VGRO.TO vs. ZESG.TO

Last updated Jun 5, 2026

VGRO.TO (Vanguard Growth ETF Portfolio) and ZESG.TO (BMO Balanced ESG ETF) are both Diversified Portfolio funds. Both are actively managed. Over the past 5 years, VGRO.TO returned 11.00%/yr vs 8.76%/yr for ZESG.TO. A 0.54 correlation means they provide meaningful diversification when combined. VGRO.TO charges 0.20%/yr vs 0.18%/yr for ZESG.TO.

Performance

VGRO.TO vs. ZESG.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, VGRO.TO achieves a 10.97% return, which is significantly higher than ZESG.TO's 6.18% return.

VGRO.TO

• 1D: 0.57%
• 1M: 5.12%
• YTD: 10.97%
• 6M: 9.68%
• 1Y: 25.48%
• 3Y*: 18.25%
• 5Y*: 11.00%
• 10Y*: —

ZESG.TO

• 1D: 0.61%
• 1M: 4.05%
• YTD: 6.18%
• 6M: 5.50%
• 1Y: 17.13%
• 3Y*: 14.47%
• 5Y*: 8.76%
• 10Y*: —

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

VGRO.TO vs. ZESG.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
VGRO.TO Vanguard Growth ETF Portfolio	10.97%	16.11%	19.27%	14.79%	-11.21%	14.79%	7.85%
ZESG.TO BMO Balanced ESG ETF	6.18%	12.26%	16.70%	15.27%	-13.70%	13.20%	7.69%

Correlation

The correlation between VGRO.TO and ZESG.TO is 0.84, 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	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jan 24, 2020	0.54

Over the past year, VGRO.TO and ZESG.TO have become more correlated (0.84) than their long-term average of 0.54, meaning their price movements have been converging.

VGRO.TO vs. ZESG.TO - Sectors Allocation Comparison

Sectors	VGRO.TO	ZESG.TO
Financial Services	20.6%	19.7%
Technology	20.3%	24.7%
Industrials	11.6%	10.1%
Energy	8.7%	5.8%
Basic Materials	8.6%	6.6%
Consumer Cyclical	7.8%	6.8%
Healthcare	6.7%	8.4%
Communication Services	6.0%	8.5%
Consumer Defensive	4.6%	5.4%
Utilities	2.8%	2.3%
Real Estate	2.3%	1.8%

Return for Risk

VGRO.TO vs. ZESG.TO — Risk / Return Rank

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

VGRO.TO

VGRO.TO Risk / Return Rank: 81
VGRO.TO Sharpe Ratio Rank: 82
VGRO.TO Sortino Ratio Rank: 84
VGRO.TO Omega Ratio Rank: 83
VGRO.TO Calmar Ratio Rank: 74
VGRO.TO Martin Ratio Rank: 81

ZESG.TO

ZESG.TO Risk / Return Rank: 66
ZESG.TO Sharpe Ratio Rank: 67
ZESG.TO Sortino Ratio Rank: 72
ZESG.TO Omega Ratio Rank: 68
ZESG.TO Calmar Ratio Rank: 57
ZESG.TO Martin Ratio Rank: 65

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.

VGRO.TO vs. ZESG.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Growth ETF Portfolio (VGRO.TO) and BMO Balanced ESG ETF (ZESG.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.

	VGRO.TO	ZESG.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.66	2.19	+0.47
Sortino ratio: Return per unit of downside risk	3.72	3.20	+0.52
Omega ratio: Gain probability vs. loss probability	1.50	1.40	+0.10
Calmar ratio: Return relative to maximum drawdown	3.65	2.82	+0.83
Martin ratio: Return relative to average drawdown	15.92	11.81	+4.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VGRO.TO vs. ZESG.TO - Sharpe Ratio Comparison

The current VGRO.TO Sharpe Ratio is 2.66, which is comparable to the ZESG.TO Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of VGRO.TO and ZESG.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

	VGRO.TO	ZESG.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	2.19	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.04	0.99	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.87	-0.05

Drawdowns

VGRO.TO vs. ZESG.TO - Drawdown Comparison

The maximum VGRO.TO drawdown since its inception was -25.36%, which is greater than ZESG.TO's maximum drawdown of -19.68%. Use the drawdown chart below to compare losses from any high point for VGRO.TO and ZESG.TO.

Drawdown Indicators

	VGRO.TO	ZESG.TO	Difference
Max Drawdown Largest peak-to-trough decline	-25.36%	-19.68%	-5.68%
Max Drawdown (1Y) Largest decline over 1 year	-7.01%	-6.09%	-0.92%
Max Drawdown (3Y) Largest decline over 3 years	-12.50%	-10.28%	-2.22%
Max Drawdown (5Y) Largest decline over 5 years	-17.39%	-18.81%	+1.42%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.41%	-4.19%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	1.45%	+0.15%

Volatility

VGRO.TO vs. ZESG.TO - Volatility Comparison

Vanguard Growth ETF Portfolio (VGRO.TO) has a higher volatility of 3.18% compared to BMO Balanced ESG ETF (ZESG.TO) at 2.61%. This indicates that VGRO.TO's price experiences larger fluctuations and is considered to be riskier than ZESG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VGRO.TO	ZESG.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	2.61%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	7.88%	6.23%	+1.65%
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	7.87%	+1.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.64%	8.92%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.53%	9.92%	+2.61%

VGRO.TO vs. ZESG.TO - Expense Ratio Comparison

VGRO.TO has a 0.20% expense ratio, which is higher than ZESG.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

VGRO.TO vs. ZESG.TO - Dividend Comparison

VGRO.TO's dividend yield for the trailing twelve months is around 1.70%, more than ZESG.TO's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
VGRO.TO Vanguard Growth ETF Portfolio	1.70%	1.88%	2.01%	2.13%	2.14%	1.80%	1.77%	2.17%	2.09%
ZESG.TO BMO Balanced ESG ETF	1.65%	1.71%	1.89%	2.22%	2.53%	2.05%	2.27%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VGRO.TO and ZESG.TO in my portfolio?

VGRO.TO and ZESG.TO have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, VGRO.TO or ZESG.TO?

On fees, ZESG.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, VGRO.TO or ZESG.TO?

ZESG.TO is cheaper with a 0.18% expense ratio, compared with 0.20% for VGRO.TO.

What is the main difference between VGRO.TO and ZESG.TO?

They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.20% for VGRO.TO and 0.18% for ZESG.TO.