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

ZBAL.TO vs. ZEB.TO

Last updated Jun 4, 2026

ZBAL.TO (BMO Balanced ETF) and ZEB.TO (BMO Equal Weight Banks Index ETF) are both exchange-traded funds - ZBAL.TO is a Global Allocation fund actively managed by BMO, while ZEB.TO is a Financials Equities fund tracking the Solactive Equal Weight Canada Banks Index. ZBAL.TO is actively managed, while ZEB.TO is passively managed. Over the past 5 years, ZBAL.TO returned 8.70%/yr vs 18.18%/yr for ZEB.TO. A 0.60 correlation means they provide meaningful diversification when combined. ZBAL.TO charges 0.18%/yr vs 0.25%/yr for ZEB.TO.

Performance

ZBAL.TO vs. ZEB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Balanced ETF (ZBAL.TO) and BMO Equal Weight Banks Index ETF (ZEB.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 ZEB.TO's 19.22% 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*
—

ZEB.TO

1D
-0.43%
1M
5.51%
YTD
19.22%
6M
24.72%
1Y
60.22%
3Y*
32.73%
5Y*
18.18%
10Y*
15.82%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZBAL.TO vs. ZEB.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%
ZEB.TO
BMO Equal Weight Banks Index ETF		19.22%43.43%24.58%10.87%-10.38%39.38%3.52%4.90%

Correlation

The correlation between ZBAL.TO and ZEB.TO is 0.60, 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

0.60

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

0.63

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

0.61

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

0.60

The correlation between ZBAL.TO and ZEB.TO has been stable across timeframes, ranging from 0.60 to 0.63 - a consistent structural relationship.

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

Sectors
ZBAL.TO
ZEB.TO

Technology

22.2%

-

Financial Services

19.8%
100.0%

Industrials

11.2%

-

Consumer Cyclical

8.3%

-

Energy

8.0%

-

Basic Materials

7.2%

-

Healthcare

6.9%

-

Communication Services

6.7%

-

Consumer Defensive

4.9%

-

Utilities

3.0%

-

Real Estate

2.0%

-

Technology

ZBAL.TO
22.2%
ZEB.TO

-

Financial Services

ZBAL.TO
19.8%
ZEB.TO
100.0%

Industrials

ZBAL.TO
11.2%
ZEB.TO

-

Consumer Cyclical

ZBAL.TO
8.3%
ZEB.TO

-

Energy

ZBAL.TO
8.0%
ZEB.TO

-

Basic Materials

ZBAL.TO
7.2%
ZEB.TO

-

Healthcare

ZBAL.TO
6.9%
ZEB.TO

-

Communication Services

ZBAL.TO
6.7%
ZEB.TO

-

Consumer Defensive

ZBAL.TO
4.9%
ZEB.TO

-

Utilities

ZBAL.TO
3.0%
ZEB.TO

-

Real Estate

ZBAL.TO
2.0%
ZEB.TO

-

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 Equal Weight Banks Index ETF

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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 ZEB.TO:
ZEB.TO vs. ZWB.TOZEB.TO vs. VDY.TOZEB.TO vs. HBNK.TOZEB.TO vs. HCAL.TOZEB.TO vs. HMAX.TOZEB.TO vs. ZSP.TOZEB.TO vs. XIC.TO

Return for Risk

ZBAL.TO vs. ZEB.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
ZEB.TO
ZEB.TO Risk / Return Rank: 9696
Overall Rank
ZEB.TO Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
ZEB.TO Sortino Ratio Rank: 9797
Sortino Ratio Rank
ZEB.TO Omega Ratio Rank: 9797
Omega Ratio Rank
ZEB.TO Calmar Ratio Rank: 9494
Calmar Ratio Rank
ZEB.TO Martin Ratio Rank: 9595
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. ZEB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Balanced ETF (ZBAL.TO) and BMO Equal Weight Banks Index ETF (ZEB.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.TOZEB.TODifference
Sharpe ratioReturn per unit of total volatility
2.37
4.79

-2.43

Sortino ratioReturn per unit of downside risk
3.44
6.54

-3.10

Omega ratioGain probability vs. loss probability

1.45

1.90

-0.45

Calmar ratioReturn relative to maximum drawdown

3.41

7.17

-3.76

Martin ratioReturn relative to average drawdown

14.34

30.84

-16.51

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. ZEB.TO - Sharpe Ratio Comparison

The current ZBAL.TO Sharpe Ratio is 2.37, which is lower than the ZEB.TO Sharpe Ratio of 4.79. The chart below compares the historical Sharpe Ratios of ZBAL.TO and ZEB.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.TOZEB.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.37

4.79

-2.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.01

1.35

-0.34

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.94

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.92

0.88

+0.04

Drawdowns

ZBAL.TO vs. ZEB.TO - Drawdown Comparison

The maximum ZBAL.TO drawdown since its inception was -20.75%, smaller than the maximum ZEB.TO drawdown of -39.69%. Use the drawdown chart below to compare losses from any high point for ZBAL.TO and ZEB.TO.

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Drawdown Indicators

ZBAL.TOZEB.TODifference

Max Drawdown

Largest peak-to-trough decline

-20.75%

-39.69%

+18.94%

Max Drawdown (1Y)

Largest decline over 1 year

-5.81%

-8.44%

+2.63%

Max Drawdown (3Y)

Largest decline over 3 years

-9.43%

-14.80%

+5.37%

Max Drawdown (5Y)

Largest decline over 5 years

-16.32%

-25.97%

+9.65%

Max Drawdown (10Y)

Largest decline over 10 years

—

-39.69%

—

Current Drawdown

Current decline from peak

-0.44%

-2.00%

+1.56%

Average Drawdown

Average peak-to-trough decline

-3.17%

-5.65%

+2.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.38%

1.96%

-0.58%

Volatility

ZBAL.TO vs. ZEB.TO - Volatility Comparison

The current volatility for BMO Balanced ETF (ZBAL.TO) is 3.09%, while BMO Equal Weight Banks Index ETF (ZEB.TO) has a volatility of 4.89%. This indicates that ZBAL.TO experiences smaller price fluctuations and is considered to be less risky than ZEB.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.TOZEB.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.09%

4.89%

-1.80%

Volatility (6M)

Calculated over the trailing 6-month period

6.60%

11.14%

-4.54%

Volatility (1Y)

Calculated over the trailing 1-year period

8.38%

12.62%

-4.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.72%

13.52%

-4.80%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.14%

16.91%

-6.77%

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

ZBAL.TO has a 0.18% expense ratio, which is lower than ZEB.TO's 0.25% expense ratio. Despite the difference, 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. ZEB.TO - Dividend Comparison

ZBAL.TO's dividend yield for the trailing twelve months is around 1.74%, less than ZEB.TO's 2.54% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%
ZEB.TO
BMO Equal Weight Banks Index ETF		2.54%2.95%3.98%4.75%4.29%3.13%4.15%3.65%3.64%3.02%3.19%3.70%

Frequently Asked Questions

ZBAL.TO and ZEB.TO have a correlation of 0.60, 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 0.25% for ZEB.TO.

ZBAL.TO is categorized as Global Allocation, while ZEB.TO is Financials Equities. Their fees differ too: 0.18% for ZBAL.TO and 0.25% for ZEB.TO.

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