ZRE.TO vs. CHP-UN.TO

Last updated Jun 4, 2026

ZRE.TO (BMO Equal Weight REITs Index ETF) is REIT fund tracking the Solactive Equal Weight Canada REIT Index, while CHP-UN.TO (Choice Properties Real Estate Investment Trust) is a stock. Over the past 10 years, ZRE.TO returned 6.80%/yr vs 6.86%/yr for CHP-UN.TO. A 0.62 correlation means they provide meaningful diversification when combined.

Performance

ZRE.TO vs. CHP-UN.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Equal Weight REITs Index ETF (ZRE.TO) and Choice Properties Real Estate Investment Trust (CHP-UN.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZRE.TO achieves a 9.53% return, which is significantly higher than CHP-UN.TO's 8.52% return. Both investments have delivered pretty close results over the past 10 years, with ZRE.TO having a 6.80% annualized return and CHP-UN.TO not far ahead at 6.86%.

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%

CHP-UN.TO

• 1D: -1.32%
• 1M: 2.50%
• YTD: 8.52%
• 6M: 10.03%
• 1Y: 12.19%
• 3Y*: 10.77%
• 5Y*: 7.19%
• 10Y*: 6.86%

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

ZRE.TO vs. CHP-UN.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%
CHP-UN.TO Choice Properties Real Estate Investment Trust	8.52%	17.01%	1.12%	-0.12%	2.41%	23.04%	-1.63%	27.47%	-8.19%	4.58%

Correlation

The correlation between ZRE.TO and CHP-UN.TO is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Jul 8, 2013	0.62

The correlation between ZRE.TO and CHP-UN.TO shifts across timeframes, from 0.62 (all time) to 0.75 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

ZRE.TO vs. CHP-UN.TO — Risk / Return Rank

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

ZRE.TO

ZRE.TO Risk / Return Rank: 29
ZRE.TO Sharpe Ratio Rank: 28
ZRE.TO Sortino Ratio Rank: 28
ZRE.TO Omega Ratio Rank: 26
ZRE.TO Calmar Ratio Rank: 32
ZRE.TO Martin Ratio Rank: 29

CHP-UN.TO

CHP-UN.TO Risk / Return Rank: 66
CHP-UN.TO Sharpe Ratio Rank: 68
CHP-UN.TO Sortino Ratio Rank: 60
CHP-UN.TO Omega Ratio Rank: 56
CHP-UN.TO Calmar Ratio Rank: 72
CHP-UN.TO Martin Ratio Rank: 72

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.

ZRE.TO vs. CHP-UN.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 Choice Properties Real Estate Investment Trust (CHP-UN.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	CHP-UN.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.02	0.85	+0.17
Sortino ratio: Return per unit of downside risk	1.54	1.31	+0.23
Omega ratio: Gain probability vs. loss probability	1.18	1.15	+0.03
Calmar ratio: Return relative to maximum drawdown	1.61	1.85	-0.25
Martin ratio: Return relative to average drawdown	4.29	4.19	+0.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZRE.TO vs. CHP-UN.TO - Sharpe Ratio Comparison

The current ZRE.TO Sharpe Ratio is 1.02, which is comparable to the CHP-UN.TO Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of ZRE.TO and CHP-UN.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

	ZRE.TO	CHP-UN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	0.85	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.43	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.39	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.57	-0.04

Drawdowns

ZRE.TO vs. CHP-UN.TO - Drawdown Comparison

The maximum ZRE.TO drawdown since its inception was -46.29%, which is greater than CHP-UN.TO's maximum drawdown of -28.85%. Use the drawdown chart below to compare losses from any high point for ZRE.TO and CHP-UN.TO.

Drawdown Indicators

	ZRE.TO	CHP-UN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-46.29%	-28.85%	-17.44%
Max Drawdown (1Y) Largest decline over 1 year	-7.07%	-6.61%	-0.46%
Max Drawdown (3Y) Largest decline over 3 years	-17.16%	-14.63%	-2.53%
Max Drawdown (5Y) Largest decline over 5 years	-32.52%	-21.32%	-11.20%
Max Drawdown (10Y) Largest decline over 10 years	-46.29%	-28.85%	-17.44%
Current Drawdown Current decline from peak	-0.71%	-1.96%	+1.25%
Average Drawdown Average peak-to-trough decline	-7.74%	-5.38%	-2.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	2.92%	-0.28%

Volatility

ZRE.TO vs. CHP-UN.TO - Volatility Comparison

The current volatility for BMO Equal Weight REITs Index ETF (ZRE.TO) is 2.83%, while Choice Properties Real Estate Investment Trust (CHP-UN.TO) has a volatility of 4.95%. This indicates that ZRE.TO experiences smaller price fluctuations and is considered to be less risky than CHP-UN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZRE.TO	CHP-UN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	4.95%	-2.12%
Volatility (6M) Calculated over the trailing 6-month period	8.39%	10.84%	-2.45%
Volatility (1Y) Calculated over the trailing 1-year period	11.09%	14.36%	-3.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.55%	16.65%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.68%	17.79%	-0.11%

Dividends

ZRE.TO vs. CHP-UN.TO - Dividend Comparison

ZRE.TO's dividend yield for the trailing twelve months is around 4.42%, less than CHP-UN.TO's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CHP-UN.TO Choice Properties Real Estate Investment Trust	4.90%	5.17%	5.66%	5.41%	5.04%	4.90%	5.75%	5.35%	6.46%	5.48%	5.12%	5.49%
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

Can I hold both ZRE.TO and CHP-UN.TO in my portfolio?

ZRE.TO and CHP-UN.TO have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.