ZBAL.TO vs. ZRE.TO

Last updated Jun 13, 2026

ZBAL.TO (BMO Balanced ETF) and ZRE.TO (BMO Equal Weight REITs Index ETF) are both exchange-traded funds - ZBAL.TO is a Global Allocation fund actively managed by BMO, while ZRE.TO is a REIT fund tracking the Solactive Equal Weight Canada REIT Index. ZBAL.TO is actively managed, while ZRE.TO is passively managed. Over the past 5 years, ZBAL.TO returned -12.85%/yr vs 3.60%/yr for ZRE.TO. A 0.51 correlation means they provide meaningful diversification when combined. ZBAL.TO charges 0.18%/yr vs 0.61%/yr for ZRE.TO.

Performance

ZBAL.TO vs. ZRE.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 REITs Index ETF (ZRE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZBAL.TO achieves a 8.00% return, which is significantly lower than ZRE.TO's 12.63% return.

ZBAL.TO

• 1D: 0.44%
• 1M: 2.04%
• YTD: 8.00%
• 6M: 8.54%
• 1Y: -60.32%
• 3Y*: -20.55%
• 5Y*: -12.85%
• 10Y*: —

ZRE.TO

• 1D: 0.91%
• 1M: 5.03%
• YTD: 12.63%
• 6M: 13.84%
• 1Y: 13.10%
• 3Y*: 9.44%
• 5Y*: 3.60%
• 10Y*: 7.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZBAL.TO BMO Balanced ETF	8.00%	-62.36%	16.15%	12.61%	-11.11%	10.39%	10.25%	9.89%
ZRE.TO BMO Equal Weight REITs Index ETF	12.63%	11.28%	2.89%	0.91%	-17.74%	34.04%	-7.72%	13.53%

Correlation

The correlation between ZBAL.TO and ZRE.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Feb 15, 2019	0.51

The correlation between ZBAL.TO and ZRE.TO shifts across timeframes, from 0.38 (1 year) to 0.54 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	ZBAL.TO	ZRE.TO
Technology	22.5%	-
Financial Services	19.8%	-
Industrials	11.2%	-
Consumer Cyclical	8.3%	-
Basic Materials	7.4%	-
Energy	7.4%	-
Healthcare	6.9%	-
Communication Services	6.8%	-
Consumer Defensive	4.7%	-
Utilities	2.9%	-
Real Estate	2.0%	100.0%

Return for Risk

ZBAL.TO vs. ZRE.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: 3
ZBAL.TO Sharpe Ratio Rank: 3
ZBAL.TO Sortino Ratio Rank: 4
ZBAL.TO Omega Ratio Rank: 0
ZBAL.TO Calmar Ratio Rank: 1
ZBAL.TO Martin Ratio Rank: 5

ZRE.TO

ZRE.TO Risk / Return Rank: 38
ZRE.TO Sharpe Ratio Rank: 37
ZRE.TO Sortino Ratio Rank: 38
ZRE.TO Omega Ratio Rank: 34
ZRE.TO Calmar Ratio Rank: 43
ZRE.TO Martin Ratio Rank: 37

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. ZRE.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 REITs Index ETF (ZRE.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.TO	ZRE.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	1.17	-2.07
Sortino ratio: Return per unit of downside risk	-0.73	1.76	-2.49
Omega ratio: Gain probability vs. loss probability	0.55	1.20	-0.65
Calmar ratio: Return relative to maximum drawdown	-0.91	1.86	-2.77
Martin ratio: Return relative to average drawdown	-1.00	5.00	-6.00

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

The current ZBAL.TO Sharpe Ratio is -0.90, which is lower than the ZRE.TO Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of ZBAL.TO and ZRE.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.

Drawdowns

ZBAL.TO vs. ZRE.TO - Drawdown Comparison

The maximum ZBAL.TO drawdown since its inception was -66.71%, which is greater than ZRE.TO's maximum drawdown of -46.29%. Use the drawdown chart below to compare losses from any high point for ZBAL.TO and ZRE.TO.

Drawdown Indicators

	ZBAL.TO	ZRE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-66.71%	-46.29%	-20.42%
Max Drawdown (1Y) Largest decline over 1 year	-66.71%	-7.07%	-59.64%
Max Drawdown (3Y) Largest decline over 3 years	-66.71%	-17.14%	-49.57%
Max Drawdown (5Y) Largest decline over 5 years	-66.71%	-32.44%	-34.27%
Max Drawdown (10Y) Largest decline over 10 years	—	-46.29%	—
Current Drawdown Current decline from peak	-61.12%	0.00%	-61.12%
Average Drawdown Average peak-to-trough decline	-10.92%	-7.69%	-3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	60.47%	2.64%	+57.83%

Volatility

ZBAL.TO vs. ZRE.TO - Volatility Comparison

BMO Balanced ETF (ZBAL.TO) has a higher volatility of 3.51% compared to BMO Equal Weight REITs Index ETF (ZRE.TO) at 3.01%. This indicates that ZBAL.TO's price experiences larger fluctuations and is considered to be riskier than ZRE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZBAL.TO	ZRE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.51%	3.01%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	6.92%	8.59%	-1.67%
Volatility (1Y) Calculated over the trailing 1-year period	67.25%	11.25%	+56.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.12%	15.54%	+15.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.67%	17.67%	+9.00%

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

ZBAL.TO has a 0.18% expense ratio, which is lower than ZRE.TO's 0.61% expense ratio.

Dividends

ZBAL.TO vs. ZRE.TO - Dividend Comparison

ZBAL.TO's dividend yield for the trailing twelve months is around 2.65%, less than ZRE.TO's 4.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZBAL.TO BMO Balanced ETF	2.65%	3.97%	2.18%	2.48%	2.72%	2.35%	2.53%	2.38%	0.00%	0.00%	0.00%	0.00%
ZRE.TO BMO Equal Weight REITs Index ETF	4.33%	4.96%	5.26%	5.14%	4.97%	3.87%	5.01%	4.17%	4.95%	5.05%	5.46%	6.00%

Frequently Asked Questions

Can I hold both ZBAL.TO and ZRE.TO in my portfolio?

ZBAL.TO and ZRE.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZBAL.TO or ZRE.TO?

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.

Which ETF is cheaper, ZBAL.TO or ZRE.TO?

ZBAL.TO is cheaper with a 0.18% expense ratio, compared with 0.61% for ZRE.TO.

What is the main difference between ZBAL.TO and ZRE.TO?

ZBAL.TO is categorized as Global Allocation, while ZRE.TO is REIT. Their fees differ too: 0.18% for ZBAL.TO and 0.61% for ZRE.TO.