ZMI.TO vs. ZRE.TO

Last updated Jun 13, 2026

ZMI.TO (BMO Monthly Income ETF) and ZRE.TO (BMO Equal Weight REITs Index ETF) are both exchange-traded funds - ZMI.TO is a Diversified Portfolio fund actively managed by BMO, while ZRE.TO is a REIT fund tracking the Solactive Equal Weight Canada REIT Index. ZMI.TO is actively managed, while ZRE.TO is passively managed. Over the past 10 years, ZMI.TO returned 6.85%/yr vs 7.16%/yr for ZRE.TO. A 0.52 correlation means they provide meaningful diversification when combined. ZMI.TO charges 0.18%/yr vs 0.61%/yr for ZRE.TO.

Performance

ZMI.TO vs. ZRE.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Monthly Income ETF (ZMI.TO) and BMO Equal Weight REITs Index ETF (ZRE.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZMI.TO achieves a 9.27% return, which is significantly lower than ZRE.TO's 12.63% return. Both investments have delivered pretty close results over the past 10 years, with ZMI.TO having a 6.85% annualized return and ZRE.TO not far ahead at 7.16%.

ZMI.TO

• 1D: 0.35%
• 1M: 2.97%
• YTD: 9.27%
• 6M: 6.28%
• 1Y: 15.52%
• 3Y*: 12.55%
• 5Y*: 7.84%
• 10Y*: 6.85%

ZRE.TO

• 1D: 0.91%
• 1M: 5.03%
• YTD: 12.63%
• 6M: 13.84%
• 1Y: 13.10%
• 3Y*: 9.44%
• 5Y*: 3.60%
• 10Y*: 7.16%

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

ZMI.TO vs. ZRE.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZMI.TO BMO Monthly Income ETF	9.27%	8.04%	13.60%	9.17%	-5.76%	11.38%	2.54%	13.52%	-2.39%	4.98%
ZRE.TO BMO Equal Weight REITs Index ETF	12.63%	11.28%	2.89%	0.91%	-17.74%	34.04%	-7.72%	25.86%	3.36%	14.36%

Correlation

The correlation between ZMI.TO and ZRE.TO is 0.50, 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	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.52
Correlation (All Time) Calculated using the full available price history since Feb 3, 2011	0.52

The correlation between ZMI.TO and ZRE.TO has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.

ZMI.TO vs. ZRE.TO - Sectors Allocation Comparison

Sectors	ZMI.TO	ZRE.TO
Financial Services	20.1%	-
Technology	16.4%	-
Energy	13.4%	-
Healthcare	9.8%	-
Communication Services	7.4%	-
Consumer Defensive	7.3%	-
Industrials	6.0%	-
Utilities	5.8%	-
Consumer Cyclical	5.4%	-
Basic Materials	5.3%	-
Real Estate	3.1%	100.0%

Return for Risk

ZMI.TO vs. ZRE.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ZMI.TO

ZMI.TO Risk / Return Rank: 75
ZMI.TO Sharpe Ratio Rank: 77
ZMI.TO Sortino Ratio Rank: 73
ZMI.TO Omega Ratio Rank: 84
ZMI.TO Calmar Ratio Rank: 73
ZMI.TO Martin Ratio Rank: 66

ZRE.TO

ZRE.TO Risk / Return Rank: 38
ZRE.TO Sharpe Ratio Rank: 37
ZRE.TO Sortino Ratio Rank: 38
ZRE.TO Omega Ratio Rank: 34
ZRE.TO Calmar Ratio Rank: 43
ZRE.TO Martin Ratio Rank: 37

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.

ZMI.TO vs. ZRE.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Monthly Income ETF (ZMI.TO) and BMO Equal Weight REITs Index ETF (ZRE.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	ZRE.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.17	+0.98
Sortino ratio: Return per unit of downside risk	2.85	1.76	+1.09
Omega ratio: Gain probability vs. loss probability	1.44	1.20	+0.24
Calmar ratio: Return relative to maximum drawdown	3.28	1.86	+1.42
Martin ratio: Return relative to average drawdown	10.68	5.00	+5.68

ZMI.TO vs. ZRE.TO - Sharpe Ratio Comparison

The current ZMI.TO Sharpe Ratio is 2.15, which is higher than the ZRE.TO Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of ZMI.TO and ZRE.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

ZMI.TO vs. ZRE.TO - Drawdown Comparison

The maximum ZMI.TO drawdown since its inception was -26.64%, smaller than the maximum ZRE.TO drawdown of -46.29%. Use the drawdown chart below to compare losses from any high point for ZMI.TO and ZRE.TO.

Drawdown Indicators

	ZMI.TO	ZRE.TO	Difference
Max Drawdown Largest peak-to-trough decline	-26.64%	-46.29%	+19.65%
Max Drawdown (1Y) Largest decline over 1 year	-4.75%	-7.07%	+2.32%
Max Drawdown (3Y) Largest decline over 3 years	-8.80%	-17.14%	+8.34%
Max Drawdown (5Y) Largest decline over 5 years	-12.68%	-32.44%	+19.76%
Max Drawdown (10Y) Largest decline over 10 years	-26.64%	-46.29%	+19.65%
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-2.09%	-7.69%	+5.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.46%	2.64%	-1.18%

Volatility

ZMI.TO vs. ZRE.TO - Volatility Comparison

The current volatility for BMO Monthly Income ETF (ZMI.TO) is 2.63%, while BMO Equal Weight REITs Index ETF (ZRE.TO) has a volatility of 3.01%. This indicates that ZMI.TO experiences smaller price fluctuations and is considered to be less risky than ZRE.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZMI.TO	ZRE.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.63%	3.01%	-0.38%
Volatility (6M) Calculated over the trailing 6-month period	5.92%	8.59%	-2.67%
Volatility (1Y) Calculated over the trailing 1-year period	7.24%	11.25%	-4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.45%	15.54%	-8.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.87%	17.67%	-8.80%

ZMI.TO vs. ZRE.TO - Expense Ratio Comparison

ZMI.TO has a 0.18% expense ratio, which is lower than ZRE.TO's 0.61% expense ratio.

Dividends

ZMI.TO vs. ZRE.TO - Dividend Comparison

ZMI.TO's dividend yield for the trailing twelve months is around 3.99%, less than ZRE.TO's 4.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZMI.TO BMO Monthly Income ETF	3.99%	4.67%	4.82%	5.09%	4.63%	3.82%	4.34%	4.37%	4.72%	4.18%	4.01%	4.01%
ZRE.TO BMO Equal Weight REITs Index ETF	4.33%	4.96%	5.26%	5.14%	4.97%	3.87%	5.01%	4.17%	4.95%	5.05%	5.46%	6.00%

Frequently Asked Questions

Can I hold both ZMI.TO and ZRE.TO in my portfolio?

ZMI.TO and ZRE.TO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZMI.TO or ZRE.TO?

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.

Which ETF is cheaper, ZMI.TO or ZRE.TO?

ZMI.TO is cheaper with a 0.18% expense ratio, compared with 0.61% for ZRE.TO.

What is the main difference between ZMI.TO and ZRE.TO?

ZMI.TO is categorized as Diversified Portfolio, while ZRE.TO is REIT. Their fees differ too: 0.18% for ZMI.TO and 0.61% for ZRE.TO.