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

ZBAL.TO vs. XDIV.TO

Last updated Jun 4, 2026

ZBAL.TO (BMO Balanced ETF) and XDIV.TO (iShares Core MSCI Canadian Quality Dividend Index ETF) are both exchange-traded funds - ZBAL.TO is a Global Allocation fund actively managed by BMO, while XDIV.TO is a Dividend fund tracking the MSCI Canada High Dividend Yield 10% Security Capped Index. ZBAL.TO is actively managed, while XDIV.TO is passively managed. Over the past 5 years, ZBAL.TO returned 8.70%/yr vs 16.63%/yr for XDIV.TO. A 0.60 correlation means they provide meaningful diversification when combined. ZBAL.TO charges 0.18%/yr vs 0.11%/yr for XDIV.TO.

Performance

ZBAL.TO vs. XDIV.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Balanced ETF (ZBAL.TO) and iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.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 8.07% return, which is significantly lower than XDIV.TO's 20.26% return.

ZBAL.TO

1D
-0.44%
1M
4.23%
YTD
8.07%
6M
7.81%
1Y
19.74%
3Y*
14.66%
5Y*
8.70%
10Y*
—

XDIV.TO

1D
0.91%
1M
3.66%
YTD
20.26%
6M
19.53%
1Y
40.50%
3Y*
23.53%
5Y*
16.63%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
ZBAL.TO
BMO Balanced ETF		8.07%12.93%16.16%12.63%-11.09%10.41%10.27%9.73%
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ETF		20.26%24.92%19.56%11.71%0.29%32.25%-7.81%12.94%

Correlation

The correlation between ZBAL.TO and XDIV.TO is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

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

0.57

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

0.58

Correlation (All Time)
Calculated using the full available price history since Feb 19, 2019

0.60

The correlation between ZBAL.TO and XDIV.TO shifts across timeframes, from 0.46 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

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

Sectors
ZBAL.TO
XDIV.TO

Technology

22.2%
1.3%

Financial Services

19.8%
46.7%

Industrials

11.2%

-

Consumer Cyclical

8.3%
11.5%

Energy

8.0%
28.8%

Basic Materials

7.2%

-

Healthcare

6.9%

-

Communication Services

6.7%
0.4%

Consumer Defensive

4.9%

-

Utilities

3.0%
11.3%

Real Estate

2.0%

-

Technology

ZBAL.TO
22.2%
XDIV.TO
1.3%

Financial Services

ZBAL.TO
19.8%
XDIV.TO
46.7%

Industrials

ZBAL.TO
11.2%
XDIV.TO

-

Consumer Cyclical

ZBAL.TO
8.3%
XDIV.TO
11.5%

Energy

ZBAL.TO
8.0%
XDIV.TO
28.8%

Basic Materials

ZBAL.TO
7.2%
XDIV.TO

-

Healthcare

ZBAL.TO
6.9%
XDIV.TO

-

Communication Services

ZBAL.TO
6.7%
XDIV.TO
0.4%

Consumer Defensive

ZBAL.TO
4.9%
XDIV.TO

-

Utilities

ZBAL.TO
3.0%
XDIV.TO
11.3%

Real Estate

ZBAL.TO
2.0%
XDIV.TO

-

Compare stocks, funds, or ETFs

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BMO Balanced ETF

iShares Core MSCI Canadian Quality Dividend 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 XDIV.TO:
XDIV.TO vs. VDY.TOXDIV.TO vs. XEI.TOXDIV.TO vs. XDV.TOXDIV.TO vs. XEQT.TOXDIV.TO vs. HDIV.TOXDIV.TO vs. XIU.TOXDIV.TO vs. CDZ.TO

Return for Risk

ZBAL.TO vs. XDIV.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: 7272
Overall Rank
ZBAL.TO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
ZBAL.TO Sortino Ratio Rank: 7575
Sortino Ratio Rank
ZBAL.TO Omega Ratio Rank: 7474
Omega Ratio Rank
ZBAL.TO Calmar Ratio Rank: 6868
Calmar Ratio Rank
ZBAL.TO Martin Ratio Rank: 7575
Martin Ratio Rank
XDIV.TO
XDIV.TO Risk / Return Rank: 9898
Overall Rank
XDIV.TO Sharpe Ratio Rank: 9898
Sharpe Ratio Rank
XDIV.TO Sortino Ratio Rank: 9898
Sortino Ratio Rank
XDIV.TO Omega Ratio Rank: 9898
Omega Ratio Rank
XDIV.TO Calmar Ratio Rank: 9898
Calmar Ratio Rank
XDIV.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. XDIV.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Balanced ETF (ZBAL.TO) and iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.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.TOXDIV.TODifference
Sharpe ratioReturn per unit of total volatility
2.37
5.17

-2.80

Sortino ratioReturn per unit of downside risk
3.44
7.63

-4.19

Omega ratioGain probability vs. loss probability

1.45

2.09

-0.64

Calmar ratioReturn relative to maximum drawdown

3.41

17.45

-14.04

Martin ratioReturn relative to average drawdown

14.34

59.31

-44.97

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. XDIV.TO - Sharpe Ratio Comparison

The current ZBAL.TO Sharpe Ratio is 2.37, which is lower than the XDIV.TO Sharpe Ratio of 5.17. The chart below compares the historical Sharpe Ratios of ZBAL.TO and XDIV.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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Sharpe Ratios by Period

ZBAL.TOXDIV.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.37

5.17

-2.80

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.01

1.59

-0.57

Sharpe Ratio (All Time)

Calculated using the full available price history

0.92

0.82

+0.10

Drawdowns

ZBAL.TO vs. XDIV.TO - Drawdown Comparison

The maximum ZBAL.TO drawdown since its inception was -20.75%, smaller than the maximum XDIV.TO drawdown of -41.30%. Use the drawdown chart below to compare losses from any high point for ZBAL.TO and XDIV.TO.

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Drawdown Indicators

ZBAL.TOXDIV.TODifference

Max Drawdown

Largest peak-to-trough decline

-20.75%

-41.30%

+20.55%

Max Drawdown (1Y)

Largest decline over 1 year

-5.81%

-2.33%

-3.48%

Max Drawdown (3Y)

Largest decline over 3 years

-9.43%

-10.53%

+1.10%

Max Drawdown (5Y)

Largest decline over 5 years

-16.32%

-17.60%

+1.28%

Current Drawdown

Current decline from peak

-0.44%

0.00%

-0.44%

Average Drawdown

Average peak-to-trough decline

-3.17%

-4.25%

+1.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.38%

0.68%

+0.70%

Volatility

ZBAL.TO vs. XDIV.TO - Volatility Comparison

BMO Balanced ETF (ZBAL.TO) has a higher volatility of 3.09% compared to iShares Core MSCI Canadian Quality Dividend Index ETF (XDIV.TO) at 2.81%. This indicates that ZBAL.TO's price experiences larger fluctuations and is considered to be riskier than XDIV.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.TOXDIV.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.09%

2.81%

+0.28%

Volatility (6M)

Calculated over the trailing 6-month period

6.60%

6.37%

+0.23%

Volatility (1Y)

Calculated over the trailing 1-year period

8.38%

7.89%

+0.49%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.72%

10.53%

-1.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.14%

16.00%

-5.86%

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

ZBAL.TO has a 0.18% expense ratio, which is higher than XDIV.TO's 0.11% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ZBAL.TO vs. XDIV.TO - Dividend Comparison

ZBAL.TO's dividend yield for the trailing twelve months is around 1.74%, less than XDIV.TO's 3.26% yield.

PositionTTM202520242023202220212020201920182017
XDIV.TO
iShares Core MSCI Canadian Quality Dividend Index ETF		3.26%3.81%4.29%4.20%3.95%3.58%4.58%4.02%4.85%1.82%
ZBAL.TO
BMO Balanced ETF		1.74%2.00%2.20%2.49%2.74%2.37%2.55%2.39%0.00%0.00%

Frequently Asked Questions

ZBAL.TO and XDIV.TO have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, XDIV.TO is cheaper at 0.11% per year. The better choice depends on whether you care most about return, fees, risk, or income.

XDIV.TO is cheaper with a 0.11% expense ratio, compared with 0.18% for ZBAL.TO.

ZBAL.TO is categorized as Global Allocation, while XDIV.TO is Dividend. They also come from different issuers: BMO and iShares. Their fees differ too: 0.18% for ZBAL.TO and 0.11% for XDIV.TO.

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