ZBAL.TO vs. ZSP.TO

Last updated Jun 5, 2026

ZBAL.TO (BMO Balanced ETF) and ZSP.TO (BMO S&P 500 Index ETF) are both exchange-traded funds - ZBAL.TO is a Global Allocation fund actively managed by BMO, while ZSP.TO is a S&P 500 fund tracking the S&P 500 Index. ZBAL.TO is actively managed, while ZSP.TO is passively managed. Over the past 5 years, ZBAL.TO returned 8.78%/yr vs 16.85%/yr for ZSP.TO. A 0.78 correlation means they provide meaningful diversification when combined. ZBAL.TO charges 0.18%/yr vs 0.09%/yr for ZSP.TO.

Performance

ZBAL.TO vs. ZSP.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Balanced ETF (ZBAL.TO) and BMO S&P 500 Index ETF (ZSP.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 8.47% return, which is significantly lower than ZSP.TO's 12.66% 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*: —

ZSP.TO

• 1D: 0.46%
• 1M: 6.77%
• YTD: 12.66%
• 6M: 10.38%
• 1Y: 29.97%
• 3Y*: 23.62%
• 5Y*: 16.85%
• 10Y*: 16.09%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZBAL.TO BMO Balanced ETF	8.47%	12.93%	16.16%	12.63%	-11.09%	10.41%	10.27%	9.73%
ZSP.TO BMO S&P 500 Index ETF	12.66%	12.02%	35.07%	23.30%	-12.68%	27.53%	15.61%	15.75%

Correlation

The correlation between ZBAL.TO and ZSP.TO is 0.82, 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	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Feb 19, 2019	0.78

The correlation between ZBAL.TO and ZSP.TO has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

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

Sectors	ZBAL.TO	ZSP.TO
Technology	22.2%	35.5%
Financial Services	19.8%	12.1%
Industrials	11.2%	8.4%
Consumer Cyclical	8.3%	10.3%
Energy	8.0%	3.3%
Basic Materials	7.2%	1.8%
Healthcare	6.9%	8.7%
Communication Services	6.7%	10.9%
Consumer Defensive	4.9%	4.8%
Utilities	3.0%	2.3%
Real Estate	2.0%	2.0%

Return for Risk

ZBAL.TO vs. ZSP.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: 76
ZBAL.TO Sharpe Ratio Rank: 75
ZBAL.TO Sortino Ratio Rank: 79
ZBAL.TO Omega Ratio Rank: 77
ZBAL.TO Calmar Ratio Rank: 70
ZBAL.TO Martin Ratio Rank: 77

ZSP.TO

ZSP.TO Risk / Return Rank: 77
ZSP.TO Sharpe Ratio Rank: 82
ZSP.TO Sortino Ratio Rank: 80
ZSP.TO Omega Ratio Rank: 81
ZSP.TO Calmar Ratio Rank: 71
ZSP.TO Martin Ratio Rank: 71

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. ZSP.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Balanced ETF (ZBAL.TO) and BMO S&P 500 Index ETF (ZSP.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.TO	ZSP.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.62	-0.21
Sortino ratio: Return per unit of downside risk	3.49	3.56	-0.07
Omega ratio: Gain probability vs. loss probability	1.45	1.48	-0.03
Calmar ratio: Return relative to maximum drawdown	3.47	3.50	-0.03
Martin ratio: Return relative to average drawdown	14.58	13.14	+1.44
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. ZSP.TO - Sharpe Ratio Comparison

The current ZBAL.TO Sharpe Ratio is 2.41, which is comparable to the ZSP.TO Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of ZBAL.TO and ZSP.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.

Sharpe Ratios by Period

	ZBAL.TO	ZSP.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.62	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.02	1.13	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	1.16	-0.23

Drawdowns

ZBAL.TO vs. ZSP.TO - Drawdown Comparison

The maximum ZBAL.TO drawdown since its inception was -20.75%, smaller than the maximum ZSP.TO drawdown of -26.94%. Use the drawdown chart below to compare losses from any high point for ZBAL.TO and ZSP.TO.

Drawdown Indicators

	ZBAL.TO	ZSP.TO	Difference
Max Drawdown Largest peak-to-trough decline	-20.75%	-26.94%	+6.19%
Max Drawdown (1Y) Largest decline over 1 year	-5.81%	-8.61%	+2.80%
Max Drawdown (3Y) Largest decline over 3 years	-9.43%	-18.95%	+9.52%
Max Drawdown (5Y) Largest decline over 5 years	-16.32%	-22.25%	+5.93%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.94%	—
Current Drawdown Current decline from peak	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-3.17%	-3.34%	+0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	2.29%	-0.91%

Volatility

ZBAL.TO vs. ZSP.TO - Volatility Comparison

BMO Balanced ETF (ZBAL.TO) and BMO S&P 500 Index ETF (ZSP.TO) have volatilities of 3.08% and 3.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZBAL.TO	ZSP.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	3.09%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	6.61%	8.66%	-2.05%
Volatility (1Y) Calculated over the trailing 1-year period	8.38%	11.52%	-3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.72%	14.97%	-6.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.14%	16.36%	-6.22%

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

ZBAL.TO has a 0.18% expense ratio, which is higher than ZSP.TO's 0.09% 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. ZSP.TO - Dividend Comparison

ZBAL.TO's dividend yield for the trailing twelve months is around 1.73%, more than ZSP.TO's 0.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ZSP.TO BMO S&P 500 Index ETF	0.74%	0.82%	0.94%	1.33%	1.44%	1.15%	1.44%	1.47%	1.63%	1.63%	2.20%	1.53%

Frequently Asked Questions

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

ZBAL.TO and ZSP.TO have a correlation of 0.82, 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 ZSP.TO?

On fees, ZSP.TO is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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

ZSP.TO is cheaper with a 0.09% expense ratio, compared with 0.18% for ZBAL.TO.

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

ZBAL.TO is categorized as Global Allocation, while ZSP.TO is S&P 500. Their fees differ too: 0.18% for ZBAL.TO and 0.09% for ZSP.TO.