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BMO MSCI EAFE Index ETF (ZEA.TO) Diversifiers

ETF · Currency in CAD · Last updated Jun 5, 2026

The ETF aims to mirror the performance of the MSCI EAFE Index by investing in developed equity markets excluding Canada and the U.S. The fund may use a sampling methodology in selecting investments and hold securities to replicate the index's performance, potentially reducing management fees through underlying ETF investments.

Looking to diversify beyond ZEA.TO? The ETFs below have the lowest correlation with ZEA.TO — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from ZEA.TO.

Best Diversifiers for ZEA.TO

7 ETFs have low correlation with ZEA.TO (below 0.3), 1 of which are negatively correlated. The least correlated is Global X 0-3 Month T-Bill ETF (CBIL.TO) (Canadian Government Bonds) with a 1Y correlation of -0.04, roughly unchanged from 0.03 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
CBIL.TO
Global X 0-3 Month T-Bill ETF-0.040.030.03
99
Canadian Government BondsZEA.TO vs CBIL.TO
CASH.TO
Global X High Interest Savings ETF0.020.040.02
100
Money MarketZEA.TO vs CASH.TO
CMR.TO
iShares Premium Money Market ETF0.020.050.04
99
Money MarketZEA.TO vs CMR.TO
PSA.TO
Purpose High Interest Savings Fund0.090.080.07
100
Money MarketZEA.TO vs PSA.TO
ATSX.TO
Accelerate Enhanced Canadian Benchmark Alternative...0.100.090.12
86
ZEA.TO vs ATSX.TO
See all 94 diversifiers for ZEA.TO

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from ZEA.TO, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to ZEA.TO and solid risk/return profiles. The least correlated is Canadian Natural Resources Limited (CNQ.TO) (Energy) with a 1Y correlation of -0.11, down from 0.18 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
CNQ.TO
Canadian Natural Resources Limited-0.110.120.18
88
Energy
ENB.TO
Enbridge Inc.-0.020.180.23
85
Energy
PHYS.TO
Sprott Physical Gold Trust0.240.180.10
74
Financial Services
DFN.TO
Dividend 15 Split Corp.0.390.410.43
96
Financial Services
TD.TO
The Toronto-Dominion Bank0.410.430.42
98
Financial Services

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Diversification Analysis

Build a portfolio that complements ZEA.TO

Add ZEA.TO to the Diversification Analyzer to see how it overlaps with your other holdings and which assets balance it best.

Analyze a portfolio with ZEA.TO