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

ZBAL.TO vs. XCV.TO

Last updated Jun 14, 2026

ZBAL.TO (BMO Balanced ETF) and XCV.TO (iShares Canadian Value Index ETF) are both exchange-traded funds - ZBAL.TO is a Global Allocation fund actively managed by BMO, while XCV.TO is a Canada Equities fund tracking the Morningstar Canada GR CAD. ZBAL.TO is actively managed, while XCV.TO is passively managed. Over the past 5 years, ZBAL.TO returned 8.26%/yr vs 18.73%/yr for XCV.TO. A 0.56 correlation means they provide meaningful diversification when combined. ZBAL.TO charges 0.18%/yr vs 0.55%/yr for XCV.TO.

Performance

ZBAL.TO vs. XCV.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 Value Index ETF (XCV.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 XCV.TO's 22.37% 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*
—

XCV.TO

1D
0.64%
1M
5.38%
YTD
22.37%
6M
20.31%
1Y
47.19%
3Y*
28.48%
5Y*
18.73%
10Y*
13.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZBAL.TO vs. XCV.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%
XCV.TO
iShares Canadian Value Index ETF		22.37%32.30%21.41%9.62%1.98%32.81%-2.43%8.81%

Correlation

The correlation between ZBAL.TO and XCV.TO is 0.51, 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

0.51

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

0.59

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

0.58

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

0.56

The correlation between ZBAL.TO and XCV.TO has been stable across timeframes, ranging from 0.51 to 0.59 - a consistent structural relationship.

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 Value Index 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 XCV.TO:
XCV.TO vs. XDIV.TOXCV.TO vs. XCS.TOXCV.TO vs. XEQT.TOXCV.TO vs. VCE.TOXCV.TO vs. DGROXCV.TO vs. FCUV.TOXCV.TO vs. CDZ.TO

Return for Risk

ZBAL.TO vs. XCV.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
XCV.TO
XCV.TO Risk / Return Rank: 9898
Overall Rank
XCV.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XCV.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XCV.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XCV.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XCV.TO Martin Ratio Rank: 9898
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. XCV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Balanced ETF (ZBAL.TO) and iShares Canadian Value Index ETF (XCV.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.TOXCV.TODifference
Sharpe ratioReturn per unit of total volatility
1.98
5.26

-3.28

Sortino ratioReturn per unit of downside risk
2.84
6.99

-4.15

Omega ratioGain probability vs. loss probability

1.37

2.08

-0.72

Calmar ratioReturn relative to maximum drawdown

3.00

12.42

-9.42

Martin ratioReturn relative to average drawdown

12.25

46.72

-34.47

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

The current ZBAL.TO Sharpe Ratio is 1.98, which is lower than the XCV.TO Sharpe Ratio of 5.26. The chart below compares the historical Sharpe Ratios of ZBAL.TO and XCV.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. XCV.TO - Drawdown Comparison

The maximum ZBAL.TO drawdown since its inception was -20.75%, smaller than the maximum XCV.TO drawdown of -52.45%. Use the drawdown chart below to compare losses from any high point for ZBAL.TO and XCV.TO.

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Drawdown Indicators

ZBAL.TOXCV.TODifference

Max Drawdown

Largest peak-to-trough decline

-20.75%

-52.45%

+31.70%

Max Drawdown (1Y)

Largest decline over 1 year

-5.81%

-3.84%

-1.97%

Max Drawdown (3Y)

Largest decline over 3 years

-9.44%

-9.71%

+0.27%

Max Drawdown (5Y)

Largest decline over 5 years

-16.32%

-18.06%

+1.74%

Max Drawdown (10Y)

Largest decline over 10 years

—

-41.18%

—

Current Drawdown

Current decline from peak

-0.50%

0.00%

-0.50%

Average Drawdown

Average peak-to-trough decline

-3.19%

-6.61%

+3.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.42%

1.02%

+0.40%

Volatility

ZBAL.TO vs. XCV.TO - Volatility Comparison

BMO Balanced ETF (ZBAL.TO) has a higher volatility of 3.51% compared to iShares Canadian Value Index ETF (XCV.TO) at 3.23%. This indicates that ZBAL.TO's price experiences larger fluctuations and is considered to be riskier than XCV.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.TOXCV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.51%

3.23%

+0.28%

Volatility (6M)

Calculated over the trailing 6-month period

7.09%

7.72%

-0.63%

Volatility (1Y)

Calculated over the trailing 1-year period

8.81%

9.08%

-0.27%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.78%

12.84%

-4.06%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.13%

15.53%

-5.40%

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

ZBAL.TO has a 0.18% expense ratio, which is lower than XCV.TO's 0.55% expense ratio.

Dividends

ZBAL.TO vs. XCV.TO - Dividend Comparison

ZBAL.TO's dividend yield for the trailing twelve months is around 1.75%, less than XCV.TO's 2.27% yield.

PositionTTM20252024202320222021202020192018201720162015
XCV.TO
iShares Canadian Value Index ETF		2.27%2.78%3.84%4.00%3.28%2.18%3.46%3.16%3.23%2.49%2.57%3.26%
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 XCV.TO have a correlation of 0.51, 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 0.55% for XCV.TO.

ZBAL.TO is categorized as Global Allocation, while XCV.TO is Canada Equities. They also come from different issuers: BMO and iShares. Their fees differ too: 0.18% for ZBAL.TO and 0.55% for XCV.TO.

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