ZGRO.TO vs. TBAL.TO
ZGRO.TO (BMO Growth ETF) and TBAL.TO (TD Balanced ETF Portfolio) are both Global Allocation funds. Both are actively managed. Over the past 5 years, ZGRO.TO returned 15.61%/yr vs 8.88%/yr for TBAL.TO. A 0.75 correlation means they provide meaningful diversification when combined. ZGRO.TO charges 0.18%/yr vs 0.15%/yr for TBAL.TO.
Performance
ZGRO.TO vs. TBAL.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZGRO.TO achieves a 10.93% return, which is significantly higher than TBAL.TO's 7.59% return.
ZGRO.TO
- 1D
- 0.00%
- 1M
- 0.16%
- YTD
- 10.93%
- 6M
- 10.40%
- 1Y
- 25.31%
- 3Y*
- 23.01%
- 5Y*
- 15.61%
- 10Y*
- —
TBAL.TO
- 1D
- -0.18%
- 1M
- -0.09%
- YTD
- 7.59%
- 6M
- 7.11%
- 1Y
- 17.70%
- 3Y*
- 14.49%
- 5Y*
- 8.88%
- 10Y*
- —
ZGRO.TO vs. TBAL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ZGRO.TO BMO Growth ETF | 10.93% | 18.65% | 25.70% | 20.36% | -5.92% | 20.50% | 9.35% |
TBAL.TO TD Balanced ETF Portfolio | 7.59% | 13.83% | 15.32% | 15.85% | -12.63% | 13.07% | 5.05% |
Correlation
The correlation between ZGRO.TO and TBAL.TO is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2020 | 0.75 |
The correlation between ZGRO.TO and TBAL.TO shifts across timeframes, from 0.75 (all time) to 0.87 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ZGRO.TO vs. TBAL.TO — Risk / Return Rank
ZGRO.TO
TBAL.TO
ZGRO.TO vs. TBAL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Growth ETF (ZGRO.TO) and TD Balanced ETF Portfolio (TBAL.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.
| ZGRO.TO | TBAL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.41 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.70 | 2.97 | +0.73 |
| Martin ratioReturn relative to average drawdown | 14.49 | 12.61 | +1.88 |
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Drawdowns
ZGRO.TO vs. TBAL.TO - Drawdown Comparison
The maximum ZGRO.TO drawdown since its inception was -24.67%, which is greater than TBAL.TO's maximum drawdown of -17.34%. Use the drawdown chart below to compare losses from any high point for ZGRO.TO and TBAL.TO.
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Drawdown Indicators
| ZGRO.TO | TBAL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.67% | -17.34% | -7.33% |
Max Drawdown (1Y)Largest decline over 1 year | -6.87% | -5.98% | -0.89% |
Max Drawdown (3Y)Largest decline over 3 years | -11.60% | -9.07% | -2.53% |
Max Drawdown (5Y)Largest decline over 5 years | -16.21% | -17.34% | +1.13% |
Current DrawdownCurrent decline from peak | -2.43% | -0.80% | -1.63% |
Average DrawdownAverage peak-to-trough decline | -2.49% | -3.52% | +1.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 1.41% | +0.34% |
Volatility
ZGRO.TO vs. TBAL.TO - Volatility Comparison
BMO Growth ETF (ZGRO.TO) has a higher volatility of 5.05% compared to TD Balanced ETF Portfolio (TBAL.TO) at 2.68%. This indicates that ZGRO.TO's price experiences larger fluctuations and is considered to be riskier than TBAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZGRO.TO | TBAL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.05% | 2.68% | +2.37% |
Volatility (6M)Calculated over the trailing 6-month period | 9.91% | 6.77% | +3.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.83% | 8.11% | +3.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.18% | 9.15% | +2.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.19% | 8.99% | +4.20% |
ZGRO.TO vs. TBAL.TO - Expense Ratio Comparison
ZGRO.TO has a 0.18% expense ratio, which is higher than TBAL.TO's 0.15% 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
ZGRO.TO vs. TBAL.TO - Dividend Comparison
ZGRO.TO's dividend yield for the trailing twelve months is around 2.24%, less than TBAL.TO's 2.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
TBAL.TO TD Balanced ETF Portfolio | 2.29% | 2.56% | 2.55% | 2.65% | 2.65% | 1.75% | 0.88% | 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
ZGRO.TO and TBAL.TO have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TBAL.TO is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TBAL.TO is cheaper with a 0.15% expense ratio, compared with 0.18% for ZGRO.TO.
They also come from different issuers: BMO and TD. Their fees differ too: 0.18% for ZGRO.TO and 0.15% for TBAL.TO.
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