ZRE.TO vs. ZBAL.TO

Last updated Jun 13, 2026

ZRE.TO (BMO Equal Weight REITs Index ETF) and ZBAL.TO (BMO Balanced ETF) are both exchange-traded funds - ZRE.TO is a REIT fund tracking the Solactive Equal Weight Canada REIT Index, while ZBAL.TO is a Global Allocation fund actively managed by BMO. ZRE.TO is passively managed, while ZBAL.TO is actively managed. Over the past 5 years, ZRE.TO returned 3.60%/yr vs -12.85%/yr for ZBAL.TO. A 0.51 correlation means they provide meaningful diversification when combined. ZRE.TO charges 0.61%/yr vs 0.18%/yr for ZBAL.TO.

Performance

ZRE.TO vs. ZBAL.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 BMO Balanced ETF (ZBAL.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 12.63% return, which is significantly higher than ZBAL.TO's 8.00% return.

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%

ZBAL.TO

• 1D: 0.44%
• 1M: 2.04%
• YTD: 8.00%
• 6M: 8.54%
• 1Y: -60.32%
• 3Y*: -20.55%
• 5Y*: -12.85%
• 10Y*: —

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ZRE.TO BMO Equal Weight REITs Index ETF	12.63%	11.28%	2.89%	0.91%	-17.74%	34.04%	-7.72%	13.53%
ZBAL.TO BMO Balanced ETF	8.00%	-62.36%	16.15%	12.61%	-11.11%	10.39%	10.25%	9.89%

Correlation

The correlation between ZRE.TO and ZBAL.TO is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Feb 15, 2019	0.51

The correlation between ZRE.TO and ZBAL.TO shifts across timeframes, from 0.38 (1 year) to 0.54 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	ZRE.TO	ZBAL.TO
Real Estate	100.0%	2.0%
Basic Materials	-	7.4%
Communication Services	-	6.8%
Consumer Cyclical	-	8.3%
Consumer Defensive	-	4.7%
Energy	-	7.4%
Financial Services	-	19.8%
Healthcare	-	6.9%
Industrials	-	11.2%
Technology	-	22.5%
Utilities	-	2.9%

Return for Risk

ZRE.TO vs. ZBAL.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: 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

ZBAL.TO

ZBAL.TO Risk / Return Rank: 3
ZBAL.TO Sharpe Ratio Rank: 3
ZBAL.TO Sortino Ratio Rank: 4
ZBAL.TO Omega Ratio Rank: 0
ZBAL.TO Calmar Ratio Rank: 1
ZBAL.TO Martin Ratio Rank: 5

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. ZBAL.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 BMO Balanced ETF (ZBAL.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.

	ZRE.TO	ZBAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.17	-0.90	+2.07
Sortino ratio: Return per unit of downside risk	1.76	-0.73	+2.49
Omega ratio: Gain probability vs. loss probability	1.20	0.55	+0.65
Calmar ratio: Return relative to maximum drawdown	1.86	-0.91	+2.77
Martin ratio: Return relative to average drawdown	5.00	-1.00	+6.00

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

The current ZRE.TO Sharpe Ratio is 1.17, which is higher than the ZBAL.TO Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of ZRE.TO and ZBAL.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

ZRE.TO vs. ZBAL.TO - Drawdown Comparison

The maximum ZRE.TO drawdown since its inception was -46.29%, smaller than the maximum ZBAL.TO drawdown of -66.71%. Use the drawdown chart below to compare losses from any high point for ZRE.TO and ZBAL.TO.

Drawdown Indicators

	ZRE.TO	ZBAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-46.29%	-66.71%	+20.42%
Max Drawdown (1Y) Largest decline over 1 year	-7.07%	-66.71%	+59.64%
Max Drawdown (3Y) Largest decline over 3 years	-17.14%	-66.71%	+49.57%
Max Drawdown (5Y) Largest decline over 5 years	-32.44%	-66.71%	+34.27%
Max Drawdown (10Y) Largest decline over 10 years	-46.29%	—	—
Current Drawdown Current decline from peak	0.00%	-61.12%	+61.12%
Average Drawdown Average peak-to-trough decline	-7.69%	-10.92%	+3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.64%	60.47%	-57.83%

Volatility

ZRE.TO vs. ZBAL.TO - Volatility Comparison

The current volatility for BMO Equal Weight REITs Index ETF (ZRE.TO) is 3.01%, while BMO Balanced ETF (ZBAL.TO) has a volatility of 3.51%. This indicates that ZRE.TO experiences smaller price fluctuations and is considered to be less risky than ZBAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZRE.TO	ZBAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	3.51%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	8.59%	6.92%	+1.67%
Volatility (1Y) Calculated over the trailing 1-year period	11.25%	67.25%	-56.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.54%	31.12%	-15.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	26.67%	-9.00%

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

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

Dividends

ZRE.TO vs. ZBAL.TO - Dividend Comparison

ZRE.TO's dividend yield for the trailing twelve months is around 4.33%, more than ZBAL.TO's 2.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ZBAL.TO BMO Balanced ETF	2.65%	3.97%	2.18%	2.48%	2.72%	2.35%	2.53%	2.38%	0.00%	0.00%	0.00%	0.00%
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 ZRE.TO and ZBAL.TO in my portfolio?

ZRE.TO and ZBAL.TO have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

On fees, ZBAL.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, ZRE.TO or ZBAL.TO?

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

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

ZRE.TO is categorized as REIT, while ZBAL.TO is Global Allocation. Their fees differ too: 0.61% for ZRE.TO and 0.18% for ZBAL.TO.