ZRE.TO vs. IIP-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 IIP-UN.TO (InterRent Real Estate Investment Trust) is a stock. Over the past 10 years, ZRE.TO returned 6.80%/yr vs 7.78%/yr for IIP-UN.TO. At a 0.48 correlation, their price movements are largely independent.

Performance

ZRE.TO vs. IIP-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 InterRent Real Estate Investment Trust (IIP-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 IIP-UN.TO's -1.74% return. Over the past 10 years, ZRE.TO has underperformed IIP-UN.TO with an annualized return of 6.80%, while IIP-UN.TO has yielded a comparatively higher 7.78% 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%

IIP-UN.TO

• 1D: -0.78%
• 1M: -2.27%
• YTD: -1.74%
• 6M: -1.57%
• 1Y: -3.10%
• 3Y*: 1.55%
• 5Y*: -1.17%
• 10Y*: 7.78%

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

ZRE.TO vs. IIP-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%
IIP-UN.TO InterRent Real Estate Investment Trust	-1.74%	34.25%	-20.84%	6.33%	-24.09%	29.06%	-10.48%	22.25%	46.53%	26.20%

Correlation

The correlation between ZRE.TO and IIP-UN.TO is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since May 27, 2010	0.48

Over the past year, the correlation between ZRE.TO and IIP-UN.TO has dropped to 0.24 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.

Return for Risk

ZRE.TO vs. IIP-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

IIP-UN.TO

IIP-UN.TO Risk / Return Rank: 8
IIP-UN.TO Sharpe Ratio Rank: 8
IIP-UN.TO Sortino Ratio Rank: 9
IIP-UN.TO Omega Ratio Rank: 11
IIP-UN.TO Calmar Ratio Rank: 12
IIP-UN.TO Martin Ratio Rank: 0

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. IIP-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 InterRent Real Estate Investment Trust (IIP-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	IIP-UN.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.02	-0.84	+1.86
Sortino ratio: Return per unit of downside risk	1.54	-1.18	+2.72
Omega ratio: Gain probability vs. loss probability	1.18	0.86	+0.32
Calmar ratio: Return relative to maximum drawdown	1.61	-0.78	+2.38
Martin ratio: Return relative to average drawdown	4.29	-2.42	+6.71
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. IIP-UN.TO - Sharpe Ratio Comparison

The current ZRE.TO Sharpe Ratio is 1.02, which is higher than the IIP-UN.TO Sharpe Ratio of -0.84. The chart below compares the historical Sharpe Ratios of ZRE.TO and IIP-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	IIP-UN.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	-0.84	+1.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	-0.05	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.35	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.10	+0.42

Drawdowns

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

The maximum ZRE.TO drawdown since its inception was -46.29%, smaller than the maximum IIP-UN.TO drawdown of -79.60%. Use the drawdown chart below to compare losses from any high point for ZRE.TO and IIP-UN.TO.

Drawdown Indicators

	ZRE.TO	IIP-UN.TO	Difference
Max Drawdown Largest peak-to-trough decline	-46.29%	-79.60%	+33.31%
Max Drawdown (1Y) Largest decline over 1 year	-7.07%	-4.00%	-3.07%
Max Drawdown (3Y) Largest decline over 3 years	-17.16%	-30.80%	+13.64%
Max Drawdown (5Y) Largest decline over 5 years	-32.52%	-42.92%	+10.40%
Max Drawdown (10Y) Largest decline over 10 years	-46.29%	-42.92%	-3.37%
Current Drawdown Current decline from peak	-0.71%	-21.04%	+20.33%
Average Drawdown Average peak-to-trough decline	-7.74%	-27.47%	+19.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	1.28%	+1.36%

Volatility

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

BMO Equal Weight REITs Index ETF (ZRE.TO) has a higher volatility of 2.83% compared to InterRent Real Estate Investment Trust (IIP-UN.TO) at 1.68%. This indicates that ZRE.TO's price experiences larger fluctuations and is considered to be riskier than IIP-UN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZRE.TO	IIP-UN.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	1.68%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	8.39%	2.81%	+5.58%
Volatility (1Y) Calculated over the trailing 1-year period	11.09%	3.71%	+7.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.55%	21.65%	-6.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.68%	22.40%	-4.72%

Dividends

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

ZRE.TO's dividend yield for the trailing twelve months is around 4.42%, more than IIP-UN.TO's 3.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IIP-UN.TO InterRent Real Estate Investment Trust	3.10%	3.01%	3.76%	2.74%	2.70%	1.90%	2.28%	1.88%	2.09%	2.71%	3.12%	3.38%
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 IIP-UN.TO in my portfolio?

ZRE.TO and IIP-UN.TO have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.