XCV.TO vs. ZBAL.TO
XCV.TO (iShares Canadian Value Index ETF) and ZBAL.TO (BMO Balanced ETF) are both exchange-traded funds - XCV.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD, while ZBAL.TO is a Global Allocation fund actively managed by BMO. XCV.TO is passively managed, while ZBAL.TO is actively managed. Over the past 5 years, XCV.TO returned 18.73%/yr vs 8.26%/yr for ZBAL.TO. A 0.56 correlation means they provide meaningful diversification when combined. XCV.TO charges 0.55%/yr vs 0.18%/yr for ZBAL.TO.
Performance
XCV.TO vs. ZBAL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, XCV.TO achieves a 22.37% return, which is significantly higher than ZBAL.TO's 8.00% return.
XCV.TO
- 1D
- 0.64%
- 1M
- 5.49%
- YTD
- 22.37%
- 6M
- 20.31%
- 1Y
- 47.19%
- 3Y*
- 28.48%
- 5Y*
- 18.73%
- 10Y*
- 13.88%
ZBAL.TO
- 1D
- 0.44%
- 1M
- 1.65%
- YTD
- 8.00%
- 6M
- 7.02%
- 1Y
- 18.45%
- 3Y*
- 14.05%
- 5Y*
- 8.26%
- 10Y*
- —
XCV.TO vs. ZBAL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 22.37% | 32.30% | 21.41% | 9.62% | 1.98% | 32.81% | -2.43% | 8.81% |
ZBAL.TO BMO Balanced ETF | 8.00% | 11.34% | 16.15% | 12.61% | -11.11% | 10.39% | 10.25% | 9.89% |
Correlation
The correlation between XCV.TO and ZBAL.TO is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Feb 15, 2019 | 0.56 |
The correlation between XCV.TO and ZBAL.TO has been stable across timeframes, ranging from 0.51 to 0.59 - a consistent structural relationship.
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Return for Risk
XCV.TO vs. ZBAL.TO — Risk / Return Rank
XCV.TO
ZBAL.TO
XCV.TO vs. ZBAL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Canadian Value Index ETF (XCV.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.
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.
| XCV.TO | ZBAL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.28 | ||
| Sortino ratioReturn per unit of downside risk | +4.15 | ||
| Omega ratioGain probability vs. loss probability | 2.08 | 1.37 | +0.72 |
| Calmar ratioReturn relative to maximum drawdown | 12.42 | 3.00 | +9.42 |
| Martin ratioReturn relative to average drawdown | 46.72 | 12.25 | +34.47 |
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Drawdowns
XCV.TO vs. ZBAL.TO - Drawdown Comparison
The maximum XCV.TO drawdown since its inception was -52.45%, which is greater than ZBAL.TO's maximum drawdown of -20.75%. Use the drawdown chart below to compare losses from any high point for XCV.TO and ZBAL.TO.
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Drawdown Indicators
| XCV.TO | ZBAL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.45% | -20.75% | -31.70% |
Max Drawdown (1Y)Largest decline over 1 year | -3.84% | -5.81% | +1.97% |
Max Drawdown (3Y)Largest decline over 3 years | -9.71% | -9.44% | -0.27% |
Max Drawdown (5Y)Largest decline over 5 years | -18.06% | -16.32% | -1.74% |
Max Drawdown (10Y)Largest decline over 10 years | -41.18% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.50% | +0.50% |
Average DrawdownAverage peak-to-trough decline | -6.61% | -3.19% | -3.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 1.42% | -0.40% |
Volatility
XCV.TO vs. ZBAL.TO - Volatility Comparison
The current volatility for iShares Canadian Value Index ETF (XCV.TO) is 3.23%, while BMO Balanced ETF (ZBAL.TO) has a volatility of 3.51%. This indicates that XCV.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
| XCV.TO | ZBAL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.23% | 3.51% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 7.72% | 7.09% | +0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.08% | 8.81% | +0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.84% | 8.78% | +4.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.53% | 10.13% | +5.40% |
XCV.TO vs. ZBAL.TO - Expense Ratio Comparison
XCV.TO has a 0.55% expense ratio, which is higher than ZBAL.TO's 0.18% expense ratio.
Dividends
XCV.TO vs. ZBAL.TO - Dividend Comparison
XCV.TO's dividend yield for the trailing twelve months is around 2.27%, more than ZBAL.TO's 1.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
XCV.TO iShares Canadian Value Index ETF | 2.27% | 2.78% | 3.84% | 4.00% | 3.28% | 2.18% | 3.46% | 3.16% | 3.23% | 2.49% | 2.57% | 3.26% |
ZBAL.TO BMO Balanced ETF | 1.75% | 2.02% | 2.18% | 2.48% | 2.72% | 2.35% | 2.53% | 2.38% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XCV.TO and ZBAL.TO have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
ZBAL.TO is cheaper with a 0.18% expense ratio, compared with 0.55% for XCV.TO.
XCV.TO is categorized as Canada Equities, while ZBAL.TO is Global Allocation. They also come from different issuers: iShares and BMO. Their fees differ too: 0.55% for XCV.TO and 0.18% for ZBAL.TO.
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