A side-by-side comparison of BMO Balanced ETF (ZBAL) and SMI 3Fourteen REAL Asset Allocation ETF (RAA) to help Canadian investors make an informed decision.
1-Year Performance
Normalised to 100 at the start — shows relative return over the trailing 12 months.
Head-to-Head Comparison
| Metric | ZBAL | RAA |
|---|---|---|
| YTD Return | +7.23%✓ | +2.63% |
| 1-Day Change | +0.06%✓ | -0.23% |
| 1-Week Change | +0.50% | +0.83%✓ |
| 1-Month Change | +0.13% | +1.16%✓ |
| Current Price | $16.01 | $30.26 |
| AUM | $732M✓ | $615M |
| MER (Expense Ratio) | — | 0.91% |
| Dividend Yield | 1.63% | 2.11%✓ |
| Distribution Frequency | Quarterly | — |
| Inception Date | 2019-02-12 | 2025-02-25 |
| Holdings Count | 8 | 179 |
| MorningStar Rating | — | — |
| Category | Balanced Allocation | Balanced Allocation |
| Beta | 1.18 | 0.00 |
| 52-Week High | $16.33 | $30.61 |
| 52-Week Low | $14.39 | $26.10 |
| 50-Day MA | $16.05 | $30.27 |
| 200-Day MA | $15.68 | $29.38 |
✓ marks the better value for return/yield/AUM metrics. Lower ✓ for MER.
Annualised Returns
| Period | ZBAL | RAA |
|---|---|---|
| YTD | +7.23%✓ | +2.63% |
| 1 Year | +8.75% | +10.81%✓ |
| 3 Year | +16.76% | — |
| 5 Year | +8.09% | — |
| 10 Year | +0.00% | — |
| 1Y Volatility | 6.90% | 10.59% |
| Sharpe Ratio (3Y) | 1.52 | 0.00 |
Past performance is not a guarantee of future results.
Top 10 Holdings
| 1 | ZSP | BMO S&P 500 Index ETF | 26.80% |
| 2 | ZDB | BMO Discount Bond Index ETF | 28.85% |
| 3 | ZCN | BMO S&P/TSX Capped Composite | 15.02% |
| 4 | ZUAG-F | BMO US Aggregate Bond Index ETF (Hedged Units) | 12.06% |
| 5 | ZEA | BMO MSCI EAFE Index ETF | 10.12% |
| 6 | ZEM | BMO MSCI Emerging Markets Index ETF | 5.74% |
| 7 | ZMID | BMO S&P US Mid Cap Index ETF | 1.44% |
| 8 | ZSML | BMO S&P US Small Cap Index ETF | 0.75% |
| 1 | BKLC | BNY Mellon US Large Cap Core Equity ETF | 14.71% |
| 2 | PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 10.21% |
| 3 | SCHQ | Schwab Long-Term U.S. Treasury ETF | 8.05% |
| 4 | VCIT | Vanguard Intermediate-Term Corporate Bond Index Fund ETF Shares | 6.29% |
| 5 | SCYB | Schwab High Yield Bond ETF | 5.99% |
| 6 | EMB | iShares J.P. Morgan USD Emerging Markets Bond ETF | 4.10% |
| 7 | DBMF | iMGP DBi Managed Futures Strategy ETF | 3.36% |
| 8 | SCHP | Schwab U.S. TIPS ETF | 2.92% |
| 9 | VB | Vanguard Index Funds - Vanguard Small-Cap ETF | 2.90% |
| 10 | TBIL | Rbb Fund Inc - Us Treasury 3 Month Bill ETF | 1.95% |
Sector Weights
| Sector | ZBAL | RAA |
|---|---|---|
| Basic Materials | 6.69% | 8.52% |
| Communication Services | 6.14% | 6.53% |
| Consumer Cyclicals | 7.41% | 7.72% |
| Consumer Defensive | 4.17% | 5.14% |
| Energy | 6.62% | 13.20% |
| Financial Services | 20.44% | 5.74% |
| Healthcare | 6.51% | 6.26% |
| Industrials | 10.69% | 6.42% |
| Real Estate | 1.68% | 4.94% |
| Technology | 28.15% | 32.39% |
| Utilities | 2.27% | 1.55% |
About ZBAL
NA
About RAA
The fund is actively managed and allocates its portfolio assets among three asset categories " stocks, bonds, and alternatives. Portfolio assets are chosen using the REAL Asset Allocation ("RAA") strategy developed by an affiliate of the Adviser, 3Fourteen Research, LLC. The RAA strategy is based on a proprietary model that dynamically allocates the portfolio into three broad categories of asset classes: Stocks, Bonds, and Alternatives. The fund is non-diversified.
Which ETF is Right for You?
Both ZBAL and RAA are listed on Canadian exchanges and accessible through most Canadian brokerages including Questrade, Wealthsimple Trade, TD Direct, and Interactive Brokers.
Based on the available data, ZBAL scores higher across our tracked metrics including YTD performance, dividend yield, and AUM — though both ETFs warrant individual research before investing.
- Consider your account type (TFSA, RRSP, non-registered) as it can affect dividend taxation.
- Compare management expense ratios (MER) directly on each provider's website.
- Look at average daily trading volume to assess liquidity.
- Review the fund's underlying index and holdings to ensure the exposure matches your goals.
This is not financial advice. Always do your own research or consult a licensed financial advisor before investing.
Frequently Asked Questions
What is the difference between ZBAL and RAA?
ZBAL (BMO Balanced ETF) and RAA (SMI 3Fourteen REAL Asset Allocation ETF) are both Canadian-listed ETFs. Key differences include their AUM ($732M vs $615M), dividend yield (1.63% vs 2.11%), and year-to-date performance (+7.23% vs +2.63%).
Is ZBAL better than RAA?
There is no single "better" ETF — it depends on your investment goals. If you prioritise recent performance, ZBAL has outperformed year-to-date. Always review the fund's prospectus and consider your tax situation.
Can I buy ZBAL and RAA on Wealthsimple?
Most Canadian-listed ETFs are available on Wealthsimple Trade commission-free. Both ZBAL and RAA should be accessible. Check Wealthsimple's supported tickers list to confirm availability.
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