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ZBAL.TO vs. FIE.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZBAL.TO vs. FIE.TO

Last updated Jun 14, 2026

ZBAL.TO (BMO Balanced ETF) and FIE.TO (iShares Canadian Financial Monthly Income ETF) are both exchange-traded funds - ZBAL.TO is a Global Allocation fund actively managed by BMO, while FIE.TO is a Canada Equities fund tracking the Morningstar Can Equity Tgt Alloc NR CAD. ZBAL.TO is actively managed, while FIE.TO is passively managed. Over the past 5 years, ZBAL.TO returned 8.26%/yr vs 12.62%/yr for FIE.TO. A 0.67 correlation means they provide meaningful diversification when combined. ZBAL.TO charges 0.18%/yr vs 0.85%/yr for FIE.TO.

Performance

ZBAL.TO vs. FIE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Balanced ETF (ZBAL.TO) and iShares Canadian Financial Monthly Income ETF (FIE.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ZBAL.TO achieves a 8.00% return, which is significantly lower than FIE.TO's 12.21% return.

ZBAL.TO

1D
0.44%
1M
1.65%
YTD
8.00%
6M
7.02%
1Y
18.45%
3Y*
14.05%
5Y*
8.26%
10Y*
—

FIE.TO

1D
0.64%
1M
5.26%
YTD
12.21%
6M
10.27%
1Y
31.71%
3Y*
24.56%
5Y*
12.62%
10Y*
11.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
ZBAL.TO
BMO Balanced ETF		8.00%11.34%16.15%12.61%-11.11%10.39%10.25%9.89%
FIE.TO
iShares Canadian Financial Monthly Income ETF		12.21%24.36%27.62%12.58%-14.35%27.34%1.33%11.74%

Correlation

The correlation between ZBAL.TO and FIE.TO is 0.70, 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

0.70

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

0.71

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

0.69

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

0.67

The correlation between ZBAL.TO and FIE.TO has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.

ZBAL.TO vs. FIE.TO - Sectors Allocation Comparison

Sectors
ZBAL.TO
FIE.TO

Technology

22.5%

-

Financial Services

19.8%
94.1%

Industrials

11.2%

-

Consumer Cyclical

8.3%

-

Basic Materials

7.4%

-

Energy

7.4%

-

Healthcare

6.9%

-

Communication Services

6.8%

-

Consumer Defensive

4.7%

-

Utilities

2.9%

-

Real Estate

2.0%
5.9%

Technology

ZBAL.TO
22.5%
FIE.TO

-

Financial Services

ZBAL.TO
19.8%
FIE.TO
94.1%

Industrials

ZBAL.TO
11.2%
FIE.TO

-

Consumer Cyclical

ZBAL.TO
8.3%
FIE.TO

-

Basic Materials

ZBAL.TO
7.4%
FIE.TO

-

Energy

ZBAL.TO
7.4%
FIE.TO

-

Healthcare

ZBAL.TO
6.9%
FIE.TO

-

Communication Services

ZBAL.TO
6.8%
FIE.TO

-

Consumer Defensive

ZBAL.TO
4.7%
FIE.TO

-

Utilities

ZBAL.TO
2.9%
FIE.TO

-

Real Estate

ZBAL.TO
2.0%
FIE.TO
5.9%

Compare stocks, funds, or ETFs

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

BMO Balanced ETF

iShares Canadian Financial Monthly Income ETF

Often compared with ZBAL.TO:
ZBAL.TO vs. XBAL.TOZBAL.TO vs. ZGRO.TOZBAL.TO vs. VBAL.TOZBAL.TO vs. VDY.TOZBAL.TO vs. ZEQT.TOZBAL.TO vs. ZLB.TOZBAL.TO vs. VGRO.TO
Often compared with FIE.TO:
FIE.TO vs. XEI.TOFIE.TO vs. XEQT.TOFIE.TO vs. XDIV.TOFIE.TO vs. XFN.TOFIE.TO vs. HMAX.TOFIE.TO vs. VDY.TOFIE.TO vs. FTN.TO

Return for Risk

ZBAL.TO vs. FIE.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: 6969
Overall Rank
ZBAL.TO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
ZBAL.TO Sortino Ratio Rank: 7070
Sortino Ratio Rank
ZBAL.TO Omega Ratio Rank: 7070
Omega Ratio Rank
ZBAL.TO Calmar Ratio Rank: 6666
Calmar Ratio Rank
ZBAL.TO Martin Ratio Rank: 7373
Martin Ratio Rank
FIE.TO
FIE.TO Risk / Return Rank: 9191
Overall Rank
FIE.TO Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
FIE.TO Sortino Ratio Rank: 9595
Sortino Ratio Rank
FIE.TO Omega Ratio Rank: 9595
Omega Ratio Rank
FIE.TO Calmar Ratio Rank: 8787
Calmar Ratio Rank
FIE.TO Martin Ratio Rank: 8282
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Balanced ETF (ZBAL.TO) and iShares Canadian Financial Monthly Income ETF (FIE.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.TOFIE.TODifference
Sharpe ratioReturn per unit of total volatility
1.98
3.44

-1.46

Sortino ratioReturn per unit of downside risk
2.84
4.66

-1.82

Omega ratioGain probability vs. loss probability

1.37

1.67

-0.30

Calmar ratioReturn relative to maximum drawdown

3.00

4.32

-1.32

Martin ratioReturn relative to average drawdown

12.25

14.05

-1.80

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

The current ZBAL.TO Sharpe Ratio is 1.98, which is lower than the FIE.TO Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of ZBAL.TO and FIE.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.

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Drawdowns

ZBAL.TO vs. FIE.TO - Drawdown Comparison

The maximum ZBAL.TO drawdown since its inception was -20.75%, smaller than the maximum FIE.TO drawdown of -42.24%. Use the drawdown chart below to compare losses from any high point for ZBAL.TO and FIE.TO.

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Drawdown Indicators

ZBAL.TOFIE.TODifference

Max Drawdown

Largest peak-to-trough decline

-20.75%

-42.24%

+21.49%

Max Drawdown (1Y)

Largest decline over 1 year

-5.81%

-7.19%

+1.38%

Max Drawdown (3Y)

Largest decline over 3 years

-9.44%

-10.70%

+1.26%

Max Drawdown (5Y)

Largest decline over 5 years

-16.32%

-22.93%

+6.61%

Max Drawdown (10Y)

Largest decline over 10 years

—

-42.24%

—

Current Drawdown

Current decline from peak

-0.50%

0.00%

-0.50%

Average Drawdown

Average peak-to-trough decline

-3.19%

-4.89%

+1.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.42%

2.21%

-0.79%

Volatility

ZBAL.TO vs. FIE.TO - Volatility Comparison

BMO Balanced ETF (ZBAL.TO) has a higher volatility of 3.51% compared to iShares Canadian Financial Monthly Income ETF (FIE.TO) at 2.93%. This indicates that ZBAL.TO's price experiences larger fluctuations and is considered to be riskier than FIE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZBAL.TOFIE.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.51%

2.93%

+0.58%

Volatility (6M)

Calculated over the trailing 6-month period

7.09%

7.86%

-0.77%

Volatility (1Y)

Calculated over the trailing 1-year period

8.81%

9.04%

-0.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.78%

10.56%

-1.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.13%

14.08%

-3.95%

ZBAL.TO vs. FIE.TO - Expense Ratio Comparison

ZBAL.TO has a 0.18% expense ratio, which is lower than FIE.TO's 0.85% expense ratio.

Dividends

ZBAL.TO vs. FIE.TO - Dividend Comparison

ZBAL.TO's dividend yield for the trailing twelve months is around 1.75%, less than FIE.TO's 4.44% yield.

PositionTTM20252024202320222021202020192018201720162015
FIE.TO
iShares Canadian Financial Monthly Income ETF		4.44%4.94%5.83%6.98%7.31%5.92%7.10%6.65%7.38%6.28%6.59%7.43%
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

ZBAL.TO and FIE.TO have a correlation of 0.70, 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 0.85% for FIE.TO.

ZBAL.TO is categorized as Global Allocation, while FIE.TO is Canada Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.18% for ZBAL.TO and 0.85% for FIE.TO.

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