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

ZCON.TO vs. AOK

Last updated Jun 4, 2026

ZCON.TO (BMO Conservative ETF) and AOK (iShares Core Conservative Allocation ETF) are both Diversified Portfolio funds. Over the past 5 years, ZCON.TO returned 5.75%/yr vs 6.67%/yr for AOK. At a 0.40 correlation, their price movements are largely independent. ZCON.TO charges 0.15%/yr vs 0.25%/yr for AOK.

Performance

ZCON.TO vs. AOK - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Conservative ETF (ZCON.TO) and iShares Core Conservative Allocation ETF (AOK). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZCON.TO is traded in CAD, while AOK is traded in USD. To make them comparable, the AOK values have been converted to CAD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both stocks are quite close, with ZCON.TO having a 5.73% return and AOK slightly lower at 5.59%.

ZCON.TO

1D
-0.23%
1M
3.35%
YTD
5.73%
6M
4.98%
1Y
13.68%
3Y*
10.81%
5Y*
5.75%
10Y*
—

AOK

1D
-0.00%
1M
3.69%
YTD
5.59%
6M
3.74%
1Y
13.55%
3Y*
10.55%
5Y*
6.67%
10Y*
5.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZCON.TO vs. AOK - Yearly Performance Comparison

2026 (YTD)2025202420232022202120202019
ZCON.TO
BMO Conservative ETF		5.73%9.31%11.51%9.89%-11.00%6.06%9.69%7.50%
AOK
iShares Core Conservative Allocation ETF		5.59%6.16%15.73%8.41%-8.04%3.93%7.48%6.64%

Correlation

The correlation between ZCON.TO and AOK 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

0.54

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

0.43

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

0.40

Over the past year, ZCON.TO and AOK have become more correlated (0.60) than their long-term average of 0.40, meaning their price movements have been converging.

ZCON.TO vs. AOK - Sectors Allocation Comparison

Sectors
ZCON.TO
AOK

Technology

22.5%
13.0%

Financial Services

20.0%
6.0%

Industrials

11.2%
3.6%

Consumer Cyclical

8.2%
3.2%

Energy

7.8%
1.5%

Communication Services

6.9%
3.4%

Basic Materials

6.9%
1.1%

Healthcare

6.8%
3.0%

Consumer Defensive

4.8%
1.7%

Utilities

2.9%
0.9%

Real Estate

2.0%
0.5%

Technology

ZCON.TO
22.5%
AOK
13.0%

Financial Services

ZCON.TO
20.0%
AOK
6.0%

Industrials

ZCON.TO
11.2%
AOK
3.6%

Consumer Cyclical

ZCON.TO
8.2%
AOK
3.2%

Energy

ZCON.TO
7.8%
AOK
1.5%

Communication Services

ZCON.TO
6.9%
AOK
3.4%

Basic Materials

ZCON.TO
6.9%
AOK
1.1%

Healthcare

ZCON.TO
6.8%
AOK
3.0%

Consumer Defensive

ZCON.TO
4.8%
AOK
1.7%

Utilities

ZCON.TO
2.9%
AOK
0.9%

Real Estate

ZCON.TO
2.0%
AOK
0.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Conservative ETF

iShares Core Conservative Allocation ETF

Often compared with ZCON.TO:
ZCON.TO vs. XCNS.TOZCON.TO vs. ZBAL.TOZCON.TO vs. PYF.TOZCON.TO vs. MIX.TOZCON.TO vs. ZMI.TOZCON.TO vs. FEQT.NEOZCON.TO vs. ZMMK.TO
Often compared with AOK:
AOK vs. AOMAOK vs. AOAAOK vs. SGOVAOK vs. AGGAOK vs. VTAOK vs. VOOAOK vs. EAOM

Return for Risk

ZCON.TO vs. AOK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
AOK
AOK Risk / Return Rank: 6161
Overall Rank
AOK Sharpe Ratio Rank: 6161
Sharpe Ratio Rank
AOK Sortino Ratio Rank: 6464
Sortino Ratio Rank
AOK Omega Ratio Rank: 6565
Omega Ratio Rank
AOK Calmar Ratio Rank: 5454
Calmar Ratio Rank
AOK 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.

ZCON.TO vs. AOK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Conservative ETF (ZCON.TO) and iShares Core Conservative Allocation ETF (AOK). 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.

ZCON.TOAOKDifference
Sharpe ratioReturn per unit of total volatility
2.22
2.19

+0.03

Sortino ratioReturn per unit of downside risk
3.26
3.13

+0.13

Omega ratioGain probability vs. loss probability

1.42

1.41

+0.01

Calmar ratioReturn relative to maximum drawdown

3.03

3.61

-0.58

Martin ratioReturn relative to average drawdown

11.81

11.95

-0.14

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZCON.TO vs. AOK - Sharpe Ratio Comparison

The current ZCON.TO Sharpe Ratio is 2.22, which is comparable to the AOK Sharpe Ratio of 2.19. The chart below compares the historical Sharpe Ratios of ZCON.TO and AOK, 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

ZCON.TOAOKDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.22

2.19

+0.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.80

0.99

-0.19

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.88

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.81

0.92

-0.10

Drawdowns

ZCON.TO vs. AOK - Drawdown Comparison

The maximum ZCON.TO drawdown since its inception was -17.22%, which is greater than AOK's maximum drawdown of -14.07%. Use the drawdown chart below to compare losses from any high point for ZCON.TO and AOK.

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Drawdown Indicators

ZCON.TOAOKDifference

Max Drawdown

Largest peak-to-trough decline

-17.22%

-14.07%

-3.15%

Max Drawdown (1Y)

Largest decline over 1 year

-4.54%

-3.77%

-0.77%

Max Drawdown (3Y)

Largest decline over 3 years

-6.83%

-7.65%

+0.82%

Max Drawdown (5Y)

Largest decline over 5 years

-15.88%

-14.07%

-1.81%

Max Drawdown (10Y)

Largest decline over 10 years

—

-14.07%

—

Current Drawdown

Current decline from peak

-0.23%

-0.00%

-0.23%

Average Drawdown

Average peak-to-trough decline

-3.19%

-2.37%

-0.82%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.16%

1.14%

+0.02%

Volatility

ZCON.TO vs. AOK - Volatility Comparison

BMO Conservative ETF (ZCON.TO) has a higher volatility of 2.22% compared to iShares Core Conservative Allocation ETF (AOK) at 1.94%. This indicates that ZCON.TO's price experiences larger fluctuations and is considered to be riskier than AOK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZCON.TOAOKDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.22%

1.94%

+0.28%

Volatility (6M)

Calculated over the trailing 6-month period

4.85%

4.92%

-0.07%

Volatility (1Y)

Calculated over the trailing 1-year period

6.19%

6.23%

-0.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.23%

6.78%

+0.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.00%

6.77%

+1.23%

ZCON.TO vs. AOK - Expense Ratio Comparison

ZCON.TO has a 0.15% expense ratio, which is lower than AOK'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

ZCON.TO vs. AOK - Dividend Comparison

ZCON.TO's dividend yield for the trailing twelve months is around 2.05%, less than AOK's 3.28% yield.

PositionTTM20252024202320222021202020192018201720162015
AOK
iShares Core Conservative Allocation ETF		3.28%3.28%3.23%2.93%2.25%1.55%2.10%2.71%2.68%2.91%2.14%2.02%
ZCON.TO
BMO Conservative ETF		2.05%2.36%2.49%2.71%2.89%2.50%2.59%2.51%0.00%0.00%0.00%0.00%

Frequently Asked Questions

ZCON.TO and AOK 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, 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 0.25% for AOK.

They also come from different issuers: BMO and iShares. Their fees differ too: 0.15% for ZCON.TO and 0.25% for AOK.

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