ZMI.TO vs. GBAL.TO
ZMI.TO (BMO Monthly Income ETF) and GBAL.TO (iShares ESG Balanced ETF Portfolio) are both Diversified Portfolio funds. Both are actively managed. Over the past 5 years, ZMI.TO returned 7.94%/yr vs 9.06%/yr for GBAL.TO. At a 0.42 correlation, their price movements are largely independent. ZMI.TO charges 0.18%/yr vs 0.25%/yr for GBAL.TO.
Performance
ZMI.TO vs. GBAL.TO - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ZMI.TO having a 9.88% return and GBAL.TO slightly higher at 9.95%.
ZMI.TO
- 1D
- 0.10%
- 1M
- 0.58%
- YTD
- 9.88%
- 6M
- 6.29%
- 1Y
- 15.49%
- 3Y*
- 13.21%
- 5Y*
- 7.94%
- 10Y*
- 6.87%
GBAL.TO
- 1D
- -0.06%
- 1M
- 1.63%
- YTD
- 9.95%
- 6M
- 7.45%
- 1Y
- 17.75%
- 3Y*
- 16.67%
- 5Y*
- 9.06%
- 10Y*
- —
ZMI.TO vs. GBAL.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
ZMI.TO BMO Monthly Income ETF | 9.88% | 8.04% | 13.60% | 9.17% | -5.76% | 11.38% | 6.29% |
GBAL.TO iShares ESG Balanced ETF Portfolio | 9.95% | 11.78% | 18.80% | 13.10% | -10.88% | 11.31% | 6.10% |
Correlation
The correlation between ZMI.TO and GBAL.TO is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Sep 11, 2020 | 0.42 |
Over the past year, ZMI.TO and GBAL.TO have become more correlated (0.68) than their long-term average of 0.42, meaning their price movements have been converging.
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Return for Risk
ZMI.TO vs. GBAL.TO — Risk / Return Rank
ZMI.TO
GBAL.TO
ZMI.TO vs. GBAL.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Monthly Income ETF (ZMI.TO) and iShares ESG Balanced ETF Portfolio (GBAL.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.
| ZMI.TO | GBAL.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.34 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.27 | 2.78 | +0.49 |
| Martin ratioReturn relative to average drawdown | 10.67 | 10.94 | -0.27 |
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Drawdowns
ZMI.TO vs. GBAL.TO - Drawdown Comparison
The maximum ZMI.TO drawdown since its inception was -26.64%, which is greater than GBAL.TO's maximum drawdown of -20.01%. Use the drawdown chart below to compare losses from any high point for ZMI.TO and GBAL.TO.
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Drawdown Indicators
| ZMI.TO | GBAL.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.64% | -20.01% | -6.63% |
Max Drawdown (1Y)Largest decline over 1 year | -4.75% | -6.40% | +1.65% |
Max Drawdown (3Y)Largest decline over 3 years | -8.80% | -10.24% | +1.44% |
Max Drawdown (5Y)Largest decline over 5 years | -12.68% | -20.01% | +7.33% |
Max Drawdown (10Y)Largest decline over 10 years | -26.64% | — | — |
Current DrawdownCurrent decline from peak | -0.05% | -1.13% | +1.08% |
Average DrawdownAverage peak-to-trough decline | -2.08% | -4.90% | +2.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.46% | 1.63% | -0.17% |
Volatility
ZMI.TO vs. GBAL.TO - Volatility Comparison
The current volatility for BMO Monthly Income ETF (ZMI.TO) is 1.85%, while iShares ESG Balanced ETF Portfolio (GBAL.TO) has a volatility of 3.71%. This indicates that ZMI.TO experiences smaller price fluctuations and is considered to be less risky than GBAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZMI.TO | GBAL.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 3.71% | -1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 5.91% | 8.49% | -2.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.22% | 9.98% | -2.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.45% | 14.03% | -6.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.87% | 14.57% | -5.70% |
ZMI.TO vs. GBAL.TO - Expense Ratio Comparison
ZMI.TO has a 0.18% expense ratio, which is lower than GBAL.TO's 0.25% 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%.
Dividends
ZMI.TO vs. GBAL.TO - Dividend Comparison
ZMI.TO's dividend yield for the trailing twelve months is around 3.97%, more than GBAL.TO's 1.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GBAL.TO iShares ESG Balanced ETF Portfolio | 1.70% | 1.84% | 1.83% | 2.40% | 1.85% | 1.44% | 0.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZMI.TO BMO Monthly Income ETF | 3.97% | 4.67% | 4.82% | 5.09% | 4.63% | 3.82% | 4.34% | 4.37% | 4.72% | 4.18% | 4.01% | 4.01% |
Frequently Asked Questions
ZMI.TO and GBAL.TO have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZMI.TO is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZMI.TO is cheaper with a 0.18% expense ratio, compared with 0.25% for GBAL.TO.
They also come from different issuers: BMO and iShares. Their fees differ too: 0.18% for ZMI.TO and 0.25% for GBAL.TO.
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