ZRR.TO vs. VGRO.TO

Last updated Jun 4, 2026

ZRR.TO (BMO Real Return Bond Index ETF) and VGRO.TO (Vanguard Growth ETF Portfolio) are both exchange-traded funds - ZRR.TO is a Inflation-Protected Bonds fund tracking the FTSE Canada Real Return Federal Non-Agency Bond Index, while VGRO.TO is a Diversified Portfolio fund actively managed by Vanguard. ZRR.TO is passively managed, while VGRO.TO is actively managed. Over the past 5 years, ZRR.TO returned 0.05%/yr vs 10.87%/yr for VGRO.TO. At a 0.14 correlation, their price movements are largely independent. ZRR.TO charges 0.28%/yr vs 0.20%/yr for VGRO.TO.

Performance

ZRR.TO vs. VGRO.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Real Return Bond Index ETF (ZRR.TO) and Vanguard Growth ETF Portfolio (VGRO.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZRR.TO achieves a 4.25% return, which is significantly lower than VGRO.TO's 10.34% return.

ZRR.TO

• 1D: -0.07%
• 1M: 2.84%
• YTD: 4.25%
• 6M: 2.49%
• 1Y: 3.73%
• 3Y*: 3.47%
• 5Y*: 0.05%
• 10Y*: 1.19%

VGRO.TO

• 1D: -0.53%
• 1M: 5.15%
• YTD: 10.34%
• 6M: 9.39%
• 1Y: 24.67%
• 3Y*: 17.93%
• 5Y*: 10.87%
• 10Y*: —

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

ZRR.TO vs. VGRO.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ZRR.TO BMO Real Return Bond Index ETF	4.25%	0.12%	4.03%	0.41%	-14.56%	1.57%	12.48%	8.73%	0.33%
VGRO.TO Vanguard Growth ETF Portfolio	10.34%	16.11%	19.27%	14.79%	-11.21%	14.79%	10.85%	17.74%	-4.13%

Correlation

The correlation between ZRR.TO and VGRO.TO is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Feb 2, 2018	0.14

Over the past year, ZRR.TO and VGRO.TO have become more correlated (0.37) than their long-term average of 0.14, meaning their price movements have been converging.

Return for Risk

ZRR.TO vs. VGRO.TO — Risk / Return Rank

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

ZRR.TO

ZRR.TO Risk / Return Rank: 18
ZRR.TO Sharpe Ratio Rank: 18
ZRR.TO Sortino Ratio Rank: 17
ZRR.TO Omega Ratio Rank: 17
ZRR.TO Calmar Ratio Rank: 22
ZRR.TO Martin Ratio Rank: 18

VGRO.TO

VGRO.TO Risk / Return Rank: 76
VGRO.TO Sharpe Ratio Rank: 77
VGRO.TO Sortino Ratio Rank: 79
VGRO.TO Omega Ratio Rank: 79
VGRO.TO Calmar Ratio Rank: 70
VGRO.TO Martin Ratio Rank: 78

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.

ZRR.TO vs. VGRO.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Real Return Bond Index ETF (ZRR.TO) and Vanguard Growth ETF Portfolio (VGRO.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.

	ZRR.TO	VGRO.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.57	2.57	-2.00
Sortino ratio: Return per unit of downside risk	0.82	3.61	-2.80
Omega ratio: Gain probability vs. loss probability	1.10	1.48	-0.38
Calmar ratio: Return relative to maximum drawdown	0.93	3.54	-2.60
Martin ratio: Return relative to average drawdown	1.91	15.41	-13.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZRR.TO vs. VGRO.TO - Sharpe Ratio Comparison

The current ZRR.TO Sharpe Ratio is 0.57, which is lower than the VGRO.TO Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of ZRR.TO and VGRO.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

	ZRR.TO	VGRO.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.57	2.57	-2.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.00	1.03	-1.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.81	-0.54

Drawdowns

ZRR.TO vs. VGRO.TO - Drawdown Comparison

The maximum ZRR.TO drawdown since its inception was -23.84%, smaller than the maximum VGRO.TO drawdown of -25.36%. Use the drawdown chart below to compare losses from any high point for ZRR.TO and VGRO.TO.

Drawdown Indicators

	ZRR.TO	VGRO.TO	Difference
Max Drawdown Largest peak-to-trough decline	-23.84%	-25.36%	+1.52%
Max Drawdown (1Y) Largest decline over 1 year	-4.00%	-7.01%	+3.01%
Max Drawdown (3Y) Largest decline over 3 years	-9.39%	-12.50%	+3.11%
Max Drawdown (5Y) Largest decline over 5 years	-23.84%	-17.39%	-6.45%
Max Drawdown (10Y) Largest decline over 10 years	-23.84%	—	—
Current Drawdown Current decline from peak	-6.85%	-0.53%	-6.32%
Average Drawdown Average peak-to-trough decline	-6.67%	-3.41%	-3.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	1.60%	+0.36%

Volatility

ZRR.TO vs. VGRO.TO - Volatility Comparison

The current volatility for BMO Real Return Bond Index ETF (ZRR.TO) is 2.26%, while Vanguard Growth ETF Portfolio (VGRO.TO) has a volatility of 3.18%. This indicates that ZRR.TO experiences smaller price fluctuations and is considered to be less risky than VGRO.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZRR.TO	VGRO.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.26%	3.18%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	4.81%	7.86%	-3.05%
Volatility (1Y) Calculated over the trailing 1-year period	6.55%	9.62%	-3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.55%	10.64%	+0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.51%	12.54%	-2.03%

ZRR.TO vs. VGRO.TO - Expense Ratio Comparison

ZRR.TO has a 0.28% expense ratio, which is higher than VGRO.TO's 0.20% expense ratio.

Dividends

ZRR.TO vs. VGRO.TO - Dividend Comparison

ZRR.TO's dividend yield for the trailing twelve months is around 4.11%, more than VGRO.TO's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VGRO.TO Vanguard Growth ETF Portfolio	1.71%	1.88%	2.01%	2.13%	2.14%	1.80%	1.77%	2.17%	2.09%	0.00%	0.00%	0.00%
ZRR.TO BMO Real Return Bond Index ETF	4.11%	4.53%	4.78%	6.54%	6.88%	1.97%	2.11%	2.35%	2.20%	2.08%	1.89%	1.87%

Frequently Asked Questions

Can I hold both ZRR.TO and VGRO.TO in my portfolio?

ZRR.TO and VGRO.TO have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZRR.TO or VGRO.TO?

On fees, VGRO.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZRR.TO or VGRO.TO?

VGRO.TO is cheaper with a 0.20% expense ratio, compared with 0.28% for ZRR.TO.

What is the main difference between ZRR.TO and VGRO.TO?

ZRR.TO is categorized as Inflation-Protected Bonds, while VGRO.TO is Diversified Portfolio. They also come from different issuers: BMO and Vanguard. Their fees differ too: 0.28% for ZRR.TO and 0.20% for VGRO.TO.