ZESG.TO vs. VGRO.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Balanced ESG ETF (ZESG.TO) and Vanguard Growth ETF Portfolio (VGRO.TO).

ZESG.TO and VGRO.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZESG.TO is an actively managed fund by BMO. It was launched on Jan 15, 2020. VGRO.TO is an actively managed fund by Vanguard. It was launched on Jan 25, 2018.

Performance

ZESG.TO vs. VGRO.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Balanced ESG ETF (ZESG.TO) and Vanguard Growth ETF Portfolio (VGRO.TO). The values are adjusted to include any dividend payments, if applicable.

ZESG.TO vs. VGRO.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZESG.TO BMO Balanced ESG ETF	-1.73%	12.26%	16.70%	15.27%	-13.70%	13.20%	-100.00%
VGRO.TO Vanguard Growth ETF Portfolio	0.44%	16.95%	19.29%	14.81%	-11.19%	14.80%	8.30%

Returns By Period

In the year-to-date period, ZESG.TO achieves a -1.73% return, which is significantly lower than VGRO.TO's 0.44% return.

ZESG.TO

• 1D: 1.70%
• 1M: -3.57%
• YTD: -1.73%
• 6M: -0.25%
• 1Y: 11.23%
• 3Y*: 11.96%
• 5Y*: 7.37%
• 10Y*: —

VGRO.TO

• 1D: 2.30%
• 1M: -3.99%
• YTD: 0.44%
• 6M: 2.80%
• 1Y: 17.40%
• 3Y*: 15.06%
• 5Y*: 9.48%
• 10Y*: —

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

ZESG.TO vs. VGRO.TO - Expense Ratio Comparison

ZESG.TO has a 0.18% expense ratio, which is lower than VGRO.TO's 0.24% 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%.

VGRO.TO

Vanguard Growth ETF Portfolio

ZESG.TO

BMO Balanced ESG ETF

Return for Risk

ZESG.TO vs. VGRO.TO — Risk / Return Rank

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

ZESG.TO

ZESG.TO Risk / Return Rank: 62
ZESG.TO Sharpe Ratio Rank: 69
ZESG.TO Sortino Ratio Rank: 67
ZESG.TO Omega Ratio Rank: 62
ZESG.TO Calmar Ratio Rank: 54
ZESG.TO Martin Ratio Rank: 56

VGRO.TO

VGRO.TO Risk / Return Rank: 78
VGRO.TO Sharpe Ratio Rank: 77
VGRO.TO Sortino Ratio Rank: 77
VGRO.TO Omega Ratio Rank: 79
VGRO.TO Calmar Ratio Rank: 76
VGRO.TO Martin Ratio Rank: 80

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.

ZESG.TO vs. VGRO.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Balanced ESG ETF (ZESG.TO) and Vanguard Growth ETF Portfolio (VGRO.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.

	ZESG.TO	VGRO.TO	Difference
Sharpe ratio Return per unit of total volatility	1.24	1.35	-0.11
Sortino ratio Return per unit of downside risk	1.72	1.87	-0.15
Omega ratio Gain probability vs. loss probability	1.24	1.29	-0.05
Calmar ratio Return relative to maximum drawdown	1.41	1.87	-0.45
Martin ratio Return relative to average drawdown	5.61	8.16	-2.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZESG.TO vs. VGRO.TO - Sharpe Ratio Comparison

The current ZESG.TO Sharpe Ratio is 1.24, which is comparable to the VGRO.TO Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of ZESG.TO and VGRO.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ZESG.TO	VGRO.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	1.35	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.84	0.91	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	-1.93	0.74	-2.67

Correlation

The correlation between ZESG.TO and VGRO.TO is 0.53, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZESG.TO vs. VGRO.TO - Dividend Comparison

ZESG.TO's dividend yield for the trailing twelve months is around 1.78%, less than VGRO.TO's 1.88% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ZESG.TO BMO Balanced ESG ETF	1.78%	1.71%	1.89%	2.22%	2.53%	2.05%	2.27%	0.00%	0.00%
VGRO.TO Vanguard Growth ETF Portfolio	1.88%	1.88%	2.02%	2.15%	2.16%	1.81%	1.78%	2.19%	2.10%

Drawdowns

ZESG.TO vs. VGRO.TO - Drawdown Comparison

The maximum ZESG.TO drawdown since its inception was -100.00%, which is greater than VGRO.TO's maximum drawdown of -25.36%. Use the drawdown chart below to compare losses from any high point for ZESG.TO and VGRO.TO.

Drawdown Indicators

	ZESG.TO	VGRO.TO	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-25.36%	-74.64%
Max Drawdown (1Y) Largest decline over 1 year	-7.18%	-9.70%	+2.52%
Max Drawdown (5Y) Largest decline over 5 years	-18.81%	-17.38%	-1.43%
Current Drawdown Current decline from peak	-100.00%	-4.41%	-95.59%
Average Drawdown Average peak-to-trough decline	-99.93%	-3.46%	-96.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	2.22%	-0.41%

Volatility

ZESG.TO vs. VGRO.TO - Volatility Comparison

The current volatility for BMO Balanced ESG ETF (ZESG.TO) is 3.65%, while Vanguard Growth ETF Portfolio (VGRO.TO) has a volatility of 5.03%. This indicates that ZESG.TO experiences smaller price fluctuations and is considered to be less risky than VGRO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZESG.TO	VGRO.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	5.03%	-1.38%
Volatility (6M) Calculated over the trailing 6-month period	6.28%	7.75%	-1.47%
Volatility (1Y) Calculated over the trailing 1-year period	9.13%	12.92%	-3.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.85%	10.54%	-1.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.49%	12.57%	+28.92%