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

ZBAL.TO vs. ZCON.TO

Last updated Jun 4, 2026

ZBAL.TO (BMO Balanced ETF) and ZCON.TO (BMO Conservative ETF) are both exchange-traded funds - ZBAL.TO is a Global Allocation fund actively managed by BMO, while ZCON.TO is a Diversified Portfolio fund managed by BMO. Over the past 5 years, ZBAL.TO returned 8.70%/yr vs 5.75%/yr for ZCON.TO. A 0.65 correlation means they provide meaningful diversification when combined. ZBAL.TO charges 0.18%/yr vs 0.15%/yr for ZCON.TO.

Performance

ZBAL.TO vs. ZCON.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Balanced ETF (ZBAL.TO) and BMO Conservative ETF (ZCON.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 higher than ZCON.TO's 5.73% 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*
—

ZCON.TO

1D
-0.23%
1M
3.35%
YTD
5.73%
6M
4.98%
1Y
13.68%
3Y*
10.81%
5Y*
5.75%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZBAL.TO vs. ZCON.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%8.72%
ZCON.TO
BMO Conservative ETF		5.73%9.31%11.51%9.89%-11.00%6.06%9.69%7.50%

Correlation

The correlation between ZBAL.TO and ZCON.TO is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.84

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

0.70

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

0.66

Correlation (All Time)
Calculated using the full available price history since Mar 5, 2019

0.65

The correlation between ZBAL.TO and ZCON.TO shifts across timeframes, from 0.65 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

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

Sectors
ZBAL.TO
ZCON.TO

Technology

22.2%
22.5%

Financial Services

19.8%
20.0%

Industrials

11.2%
11.2%

Consumer Cyclical

8.3%
8.2%

Energy

8.0%
7.8%

Basic Materials

7.2%
6.9%

Healthcare

6.9%
6.8%

Communication Services

6.7%
6.9%

Consumer Defensive

4.9%
4.8%

Utilities

3.0%
2.9%

Real Estate

2.0%
2.0%

Technology

ZBAL.TO
22.2%
ZCON.TO
22.5%

Financial Services

ZBAL.TO
19.8%
ZCON.TO
20.0%

Industrials

ZBAL.TO
11.2%
ZCON.TO
11.2%

Consumer Cyclical

ZBAL.TO
8.3%
ZCON.TO
8.2%

Energy

ZBAL.TO
8.0%
ZCON.TO
7.8%

Basic Materials

ZBAL.TO
7.2%
ZCON.TO
6.9%

Healthcare

ZBAL.TO
6.9%
ZCON.TO
6.8%

Communication Services

ZBAL.TO
6.7%
ZCON.TO
6.9%

Consumer Defensive

ZBAL.TO
4.9%
ZCON.TO
4.8%

Utilities

ZBAL.TO
3.0%
ZCON.TO
2.9%

Real Estate

ZBAL.TO
2.0%
ZCON.TO
2.0%

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

BMO Conservative 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 ZCON.TO:
ZCON.TO vs. XCNS.TOZCON.TO vs. PYF.TOZCON.TO vs. MIX.TOZCON.TO vs. ZMI.TOZCON.TO vs. FEQT.NEOZCON.TO vs. ZMMK.TOZCON.TO vs. XBAL.TO

Return for Risk

ZBAL.TO vs. ZCON.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
ZCON.TO
ZCON.TO Risk / Return Rank: 6767
Overall Rank
ZCON.TO Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
ZCON.TO Sortino Ratio Rank: 7272
Sortino Ratio Rank
ZCON.TO Omega Ratio Rank: 7171
Omega Ratio Rank
ZCON.TO Calmar Ratio Rank: 6262
Calmar Ratio Rank
ZCON.TO Martin Ratio Rank: 6565
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. ZCON.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Balanced ETF (ZBAL.TO) and BMO Conservative ETF (ZCON.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.TOZCON.TODifference
Sharpe ratioReturn per unit of total volatility
2.37
2.22

+0.15

Sortino ratioReturn per unit of downside risk
3.44
3.26

+0.18

Omega ratioGain probability vs. loss probability

1.45

1.42

+0.02

Calmar ratioReturn relative to maximum drawdown

3.41

3.03

+0.38

Martin ratioReturn relative to average drawdown

14.34

11.81

+2.53

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. ZCON.TO - Sharpe Ratio Comparison

The current ZBAL.TO Sharpe Ratio is 2.37, which is comparable to the ZCON.TO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of ZBAL.TO and ZCON.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.TOZCON.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.37

2.22

+0.15

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.01

0.80

+0.21

Sharpe Ratio (All Time)

Calculated using the full available price history

0.92

0.81

+0.11

Drawdowns

ZBAL.TO vs. ZCON.TO - Drawdown Comparison

The maximum ZBAL.TO drawdown since its inception was -20.75%, which is greater than ZCON.TO's maximum drawdown of -17.22%. Use the drawdown chart below to compare losses from any high point for ZBAL.TO and ZCON.TO.

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Drawdown Indicators

ZBAL.TOZCON.TODifference

Max Drawdown

Largest peak-to-trough decline

-20.75%

-17.22%

-3.53%

Max Drawdown (1Y)

Largest decline over 1 year

-5.81%

-4.54%

-1.27%

Max Drawdown (3Y)

Largest decline over 3 years

-9.43%

-6.83%

-2.60%

Max Drawdown (5Y)

Largest decline over 5 years

-16.32%

-15.88%

-0.44%

Current Drawdown

Current decline from peak

-0.44%

-0.23%

-0.21%

Average Drawdown

Average peak-to-trough decline

-3.17%

-3.19%

+0.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.38%

1.16%

+0.22%

Volatility

ZBAL.TO vs. ZCON.TO - Volatility Comparison

BMO Balanced ETF (ZBAL.TO) has a higher volatility of 3.09% compared to BMO Conservative ETF (ZCON.TO) at 2.22%. This indicates that ZBAL.TO's price experiences larger fluctuations and is considered to be riskier than ZCON.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.TOZCON.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.09%

2.22%

+0.87%

Volatility (6M)

Calculated over the trailing 6-month period

6.60%

4.85%

+1.75%

Volatility (1Y)

Calculated over the trailing 1-year period

8.38%

6.19%

+2.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.72%

7.23%

+1.49%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.14%

8.00%

+2.14%

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

ZBAL.TO has a 0.18% expense ratio, which is higher than ZCON.TO's 0.15% 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. ZCON.TO - Dividend Comparison

ZBAL.TO's dividend yield for the trailing twelve months is around 1.74%, less than ZCON.TO's 2.05% yield.

PositionTTM2025202420232022202120202019
ZBAL.TO
BMO Balanced ETF		1.74%2.00%2.20%2.49%2.74%2.37%2.55%2.39%
ZCON.TO
BMO Conservative ETF		2.05%2.36%2.49%2.71%2.89%2.50%2.59%2.51%

Frequently Asked Questions

ZBAL.TO and ZCON.TO have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZCON.TO is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZCON.TO is cheaper with a 0.15% expense ratio, compared with 0.18% for ZBAL.TO.

ZBAL.TO is categorized as Global Allocation, while ZCON.TO is Diversified Portfolio. Their fees differ too: 0.18% for ZBAL.TO and 0.15% for ZCON.TO.

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