PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
ZAG.TO vs. XINC.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZAG.TO vs. XINC.TO

Last updated Jun 4, 2026

ZAG.TO (BMO Aggregate Bond Index ETF) and XINC.TO (iShares Core Income Balanced ETF Portfolio) are both exchange-traded funds - ZAG.TO is a Canadian Government Bonds fund tracking the FTSE Canada Universe Bond Index, while XINC.TO is a Diversified Portfolio fund actively managed by iShares. ZAG.TO is passively managed, while XINC.TO is actively managed. Over the past 5 years, ZAG.TO returned 0.76%/yr vs 3.17%/yr for XINC.TO. A 0.52 correlation means they provide meaningful diversification when combined. ZAG.TO charges 0.09%/yr vs 0.20%/yr for XINC.TO.

Performance

ZAG.TO vs. XINC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Aggregate Bond Index ETF (ZAG.TO) and iShares Core Income Balanced ETF Portfolio (XINC.TO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, ZAG.TO achieves a 1.70% return, which is significantly lower than XINC.TO's 3.43% return.

ZAG.TO

1D
0.00%
1M
1.75%
YTD
1.70%
6M
0.89%
1Y
3.25%
3Y*
4.24%
5Y*
0.76%
10Y*
1.66%

XINC.TO

1D
-0.14%
1M
1.69%
YTD
3.43%
6M
3.01%
1Y
8.23%
3Y*
7.62%
5Y*
3.17%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZAG.TO vs. XINC.TO - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
ZAG.TO
BMO Aggregate Bond Index ETF		1.70%2.25%4.48%6.41%-11.60%-2.60%8.34%-1.78%
XINC.TO
iShares Core Income Balanced ETF Portfolio		3.43%6.71%7.76%8.51%-11.25%1.27%9.16%1.23%

Correlation

The correlation between ZAG.TO and XINC.TO is 0.67, 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

0.67

Correlation (3Y)
Calculated over the trailing 3-year period

0.50

Correlation (5Y)
Calculated over the trailing 5-year period

0.54

Correlation (All Time)
Calculated using the full available price history since Aug 15, 2019

0.52

The correlation between ZAG.TO and XINC.TO shifts across timeframes, from 0.50 (3 years) to 0.67 (1 year), reflecting how their relationship changes across market environments.

ZAG.TO vs. XINC.TO - Sectors Allocation Comparison

Sectors
ZAG.TO
XINC.TO

Real Estate

0.0%
0.3%

Basic Materials

-

1.3%

Communication Services

-

1.3%

Consumer Cyclical

-

1.4%

Consumer Defensive

-

0.9%

Energy

-

1.5%

Financial Services

-

4.3%

Healthcare

-

1.2%

Industrials

-

1.9%

Technology

-

4.8%

Utilities

-

0.5%

Real Estate

ZAG.TO
0.0%
XINC.TO
0.3%

Basic Materials

ZAG.TO

-

XINC.TO
1.3%

Communication Services

ZAG.TO

-

XINC.TO
1.3%

Consumer Cyclical

ZAG.TO

-

XINC.TO
1.4%

Consumer Defensive

ZAG.TO

-

XINC.TO
0.9%

Energy

ZAG.TO

-

XINC.TO
1.5%

Financial Services

ZAG.TO

-

XINC.TO
4.3%

Healthcare

ZAG.TO

-

XINC.TO
1.2%

Industrials

ZAG.TO

-

XINC.TO
1.9%

Technology

ZAG.TO

-

XINC.TO
4.8%

Utilities

ZAG.TO

-

XINC.TO
0.5%

Compare stocks, funds, or ETFs

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

BMO Aggregate Bond Index ETF

iShares Core Income Balanced ETF Portfolio

Often compared with ZAG.TO:
ZAG.TO vs. VAB.TOZAG.TO vs. XBB.TOZAG.TO vs. XSB.TOZAG.TO vs. ZMMK.TOZAG.TO vs. ZST.TOZAG.TO vs. XBBZAG.TO vs. XCB.TO
Often compared with XINC.TO:
XINC.TO vs. XCNS.TOXINC.TO vs. VFV.TOXINC.TO vs. XEQT.TOXINC.TO vs. XGRO.TOXINC.TO vs. XSUS.TOXINC.TO vs. ZMMK.TOXINC.TO vs. XBAL.TO

Return for Risk

ZAG.TO vs. XINC.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZAG.TO
ZAG.TO Risk / Return Rank: 2121
Overall Rank
ZAG.TO Sharpe Ratio Rank: 2020
Sharpe Ratio Rank
ZAG.TO Sortino Ratio Rank: 1919
Sortino Ratio Rank
ZAG.TO Omega Ratio Rank: 2020
Omega Ratio Rank
ZAG.TO Calmar Ratio Rank: 2424
Calmar Ratio Rank
ZAG.TO Martin Ratio Rank: 2222
Martin Ratio Rank
XINC.TO
XINC.TO Risk / Return Rank: 4949
Overall Rank
XINC.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
XINC.TO Sortino Ratio Rank: 4949
Sortino Ratio Rank
XINC.TO Omega Ratio Rank: 5252
Omega Ratio Rank
XINC.TO Calmar Ratio Rank: 4545
Calmar Ratio Rank
XINC.TO Martin Ratio Rank: 5151
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.

ZAG.TO vs. XINC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Aggregate Bond Index ETF (ZAG.TO) and iShares Core Income Balanced ETF Portfolio (XINC.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.

ZAG.TOXINC.TODifference
Sharpe ratioReturn per unit of total volatility
0.73
1.68

-0.95

Sortino ratioReturn per unit of downside risk
1.02
2.44

-1.41

Omega ratioGain probability vs. loss probability

1.13

1.33

-0.19

Calmar ratioReturn relative to maximum drawdown

1.17

2.27

-1.09

Martin ratioReturn relative to average drawdown

2.73

8.55

-5.82

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

ZAG.TO vs. XINC.TO - Sharpe Ratio Comparison

The current ZAG.TO Sharpe Ratio is 0.73, which is lower than the XINC.TO Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of ZAG.TO and XINC.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.

Loading charts...

Sharpe Ratios by Period

ZAG.TOXINC.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.73

1.68

-0.95

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.12

0.50

-0.38

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.23

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.55

-0.10

Drawdowns

ZAG.TO vs. XINC.TO - Drawdown Comparison

The maximum ZAG.TO drawdown since its inception was -18.03%, which is greater than XINC.TO's maximum drawdown of -15.40%. Use the drawdown chart below to compare losses from any high point for ZAG.TO and XINC.TO.

Loading charts...

Drawdown Indicators

ZAG.TOXINC.TODifference

Max Drawdown

Largest peak-to-trough decline

-18.03%

-15.40%

-2.63%

Max Drawdown (1Y)

Largest decline over 1 year

-2.79%

-3.65%

+0.86%

Max Drawdown (3Y)

Largest decline over 3 years

-5.42%

-4.36%

-1.06%

Max Drawdown (5Y)

Largest decline over 5 years

-15.77%

-15.40%

-0.37%

Max Drawdown (10Y)

Largest decline over 10 years

-18.03%

—

—

Current Drawdown

Current decline from peak

-1.09%

-0.14%

-0.95%

Average Drawdown

Average peak-to-trough decline

-3.54%

-3.75%

+0.21%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.19%

0.97%

+0.22%

Volatility

ZAG.TO vs. XINC.TO - Volatility Comparison

The current volatility for BMO Aggregate Bond Index ETF (ZAG.TO) is 1.68%, while iShares Core Income Balanced ETF Portfolio (XINC.TO) has a volatility of 2.00%. This indicates that ZAG.TO experiences smaller price fluctuations and is considered to be less risky than XINC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

ZAG.TOXINC.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.68%

2.00%

-0.32%

Volatility (6M)

Calculated over the trailing 6-month period

3.43%

4.13%

-0.70%

Volatility (1Y)

Calculated over the trailing 1-year period

4.46%

4.93%

-0.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.58%

6.43%

+0.15%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.11%

6.73%

+0.38%

ZAG.TO vs. XINC.TO - Expense Ratio Comparison

ZAG.TO has a 0.09% expense ratio, which is lower than XINC.TO's 0.20% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZAG.TO vs. XINC.TO - Dividend Comparison

ZAG.TO's dividend yield for the trailing twelve months is around 3.42%, more than XINC.TO's 3.19% yield.

PositionTTM20252024202320222021202020192018201720162015
XINC.TO
iShares Core Income Balanced ETF Portfolio		3.19%3.16%2.81%2.87%2.54%2.02%2.40%0.93%0.00%0.00%0.00%0.00%
ZAG.TO
BMO Aggregate Bond Index ETF		3.42%3.48%3.44%3.47%3.56%3.04%2.88%3.03%2.92%2.95%3.07%3.13%

Frequently Asked Questions

ZAG.TO and XINC.TO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZAG.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZAG.TO is cheaper with a 0.09% expense ratio, compared with 0.20% for XINC.TO.

ZAG.TO is categorized as Canadian Government Bonds, while XINC.TO is Diversified Portfolio. They also come from different issuers: BMO and iShares. Their fees differ too: 0.09% for ZAG.TO and 0.20% for XINC.TO.

Portfolio Optimizer

Find the right allocation for ZAG.TO and XINC.TO

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer