ZGRO.TO vs. ZPAY.TO

Last updated Jun 4, 2026

ZGRO.TO (BMO Growth ETF) and ZPAY.TO (BMO Premium Yield ETF) are both Large Cap Growth Equities funds from BMO. Both are actively managed. Over the past 5 years, ZGRO.TO returned 11.51%/yr vs 8.59%/yr for ZPAY.TO. A 0.64 correlation means they provide meaningful diversification when combined. ZGRO.TO charges 0.18%/yr vs 0.73%/yr for ZPAY.TO.

Performance

ZGRO.TO vs. ZPAY.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, ZGRO.TO achieves a 10.53% return, which is significantly higher than ZPAY.TO's 4.79% return.

ZGRO.TO

• 1D: -0.41%
• 1M: 5.37%
• YTD: 10.53%
• 6M: 10.31%
• 1Y: 25.76%
• 3Y*: 18.49%
• 5Y*: 11.51%
• 10Y*: —

ZPAY.TO

• 1D: 0.37%
• 1M: 3.77%
• YTD: 4.79%
• 6M: 0.79%
• 1Y: 10.41%
• 3Y*: 9.74%
• 5Y*: 8.59%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ZGRO.TO BMO Growth ETF	10.53%	16.39%	20.71%	14.64%	-10.58%	14.99%	7.98%
ZPAY.TO BMO Premium Yield ETF	4.79%	2.61%	16.94%	16.87%	-6.33%	9.54%	526.95%

Correlation

The correlation between ZGRO.TO and ZPAY.TO is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (All Time) Calculated using the full available price history since Jan 22, 2020	0.64

The correlation between ZGRO.TO and ZPAY.TO has been stable across timeframes, ranging from 0.57 to 0.65 - a consistent structural relationship.

ZGRO.TO vs. ZPAY.TO - Sectors Allocation Comparison

Sectors	ZGRO.TO	ZPAY.TO
Technology	22.2%	31.7%
Financial Services	19.8%	16.3%
Industrials	11.2%	7.4%
Consumer Cyclical	8.3%	0.8%
Energy	8.0%	-
Basic Materials	7.2%	2.9%
Healthcare	6.9%	14.8%
Communication Services	6.7%	17.5%
Consumer Defensive	4.9%	8.6%
Utilities	3.0%	-
Real Estate	2.0%	-

Return for Risk

ZGRO.TO vs. ZPAY.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: 73
ZGRO.TO Sharpe Ratio Rank: 72
ZGRO.TO Sortino Ratio Rank: 72
ZGRO.TO Omega Ratio Rank: 72
ZGRO.TO Calmar Ratio Rank: 74
ZGRO.TO Martin Ratio Rank: 78

ZPAY.TO

ZPAY.TO Risk / Return Rank: 31
ZPAY.TO Sharpe Ratio Rank: 35
ZPAY.TO Sortino Ratio Rank: 31
ZPAY.TO Omega Ratio Rank: 35
ZPAY.TO Calmar Ratio Rank: 28
ZPAY.TO Martin Ratio Rank: 26

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. ZPAY.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Growth ETF (ZGRO.TO) and BMO Premium Yield ETF (ZPAY.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.TO	ZPAY.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.39	1.27	+1.12
Sortino ratio: Return per unit of downside risk	3.32	1.73	+1.60
Omega ratio: Gain probability vs. loss probability	1.44	1.24	+0.20
Calmar ratio: Return relative to maximum drawdown	3.76	1.37	+2.40
Martin ratio: Return relative to average drawdown	15.21	3.57	+11.63
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. ZPAY.TO - Sharpe Ratio Comparison

The current ZGRO.TO Sharpe Ratio is 2.39, which is higher than the ZPAY.TO Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of ZGRO.TO and ZPAY.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

	ZGRO.TO	ZPAY.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	1.27	+1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.08	0.82	+0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.22	+0.70

Drawdowns

ZGRO.TO vs. ZPAY.TO - Drawdown Comparison

The maximum ZGRO.TO drawdown since its inception was -24.64%, which is greater than ZPAY.TO's maximum drawdown of -14.89%. Use the drawdown chart below to compare losses from any high point for ZGRO.TO and ZPAY.TO.

Drawdown Indicators

	ZGRO.TO	ZPAY.TO	Difference
Max Drawdown Largest peak-to-trough decline	-24.64%	-14.89%	-9.75%
Max Drawdown (1Y) Largest decline over 1 year	-6.87%	-7.64%	+0.77%
Max Drawdown (3Y) Largest decline over 3 years	-12.45%	-12.47%	+0.02%
Max Drawdown (5Y) Largest decline over 5 years	-17.19%	-14.76%	-2.43%
Current Drawdown Current decline from peak	-0.41%	-1.70%	+1.29%
Average Drawdown Average peak-to-trough decline	-3.38%	-2.66%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.70%	2.92%	-1.22%

Volatility

ZGRO.TO vs. ZPAY.TO - Volatility Comparison

BMO Growth ETF (ZGRO.TO) has a higher volatility of 4.11% compared to BMO Premium Yield ETF (ZPAY.TO) at 2.74%. This indicates that ZGRO.TO's price experiences larger fluctuations and is considered to be riskier than ZPAY.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZGRO.TO	ZPAY.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	2.74%	+1.37%
Volatility (6M) Calculated over the trailing 6-month period	9.00%	6.70%	+2.30%
Volatility (1Y) Calculated over the trailing 1-year period	10.81%	8.24%	+2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.76%	10.53%	+0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.99%	196.01%	-183.02%

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

ZGRO.TO has a 0.18% expense ratio, which is lower than ZPAY.TO's 0.73% expense ratio.

Dividends

ZGRO.TO vs. ZPAY.TO - Dividend Comparison

ZGRO.TO's dividend yield for the trailing twelve months is around 1.48%, less than ZPAY.TO's 7.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
ZGRO.TO BMO Growth ETF	1.48%	1.70%	1.92%	2.27%	2.54%	2.22%	2.49%	2.32%
ZPAY.TO BMO Premium Yield ETF	7.40%	7.46%	5.81%	6.40%	7.00%	6.10%	5.42%	0.00%

Frequently Asked Questions

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

ZGRO.TO and ZPAY.TO have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, ZGRO.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZGRO.TO or ZPAY.TO?

ZGRO.TO is cheaper with a 0.18% expense ratio, compared with 0.73% for ZPAY.TO.

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

Their fees differ too: 0.18% for ZGRO.TO and 0.73% for ZPAY.TO.