ZWQT.TO vs. TBAL.TO

Last updated Jun 5, 2026

ZWQT.TO (BMO Global Enhanced Income Fund Series ETF) and TBAL.TO (TD Balanced ETF Portfolio) are both Global Allocation funds. Both are actively managed. Over the past year, ZWQT.TO returned 31.17% vs 19.17% for TBAL.TO. A 0.59 correlation means they provide meaningful diversification when combined. ZWQT.TO charges 0.87%/yr vs 0.15%/yr for TBAL.TO.

Performance

ZWQT.TO vs. TBAL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO Global Enhanced Income Fund Series ETF (ZWQT.TO) and TD Balanced ETF Portfolio (TBAL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZWQT.TO achieves a 14.24% return, which is significantly higher than TBAL.TO's 7.88% return.

ZWQT.TO

• 1D: 0.68%
• 1M: 6.48%
• YTD: 14.24%
• 6M: 14.89%
• 1Y: 31.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBAL.TO

• 1D: 0.49%
• 1M: 4.06%
• YTD: 7.88%
• 6M: 7.50%
• 1Y: 19.17%
• 3Y*: 15.01%
• 5Y*: 9.50%
• 10Y*: —

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

ZWQT.TO vs. TBAL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ZWQT.TO BMO Global Enhanced Income Fund Series ETF	14.24%	14.08%	17.82%	8.19%
TBAL.TO TD Balanced ETF Portfolio	7.88%	13.83%	16.01%	6.26%

Correlation

The correlation between ZWQT.TO and TBAL.TO is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Jun 26, 2023	0.59

The correlation between ZWQT.TO and TBAL.TO has been stable across timeframes, ranging from 0.59 to 0.64 - a consistent structural relationship.

Return for Risk

ZWQT.TO vs. TBAL.TO — Risk / Return Rank

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

ZWQT.TO

ZWQT.TO Risk / Return Rank: 93
ZWQT.TO Sharpe Ratio Rank: 93
ZWQT.TO Sortino Ratio Rank: 94
ZWQT.TO Omega Ratio Rank: 94
ZWQT.TO Calmar Ratio Rank: 91
ZWQT.TO Martin Ratio Rank: 93

TBAL.TO

TBAL.TO Risk / Return Rank: 75
TBAL.TO Sharpe Ratio Rank: 77
TBAL.TO Sortino Ratio Rank: 81
TBAL.TO Omega Ratio Rank: 78
TBAL.TO Calmar Ratio Rank: 66
TBAL.TO Martin Ratio Rank: 75

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.

ZWQT.TO vs. TBAL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO Global Enhanced Income Fund Series ETF (ZWQT.TO) and TD Balanced ETF Portfolio (TBAL.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.

	ZWQT.TO	TBAL.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.33	2.47	+0.86
Sortino ratio: Return per unit of downside risk	4.71	3.56	+1.15
Omega ratio: Gain probability vs. loss probability	1.66	1.46	+0.19
Calmar ratio: Return relative to maximum drawdown	5.73	3.22	+2.51
Martin ratio: Return relative to average drawdown	24.12	13.83	+10.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZWQT.TO vs. TBAL.TO - Sharpe Ratio Comparison

The current ZWQT.TO Sharpe Ratio is 3.33, which is higher than the TBAL.TO Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of ZWQT.TO and TBAL.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

	ZWQT.TO	TBAL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.33	2.47	+0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.73	1.09	+0.64

Drawdowns

ZWQT.TO vs. TBAL.TO - Drawdown Comparison

The maximum ZWQT.TO drawdown since its inception was -14.93%, smaller than the maximum TBAL.TO drawdown of -17.34%. Use the drawdown chart below to compare losses from any high point for ZWQT.TO and TBAL.TO.

Drawdown Indicators

	ZWQT.TO	TBAL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-14.93%	-17.34%	+2.41%
Max Drawdown (1Y) Largest decline over 1 year	-5.47%	-5.98%	+0.51%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.34%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.47%	-3.54%	+2.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	1.39%	-0.09%

Volatility

ZWQT.TO vs. TBAL.TO - Volatility Comparison

BMO Global Enhanced Income Fund Series ETF (ZWQT.TO) has a higher volatility of 3.17% compared to TD Balanced ETF Portfolio (TBAL.TO) at 2.91%. This indicates that ZWQT.TO's price experiences larger fluctuations and is considered to be riskier than TBAL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZWQT.TO	TBAL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	2.91%	+0.26%
Volatility (6M) Calculated over the trailing 6-month period	7.04%	6.47%	+0.57%
Volatility (1Y) Calculated over the trailing 1-year period	9.40%	7.79%	+1.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.92%	9.08%	+1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.92%	8.97%	+1.95%

ZWQT.TO vs. TBAL.TO - Expense Ratio Comparison

ZWQT.TO has a 0.87% expense ratio, which is higher than TBAL.TO's 0.15% expense ratio.

Dividends

ZWQT.TO vs. TBAL.TO - Dividend Comparison

ZWQT.TO's dividend yield for the trailing twelve months is around 4.96%, more than TBAL.TO's 2.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
TBAL.TO TD Balanced ETF Portfolio	2.29%	2.56%	2.54%	2.65%	2.65%	1.64%	0.88%
ZWQT.TO BMO Global Enhanced Income Fund Series ETF	4.96%	5.54%	5.96%	3.30%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZWQT.TO and TBAL.TO in my portfolio?

ZWQT.TO and TBAL.TO have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZWQT.TO or TBAL.TO?

On fees, TBAL.TO is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZWQT.TO or TBAL.TO?

TBAL.TO is cheaper with a 0.15% expense ratio, compared with 0.87% for ZWQT.TO.

What is the main difference between ZWQT.TO and TBAL.TO?

They also come from different issuers: BMO and TD. Their fees differ too: 0.87% for ZWQT.TO and 0.15% for TBAL.TO.