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ZRR.TO vs. ZAG.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

ZRR.TO vs. ZAG.TO

Last updated Apr 1, 2026

Compare and contrast key facts about BMO Real Return Bond Index ETF (ZRR.TO) and BMO Aggregate Bond Index ETF (ZAG.TO).

ZRR.TO and ZAG.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZRR.TO is a passively managed fund by BMO that tracks the performance of the FTSE Canada Real Return Federal Non-Agency Bond Index. It was launched on May 19, 2010. ZAG.TO is a passively managed fund by BMO that tracks the performance of the FTSE Canada Universe Bond Index. It was launched on Jan 19, 2010. Both ZRR.TO and ZAG.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

ZRR.TO vs. ZAG.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 BMO Aggregate Bond Index ETF (ZAG.TO). The values are adjusted to include any dividend payments, if applicable.

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

2026 (YTD)202520242023202220212020201920182017
ZRR.TO
BMO Real Return Bond Index ETF		1.34%0.12%4.03%0.41%-14.56%1.57%12.48%8.73%-0.89%0.77%
ZAG.TO
BMO Aggregate Bond Index ETF		0.04%2.25%4.48%6.41%-11.60%-2.60%8.34%6.84%1.12%2.45%

Returns By Period

In the year-to-date period, ZRR.TO achieves a 1.34% return, which is significantly higher than ZAG.TO's 0.04% return. Over the past 10 years, ZRR.TO has underperformed ZAG.TO with an annualized return of 1.20%, while ZAG.TO has yielded a comparatively higher 1.66% annualized return.

ZRR.TO

1D
0.22%
1M
-1.92%
YTD
1.34%
6M
-0.86%
1Y
-1.41%
3Y*
2.27%
5Y*
-0.09%
10Y*
1.20%

ZAG.TO

1D
0.15%
1M
-2.08%
YTD
0.04%
6M
-0.26%
1Y
0.56%
3Y*
3.34%
5Y*
0.58%
10Y*
1.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO Real Return Bond Index ETF

BMO Aggregate Bond Index ETF

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Often compared with ZAG.TO:
ZAG.TO vs. VAB.TOZAG.TO vs. XBB.TOZAG.TO vs. XSB.TOZAG.TO vs. ZST.TOZAG.TO vs. ZMMK.TOZAG.TO vs. XBBZAG.TO vs. XCB.TO

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

ZRR.TO has a 0.28% expense ratio, which is higher than ZAG.TO's 0.09% expense ratio.

ZRR.TO
BMO Real Return Bond Index ETF
ZAG.TO
BMO Aggregate Bond Index ETF

Return for Risk

ZRR.TO vs. ZAG.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: 99
Overall Rank
ZRR.TO Sharpe Ratio Rank: 88
Sharpe Ratio Rank
ZRR.TO Sortino Ratio Rank: 77
Sortino Ratio Rank
ZRR.TO Omega Ratio Rank: 77
Omega Ratio Rank
ZRR.TO Calmar Ratio Rank: 1111
Calmar Ratio Rank
ZRR.TO Martin Ratio Rank: 1111
Martin Ratio Rank
ZAG.TO
ZAG.TO Risk / Return Rank: 1616
Overall Rank
ZAG.TO Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
ZAG.TO Sortino Ratio Rank: 1313
Sortino Ratio Rank
ZAG.TO Omega Ratio Rank: 1313
Omega Ratio Rank
ZAG.TO Calmar Ratio Rank: 1919
Calmar Ratio Rank
ZAG.TO Martin Ratio Rank: 1717
Martin Ratio Rank
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. ZAG.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 BMO Aggregate Bond Index ETF (ZAG.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.TOZAG.TODifference

Sharpe ratio

Return per unit of total volatility

-0.19

0.12

-0.31

Sortino ratio

Return per unit of downside risk

-0.21

0.19

-0.40

Omega ratio

Gain probability vs. loss probability

0.97

1.02

-0.05

Calmar ratio

Return relative to maximum drawdown

-0.06

0.30

-0.35

Martin ratio

Return relative to average drawdown

-0.11

0.60

-0.71

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ZRR.TO Sharpe Ratio is -0.19, which is lower than the ZAG.TO Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of ZRR.TO and ZAG.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

ZRR.TOZAG.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.19

0.12

-0.31

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.01

0.09

-0.10

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.11

0.24

-0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.26

0.44

-0.18

Correlation

The correlation between ZRR.TO and ZAG.TO is 0.62, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ZRR.TO vs. ZAG.TO - Dividend Comparison

ZRR.TO's dividend yield for the trailing twelve months is around 4.35%, more than ZAG.TO's 3.48% yield.

TTM20252024202320222021202020192018201720162015
ZRR.TO
BMO Real Return Bond Index ETF		4.35%4.53%4.78%6.54%6.88%1.97%2.11%2.35%2.20%2.08%1.89%1.87%
ZAG.TO
BMO Aggregate Bond Index ETF		3.48%3.48%3.44%3.47%3.56%3.04%2.88%3.03%2.92%2.95%3.07%3.13%

Drawdowns

ZRR.TO vs. ZAG.TO - Drawdown Comparison

The maximum ZRR.TO drawdown since its inception was -23.84%, which is greater than ZAG.TO's maximum drawdown of -18.03%. Use the drawdown chart below to compare losses from any high point for ZRR.TO and ZAG.TO.

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Drawdown Indicators

ZRR.TOZAG.TODifference

Max Drawdown

Largest peak-to-trough decline

-23.84%

-18.03%

-5.81%

Max Drawdown (1Y)

Largest decline over 1 year

-5.80%

-2.84%

-2.96%

Max Drawdown (5Y)

Largest decline over 5 years

-23.84%

-15.77%

-8.07%

Max Drawdown (10Y)

Largest decline over 10 years

-23.84%

-18.03%

-5.81%

Current Drawdown

Current decline from peak

-9.45%

-2.71%

-6.74%

Average Drawdown

Average peak-to-trough decline

-6.65%

-3.56%

-3.09%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.89%

1.41%

+1.48%

Volatility

ZRR.TO vs. ZAG.TO - Volatility Comparison

BMO Real Return Bond Index ETF (ZRR.TO) has a higher volatility of 2.65% compared to BMO Aggregate Bond Index ETF (ZAG.TO) at 1.90%. This indicates that ZRR.TO's price experiences larger fluctuations and is considered to be riskier than ZAG.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ZRR.TOZAG.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

2.65%

1.90%

+0.75%

Volatility (6M)

Calculated over the trailing 6-month period

4.36%

2.96%

+1.40%

Volatility (1Y)

Calculated over the trailing 1-year period

7.35%

4.65%

+2.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.55%

6.53%

+5.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

10.52%

7.09%

+3.43%