XGRO.TO vs. ZPAY.TO

Last updated Jun 5, 2026

XGRO.TO (iShares Core Growth ETF Portfolio) and ZPAY.TO (BMO Premium Yield ETF) are both exchange-traded funds - XGRO.TO is a Diversified Portfolio fund actively managed by iShares, while ZPAY.TO is a Large Cap Growth Equities fund actively managed by BMO. Both are actively managed. Over the past 5 years, XGRO.TO returned 10.89%/yr vs 8.78%/yr for ZPAY.TO. A 0.64 correlation means they provide meaningful diversification when combined. XGRO.TO charges 0.20%/yr vs 0.73%/yr for ZPAY.TO.

Performance

XGRO.TO vs. ZPAY.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in iShares Core Growth ETF Portfolio (XGRO.TO) and BMO Premium Yield ETF (ZPAY.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XGRO.TO achieves a 10.70% return, which is significantly higher than ZPAY.TO's 5.71% return.

XGRO.TO

• 1D: 0.29%
• 1M: 3.33%
• YTD: 10.70%
• 6M: 9.52%
• 1Y: 24.19%
• 3Y*: 18.10%
• 5Y*: 10.89%
• 10Y*: 10.17%

ZPAY.TO

• 1D: 0.88%
• 1M: 3.84%
• YTD: 5.71%
• 6M: 2.77%
• 1Y: 11.56%
• 3Y*: 10.17%
• 5Y*: 8.78%
• 10Y*: —

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

XGRO.TO vs. ZPAY.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
XGRO.TO iShares Core Growth ETF Portfolio	10.70%	15.59%	19.53%	15.01%	-11.08%	14.29%	8.66%
ZPAY.TO BMO Premium Yield ETF	5.71%	2.61%	16.94%	16.87%	-6.33%	9.54%	526.95%

Correlation

The correlation between XGRO.TO and ZPAY.TO is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jan 22, 2020	0.64

The correlation between XGRO.TO and ZPAY.TO has been stable across timeframes, ranging from 0.60 to 0.66 - a consistent structural relationship.

XGRO.TO vs. ZPAY.TO - Sectors Allocation Comparison

Sectors	XGRO.TO	ZPAY.TO
Technology	25.8%	31.7%
Financial Services	20.3%	16.3%
Industrials	7.3%	7.4%
Energy	7.2%	-
Communication Services	6.8%	17.5%
Consumer Cyclical	6.3%	0.8%
Basic Materials	5.6%	2.9%
Healthcare	5.1%	14.8%
Consumer Defensive	3.8%	8.6%
Utilities	1.5%	-
Real Estate	0.4%	-

Return for Risk

XGRO.TO vs. ZPAY.TO — Risk / Return Rank

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

XGRO.TO

XGRO.TO Risk / Return Rank: 71
XGRO.TO Sharpe Ratio Rank: 69
XGRO.TO Sortino Ratio Rank: 70
XGRO.TO Omega Ratio Rank: 72
XGRO.TO Calmar Ratio Rank: 68
XGRO.TO Martin Ratio Rank: 78

ZPAY.TO

ZPAY.TO Risk / Return Rank: 35
ZPAY.TO Sharpe Ratio Rank: 40
ZPAY.TO Sortino Ratio Rank: 37
ZPAY.TO Omega Ratio Rank: 40
ZPAY.TO Calmar Ratio Rank: 31
ZPAY.TO Martin Ratio Rank: 28

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.

XGRO.TO vs. ZPAY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core Growth ETF Portfolio (XGRO.TO) and BMO Premium Yield ETF (ZPAY.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.

	XGRO.TO	ZPAY.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.22	1.38	+0.84
Sortino ratio: Return per unit of downside risk	3.13	1.88	+1.26
Omega ratio: Gain probability vs. loss probability	1.42	1.26	+0.16
Calmar ratio: Return relative to maximum drawdown	3.36	1.50	+1.86
Martin ratio: Return relative to average drawdown	14.92	3.91	+11.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XGRO.TO vs. ZPAY.TO - Sharpe Ratio Comparison

The current XGRO.TO Sharpe Ratio is 2.22, which is higher than the ZPAY.TO Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of XGRO.TO and ZPAY.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

	XGRO.TO	ZPAY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	1.38	+0.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.99	0.84	+0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.22	+0.14

Drawdowns

XGRO.TO vs. ZPAY.TO - Drawdown Comparison

The maximum XGRO.TO drawdown since its inception was -47.97%, which is greater than ZPAY.TO's maximum drawdown of -14.89%. Use the drawdown chart below to compare losses from any high point for XGRO.TO and ZPAY.TO.

Drawdown Indicators

	XGRO.TO	ZPAY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-47.97%	-14.89%	-33.08%
Max Drawdown (1Y) Largest decline over 1 year	-7.12%	-7.64%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-12.47%	-12.47%	0.00%
Max Drawdown (5Y) Largest decline over 5 years	-18.40%	-14.76%	-3.64%
Max Drawdown (10Y) Largest decline over 10 years	-25.85%	—	—
Current Drawdown Current decline from peak	0.00%	-0.83%	+0.83%
Average Drawdown Average peak-to-trough decline	-8.49%	-2.66%	-5.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	2.92%	-1.32%

Volatility

XGRO.TO vs. ZPAY.TO - Volatility Comparison

iShares Core Growth ETF Portfolio (XGRO.TO) has a higher volatility of 3.40% compared to BMO Premium Yield ETF (ZPAY.TO) at 2.83%. This indicates that XGRO.TO's price experiences larger fluctuations and is considered to be riskier than ZPAY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XGRO.TO	ZPAY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	2.83%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	9.20%	6.76%	+2.44%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	8.27%	+2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.05%	10.53%	+0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.26%	195.95%	-183.69%

XGRO.TO vs. ZPAY.TO - Expense Ratio Comparison

XGRO.TO has a 0.20% expense ratio, which is lower than ZPAY.TO's 0.73% expense ratio.

Dividends

XGRO.TO vs. ZPAY.TO - Dividend Comparison

XGRO.TO's dividend yield for the trailing twelve months is around 1.75%, less than ZPAY.TO's 7.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XGRO.TO iShares Core Growth ETF Portfolio	1.75%	1.92%	1.98%	2.22%	1.86%	1.66%	1.94%	2.21%	7.42%	2.04%	2.65%	2.15%
ZPAY.TO BMO Premium Yield ETF	7.33%	7.46%	5.81%	6.40%	7.00%	6.10%	5.42%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XGRO.TO and ZPAY.TO in my portfolio?

XGRO.TO and ZPAY.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XGRO.TO or ZPAY.TO?

On fees, XGRO.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XGRO.TO or ZPAY.TO?

XGRO.TO is cheaper with a 0.20% expense ratio, compared with 0.73% for ZPAY.TO.

What is the main difference between XGRO.TO and ZPAY.TO?

XGRO.TO is categorized as Diversified Portfolio, while ZPAY.TO is Large Cap Growth Equities. They also come from different issuers: iShares and BMO. Their fees differ too: 0.20% for XGRO.TO and 0.73% for ZPAY.TO.