VBAL.TO vs. ZBAL.TO

Last updated Jun 4, 2026

VBAL.TO (Vanguard Balanced ETF Portfolio) and ZBAL.TO (BMO Balanced ETF) are both exchange-traded funds - VBAL.TO is a Diversified Portfolio fund actively managed by Vanguard, while ZBAL.TO is a Global Allocation fund actively managed by BMO. Both are actively managed. Over the past 5 years, VBAL.TO returned 7.87%/yr vs 8.70%/yr for ZBAL.TO. Their correlation of 0.91 suggests significant overlap in exposure. VBAL.TO charges 0.24%/yr vs 0.18%/yr for ZBAL.TO.

Performance

VBAL.TO vs. ZBAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard Balanced ETF Portfolio (VBAL.TO) and BMO Balanced ETF (ZBAL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VBAL.TO having a 8.13% return and ZBAL.TO slightly lower at 8.07%.

VBAL.TO

• 1D: -0.30%
• 1M: 4.26%
• YTD: 8.13%
• 6M: 6.49%
• 1Y: 18.31%
• 3Y*: 13.79%
• 5Y*: 7.87%
• 10Y*: —

ZBAL.TO

• 1D: -0.44%
• 1M: 4.23%
• YTD: 8.07%
• 6M: 7.81%
• 1Y: 19.74%
• 3Y*: 14.66%
• 5Y*: 8.70%
• 10Y*: —

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

VBAL.TO vs. ZBAL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
VBAL.TO Vanguard Balanced ETF Portfolio	8.13%	11.88%	14.56%	12.43%	-11.44%	10.16%	10.23%	9.02%
ZBAL.TO BMO Balanced ETF	8.07%	12.93%	16.16%	12.63%	-11.09%	10.41%	10.27%	9.73%

Correlation

The correlation between VBAL.TO and ZBAL.TO is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (5Y) Calculated over the trailing 5-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019	0.91

The correlation between VBAL.TO and ZBAL.TO has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

VBAL.TO vs. ZBAL.TO - Sectors Allocation Comparison

Sectors	VBAL.TO	ZBAL.TO
Financial Services	20.6%	19.8%
Technology	20.4%	22.2%
Industrials	11.6%	11.2%
Energy	8.6%	8.0%
Basic Materials	8.5%	7.2%
Consumer Cyclical	7.9%	8.3%
Healthcare	6.7%	6.9%
Communication Services	6.1%	6.7%
Consumer Defensive	4.6%	4.9%
Utilities	2.8%	3.0%
Real Estate	2.3%	2.0%

Return for Risk

VBAL.TO vs. ZBAL.TO — Risk / Return Rank

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

VBAL.TO

VBAL.TO Risk / Return Rank: 68
VBAL.TO Sharpe Ratio Rank: 68
VBAL.TO Sortino Ratio Rank: 71
VBAL.TO Omega Ratio Rank: 71
VBAL.TO Calmar Ratio Rank: 61
VBAL.TO Martin Ratio Rank: 69

ZBAL.TO

ZBAL.TO Risk / Return Rank: 72
ZBAL.TO Sharpe Ratio Rank: 71
ZBAL.TO Sortino Ratio Rank: 75
ZBAL.TO Omega Ratio Rank: 74
ZBAL.TO Calmar Ratio Rank: 68
ZBAL.TO Martin Ratio Rank: 75

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.

VBAL.TO vs. ZBAL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Balanced ETF Portfolio (VBAL.TO) and BMO Balanced ETF (ZBAL.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.

	VBAL.TO	ZBAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.37	-0.06
Sortino ratio: Return per unit of downside risk	3.30	3.44	-0.14
Omega ratio: Gain probability vs. loss probability	1.44	1.45	-0.01
Calmar ratio: Return relative to maximum drawdown	3.10	3.41	-0.31
Martin ratio: Return relative to average drawdown	13.17	14.34	-1.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VBAL.TO vs. ZBAL.TO - Sharpe Ratio Comparison

The current VBAL.TO Sharpe Ratio is 2.30, which is comparable to the ZBAL.TO Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of VBAL.TO and ZBAL.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.

Sharpe Ratios by Period

	VBAL.TO	ZBAL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.30	2.37	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.92	1.01	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.92	-0.14

Drawdowns

VBAL.TO vs. ZBAL.TO - Drawdown Comparison

The maximum VBAL.TO drawdown since its inception was -21.19%, roughly equal to the maximum ZBAL.TO drawdown of -20.75%. Use the drawdown chart below to compare losses from any high point for VBAL.TO and ZBAL.TO.

Drawdown Indicators

	VBAL.TO	ZBAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-21.19%	-20.75%	-0.44%
Max Drawdown (1Y) Largest decline over 1 year	-5.93%	-5.81%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-9.68%	-9.43%	-0.25%
Max Drawdown (5Y) Largest decline over 5 years	-16.45%	-16.32%	-0.13%
Current Drawdown Current decline from peak	-0.30%	-0.44%	+0.14%
Average Drawdown Average peak-to-trough decline	-3.17%	-3.17%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.39%	1.38%	+0.01%

Volatility

VBAL.TO vs. ZBAL.TO - Volatility Comparison

The current volatility for Vanguard Balanced ETF Portfolio (VBAL.TO) is 2.73%, while BMO Balanced ETF (ZBAL.TO) has a volatility of 3.09%. This indicates that VBAL.TO experiences smaller price fluctuations and is considered to be less risky than ZBAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VBAL.TO	ZBAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.73%	3.09%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	6.59%	6.60%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	7.99%	8.38%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.63%	8.72%	-0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.09%	10.14%	-0.05%

VBAL.TO vs. ZBAL.TO - Expense Ratio Comparison

VBAL.TO has a 0.24% expense ratio, which is higher than ZBAL.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

VBAL.TO vs. ZBAL.TO - Dividend Comparison

VBAL.TO's dividend yield for the trailing twelve months is around 2.05%, more than ZBAL.TO's 1.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
VBAL.TO Vanguard Balanced ETF Portfolio	2.05%	2.21%	2.26%	2.32%	2.16%	1.91%	1.79%	2.20%	1.99%
ZBAL.TO BMO Balanced ETF	1.74%	2.00%	2.20%	2.49%	2.74%	2.37%	2.55%	2.39%	0.00%

Frequently Asked Questions

Can I hold both VBAL.TO and ZBAL.TO in my portfolio?

With a correlation of 0.92, VBAL.TO and ZBAL.TO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, VBAL.TO or ZBAL.TO?

On fees, ZBAL.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, VBAL.TO or ZBAL.TO?

ZBAL.TO is cheaper with a 0.18% expense ratio, compared with 0.24% for VBAL.TO.

What is the main difference between VBAL.TO and ZBAL.TO?

VBAL.TO is categorized as Diversified Portfolio, while ZBAL.TO is Global Allocation. They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.24% for VBAL.TO and 0.18% for ZBAL.TO.