ZEQT.TO vs. ZBAL.TO

Last updated Jun 5, 2026

ZEQT.TO (BMO All-Equity ETF) and ZBAL.TO (BMO Balanced ETF) are both exchange-traded funds - ZEQT.TO is a Global Equities fund actively managed by BMO, while ZBAL.TO is a Global Allocation fund actively managed by BMO. Both are actively managed. Over the past 3 years, ZEQT.TO returned 22.68%/yr vs 14.90%/yr for ZBAL.TO. Their correlation of 0.80 suggests significant overlap in exposure. Both charge a 0.18% expense ratio.

Performance

ZEQT.TO vs. ZBAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO All-Equity ETF (ZEQT.TO) and BMO Balanced ETF (ZBAL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZEQT.TO achieves a 13.63% return, which is significantly higher than ZBAL.TO's 8.47% return.

ZEQT.TO

• 1D: 0.52%
• 1M: 6.10%
• YTD: 13.63%
• 6M: 13.00%
• 1Y: 32.71%
• 3Y*: 22.68%
• 5Y*: —
• 10Y*: —

ZBAL.TO

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

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

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

	2026 (YTD)	2025	2024	2023	2022
ZEQT.TO BMO All-Equity ETF	13.63%	19.67%	25.44%	16.79%	-5.55%
ZBAL.TO BMO Balanced ETF	8.47%	12.93%	16.16%	12.63%	-6.55%

Correlation

The correlation between ZEQT.TO and ZBAL.TO is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 28, 2022	0.80

The correlation between ZEQT.TO and ZBAL.TO has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.

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

Sectors	ZEQT.TO	ZBAL.TO
Technology	22.4%	22.2%
Financial Services	19.8%	19.8%
Industrials	11.2%	11.2%
Consumer Cyclical	8.3%	8.3%
Basic Materials	7.4%	7.2%
Energy	7.4%	8.0%
Healthcare	6.9%	6.9%
Communication Services	6.8%	6.7%
Consumer Defensive	4.7%	4.9%
Utilities	2.9%	3.0%
Real Estate	2.0%	2.0%

Return for Risk

ZEQT.TO vs. ZBAL.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZEQT.TO

ZEQT.TO Risk / Return Rank: 80
ZEQT.TO Sharpe Ratio Rank: 81
ZEQT.TO Sortino Ratio Rank: 81
ZEQT.TO Omega Ratio Rank: 80
ZEQT.TO Calmar Ratio Rank: 76
ZEQT.TO Martin Ratio Rank: 81

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

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.

ZEQT.TO vs. ZBAL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO All-Equity ETF (ZEQT.TO) and BMO Balanced ETF (ZBAL.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.

	ZEQT.TO	ZBAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.58	2.41	+0.17
Sortino ratio: Return per unit of downside risk	3.57	3.49	+0.08
Omega ratio: Gain probability vs. loss probability	1.47	1.45	+0.02
Calmar ratio: Return relative to maximum drawdown	3.77	3.47	+0.30
Martin ratio: Return relative to average drawdown	15.90	14.58	+1.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZEQT.TO Sharpe Ratio is 2.58, which is comparable to the ZBAL.TO Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of ZEQT.TO and ZBAL.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

	ZEQT.TO	ZBAL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	2.41	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.02	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.20	0.92	+0.28

Drawdowns

ZEQT.TO vs. ZBAL.TO - Drawdown Comparison

The maximum ZEQT.TO drawdown since its inception was -16.87%, smaller than the maximum ZBAL.TO drawdown of -20.75%. Use the drawdown chart below to compare losses from any high point for ZEQT.TO and ZBAL.TO.

Drawdown Indicators

	ZEQT.TO	ZBAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-16.87%	-20.75%	+3.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.72%	-5.81%	-2.91%
Max Drawdown (3Y) Largest decline over 3 years	-15.34%	-9.43%	-5.91%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.32%	—
Current Drawdown Current decline from peak	-0.64%	-0.06%	-0.58%
Average Drawdown Average peak-to-trough decline	-3.01%	-3.17%	+0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	1.38%	+0.68%

Volatility

ZEQT.TO vs. ZBAL.TO - Volatility Comparison

BMO All-Equity ETF (ZEQT.TO) has a higher volatility of 5.21% compared to BMO Balanced ETF (ZBAL.TO) at 3.08%. This indicates that ZEQT.TO's price experiences larger fluctuations and is considered to be riskier than ZBAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZEQT.TO	ZBAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	3.08%	+2.13%
Volatility (6M) Calculated over the trailing 6-month period	10.42%	6.61%	+3.81%
Volatility (1Y) Calculated over the trailing 1-year period	12.75%	8.38%	+4.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.85%	8.72%	+5.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.85%	10.14%	+3.71%

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

Both ZEQT.TO and ZBAL.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

ZEQT.TO vs. ZBAL.TO - Dividend Comparison

ZEQT.TO's dividend yield for the trailing twelve months is around 1.28%, less than ZBAL.TO's 1.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ZBAL.TO BMO Balanced ETF	1.73%	2.00%	2.20%	2.49%	2.74%	2.37%	2.55%	2.39%
ZEQT.TO BMO All-Equity ETF	1.28%	1.45%	1.69%	2.13%	2.43%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

ZEQT.TO and ZBAL.TO have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

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

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

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

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

ZEQT.TO is categorized as Global Equities, while ZBAL.TO is Global Allocation.