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

ZBAL.TO vs. ZMI.TO

Last updated Jun 5, 2026

ZBAL.TO (BMO Balanced ETF) and ZMI.TO (BMO Monthly Income ETF) are both exchange-traded funds - ZBAL.TO is a Global Allocation fund actively managed by BMO, while ZMI.TO is a Diversified Portfolio fund actively managed by BMO. Both are actively managed. Over the past 5 years, ZBAL.TO returned 8.78%/yr vs 7.80%/yr for ZMI.TO. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.18% expense ratio.

Performance

ZBAL.TO vs. ZMI.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Balanced ETF (ZBAL.TO) and BMO Monthly Income ETF (ZMI.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 8.47% return, which is significantly lower than ZMI.TO's 9.38% return.

ZBAL.TO

1D
0.37%
1M
4.15%
YTD
8.47%
6M
7.93%
1Y
20.07%
3Y*
14.90%
5Y*
8.78%
10Y*
—

ZMI.TO

1D
0.30%
1M
4.20%
YTD
9.38%
6M
6.03%
1Y
16.07%
3Y*
12.51%
5Y*
7.80%
10Y*
6.61%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)2025202420232022202120202019
ZBAL.TO
BMO Balanced ETF		8.47%12.93%16.16%12.63%-11.09%10.41%10.27%9.73%
ZMI.TO
BMO Monthly Income ETF		9.38%7.88%13.43%9.00%-5.89%11.25%2.40%7.82%

Correlation

The correlation between ZBAL.TO and ZMI.TO is 0.77, 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

0.77

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

0.80

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

0.80

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

0.79

The correlation between ZBAL.TO and ZMI.TO has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

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

Sectors
ZBAL.TO
ZMI.TO

Technology

22.2%
16.4%

Financial Services

19.8%
20.1%

Industrials

11.2%
6.0%

Consumer Cyclical

8.3%
5.4%

Energy

8.0%
13.4%

Basic Materials

7.2%
5.3%

Healthcare

6.9%
9.8%

Communication Services

6.7%
7.4%

Consumer Defensive

4.9%
7.3%

Utilities

3.0%
5.8%

Real Estate

2.0%
3.1%

Technology

ZBAL.TO
22.2%
ZMI.TO
16.4%

Financial Services

ZBAL.TO
19.8%
ZMI.TO
20.1%

Industrials

ZBAL.TO
11.2%
ZMI.TO
6.0%

Consumer Cyclical

ZBAL.TO
8.3%
ZMI.TO
5.4%

Energy

ZBAL.TO
8.0%
ZMI.TO
13.4%

Basic Materials

ZBAL.TO
7.2%
ZMI.TO
5.3%

Healthcare

ZBAL.TO
6.9%
ZMI.TO
9.8%

Communication Services

ZBAL.TO
6.7%
ZMI.TO
7.4%

Consumer Defensive

ZBAL.TO
4.9%
ZMI.TO
7.3%

Utilities

ZBAL.TO
3.0%
ZMI.TO
5.8%

Real Estate

ZBAL.TO
2.0%
ZMI.TO
3.1%

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 Monthly Income 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 ZMI.TO:
ZMI.TO vs. XTR.TOZMI.TO vs. VRIF.TOZMI.TO vs. XDIV.TOZMI.TO vs. VDY.TOZMI.TO vs. VBAL.TOZMI.TO vs. XEI.TOZMI.TO vs. ZLB.TO

Return for Risk

ZBAL.TO vs. ZMI.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: 7676
Overall Rank
ZBAL.TO Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
ZBAL.TO Sortino Ratio Rank: 7979
Sortino Ratio Rank
ZBAL.TO Omega Ratio Rank: 7777
Omega Ratio Rank
ZBAL.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
ZBAL.TO Martin Ratio Rank: 7777
Martin Ratio Rank
ZMI.TO
ZMI.TO Risk / Return Rank: 7070
Overall Rank
ZMI.TO Sharpe Ratio Rank: 7070
Sharpe Ratio Rank
ZMI.TO Sortino Ratio Rank: 6666
Sortino Ratio Rank
ZMI.TO Omega Ratio Rank: 8080
Omega Ratio Rank
ZMI.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
ZMI.TO Martin Ratio Rank: 6262
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. ZMI.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Balanced ETF (ZBAL.TO) and BMO Monthly Income ETF (ZMI.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.TOZMI.TODifference
Sharpe ratioReturn per unit of total volatility
2.41
2.27

+0.13

Sortino ratioReturn per unit of downside risk
3.49
2.99

+0.50

Omega ratioGain probability vs. loss probability

1.45

1.47

-0.02

Calmar ratioReturn relative to maximum drawdown

3.47

3.40

+0.07

Martin ratioReturn relative to average drawdown

14.58

11.09

+3.49

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. ZMI.TO - Sharpe Ratio Comparison

The current ZBAL.TO Sharpe Ratio is 2.41, which is comparable to the ZMI.TO Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of ZBAL.TO and ZMI.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.TOZMI.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.41

2.27

+0.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.02

1.05

-0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.75

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.92

0.77

+0.16

Drawdowns

ZBAL.TO vs. ZMI.TO - Drawdown Comparison

The maximum ZBAL.TO drawdown since its inception was -20.75%, smaller than the maximum ZMI.TO drawdown of -26.65%. Use the drawdown chart below to compare losses from any high point for ZBAL.TO and ZMI.TO.

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Drawdown Indicators

ZBAL.TOZMI.TODifference

Max Drawdown

Largest peak-to-trough decline

-20.75%

-26.65%

+5.90%

Max Drawdown (1Y)

Largest decline over 1 year

-5.81%

-4.75%

-1.06%

Max Drawdown (3Y)

Largest decline over 3 years

-9.43%

-8.81%

-0.62%

Max Drawdown (5Y)

Largest decline over 5 years

-16.32%

-12.65%

-3.67%

Max Drawdown (10Y)

Largest decline over 10 years

—

-26.65%

—

Current Drawdown

Current decline from peak

-0.06%

0.00%

-0.06%

Average Drawdown

Average peak-to-trough decline

-3.17%

-2.12%

-1.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.38%

1.45%

-0.07%

Volatility

ZBAL.TO vs. ZMI.TO - Volatility Comparison

BMO Balanced ETF (ZBAL.TO) has a higher volatility of 3.08% compared to BMO Monthly Income ETF (ZMI.TO) at 2.26%. This indicates that ZBAL.TO's price experiences larger fluctuations and is considered to be riskier than ZMI.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.TOZMI.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.08%

2.26%

+0.82%

Volatility (6M)

Calculated over the trailing 6-month period

6.61%

5.81%

+0.80%

Volatility (1Y)

Calculated over the trailing 1-year period

8.38%

7.10%

+1.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.72%

7.43%

+1.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.14%

8.87%

+1.27%

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

Both ZBAL.TO and ZMI.TO have an expense ratio of 0.18%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

ZBAL.TO vs. ZMI.TO - Dividend Comparison

ZBAL.TO's dividend yield for the trailing twelve months is around 1.73%, less than ZMI.TO's 3.92% yield.

PositionTTM20252024202320222021202020192018201720162015
ZBAL.TO
BMO Balanced ETF		1.73%2.00%2.20%2.49%2.74%2.37%2.55%2.39%0.00%0.00%0.00%0.00%
ZMI.TO
BMO Monthly Income ETF		3.92%4.54%4.68%4.94%4.49%3.71%4.21%4.24%4.58%4.06%3.89%3.89%

Frequently Asked Questions

ZBAL.TO and ZMI.TO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Both ETFs have the same 0.18% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

ZBAL.TO and ZMI.TO have the same expense ratio: 0.18% per year.

ZBAL.TO is categorized as Global Allocation, while ZMI.TO is Diversified Portfolio.

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