ZBAL.TO vs. CGRA.TO

Last updated Jul 16, 2026

ZBAL.TO (BMO Balanced ETF) and CGRA.TO (CI Global Real Asset Private Pool) are both Global Allocation funds. Both are actively managed. Over the past 5 years, ZBAL.TO returned 7.92%/yr vs 7.75%/yr for CGRA.TO. At a 0.19 correlation, their price movements are largely independent.

Performance

ZBAL.TO vs. CGRA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Balanced ETF (ZBAL.TO) and CI Global Real Asset Private Pool (CGRA.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZBAL.TO achieves a 8.66% return, which is significantly lower than CGRA.TO's 15.41% return.

ZBAL.TO

• 1D: 0.19%
• 1M: -0.38%
• 6M: 6.16%
• YTD: 8.66%
• 1Y: 16.48%
• 3Y*: 13.75%
• 5Y*: 7.92%
• 10Y*: —

CGRA.TO

• 1D: -0.15%
• 1M: 0.96%
• 6M: 14.56%
• YTD: 15.41%
• 1Y: 17.99%
• 3Y*: 13.25%
• 5Y*: 7.75%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZBAL.TO BMO Balanced ETF	8.66%	11.34%	16.15%	12.61%	-11.11%	10.39%	12.29%
CGRA.TO CI Global Real Asset Private Pool	15.41%	7.16%	10.58%	6.33%	-9.03%	20.00%	6.05%

Correlation

The correlation between ZBAL.TO and CGRA.TO is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since May 21, 2020	0.19

Return for Risk

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

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

ZBAL.TO

ZBAL.TO Risk / Return Rank: 71
ZBAL.TO Sharpe Ratio Rank: 69
ZBAL.TO Sortino Ratio Rank: 70
ZBAL.TO Omega Ratio Rank: 69
ZBAL.TO Calmar Ratio Rank: 70
ZBAL.TO Martin Ratio Rank: 74

CGRA.TO

CGRA.TO Risk / Return Rank: 82
CGRA.TO Sharpe Ratio Rank: 84
CGRA.TO Sortino Ratio Rank: 89
CGRA.TO Omega Ratio Rank: 96
CGRA.TO Calmar Ratio Rank: 69
CGRA.TO Martin Ratio Rank: 71

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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Balanced ETF (ZBAL.TO) and CI Global Real Asset Private Pool (CGRA.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.

	ZBAL.TO	CGRA.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.15	-0.37
Sortino ratio: Return per unit of downside risk	2.56	3.34	-0.78
Omega ratio: Gain probability vs. loss probability	1.33	1.73	-0.40
Calmar ratio: Return relative to maximum drawdown	2.85	2.82	+0.03
Martin ratio: Return relative to average drawdown	10.97	10.48	+0.48

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

The current ZBAL.TO Sharpe Ratio is 1.78, which is comparable to the CGRA.TO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of ZBAL.TO and CGRA.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.

Drawdowns

ZBAL.TO vs. CGRA.TO - Drawdown Comparison

The maximum ZBAL.TO drawdown since its inception was -20.75%, which is greater than CGRA.TO's maximum drawdown of -16.03%. Use the drawdown chart below to compare losses from any high point for ZBAL.TO and CGRA.TO.

Drawdown Indicators

	ZBAL.TO	CGRA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-20.75%	-16.03%	-4.72%
Max Drawdown (1Y) Largest decline over 1 year	-5.81%	-6.43%	+0.62%
Max Drawdown (3Y) Largest decline over 3 years	-9.44%	-7.89%	-1.55%
Max Drawdown (5Y) Largest decline over 5 years	-16.32%	-16.03%	-0.29%
Current Drawdown Current decline from peak	-2.14%	-0.54%	-1.60%
Average Drawdown Average peak-to-trough decline	-3.17%	-3.80%	+0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	1.72%	-0.21%

Volatility

ZBAL.TO vs. CGRA.TO - Volatility Comparison

BMO Balanced ETF (ZBAL.TO) has a higher volatility of 3.39% compared to CI Global Real Asset Private Pool (CGRA.TO) at 1.35%. This indicates that ZBAL.TO's price experiences larger fluctuations and is considered to be riskier than CGRA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZBAL.TO	CGRA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	1.35%	+2.04%
Volatility (6M) Calculated over the trailing 6-month period	7.58%	7.18%	+0.40%
Volatility (1Y) Calculated over the trailing 1-year period	9.31%	8.46%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.90%	12.13%	-3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.15%	11.65%	-1.50%

Dividends

ZBAL.TO vs. CGRA.TO - Dividend Comparison

ZBAL.TO's dividend yield for the trailing twelve months is around 1.65%, less than CGRA.TO's 3.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CGRA.TO CI Global Real Asset Private Pool	3.55%	4.02%	4.14%	4.39%	4.46%	3.89%	2.61%	0.00%
ZBAL.TO BMO Balanced ETF	1.65%	2.02%	2.18%	2.48%	2.72%	2.35%	2.53%	2.38%

Frequently Asked Questions

Can I hold both ZBAL.TO and CGRA.TO in my portfolio?

ZBAL.TO and CGRA.TO have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between ZBAL.TO and CGRA.TO?

They also come from different issuers: BMO and CI.