BGU.TO vs. ZEQL.TO

Last updated Jul 16, 2026

BGU.TO (Bristol Gate Concentrated US Equity ETF) and ZEQL.TO (BMO MSCI USA Equal Weight Index ETF (CAD Units)) are both Large Cap Blend Equities funds. BGU.TO is actively managed, while ZEQL.TO is passively managed. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

BGU.TO vs. ZEQL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Bristol Gate Concentrated US Equity ETF (BGU.TO) and BMO MSCI USA Equal Weight Index ETF (CAD Units) (ZEQL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BGU.TO

• 1D: -0.54%
• 1M: 0.99%
• 6M: 3.59%
• YTD: 7.16%
• 1Y: 12.19%
• 3Y*: 13.49%
• 5Y*: 9.27%
• 10Y*: —

ZEQL.TO

• 1D: -0.54%
• 1M: 0.70%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BGU.TO vs. ZEQL.TO - Yearly Performance Comparison

	2026 (YTD)
BGU.TO Bristol Gate Concentrated US Equity ETF	7.36%
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units)	9.63%

Correlation

The correlation between BGU.TO and ZEQL.TO is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 25, 2026	0.52

Return for Risk

BGU.TO vs. ZEQL.TO — Risk / Return Rank

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

BGU.TO

BGU.TO Risk / Return Rank: 29
BGU.TO Sharpe Ratio Rank: 30
BGU.TO Sortino Ratio Rank: 29
BGU.TO Omega Ratio Rank: 30
BGU.TO Calmar Ratio Rank: 26
BGU.TO Martin Ratio Rank: 27

ZEQL.TO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

BGU.TO vs. ZEQL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bristol Gate Concentrated US Equity ETF (BGU.TO) and BMO MSCI USA Equal Weight Index ETF (CAD Units) (ZEQL.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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BGU.TO	ZEQL.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.94	—	—
Sortino ratio: Return per unit of downside risk	1.41	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.10	—	—
Martin ratio: Return relative to average drawdown	3.07	—	—

Drawdowns

BGU.TO vs. ZEQL.TO - Drawdown Comparison

The maximum BGU.TO drawdown since its inception was -31.66%, which is greater than ZEQL.TO's maximum drawdown of -6.12%. Use the drawdown chart below to compare losses from any high point for BGU.TO and ZEQL.TO.

Drawdown Indicators

	BGU.TO	ZEQL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.66%	-6.12%	-25.54%
Max Drawdown (1Y) Largest decline over 1 year	-11.12%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.03%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.46%	—	—
Current Drawdown Current decline from peak	-2.10%	-4.17%	+2.07%
Average Drawdown Average peak-to-trough decline	-5.24%	-1.65%	-3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.98%	—	—

Volatility

Volatility by Period

	BGU.TO	ZEQL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	—	—
Volatility (6M) Calculated over the trailing 6-month period	10.45%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	13.09%	13.59%	-0.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.01%	13.59%	+2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.35%	13.59%	+4.76%

Dividends

BGU.TO vs. ZEQL.TO - Dividend Comparison

BGU.TO has not paid dividends to shareholders, while ZEQL.TO's dividend yield for the trailing twelve months is around 0.69%.

Position	TTM
BGU.TO Bristol Gate Concentrated US Equity ETF	0.00%
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units)	0.69%

Frequently Asked Questions

Can I hold both BGU.TO and ZEQL.TO in my portfolio?

BGU.TO and ZEQL.TO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

What is the main difference between BGU.TO and ZEQL.TO?

They also come from different issuers: Bristol Gate and BMO.