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Relative Intelligence · Banks

How Bank of Montreal (BMO) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BMO alone. It places BMO (Bank of Montreal) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where BMO stands in the market, and of the alternatives worth a closer look.

Period covered: BMO's full trading record, from October 1994 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against BMO →Chart BMO vs. 20 alternatives →
On this page12 sections

Key findings

How much would $10,000 in BMO have grown?

This chart tracks a hypothetical $10,000 investment in BMO over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BMO over the same span and BMO's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 214 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of BMO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$10,000$100,000199720022007201220172022$1,000$10,000$100,00019972004201120182025
  • BN$725,095+7,151% total · +15.9% a year
  • RS$621,583+6,116% total · +15.3% a year
  • RY$442,765+4,328% total · +14.0% a year
  • WRB$427,501+4,175% total · +13.8% a year
  • TD$422,896+4,129% total · +13.8% a year
  • BMO$282,977+2,730% total · +12.2% a year
  • JPM$189,407+1,794% total · +10.7% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • FITB$38,728+287% total · +4.8% a year
  • C$11,853+18.5% total · +0.6% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 727 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of BMO; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026
  • MFG$46,041+360% total · +35.7% a year
  • MFC$28,001+180% total · +22.9% a year
  • CM$25,433+154% total · +20.5% a year
  • RY$23,646+136% total · +18.8% a year
  • JPM$22,905+129% total · +18.0% a year
  • TD$21,998+120% total · +17.1% a year
  • C$21,876+119% total · +16.9% a year
  • BMO$20,733+107% total · +15.7% a year
  • BNS$19,504+95.0% total · +14.3% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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BMO at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

The company

Market value
$116B
Industry
Banks - Diversified
Price history from
October 1994

Returns

Past 1 year
+37.6%total return
Past 3 years
+146%+35.0% a year
Past 5 years
+89.4%+13.6% a year
Past 10 years
+295%+14.7% a year
Best calendar year
+121%2009
Worst calendar year
−52.0%2008
Losing years
9 of 29full calendar years

Risk

Volatility
21.4%typical yearly swing, 5 years
Sharpe ratio
0.71return per unit of risk, 5 years
Worst decline ever
−68.5%Nov 2007 to Feb 2009
From its all-time high
−9.9%below the peak

BMO against the whole market

Where BMO ranks among every stock and fund, and what across the market has done better.

How does BMO rank among all stocks?

This section ranks BMO on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how BMO stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureBMORankStanding
1-year return+37.6%786 of 3,287top 24%
3-year return+146%623 of 3,017top 21%
5-year return+89.4%741 of 2,893top 26%
10-year return+295%598 of 2,202top 27%
Volatility, 5 years21.4%133 of 2,893top 5%
Sharpe ratio, 5 years0.71447 of 2,893top 15%
Worst decline, past 10 years−51.0%495 of 2,187top 23%

What has beaten BMO on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). BMO sits where the dashed lines cross. Anything in the green box above and to the left earned more than BMO with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to BMO; faint dots are 21 more of the 39 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%15.0%20.0%25.0%30.0%35.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BMOKO: +14.7% a year, volatility 16.8%GLD: +17.7% a year, volatility 18.9%DYNF: +14.7% a year, volatility 17.5%SDCI: +20.6% a year, volatility 18.4%ATO: +14.9% a year, volatility 18.4%DFIV: +14.8% a year, volatility 16.4%PVAL: +16.1% a year, volatility 15.1%VLUE: +15.9% a year, volatility 18.4%PPA: +16.3% a year, volatility 18.9%EMLP: +14.9% a year, volatility 14.5%MPLX: +23.5% a year, volatility 18.8%SPUS: +15.0% a year, volatility 19.5%FFLC: +15.7% a year, volatility 16.8%IUS: +14.7% a year, volatility 14.9%DBJP: +20.9% a year, volatility 19.2%EWJV: +14.9% a year, volatility 18.2%EPD: +16.4% a year, volatility 17.1%NI: +15.1% a year, volatility 20.3%AMLP: +16.1% a year, volatility 18.9%MLPX: +18.6% a year, volatility 19.7%EWP: +19.2% a year, volatility 20.3%BMO: +13.6% a year, volatility 21.4%SPY (S&P 500): +12.7% a year, volatility 17.1%RY: +17.3% a year, volatility 18.2%TD: +15.8% a year, volatility 20.0%CM: +19.2% a year, volatility 21.6%MFC: +22.6% a year, volatility 24.0%MFG: +33.6% a year, volatility 30.6%CBOE: +21.5% a year, volatility 25.1%MUFG: +33.2% a year, volatility 29.4%SMFG: +33.7% a year, volatility 29.4%ING: +24.7% a year, volatility 31.1%V: +12.8% a year, volatility 22.9%WRB: +18.9% a year, volatility 22.9%ABBV: +26.1% a year, volatility 23.4%NXTG: +16.2% a year, volatility 19.1%IOO: +15.7% a year, volatility 17.2%SPMO: +18.7% a year, volatility 20.8%RS: +24.8% a year, volatility 28.1%TRV: +22.4% a year, volatility 22.3%FNDX: +13.5% a year, volatility 14.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%BMOSPY (S&P 500)RYTDCMMFCMFGCBOEMUFGSMFGINGVWRBABBVNXTGIOOSPMORSTRVFNDXDXJLVHI10.0%15.0%20.0%25.0%30.0%35.0%10.0%15.0%20.0%25.0%30.0%35.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than BMOKO: +14.7% a year, volatility 16.8%GLD: +17.7% a year, volatility 18.9%DYNF: +14.7% a year, volatility 17.5%SDCI: +20.6% a year, volatility 18.4%ATO: +14.9% a year, volatility 18.4%DFIV: +14.8% a year, volatility 16.4%PVAL: +16.1% a year, volatility 15.1%VLUE: +15.9% a year, volatility 18.4%PPA: +16.3% a year, volatility 18.9%EMLP: +14.9% a year, volatility 14.5%MPLX: +23.5% a year, volatility 18.8%SPUS: +15.0% a year, volatility 19.5%FFLC: +15.7% a year, volatility 16.8%IUS: +14.7% a year, volatility 14.9%DBJP: +20.9% a year, volatility 19.2%EWJV: +14.9% a year, volatility 18.2%EPD: +16.4% a year, volatility 17.1%NI: +15.1% a year, volatility 20.3%AMLP: +16.1% a year, volatility 18.9%MLPX: +18.6% a year, volatility 19.7%EWP: +19.2% a year, volatility 20.3%BMO: +13.6% a year, volatility 21.4%SPY (S&P 500): +12.7% a year, volatility 17.1%RY: +17.3% a year, volatility 18.2%TD: +15.8% a year, volatility 20.0%CM: +19.2% a year, volatility 21.6%MFC: +22.6% a year, volatility 24.0%MFG: +33.6% a year, volatility 30.6%CBOE: +21.5% a year, volatility 25.1%MUFG: +33.2% a year, volatility 29.4%SMFG: +33.7% a year, volatility 29.4%ING: +24.7% a year, volatility 31.1%V: +12.8% a year, volatility 22.9%WRB: +18.9% a year, volatility 22.9%ABBV: +26.1% a year, volatility 23.4%NXTG: +16.2% a year, volatility 19.1%IOO: +15.7% a year, volatility 17.2%SPMO: +18.7% a year, volatility 20.8%RS: +24.8% a year, volatility 28.1%TRV: +22.4% a year, volatility 22.3%FNDX: +13.5% a year, volatility 14.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%BMOSPY (S&P 500)RYTDCMMFCMFGCBOEMUFGINGABBVNXTGSPMORSTRVFNDXDXJLVHI
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than BMO?

Investments that beat BMO over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat BMO over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks BMO's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than BMO follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than BMO's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× BMO's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than BMO's.

Screen the whole market against BMO for any period in BetterThanSPYOpen these 19 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with BMO?lower diversifies moreExpenseper year
BMOBank of Montreal · this page
+13.6%21.4%0.71−51.0%+295%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.650.09%
Popular alternativesbest 4 shownThe investments people most often weigh against BMO. 4 of 19 passed at least one test.
RYRoyal Bank of Canada · Banks
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.3%18.2%0.97−40.0%+352%0.78—
TDThe Toronto-Dominion Bank · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+15.8%20.0%0.84−42.0%+310%0.73—
CMCanadian Imperial Bank of Commerce · Banks
Higher return, similar volatilityHigher return in most periods+19.2%21.6%0.93−47.3%+395%0.81—
MFCManulife Financial Corporation · Life Insurance
Higher return in most periods+22.6%24.0%0.97−57.5%+373%0.65—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Banks and the categories next to it (Regional Banks, Capital Markets, Payment Processing, Asset Management), plus BMO's specific themes. 11 of 125 passed at least one test.
MFGMizuho Financial Group, Inc. · Banks
Higher Sharpe, smaller worst declineHigher return in most periods+33.6%30.6%1.10−45.7%+345%0.41—
CBOECboe Global Markets, Inc. · Capital Markets
Higher Sharpe, smaller worst declineSmaller losses in recent crashes+21.5%25.1%0.91−43.2%+463%0.04—
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Higher return in most periods+33.2%29.4%1.13−54.9%+483%0.35—
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Higher return in most periods+33.7%29.4%1.14−47.6%+474%0.32—
INGING Groep N.V. · Banks
Higher return in most periods+24.7%31.1%0.87−74.4%+339%0.55—
VVisa Inc. · Payment Processing
Smaller losses in recent crashes+12.8%22.9%0.64−36.4%+429%0.48—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 246 of 3,489 passed at least one test.
WRBW. R. Berkley Corporation · Property & Casualty Insurance
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+18.9%22.9%0.87−45.3%+443%0.25—
ABBVAbbVie Inc. · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.1%23.4%1.11−45.1%+603%0.29—
NXTGFirst Trust Indxx NextG ETF · Technology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+16.2%19.1%0.89−33.6%+330%0.560.70%
IOOiShares Global 100 ETF · Global Equity
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+15.7%17.2%0.94−31.4%+361%0.600.40%
SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.7%20.8%0.93−30.9%+499%0.560.13%
RSReliance Steel & Aluminum Co. · Metals & Mining
Higher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+24.8%28.1%0.93−40.8%+626%0.39—
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Higher return, similar volatilityHigher return in most periodsSmaller losses in recent crashes+22.4%22.3%1.02−46.3%+347%0.50—
FNDXSchwab Fundamental U.S. Large Company ETF · US Large-Cap Value
Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+13.5%14.9%0.93−37.7%+291%0.730.25%
What these numbers mean for BMO
Annual return
BMO returned 13.6% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $18,900. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
BMO's volatility over the past 5 years was 21.4%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BMO's return lands within 21.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
BMO's Sharpe ratio over the past 5 years was 0.71, against 0.79 for the S&P 500, so BMO earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
BMO's worst fall from a peak to a low over the past 10 years was 51.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 51.0% fall takes a 104% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, BMO's monthly returns had a correlation of 0.65 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against BMO instead: the lower it is, the more that option would diversify a BMO holding. Guide: Correlation and diversification →
Show all 39 stocks and funds worth at least $500 million that earned more than BMO with less volatility

Out of 3,633 tested over 5 years. The strongest 27 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with BMOExpense
1
RYRoyal Bank of Canada · Banks
Popular alternative+17.3%18.2%0.97−40.0%+352%0.78—
2
TDThe Toronto-Dominion Bank · Banks
Popular alternative+15.8%20.0%0.84−42.0%+310%0.73—
3
NXTGFirst Trust Indxx NextG ETF · Technology
Whole market+16.2%19.1%0.89−33.6%+330%0.560.70%
4
IOOiShares Global 100 ETF · Global Equity
Whole market+15.7%17.2%0.94−31.4%+361%0.600.40%
5
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.330.48%
6
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.610.40%
7
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.27—
8
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.120.40%
9
DYNFiShares U.S. Equity Factor Rotation Active ETF · US Multifactor Equity
Whole market+14.7%17.5%0.87−34.7%—0.630.26%
10
SDCIUSCF SummerHaven Dynamic Commodity Strategy No K-1 Fund · Bonds
Whole market+20.6%18.4%1.12−45.7%—0.150.80%
11
ATOAtmos Energy Corporation · Gas Utilities
Whole market+14.9%18.4%0.85−32.9%+194%0.44—
12
DFIVDimensional - International Value ETF · International Equity
Whole market+14.8%16.4%0.93−25.4%—0.710.27%
13
PVALPutnam Focused Large Cap Value ETF · US Large-Cap Value
Whole market+16.1%15.1%1.07−41.3%—0.690.56%
14
VLUEiShares MSCI USA Value Factor ETF · US Large-Cap Value
Whole market+15.9%18.4%0.90−39.5%+286%0.700.15%
15
PPAInvesco Aerospace & Defense ETF · Aerospace & Defense
Whole market+16.3%18.9%0.90−43.9%+344%0.510.58%
16
EMLPFirst Trust North American Energy Infrastructure Fund · Energy Infrastructure
Whole market+14.9%14.5%1.04−43.6%+150%0.520.95%
17
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.38—
18
SPUSSP Funds S&P 500 Sharia Industry Exclusions ETF · Technology
Whole market+15.0%19.5%0.82−30.8%—0.560.45%
19
FFLCFidelity Fundamental Large Cap Core ETF · Broad Market
Whole market+15.7%16.8%0.95−19.7%—0.650.38%
20
IUSInvesco RAFI Strategic US ETF · Broad Market
Whole market+14.7%14.9%1.00−34.7%—0.700.19%
21
DBJPXtrackers MSCI Japan Hedged Equity ETF · International
Whole market+20.9%19.2%1.09−31.3%+348%0.370.45%
22
EWJViShares MSCI Japan Value ETF · International
Whole market+14.9%18.2%0.86−30.1%—0.540.15%
23
EPDEnterprise Products Partners L.P. · Oil & Gas Midstream
Whole market+16.4%17.1%0.98−58.1%+178%0.37—
24
NINiSource Inc · Gas Utilities
Whole market+15.1%20.3%0.80−30.9%+158%0.48—
25
AMLPAlerian MLP ETF · Energy Equity
Whole market+16.1%18.9%0.89−72.9%+91.0%0.341.01%
26
MLPXGlobal X - MLP & Energy Infrastructure ETF · Energy
Whole market+18.6%19.7%0.97−64.6%+186%0.480.45%
27
EWPiShares MSCI Spain ETF · Broad Market
Whole market+19.2%20.3%0.97−46.4%+196%0.630.50%

BMO against its popular alternatives

The investments people most often weigh against BMO, compared period by period and year by year.

How do BMO's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at BMO, which divides the map into what did better or worse on each measure.

Green points earned more than BMO with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

16.0%18.0%20.0%22.0%24.0%26.0%28.0%30.0%32.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBMO: 13.6% a year, volatility 21.4%SPY (S&P 500): 12.7% a year, volatility 17.1%RY: 17.3% a year, volatility 18.2%TD: 15.8% a year, volatility 20.0%FITB: 6.8% a year, volatility 31.4%PNC: 4.6% a year, volatility 26.8%BN: 3.9% a year, volatility 31.1%MTB: 9.8% a year, volatility 29.7%WFC: 13.1% a year, volatility 29.5%HBAN: 3.0% a year, volatility 31.2%USB: 3.3% a year, volatility 29.6%TFC: −1.2% a year, volatility 31.6%BNT: 1.2% a year, volatility 31.5%BAC: 4.0% a year, volatility 26.6%SCHW: 3.6% a year, volatility 31.9%MFC: 22.6% a year, volatility 24.0%CM: 19.2% a year, volatility 21.6%JPM: 17.3% a year, volatility 24.3%C: 15.1% a year, volatility 29.4%BNS: 12.8% a year, volatility 19.9%SLF: 11.7% a year, volatility 19.4%BMOSPY (S&P 500)RYTDFITBPNCBNMTBWFCHBANUSBTFCBNTBACMFCCMJPMCBNSSLF15.0%20.0%25.0%30.0%35.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityBMO: 13.6% a year, volatility 21.4%SPY (S&P 500): 12.7% a year, volatility 17.1%RY: 17.3% a year, volatility 18.2%TD: 15.8% a year, volatility 20.0%FITB: 6.8% a year, volatility 31.4%PNC: 4.6% a year, volatility 26.8%BN: 3.9% a year, volatility 31.1%MTB: 9.8% a year, volatility 29.7%WFC: 13.1% a year, volatility 29.5%HBAN: 3.0% a year, volatility 31.2%USB: 3.3% a year, volatility 29.6%TFC: −1.2% a year, volatility 31.6%BNT: 1.2% a year, volatility 31.5%BAC: 4.0% a year, volatility 26.6%SCHW: 3.6% a year, volatility 31.9%MFC: 22.6% a year, volatility 24.0%CM: 19.2% a year, volatility 21.6%JPM: 17.3% a year, volatility 24.3%C: 15.1% a year, volatility 29.4%BNS: 12.8% a year, volatility 19.9%SLF: 11.7% a year, volatility 19.4%BMOSPY (S&P 500)RYTDFITBPNCBNMTBWFCHBANTFCBNTBACMFCCMJPMC
All figures
InvestmentAnnual returnVolatility
MFC Manulife Financial Corporation+22.6%24.0%
CM Canadian Imperial Bank of Commerce+19.2%21.6%
JPM JPMorgan Chase & Co.+17.3%24.3%
RY Royal Bank of Canada+17.3%18.2%
TD The Toronto-Dominion Bank+15.8%20.0%
C Citigroup Inc.+15.1%29.4%
BMO This pageBank of Montreal+13.6%21.4%
WFC Wells Fargo & Company+13.1%29.5%
BNS The Bank of Nova Scotia+12.8%19.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
SLF Sun Life Financial Inc.+11.7%19.4%
MTB M&T Bank Corporation+9.8%29.7%
FITB Fifth Third Bancorp+6.8%31.4%
PNC The PNC Financial Services Group, Inc.+4.6%26.8%
BAC Bank of America Corporation+4.0%26.6%
BN Brookfield Corporation+3.9%31.1%
SCHW The Charles Schwab Corporation+3.6%31.9%
USB U.S. Bancorp+3.3%29.6%
HBAN Huntington Bancshares Incorporated+3.0%31.2%
BNT Brookfield Wealth Solutions Ltd.+1.2%31.5%
TFC Truist Financial Corporation−1.2%31.6%
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Has BMO consistently beaten its popular alternatives?

This section compares BMO with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than BMO helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than BMO over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
BMO Bank of Montreal (this page)—−5.5%−5.3%+10.8%+29.7%+37.6%+146%+89.4%+295%21.4%0.71−51.0%—$116B—
MFC QualifiedManulife Financial Corporation4/5 short3/3 longAll-weather−0.2%+5.5%+17.4%+26.1%+44.8%+189%+177%+373%24.0%0.97−57.5%—$74B—
CM QualifiedCanadian Imperial Bank of Commerce3/5 short3/3 long−2.0%−3.3%+4.3%+25.8%+44.4%+261%+141%+395%21.6%0.93−47.3%—$103B—
RY QualifiedRoyal Bank of Canada3/5 short3/3 long−3.5%−4.8%+12.0%+18.9%+39.2%+173%+122%+352%18.2%0.97−40.0%—$276B—
TD QualifiedThe Toronto-Dominion Bank5/5 short2/3 long−0.9%+2.1%+16.3%+33.1%+57.5%+141%+109%+310%20.0%0.84−42.0%—$206B—
JPM Banks - DiversifiedJPMorgan Chase & Co.2/5 short2/3 long−4.3%−0.6%+6.8%+5.0%+13.0%+150%+122%+537%24.3%0.78−43.6%—$891B—
C Banks - DiversifiedCitigroup Inc.1/5 short2/3 long−9.3%−4.3%−7.0%+4.8%+26.0%+238%+102%+234%29.4%0.63−56.5%—$206B—
BNS Banks - DiversifiedThe Bank of Nova Scotia4/5 short1/3 long−2.3%+6.9%+22.4%+28.9%+50.0%+162%+83.1%+187%19.9%0.71−46.9%—$112B—
FITB Banks - RegionalFifth Third Bancorp1/5 short1/3 long−0.9%−7.9%+4.4%+12.5%+29.6%+151%+38.9%+255%31.4%0.37−64.0%—$48B—
SLF Insurance - DiversifiedSun Life Financial Inc.3/5 short0/3 long−2.2%−0.4%+15.2%+30.4%+35.5%+96.3%+74.1%+255%19.4%0.67−50.8%—$44B—
BAM Asset ManagementBrookfield Asset Management Ltd.2/5 short0/3 long−0.6%−2.1%−4.5%−11.4%−12.5%+67.9%————−30.4%—$73B—
PNC Banks - RegionalThe PNC Financial Services Group, Inc.1/5 short0/3 long−4.4%−10.8%−1.0%+7.9%+25.3%+120%+25.1%+230%26.8%0.30−49.6%—$88B—
BN Asset ManagementBrookfield Corporation1/5 short0/3 long−1.7%−11.8%−19.8%−19.6%−16.8%+85.9%+20.8%+226%31.1%0.28−51.4%—$83B—
MTB Banks - RegionalM&T Bank Corporation1/5 short0/3 long−3.8%−11.9%+0.7%+9.2%+23.4%+111%+59.3%+143%29.7%0.46−53.0%—$32B—
WFC Banks - DiversifiedWells Fargo & Company1/5 short0/3 long−5.0%−4.3%+1.4%−12.3%−2.4%+119%+85.0%+141%29.5%0.57−64.5%—$248B—
HBAN Banks - RegionalHuntington Bancshares Incorporated1/5 short0/3 long−3.1%−13.1%−7.2%−8.5%+1.9%+82.4%+16.1%+132%31.2%0.25−55.0%—$31B—
USB Banks - RegionalU.S. Bancorp1/5 short0/3 long−1.3%−5.5%+5.5%+12.7%+30.3%+117%+17.6%+94.6%29.6%0.26−52.1%—$92B—
TFC Banks - RegionalTruist Financial Corporation1/5 short0/3 long−3.4%−6.3%−5.0%−1.9%+13.6%+102%−5.7%+82.7%31.6%0.12−59.1%—$58B—
BNT Insurance - DiversifiedBrookfield Wealth Solutions Ltd.1/5 short0/3 long−1.8%−11.8%−19.7%−19.6%−16.7%+85.8%+5.9%—31.5%0.19−48.9%—$12B—
BAC Banks - DiversifiedBank of America Corporation0/5 short0/3 long−12.6%−15.8%−5.2%−8.0%−0.6%+107%+21.6%+282%26.6%0.28−49.0%—$354B—
SCHW Financial - Capital MarketsThe Charles Schwab Corporation0/5 short0/3 long−15.0%−11.1%−1.8%−9.6%−3.1%+86.2%+19.1%+221%31.9%0.27−51.1%—$157B—
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How did BMO do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where BMO ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with BMO and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of BMO; gray means the two finished within a fraction of a point. The rank row places BMO among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of BMO20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
BMO This pageBank of Montreal—+39.6%+3.0%+14.6%−12.4%+46.9%+3.3%+23.9%−14.9%+15.4%+32.9%−16.8%+10.4%+13.7%+17.3%−0.3%+13.7%+121%−51.9%−0.4%+9.4%+20.4%+21.0%+62.9%+23.0%−9.6%+62.5%−10.8%−6.1%+44.8%
Rank among alternativesTop quarter in 7 of 296 of 2120 of 2110 of 218 of 206 of 196 of 1912 of 198 of 1912 of 195 of 1915 of 198 of 1916 of 1916 of 194 of 1912 of 191 of 1913 of 198 of 1916 of 198 of 198 of 192 of 192 of 1913 of 194 of 1811 of 1613 of 1612 of 15
SPY S&P 500State Street SPDR S&P 500 ETF16 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
MFC Manulife Financial Corporation12 of 26+22.9%+45.2%+31.0%−1.3%+12.1%−7.1%+49.2%−29.3%+20.9%+23.6%−19.0%−0.6%+49.7%+33.5%−36.0%−3.3%+12.5%−56.9%+23.2%+17.2%+29.8%+45.7%+51.7%−15.4%−16.0%+152%———
CM Canadian Imperial Bank of Commerce12 of 28+49.0%+37.9%+26.5%−26.8%+44.7%+9.3%+20.3%−19.8%+23.5%+29.8%−19.6%+4.8%+11.0%+16.8%−3.3%+27.1%+64.3%−37.9%−12.0%+32.5%+13.7%+26.0%+87.9%−14.9%+14.2%+38.0%+1.2%−17.2%—
RY Royal Bank of Canada17 of 29+46.3%+23.8%+12.2%−8.0%+34.1%+8.4%+20.2%−12.9%+23.9%+31.8%−19.3%+6.7%+16.0%+23.3%+1.2%+1.4%+89.3%−39.4%+10.7%+26.0%+50.7%+15.9%+33.6%+15.8%−0.9%+58.5%−9.5%−3.5%+54.8%
TD The Toronto-Dominion Bank17 of 29+85.3%−13.4%+4.5%−12.2%+41.3%+5.6%+17.5%−12.1%+22.9%+30.9%−14.9%+5.0%+16.1%+16.8%+4.1%+22.7%+85.4%−46.8%+20.4%+16.1%+30.7%+29.7%+61.4%−11.7%−7.2%+11.2%+58.4%−2.9%+52.7%
JPM JPMorgan Chase & Co.13 of 29+37.3%+44.3%+30.6%−12.6%+27.8%−5.5%+47.3%−6.6%+26.8%+34.5%+8.4%+9.9%+36.7%+36.2%−19.9%+2.3%+34.4%−25.1%−6.9%+25.7%+5.7%+10.0%+60.5%−30.7%−17.4%−10.1%+11.7%+32.9%+25.5%
C Citigroup Inc.13 of 29+70.4%+41.9%+19.0%−22.1%+0.9%−19.7%+57.9%−28.5%+27.0%+15.9%−4.1%+3.9%+31.8%+50.5%−44.3%+42.9%−50.6%−75.9%−44.8%+19.6%+4.6%+2.8%+41.6%−20.4%+0.1%+23.6%+70.2%−6.8%+79.9%
BNS The Bank of Nova Scotia13 of 26+45.1%+17.5%+6.0%−28.8%+40.6%+1.7%+17.5%−19.2%+20.5%+43.7%−25.1%−4.2%+11.5%+21.0%−9.6%+27.1%+82.6%−44.4%+16.6%+16.8%+21.4%+40.4%+59.9%+232%+17.5%+25.4%———
FITB Fifth Third Bancorp13 of 29+14.8%+27.2%+10.4%−21.9%+62.4%−5.4%+35.2%−20.3%+15.1%+37.9%+1.3%−0.8%+41.9%+22.5%−11.3%+51.2%+18.9%−65.6%−35.5%+13.0%−17.3%−17.9%+3.0%−3.0%+4.1%+23.8%+4.3%+32.4%+97.8%
SLF Sun Life Financial Inc.9 of 25+9.7%+19.5%+16.9%−12.9%+29.7%+2.0%+42.7%−16.6%+10.3%+27.6%−10.2%+5.9%+39.3%+52.5%−34.9%+10.2%+31.1%−57.0%+35.5%+8.2%+22.7%+38.3%+51.6%−18.9%−17.2%————
BAM Brookfield Asset Management Ltd.2 of 3−0.3%+39.7%+45.6%——————————————————————————
PNC The PNC Financial Services Group, Inc.12 of 29+12.2%+29.4%+2.7%−18.6%+38.2%−2.8%+40.9%−17.0%+26.0%+25.8%+6.8%+20.3%+36.4%+3.6%−3.1%+15.8%+10.2%−22.2%−8.3%+23.6%+11.7%+8.9%+36.2%−22.5%−20.7%+70.4%−15.0%−2.2%+56.7%
BN Brookfield Corporation17 of 29+20.6%+44.1%+29.1%−35.0%+48.9%+8.5%+52.3%−10.7%+34.2%+8.0%−4.4%+31.1%+11.5%+53.5%−16.3%+53.6%+49.6%−56.5%+12.3%+45.8%+42.7%+81.4%+54.9%+19.6%+32.2%+16.8%+4.1%−18.2%+28.5%
MTB M&T Bank Corporation12 of 29+10.4%+41.7%−1.7%−2.9%+24.3%−22.2%+21.6%−14.6%+10.8%+32.2%−1.3%+10.4%+21.3%+33.2%−9.1%+34.8%+23.1%−27.0%−31.5%+14.2%+2.8%+11.6%+25.6%+10.4%+8.6%+66.3%−19.4%+12.5%+62.8%
WFC Wells Fargo & Company13 of 29+35.6%+46.5%+22.9%−11.9%+61.1%−41.6%+21.4%−21.8%+13.2%+4.7%+1.8%+24.1%+36.7%+27.3%−9.6%+15.7%−6.3%+1.7%−12.1%+16.9%+4.5%+9.0%+29.5%+10.3%−20.2%+40.5%+3.3%+5.1%+81.9%
HBAN Huntington Bancshares Incorporated12 of 29+10.8%+33.7%−4.6%−4.5%+27.1%−11.2%+31.8%−15.2%+12.9%+23.0%+7.5%+11.6%+54.1%+19.5%−18.4%+89.5%−51.5%−44.2%−34.3%+4.3%−0.4%+13.4%+24.3%+12.5%+11.0%−22.1%−10.1%−5.8%+54.1%
USB U.S. Bancorp14 of 29+16.4%+15.6%+4.8%−19.1%+24.3%−17.9%+33.6%−12.4%+6.6%+23.4%−2.8%+13.8%+29.6%+20.9%+2.3%+20.7%−9.0%−16.6%−8.0%+26.3%−0.5%+10.6%+45.3%+5.3%−6.8%+13.2%−30.5%+64.5%+90.1%
TFC Truist Financial Corporation10 of 29+19.1%+23.7%−8.6%−23.5%+26.1%−11.1%+34.6%−10.2%+8.7%+28.4%−0.1%+6.9%+32.7%+18.6%−1.9%+5.9%−2.0%−4.5%−27.2%+8.9%+3.4%+12.8%+8.1%+5.6%−0.4%+40.6%−30.6%+28.5%+81.3%
BNT Brookfield Wealth Solutions Ltd.2 of 4+20.7%+43.3%+30.1%−43.6%—————————————————————————
BAC Bank of America Corporation11 of 29+28.0%+33.9%+4.9%−23.8%+49.6%−11.6%+46.1%−15.0%+35.7%+33.4%−4.8%+15.7%+34.5%+109%−58.1%−11.2%+7.6%−63.1%−18.9%+20.8%+2.4%+21.5%+20.1%+14.6%+42.7%−4.5%−14.0%+1.2%+27.3%
SCHW The Charles Schwab Corporation16 of 29+36.6%+9.2%−16.0%+0.1%+60.2%+13.6%+16.4%−18.4%+31.1%+21.0%+9.9%+17.2%+83.3%+29.8%−33.1%−7.8%+18.1%−36.1%+40.0%+32.8%+23.5%+1.7%+9.5%−29.5%−45.4%+11.4%+36.3%+102%+97.6%
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Risk and diversification

How BMO has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were BMO's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents BMO's five deepest drawdowns since it began trading in 1994, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means BMO fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringBMO fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−68.5%−49.5%Nov 2007Feb 200915 monthsMar 201013 months
Covid crash−51.0%−32.3%Jan 2020Mar 20202 monthsDec 20209 months
No named crash−46.6%+28.2%Apr 1998Jan 200021 monthsJan 200112 months
2015 China and oil sell-off−34.7%−4.5%Sep 2014Jan 201616 monthsDec 201611 months
2022 bear market−34.3%−6.4%Mar 2022Oct 202319 monthsMay 202519 months

How did BMO do in stock market crashes?

This section measures how far BMO, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than BMO.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
BMO This pageBank of Montreal—−5.5%−30.5%−49.4%−23.5%−6.2%−18.9%−16.4%0.0%−68.5%−26.5%
SPY S&P 500State Street SPDR S&P 500 ETF6 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MFC Manulife Financial Corporation2 of 10−6.1%−27.1%−55.1%−25.9%−2.6%−35.4%−35.3%0.0%−83.8%−42.9%
CM Canadian Imperial Bank of Commerce3 of 10−7.0%−36.2%−43.6%−22.2%−5.9%−25.3%−12.9%0.0%−71.8%−39.8%
RY Royal Bank of Canada7 of 10−3.8%−26.0%−40.0%−17.1%−5.7%−23.1%−21.8%0.0%−63.1%−21.6%
TD The Toronto-Dominion Bank6 of 10−6.7%−29.0%−41.0%−20.9%−5.5%−18.1%−19.6%0.0%−63.4%−44.1%
JPM JPMorgan Chase & Co.4 of 10−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
C Citigroup Inc.0 of 10−11.7%−39.2%−54.8%−33.1%−6.7%−40.3%−42.6%−1.0%−97.7%−52.7%
BNS The Bank of Nova Scotia5 of 10−4.6%−35.4%−43.0%−17.7%−6.1%−24.3%−19.8%0.0%−63.8%−23.6%
FITB Fifth Third Bancorp1 of 10−22.1%−36.5%−60.9%−23.8%−6.1%−34.9%−28.9%−2.3%−96.9%−22.0%
SLF Sun Life Financial Inc.2 of 9−5.5%−30.8%−50.2%−20.3%−4.5%−23.8%−20.3%−1.4%−78.8%—
BAM Brookfield Asset Management Ltd.0 of 1−7.1%—————————
PNC The PNC Financial Services Group, Inc.2 of 10−10.4%−34.0%−47.8%−23.2%−5.4%−20.8%−24.1%−0.4%−76.7%−49.6%
BN Brookfield Corporation3 of 10−10.5%−36.2%−51.4%−18.1%−5.2%−22.7%−18.7%0.0%−70.9%−20.7%
MTB M&T Bank Corporation4 of 10−9.4%−18.0%−47.6%−21.1%−5.7%−23.2%−23.1%−0.2%−69.6%−23.9%
WFC Wells Fargo & Company2 of 10−12.4%−36.3%−47.1%−20.1%−13.5%−20.9%−21.1%−1.2%−79.0%−29.2%
HBAN Huntington Bancshares Incorporated0 of 10−23.0%−31.3%−49.6%−28.3%−6.1%−31.7%−26.2%−3.6%−93.9%−37.2%
USB U.S. Bancorp3 of 10−19.7%−36.8%−47.2%−20.4%−7.5%−17.7%−24.7%−1.2%−76.1%−42.8%
TFC Truist Financial Corporation3 of 10−26.3%−35.8%−53.5%−20.1%−6.8%−24.4%−27.2%0.0%−66.6%−24.8%
BNT Brookfield Wealth Solutions Ltd.0 of 2−10.8%−39.2%————————
BAC Bank of America Corporation1 of 10−12.4%−38.7%−47.8%−26.4%−6.9%−37.8%−45.2%−0.6%−93.4%−36.3%
SCHW The Charles Schwab Corporation2 of 10−31.9%−36.9%−41.5%−26.5%−8.2%−37.0%−28.9%−5.5%−56.0%−83.1%
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How closely does BMO move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares BMO with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than BMO's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
BMO This pageBank of Montreal104%112%0.931.12
JPM JPMorgan Chase & Co.117%103%1.141.09
RY Royal Bank of Canada97%88%1.110.88
TD The Toronto-Dominion Bank89%80%1.100.88
CM Canadian Imperial Bank of Commerce108%106%1.021.07
SLF Sun Life Financial Inc.87%85%1.020.96
MFC Manulife Financial Corporation110%110%1.001.10
SCHW The Charles Schwab Corporation89%90%0.990.91
FITB Fifth Third Bancorp102%114%0.891.22
MTB M&T Bank Corporation75%86%0.870.86
BAC Bank of America Corporation127%146%0.871.36
PNC The PNC Financial Services Group, Inc.108%127%0.851.15
BNS The Bank of Nova Scotia97%120%0.811.05
C Citigroup Inc.131%165%0.801.49
BN Brookfield Corporation125%162%0.771.42
HBAN Huntington Bancshares Incorporated89%116%0.761.13
WFC Wells Fargo & Company96%129%0.751.13
USB U.S. Bancorp89%130%0.691.05
TFC Truist Financial Corporation86%126%0.681.11
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What diversifies BMO?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with BMO's. Because such investments tend not to fall at the same time, pairing BMO with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which BMO lost money. The last two columns show a portfolio that is 80% BMO and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20222018201520112008200720011999199880/20 mix volatility80/20 mix annual return
BMO Bank of Montreal (this page)1.00+89.4%0.71−12.4%−14.9%−16.8%−0.3%−51.9%−0.4%−9.6%−10.8%−6.1%23.3%+15.7%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.33+225%1.34+6.0%−19.8%+7.7%−16.1%−20.8%−7.4%———19.6%+18.3%
MLPX EnergyGlobal X - MLP & Energy Infrastructure ETF0.48+135%0.97+21.5%−15.5%−35.3%——————20.7%+17.0%
SMH TechnologyVanEck Semiconductor ETF0.48+323%0.97−33.5%−9.1%−0.3%+6.8%−44.7%+6.0%−14.6%——22.8%+20.6%
GLD CommoditiesSPDR Gold Shares0.12+126%0.96−0.8%−1.9%−10.7%+9.6%+4.9%+30.4%———19.4%+16.9%
XLE EnergyState Street Energy Select Sector SPDR ETF0.34+177%0.93+64.4%−18.2%−21.5%+2.8%−39.0%+36.8%−18.2%+18.1%—21.0%+17.8%
AMLP EnergyAlerian MLP ETF0.34+111%0.89+25.5%−12.6%−25.7%+10.2%—————20.2%+16.7%
PTLC Broad MarketPacer Trendpilot US Large Cap ETF0.41+57.4%0.83−8.6%+1.5%———————19.7%+15.0%
DBMF AlternativesiMGP DBi Managed Futures Strategy ETF-0.15+59.7%0.82+21.6%————————18.4%+15.3%

Stocks

InvestmentCorrelation5Y returnSharpe20222018201520112008200720011999199880/20 mix volatility80/20 mix annual return
BMO Bank of Montreal (this page)1.00+89.4%0.71−12.4%−14.9%−16.8%−0.3%−51.9%−0.4%−9.6%−10.8%−6.1%23.3%+15.7%
CAH Medical - DistributionCardinal Health, Inc.0.14+479%1.55+54.1%−24.5%+12.6%+8.1%−39.6%−9.8%−2.5%−36.8%+51.7%20.1%+20.8%
CLS Hardware, Equipment & PartsCelestica Inc.0.32+3,143%1.47+1.3%−16.3%−6.0%−24.4%−20.5%−25.7%−25.6%+350%—25.0%+33.4%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.36+1,636%1.46+17.0%+0.8%+67.7%−17.0%−15.2%+2.1%+73.7%−58.7%−9.5%23.4%+29.3%
MCK Medical - DistributionMcKesson Corporation0.05+413%1.44+51.8%−28.4%−4.5%+11.8%−40.4%+29.7%+4.9%−71.3%+46.9%19.6%+20.3%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.26+690%1.41+86.6%−8.2%+17.4%——————21.3%+22.7%
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Common questions

What was BMO's worst drawdown?

BMO's deepest decline since it began trading in 1994 was 68.5%, from November 2007 to February 2009. It took 13 months from the low to climb back to its old high.

What were BMO's best and worst years?

Over 29 full calendar years, BMO's best year was 2009, when it returned 121%. Its worst was 2008, with a return of -52.0%.

Is there a better investment than BMO?

Among BMO's popular alternatives, RY and TD earned more than BMO with less volatility over the past 5 years. RY returned 17.3% a year at 18.2% volatility, against 13.6% a year at 21.4%. Looking beyond its popular alternatives, MFG (banks) earned more for the risk it took than BMO over the past 5 years, and its worst fall in 10 years was 45.7%, against 51.0% for BMO.

Is BMO more volatile than the S&P 500?

Yes. BMO's volatility over the past 5 years was 21.4%, 1.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BMO's return lands within 21.4% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is BMO's Sharpe ratio?

BMO's Sharpe ratio over the past 5 years was 0.71, against 0.79 for the S&P 500, so BMO earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is BMO with the S&P 500?

Over the past 5 years, BMO's monthly returns had a correlation of 0.65 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against BMO instead: the lower it is, the more that option would diversify a BMO holding.

What are the best alternatives to BMO?

Of the 20 popular alternatives we compared, four outperformed BMO in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MFC, CM and RY.

Did BMO outperform the S&P 500?

BMO finished ahead of the S&P 500 (SPY) in 13 of 29 full calendar years. In 2025, it returned +39.6%, against +17.7% for the index.

How did BMO do in stock market crashes?

BMO fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in six. The clearest case was the Covid crash, when BMO fell 49.4% and the S&P 500 fell 33.7%.

What diversifies BMO?

These had a low correlation with BMO over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.33), MLPX (correlation 0.48) and SMH (correlation 0.48); among large stocks, CAH (correlation 0.14), CLS (correlation 0.32) and FIX (correlation 0.36). A correlation near zero means the two have moved largely independently.

How we measure

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Popular alternatives to BMO