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ZGRO.TO vs. ZBAL.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZGRO.TO vs. ZBAL.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Growth ETF (ZGRO.TO) and BMO Balanced ETF (ZBAL.TO).

ZGRO.TO and ZBAL.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZGRO.TO is an actively managed fund by BMO. It was launched on Feb 11, 2019. ZBAL.TO is an actively managed fund by BMO. It was launched on Jan 24, 2022.

Performance

ZGRO.TO vs. ZBAL.TO - Performance Comparison

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

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

2026 (YTD)2025202420232022202120202019
ZGRO.TO
BMO Growth ETF		0.36%16.39%20.71%14.64%-10.58%14.99%10.81%10.83%
ZBAL.TO
BMO Balanced ETF		0.37%12.93%16.16%12.63%-11.09%10.41%10.27%9.73%

Returns By Period

The year-to-date returns for both investments are quite close, with ZGRO.TO having a 0.36% return and ZBAL.TO slightly higher at 0.37%.

ZGRO.TO

1D
1.16%
1M
-4.08%
YTD
0.36%
6M
2.70%
1Y
16.64%
3Y*
15.19%
5Y*
9.89%
10Y*
—

ZBAL.TO

1D
1.71%
1M
-3.27%
YTD
0.37%
6M
0.67%
1Y
12.70%
3Y*
12.19%
5Y*
7.46%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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BMO Growth ETF

BMO Balanced ETF

Often compared with ZGRO.TO:
ZGRO.TO vs. VGRO.TOZGRO.TO vs. XGRO.TOZGRO.TO vs. TGRO.TOZGRO.TO vs. XEQT.TOZGRO.TO vs. VFV.TOZGRO.TO vs. XDIV.TOZGRO.TO vs. ZDY.TO
Often compared with ZBAL.TO:
ZBAL.TO vs. XBAL.TOZBAL.TO vs. VDY.TOZBAL.TO vs. VBAL.TOZBAL.TO vs. ZLB.TOZBAL.TO vs. ZEQT.TOZBAL.TO vs. VGRO.TOZBAL.TO vs. XEI.TO

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

Both ZGRO.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%.

ZGRO.TO
BMO Growth ETF
ZBAL.TO
BMO Balanced ETF

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZGRO.TO
ZGRO.TO Risk / Return Rank: 7272
Overall Rank
ZGRO.TO Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
ZGRO.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
ZGRO.TO Omega Ratio Rank: 7171
Omega Ratio Rank
ZGRO.TO Calmar Ratio Rank: 7272
Calmar Ratio Rank
ZGRO.TO Martin Ratio Rank: 7575
Martin Ratio Rank
ZBAL.TO
ZBAL.TO Risk / Return Rank: 7171
Overall Rank
ZBAL.TO Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
ZBAL.TO Sortino Ratio Rank: 7171
Sortino Ratio Rank
ZBAL.TO Omega Ratio Rank: 7070
Omega Ratio Rank
ZBAL.TO Calmar Ratio Rank: 7070
Calmar Ratio Rank
ZBAL.TO Martin Ratio Rank: 7272
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.

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

This table presents a comparison of risk-adjusted performance metrics for BMO Growth ETF (ZGRO.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.

ZGRO.TOZBAL.TODifference

Sharpe ratio

Return per unit of total volatility

1.24

1.23

+0.01

Sortino ratio

Return per unit of downside risk

1.73

1.74

-0.01

Omega ratio

Gain probability vs. loss probability

1.25

1.25

+0.01

Calmar ratio

Return relative to maximum drawdown

1.76

1.72

+0.04

Martin ratio

Return relative to average drawdown

7.43

7.09

+0.35

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

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

The current ZGRO.TO Sharpe Ratio is 1.24, which is comparable to the ZBAL.TO Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of ZGRO.TO and ZBAL.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.

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Sharpe Ratios by Period

ZGRO.TOZBAL.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.24

1.23

+0.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.94

0.88

+0.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.82

0.83

-0.01

Correlation

The correlation between ZGRO.TO and ZBAL.TO is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ZGRO.TO vs. ZBAL.TO - Dividend Comparison

ZGRO.TO's dividend yield for the trailing twelve months is around 1.63%, less than ZBAL.TO's 1.87% yield.

TTM2025202420232022202120202019
ZGRO.TO
BMO Growth ETF		1.63%1.70%1.92%2.27%2.54%2.22%2.49%2.32%
ZBAL.TO
BMO Balanced ETF		1.87%2.00%2.20%2.49%2.74%2.37%2.55%2.39%

Drawdowns

ZGRO.TO vs. ZBAL.TO - Drawdown Comparison

The maximum ZGRO.TO drawdown since its inception was -24.64%, which is greater than ZBAL.TO's maximum drawdown of -20.75%. Use the drawdown chart below to compare losses from any high point for ZGRO.TO and ZBAL.TO.

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Drawdown Indicators

ZGRO.TOZBAL.TODifference

Max Drawdown

Largest peak-to-trough decline

-24.64%

-20.75%

-3.89%

Max Drawdown (1Y)

Largest decline over 1 year

-9.83%

-7.75%

-2.08%

Max Drawdown (5Y)

Largest decline over 5 years

-17.19%

-16.32%

-0.87%

Current Drawdown

Current decline from peak

-4.35%

-3.58%

-0.77%

Average Drawdown

Average peak-to-trough decline

-3.43%

-3.23%

-0.20%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.32%

1.88%

+0.44%

Volatility

ZGRO.TO vs. ZBAL.TO - Volatility Comparison

BMO Growth ETF (ZGRO.TO) has a higher volatility of 5.60% compared to BMO Balanced ETF (ZBAL.TO) at 4.16%. This indicates that ZGRO.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.

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Volatility by Period

ZGRO.TOZBAL.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

5.60%

4.16%

+1.44%

Volatility (6M)

Calculated over the trailing 6-month period

8.71%

6.45%

+2.26%

Volatility (1Y)

Calculated over the trailing 1-year period

13.50%

10.39%

+3.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

10.62%

8.62%

+2.00%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.00%

10.16%

+2.84%