ZESG.TO vs. ZGRO.TO

Last updated Jun 25, 2026

ZESG.TO (BMO Balanced ESG ETF) and ZGRO.TO (BMO Growth ETF) are both exchange-traded funds - ZESG.TO is a Diversified Portfolio fund actively managed by BMO, while ZGRO.TO is a Global Allocation fund actively managed by BMO. Both are actively managed. Over the past 5 years, ZESG.TO returned -12.90%/yr vs 15.61%/yr for ZGRO.TO. A 0.55 correlation means they provide meaningful diversification when combined. Both charge a 0.18% expense ratio.

Performance

ZESG.TO vs. ZGRO.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, ZESG.TO achieves a 6.75% return, which is significantly lower than ZGRO.TO's 10.93% return.

ZESG.TO

• 1D: 0.27%
• 1M: 1.35%
• YTD: 6.75%
• 6M: 6.60%
• 1Y: -60.98%
• 3Y*: -20.19%
• 5Y*: -12.90%
• 10Y*: —

ZGRO.TO

• 1D: 0.00%
• 1M: 0.16%
• YTD: 10.93%
• 6M: 10.40%
• 1Y: 25.31%
• 3Y*: 23.01%
• 5Y*: 15.61%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZESG.TO BMO Balanced ESG ETF	6.75%	-62.39%	16.70%	15.26%	-13.70%	13.20%	7.30%
ZGRO.TO BMO Growth ETF	10.93%	18.65%	25.70%	20.36%	-5.92%	20.50%	13.48%

Correlation

The correlation between ZESG.TO and ZGRO.TO is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jan 23, 2020	0.55

Over the past year, ZESG.TO and ZGRO.TO have become more correlated (0.76) than their long-term average of 0.55, meaning their price movements have been converging.

Return for Risk

ZESG.TO vs. ZGRO.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: 39
ZESG.TO Sharpe Ratio Rank: 8
ZESG.TO Sortino Ratio Rank: 83
ZESG.TO Omega Ratio Rank: 98
ZESG.TO Calmar Ratio Rank: 1
ZESG.TO Martin Ratio Rank: 5

ZGRO.TO

ZGRO.TO Risk / Return Rank: 78
ZGRO.TO Sharpe Ratio Rank: 76
ZGRO.TO Sortino Ratio Rank: 76
ZGRO.TO Omega Ratio Rank: 76
ZGRO.TO Calmar Ratio Rank: 79
ZGRO.TO Martin Ratio Rank: 81

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. ZGRO.TO - Risk-Adjusted Trends Comparison

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

	ZESG.TO	ZGRO.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	2.15	-2.30
Sortino ratio: Return per unit of downside risk	3.23	3.03	+0.21
Omega ratio: Gain probability vs. loss probability	2.29	1.40	+0.89
Calmar ratio: Return relative to maximum drawdown	-0.91	3.70	-4.61
Martin ratio: Return relative to average drawdown	-0.99	14.49	-15.49

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

The current ZESG.TO Sharpe Ratio is -0.14, which is lower than the ZGRO.TO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of ZESG.TO and ZGRO.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

ZESG.TO vs. ZGRO.TO - Drawdown Comparison

The maximum ZESG.TO drawdown since its inception was -66.88%, which is greater than ZGRO.TO's maximum drawdown of -24.67%. Use the drawdown chart below to compare losses from any high point for ZESG.TO and ZGRO.TO.

Drawdown Indicators

	ZESG.TO	ZGRO.TO	Difference
Max Drawdown Largest peak-to-trough decline	-66.88%	-24.67%	-42.21%
Max Drawdown (1Y) Largest decline over 1 year	-66.88%	-6.87%	-60.01%
Max Drawdown (3Y) Largest decline over 3 years	-66.88%	-11.60%	-55.28%
Max Drawdown (5Y) Largest decline over 5 years	-66.88%	-16.21%	-50.67%
Current Drawdown Current decline from peak	-61.87%	-2.43%	-59.44%
Average Drawdown Average peak-to-trough decline	-13.20%	-2.49%	-10.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	61.46%	1.75%	+59.71%

Volatility

ZESG.TO vs. ZGRO.TO - Volatility Comparison

The current volatility for BMO Balanced ESG ETF (ZESG.TO) is 2.42%, while BMO Growth ETF (ZGRO.TO) has a volatility of 5.05%. This indicates that ZESG.TO experiences smaller price fluctuations and is considered to be less risky than ZGRO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZESG.TO	ZGRO.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.42%	5.05%	-2.63%
Volatility (6M) Calculated over the trailing 6-month period	6.38%	9.91%	-3.53%
Volatility (1Y) Calculated over the trailing 1-year period	425.87%	11.83%	+414.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	191.09%	11.18%	+179.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	168.66%	13.19%	+155.47%

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

Both ZESG.TO and ZGRO.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

ZESG.TO vs. ZGRO.TO - Dividend Comparison

ZESG.TO's dividend yield for the trailing twelve months is around 2.44%, more than ZGRO.TO's 2.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ZESG.TO BMO Balanced ESG ETF	2.44%	3.40%	1.89%	2.22%	2.53%	2.05%	2.27%	0.00%
ZGRO.TO BMO Growth ETF	2.24%	3.38%	5.76%	6.81%	7.63%	6.65%	7.47%	6.95%

Frequently Asked Questions

Can I hold both ZESG.TO and ZGRO.TO in my portfolio?

ZESG.TO and ZGRO.TO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZESG.TO or ZGRO.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, ZESG.TO or ZGRO.TO?

ZESG.TO and ZGRO.TO have the same expense ratio: 0.18% per year.

What is the main difference between ZESG.TO and ZGRO.TO?

ZESG.TO is categorized as Diversified Portfolio, while ZGRO.TO is Global Allocation.