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VRIF.TO vs. ZBAL.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

VRIF.TO vs. ZBAL.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard Retirement Income ETF Portfolio (VRIF.TO) and BMO Balanced ETF (ZBAL.TO).

VRIF.TO and ZBAL.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VRIF.TO is an actively managed fund by Vanguard. It was launched on Sep 9, 2020. ZBAL.TO is an actively managed fund by BMO. It was launched on Jan 24, 2022.

Performance

VRIF.TO vs. ZBAL.TO - Performance Comparison

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

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

2026 (YTD)202520242023202220212020
VRIF.TO
Vanguard Retirement Income ETF Portfolio		0.63%10.58%8.44%8.97%-11.50%7.44%5.55%
ZBAL.TO
BMO Balanced ETF		0.37%12.93%16.16%12.63%-11.09%10.41%4.73%

Returns By Period

In the year-to-date period, VRIF.TO achieves a 0.63% return, which is significantly higher than ZBAL.TO's 0.37% return.

VRIF.TO

1D
1.19%
1M
-2.84%
YTD
0.63%
6M
1.95%
1Y
9.14%
3Y*
8.19%
5Y*
4.12%
10Y*
—

ZBAL.TO

1D
1.71%
1M
-3.27%
YTD
0.37%
6M
0.67%
1Y
12.70%
3Y*
12.19%
5Y*
7.46%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard Retirement Income ETF Portfolio

BMO Balanced ETF

Often compared with VRIF.TO:
VRIF.TO vs. ZMI.TOVRIF.TO vs. VBAL.TOVRIF.TO vs. PID.TOVRIF.TO vs. XEI.TOVRIF.TO vs. TEC.TOVRIF.TO vs. cpd.TOVRIF.TO vs. XTR.TO
Often compared with ZBAL.TO:
ZBAL.TO vs. XBAL.TOZBAL.TO vs. ZGRO.TOZBAL.TO vs. VDY.TOZBAL.TO vs. VBAL.TOZBAL.TO vs. ZLB.TOZBAL.TO vs. ZEQT.TOZBAL.TO vs. VGRO.TO

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

VRIF.TO has a 0.29% expense ratio, which is higher than ZBAL.TO's 0.18% expense ratio.

VRIF.TO
Vanguard Retirement Income ETF Portfolio
ZBAL.TO
BMO Balanced ETF

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VRIF.TO
VRIF.TO Risk / Return Rank: 7979
Overall Rank
VRIF.TO Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
VRIF.TO Sortino Ratio Rank: 8282
Sortino Ratio Rank
VRIF.TO Omega Ratio Rank: 8080
Omega Ratio Rank
VRIF.TO Calmar Ratio Rank: 7777
Calmar Ratio Rank
VRIF.TO Martin Ratio Rank: 7676
Martin Ratio Rank
ZBAL.TO
ZBAL.TO Risk / Return Rank: 7171
Overall Rank
ZBAL.TO Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
ZBAL.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
ZBAL.TO Omega Ratio Rank: 7070
Omega Ratio Rank
ZBAL.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
ZBAL.TO Martin Ratio Rank: 7272
Martin Ratio Rank
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.

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

This table presents a comparison of risk-adjusted performance metrics for Vanguard Retirement Income ETF Portfolio (VRIF.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.

VRIF.TOZBAL.TODifference

Sharpe ratio

Return per unit of total volatility

1.52

1.23

+0.29

Sortino ratio

Return per unit of downside risk

2.13

1.74

+0.39

Omega ratio

Gain probability vs. loss probability

1.31

1.25

+0.06

Calmar ratio

Return relative to maximum drawdown

2.05

1.72

+0.33

Martin ratio

Return relative to average drawdown

7.91

7.09

+0.83

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current VRIF.TO Sharpe Ratio is 1.52, which is comparable to the ZBAL.TO Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of VRIF.TO and ZBAL.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

VRIF.TOZBAL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.52

1.23

+0.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.67

0.88

-0.21

Sharpe Ratio (All Time)

Calculated using the full available price history

0.83

0.83

0.00

Correlation

The correlation between VRIF.TO and ZBAL.TO is 0.85, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

VRIF.TO vs. ZBAL.TO - Dividend Comparison

VRIF.TO's dividend yield for the trailing twelve months is around 3.80%, more than ZBAL.TO's 1.87% yield.

TTM2025202420232022202120202019
VRIF.TO
Vanguard Retirement Income ETF Portfolio		3.80%3.77%3.96%4.33%4.72%3.86%1.27%0.00%
ZBAL.TO
BMO Balanced ETF		1.87%2.00%2.20%2.49%2.74%2.37%2.55%2.39%

Drawdowns

VRIF.TO vs. ZBAL.TO - Drawdown Comparison

The maximum VRIF.TO drawdown since its inception was -16.19%, smaller than the maximum ZBAL.TO drawdown of -20.75%. Use the drawdown chart below to compare losses from any high point for VRIF.TO and ZBAL.TO.

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Drawdown Indicators

VRIF.TOZBAL.TODifference

Max Drawdown

Largest peak-to-trough decline

-16.19%

-20.75%

+4.56%

Max Drawdown (1Y)

Largest decline over 1 year

-4.55%

-7.75%

+3.20%

Max Drawdown (5Y)

Largest decline over 5 years

-16.19%

-16.32%

+0.13%

Current Drawdown

Current decline from peak

-2.90%

-3.58%

+0.68%

Average Drawdown

Average peak-to-trough decline

-3.96%

-3.23%

-0.73%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.18%

1.88%

-0.70%

Volatility

VRIF.TO vs. ZBAL.TO - Volatility Comparison

The current volatility for Vanguard Retirement Income ETF Portfolio (VRIF.TO) is 3.04%, while BMO Balanced ETF (ZBAL.TO) has a volatility of 4.16%. This indicates that VRIF.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.

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Volatility by Period

VRIF.TOZBAL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.04%

4.16%

-1.12%

Volatility (6M)

Calculated over the trailing 6-month period

4.02%

6.45%

-2.43%

Volatility (1Y)

Calculated over the trailing 1-year period

6.03%

10.39%

-4.36%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.19%

8.62%

-2.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.23%

10.16%

-3.93%