ZBAL.TO vs. CRT-UN.TO

Last updated Jun 9, 2026

ZBAL.TO (BMO Balanced ETF) is Global Allocation fund actively managed by BMO, while CRT-UN.TO (CT Real Estate Investment Trust) is a stock. Over the past 5 years, ZBAL.TO returned -13.02%/yr vs 7.05%/yr for CRT-UN.TO. At a 0.41 correlation, their price movements are largely independent.

Performance

ZBAL.TO vs. CRT-UN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Balanced ETF (ZBAL.TO) and CT Real Estate Investment Trust (CRT-UN.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 6.78% return, which is significantly lower than CRT-UN.TO's 11.59% return.

ZBAL.TO

• 1D: 0.00%
• 1M: 0.89%
• YTD: 6.78%
• 6M: 7.25%
• 1Y: -60.63%
• 3Y*: -20.69%
• 5Y*: -13.02%
• 10Y*: —

CRT-UN.TO

• 1D: -0.11%
• 1M: 1.42%
• YTD: 11.59%
• 6M: 15.18%
• 1Y: 16.30%
• 3Y*: 12.39%
• 5Y*: 7.05%
• 10Y*: 7.63%

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

ZBAL.TO vs. CRT-UN.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZBAL.TO BMO Balanced ETF	6.78%	-62.36%	16.15%	12.61%	-11.11%	10.39%	10.25%	9.71%
CRT-UN.TO CT Real Estate Investment Trust	11.59%	20.98%	3.91%	-0.26%	-5.16%	16.12%	2.73%	26.27%

Correlation

The correlation between ZBAL.TO and CRT-UN.TO is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019	0.41

The correlation between ZBAL.TO and CRT-UN.TO shifts across timeframes, from 0.25 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ZBAL.TO vs. CRT-UN.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: 2
ZBAL.TO Sharpe Ratio Rank: 2
ZBAL.TO Sortino Ratio Rank: 4
ZBAL.TO Omega Ratio Rank: 0
ZBAL.TO Calmar Ratio Rank: 1
ZBAL.TO Martin Ratio Rank: 5

CRT-UN.TO

CRT-UN.TO Risk / Return Rank: 77
CRT-UN.TO Sharpe Ratio Rank: 79
CRT-UN.TO Sortino Ratio Rank: 75
CRT-UN.TO Omega Ratio Rank: 71
CRT-UN.TO Calmar Ratio Rank: 81
CRT-UN.TO Martin Ratio Rank: 82

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. CRT-UN.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Balanced ETF (ZBAL.TO) and CT Real Estate Investment Trust (CRT-UN.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.

	ZBAL.TO	CRT-UN.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	1.29	-2.19
Sortino ratio: Return per unit of downside risk	-0.75	1.93	-2.68
Omega ratio: Gain probability vs. loss probability	0.54	1.22	-0.68
Calmar ratio: Return relative to maximum drawdown	-0.91	2.63	-3.54
Martin ratio: Return relative to average drawdown	-1.01	6.86	-7.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZBAL.TO vs. CRT-UN.TO - Sharpe Ratio Comparison

The current ZBAL.TO Sharpe Ratio is -0.90, which is lower than the CRT-UN.TO Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of ZBAL.TO and CRT-UN.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

	ZBAL.TO	CRT-UN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	1.29	-2.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.42	0.40	-0.82
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.24	0.54	-0.78

Drawdowns

ZBAL.TO vs. CRT-UN.TO - Drawdown Comparison

The maximum ZBAL.TO drawdown since its inception was -66.71%, which is greater than CRT-UN.TO's maximum drawdown of -45.88%. Use the drawdown chart below to compare losses from any high point for ZBAL.TO and CRT-UN.TO.

Drawdown Indicators

	ZBAL.TO	CRT-UN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-66.71%	-45.88%	-20.83%
Max Drawdown (1Y) Largest decline over 1 year	-66.71%	-6.24%	-60.47%
Max Drawdown (3Y) Largest decline over 3 years	-66.71%	-17.38%	-49.33%
Max Drawdown (5Y) Largest decline over 5 years	-66.71%	-24.70%	-42.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-45.88%	—
Current Drawdown Current decline from peak	-61.55%	-0.84%	-60.71%
Average Drawdown Average peak-to-trough decline	-10.82%	-6.26%	-4.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.97%	2.38%	+57.59%

Volatility

ZBAL.TO vs. CRT-UN.TO - Volatility Comparison

BMO Balanced ETF (ZBAL.TO) has a higher volatility of 3.29% compared to CT Real Estate Investment Trust (CRT-UN.TO) at 2.78%. This indicates that ZBAL.TO's price experiences larger fluctuations and is considered to be riskier than CRT-UN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZBAL.TO	CRT-UN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	2.78%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	6.79%	9.36%	-2.57%
Volatility (1Y) Calculated over the trailing 1-year period	67.36%	12.74%	+54.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.12%	17.64%	+13.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.70%	20.22%	+6.48%

Dividends

ZBAL.TO vs. CRT-UN.TO - Dividend Comparison

ZBAL.TO's dividend yield for the trailing twelve months is around 2.68%, less than CRT-UN.TO's 5.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRT-UN.TO CT Real Estate Investment Trust	5.35%	5.77%	6.40%	6.04%	5.48%	4.76%	5.08%	4.71%	6.34%	4.84%	4.54%	5.11%
ZBAL.TO BMO Balanced ETF	2.68%	3.97%	2.18%	2.48%	2.72%	2.35%	2.53%	2.38%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZBAL.TO and CRT-UN.TO in my portfolio?

ZBAL.TO and CRT-UN.TO have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.