ZRE.TO vs. CGR.TO
ZRE.TO (BMO Equal Weight REITs Index ETF) and CGR.TO (iShares Global Real Estate Index ETF) are both REIT funds - ZRE.TO tracks the Solactive Equal Weight Canada REIT Index while CGR.TO tracks the Morningstar DM REIT NR CAD. Both are passively managed. Over the past 10 years, ZRE.TO returned 6.80%/yr vs 3.96%/yr for CGR.TO. At a 0.46 correlation, their price movements are largely independent. ZRE.TO charges 0.61%/yr vs 0.72%/yr for CGR.TO.
Performance
ZRE.TO vs. CGR.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZRE.TO achieves a 9.53% return, which is significantly higher than CGR.TO's 7.84% return. Over the past 10 years, ZRE.TO has outperformed CGR.TO with an annualized return of 6.80%, while CGR.TO has yielded a comparatively lower 3.96% annualized return.
ZRE.TO
- 1D
- -0.34%
- 1M
- 0.68%
- YTD
- 9.53%
- 6M
- 10.66%
- 1Y
- 11.30%
- 3Y*
- 8.06%
- 5Y*
- 3.45%
- 10Y*
- 6.80%
CGR.TO
- 1D
- -0.12%
- 1M
- -0.61%
- YTD
- 7.84%
- 6M
- 6.09%
- 1Y
- 9.02%
- 3Y*
- 9.97%
- 5Y*
- 3.60%
- 10Y*
- 3.96%
ZRE.TO vs. CGR.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ZRE.TO BMO Equal Weight REITs Index ETF | 9.53% | 11.21% | 2.82% | 0.84% | -17.80% | 33.96% | -7.79% | 25.79% | 3.29% | 14.28% |
CGR.TO iShares Global Real Estate Index ETF | 7.84% | 2.56% | 9.99% | 7.58% | -21.75% | 28.98% | -9.40% | 14.90% | 2.92% | 3.32% |
Correlation
The correlation between ZRE.TO and CGR.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 | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since May 27, 2010 | 0.46 |
The correlation between ZRE.TO and CGR.TO shifts across timeframes, from 0.46 (all time) to 0.58 (5 years), reflecting how their relationship changes across market environments.
ZRE.TO vs. CGR.TO - Sectors Allocation Comparison
Sectors
ZRE.TO
CGR.TO
Real Estate
Basic Materials
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Communication Services
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Consumer Cyclical
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Consumer Defensive
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Energy
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Financial Services
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Healthcare
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Industrials
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Technology
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Utilities
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Real Estate
ZRE.TO
CGR.TO
Basic Materials
ZRE.TO
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CGR.TO
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Communication Services
ZRE.TO
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CGR.TO
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Consumer Cyclical
ZRE.TO
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CGR.TO
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Consumer Defensive
ZRE.TO
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CGR.TO
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Energy
ZRE.TO
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CGR.TO
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Financial Services
ZRE.TO
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CGR.TO
Healthcare
ZRE.TO
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CGR.TO
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Industrials
ZRE.TO
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CGR.TO
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Technology
ZRE.TO
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CGR.TO
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Utilities
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CGR.TO
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Return for Risk
ZRE.TO vs. CGR.TO — Risk / Return Rank
ZRE.TO
CGR.TO
ZRE.TO vs. CGR.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO Equal Weight REITs Index ETF (ZRE.TO) and iShares Global Real Estate Index ETF (CGR.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.
| ZRE.TO | CGR.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.14 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.61 | 0.95 | +0.66 |
| Martin ratioReturn relative to average drawdown | 4.29 | 3.03 | +1.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZRE.TO | CGR.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.02 | 0.72 | +0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | 0.24 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 0.24 | +0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.52 | 0.28 | +0.24 |
Drawdowns
ZRE.TO vs. CGR.TO - Drawdown Comparison
The maximum ZRE.TO drawdown since its inception was -46.29%, smaller than the maximum CGR.TO drawdown of -52.90%. Use the drawdown chart below to compare losses from any high point for ZRE.TO and CGR.TO.
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Drawdown Indicators
| ZRE.TO | CGR.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.29% | -52.90% | +6.61% |
Max Drawdown (1Y)Largest decline over 1 year | -7.07% | -9.55% | +2.48% |
Max Drawdown (3Y)Largest decline over 3 years | -17.16% | -14.40% | -2.76% |
Max Drawdown (5Y)Largest decline over 5 years | -32.52% | -28.76% | -3.76% |
Max Drawdown (10Y)Largest decline over 10 years | -46.29% | -33.71% | -12.58% |
Current DrawdownCurrent decline from peak | -0.71% | -2.99% | +2.28% |
Average DrawdownAverage peak-to-trough decline | -7.74% | -9.98% | +2.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.64% | 2.99% | -0.35% |
Volatility
ZRE.TO vs. CGR.TO - Volatility Comparison
The current volatility for BMO Equal Weight REITs Index ETF (ZRE.TO) is 2.83%, while iShares Global Real Estate Index ETF (CGR.TO) has a volatility of 3.77%. This indicates that ZRE.TO experiences smaller price fluctuations and is considered to be less risky than CGR.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZRE.TO | CGR.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.83% | 3.77% | -0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 8.39% | 9.87% | -1.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.09% | 12.51% | -1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.55% | 15.01% | +0.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.68% | 16.56% | +1.12% |
ZRE.TO vs. CGR.TO - Expense Ratio Comparison
ZRE.TO has a 0.61% expense ratio, which is lower than CGR.TO's 0.72% expense ratio.
Dividends
ZRE.TO vs. CGR.TO - Dividend Comparison
ZRE.TO's dividend yield for the trailing twelve months is around 4.42%, more than CGR.TO's 2.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGR.TO iShares Global Real Estate Index ETF | 2.33% | 2.51% | 2.52% | 2.59% | 2.40% | 1.70% | 2.22% | 2.10% | 2.54% | 4.25% | 2.83% | 2.97% |
ZRE.TO BMO Equal Weight REITs Index ETF | 4.42% | 4.90% | 5.19% | 5.07% | 4.90% | 3.82% | 4.95% | 4.11% | 4.89% | 4.98% | 5.39% | 5.92% |
Frequently Asked Questions
ZRE.TO and CGR.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.
On fees, ZRE.TO is cheaper at 0.61% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZRE.TO is cheaper with a 0.61% expense ratio, compared with 0.72% for CGR.TO.
ZRE.TO tracks Solactive Equal Weight Canada REIT Index, while CGR.TO tracks Morningstar DM REIT NR CAD. They also come from different issuers: BMO and iShares. Their fees differ too: 0.61% for ZRE.TO and 0.72% for CGR.TO.
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