+1.45
Sortino ratio: Return per unit of downside risk	4.03	2.07	+1.96
Omega ratio: Gain probability vs. loss probability	1.53	1.25	+0.28
Calmar ratio: Return relative to maximum drawdown	5.98	2.74	+3.23
Martin ratio: Return relative to average drawdown	21.53	7.53	+14.00

RIRA.TO vs. ZGI.TO - Sharpe Ratio Comparison

The current RIRA.TO Sharpe Ratio is 2.88, which is higher than the ZGI.TO Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of RIRA.TO and ZGI.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.

Drawdowns

RIRA.TO vs. ZGI.TO - Drawdown Comparison

The maximum RIRA.TO drawdown since its inception was -25.82%, smaller than the maximum ZGI.TO drawdown of -34.76%. Use the drawdown chart below to compare losses from any high point for RIRA.TO and ZGI.TO.

Drawdown Indicators

	RIRA.TO	ZGI.TO	Difference
Max Drawdown Largest peak-to-trough decline	-25.82%	-34.76%	+8.94%
Max Drawdown (1Y) Largest decline over 1 year	-4.40%	-6.65%	+2.25%
Max Drawdown (3Y) Largest decline over 3 years	-12.05%	-10.07%	-1.98%
Max Drawdown (5Y) Largest decline over 5 years	-16.56%	-16.61%	+0.05%
Max Drawdown (10Y) Largest decline over 10 years	—	-34.76%	—
Current Drawdown Current decline from peak	0.00%	-0.06%	+0.06%
Average Drawdown Average peak-to-trough decline	-6.12%	-4.36%	-1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.22%	2.42%	-1.20%

Volatility

RIRA.TO vs. ZGI.TO - Volatility Comparison

The current volatility for Russell Investments Real Assets (RIRA.TO) is 2.03%, while BMO Global Infrastructure Index ETF (ZGI.TO) has a volatility of 4.48%. This indicates that RIRA.TO experiences smaller price fluctuations and is considered to be less risky than ZGI.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RIRA.TO	ZGI.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.03%	4.48%	-2.45%
Volatility (6M) Calculated over the trailing 6-month period	6.56%	10.18%	-3.62%
Volatility (1Y) Calculated over the trailing 1-year period	9.12%	12.72%	-3.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.70%	13.37%	-0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.83%	15.99%	-2.16%

RIRA.TO vs. ZGI.TO - Expense Ratio Comparison

RIRA.TO has a 1.31% expense ratio, which is higher than ZGI.TO's 0.61% expense ratio.

Dividends

RIRA.TO vs. ZGI.TO - Dividend Comparison

RIRA.TO's dividend yield for the trailing twelve months is around 3.78%, more than ZGI.TO's 2.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RIRA.TO Russell Investments Real Assets	3.78%	4.27%	4.31%	6.16%	6.34%	3.95%	4.58%	0.00%	0.00%	0.00%	0.00%	0.00%
ZGI.TO BMO Global Infrastructure Index ETF	2.21%	2.77%	2.82%	3.33%	3.01%	3.06%	3.75%	2.85%	2.99%	2.59%	2.60%	2.97%

Frequently Asked Questions

Can I hold both RIRA.TO and ZGI.TO in my portfolio?

RIRA.TO and ZGI.TO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RIRA.TO or ZGI.TO?

On fees, ZGI.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RIRA.TO or ZGI.TO?

ZGI.TO is cheaper with a 0.61% expense ratio, compared with 1.31% for RIRA.TO.

What is the main difference between RIRA.TO and ZGI.TO?

They also come from different issuers: Russell Investments Canada Limited and BMO. Their fees differ too: 1.31% for RIRA.TO and 0.61% for ZGI.TO.