ESGA.TO vs. ZUQ.TO

Last updated Jul 21, 2026

ESGA.TO (BMO MSCI Canada Selection Equity Index ETF) and ZUQ.TO (BMO MSCI USA High Quality Index ETF) are both exchange-traded funds - ESGA.TO is a Canada Equities fund managed by BMO, while ZUQ.TO is a Large Cap Blend Equities fund tracking the MSCI USA Quality Index. Over the past 5 years, ESGA.TO returned 12.62%/yr vs 13.55%/yr for ZUQ.TO. At a 0.47 correlation, their price movements are largely independent.

Performance

ESGA.TO vs. ZUQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO MSCI Canada Selection Equity Index ETF (ESGA.TO) and BMO MSCI USA High Quality Index ETF (ZUQ.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESGA.TO achieves a 9.26% return, which is significantly lower than ZUQ.TO's 11.52% return.

ESGA.TO

• 1D: -0.04%
• 1M: 1.72%
• 6M: 5.14%
• YTD: 9.26%
• 1Y: 26.29%
• 3Y*: 23.04%
• 5Y*: 12.62%
• 10Y*: —
• ALL TIME*: 13.39%

ZUQ.TO

• 1D: -0.19%
• 1M: -0.60%
• 6M: 9.13%
• YTD: 11.52%
• 1Y: 17.63%
• 3Y*: 19.59%
• 5Y*: 13.55%
• 10Y*: 16.05%
• ALL TIME*: 16.17%

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

ESGA.TO vs. ZUQ.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
ESGA.TO BMO MSCI Canada Selection Equity Index ETF	9.26%	32.44%	21.41%	13.92%	-15.59%	24.90%	7.30%
ZUQ.TO BMO MSCI USA High Quality Index ETF	11.52%	5.80%	34.06%	33.29%	-18.30%	26.45%	16.59%

Correlation

The correlation between ESGA.TO and ZUQ.TO is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jan 15, 2020	0.47

The correlation between ESGA.TO and ZUQ.TO has been stable across timeframes, ranging from 0.47 to 0.50 - a consistent structural relationship.

ESGA.TO vs. ZUQ.TO - Sectors Allocation Comparison

Sectors	ESGA.TO	ZUQ.TO
Financial Services	42.6%	10.5%
Energy	13.4%	0.1%
Technology	12.9%	36.9%
Basic Materials	12.3%	1.7%
Industrials	8.5%	9.8%
Consumer Defensive	5.2%	10.5%
Utilities	2.9%	0.1%
Consumer Cyclical	0.9%	2.9%
Communication Services	0.7%	12.5%
Real Estate	0.4%	-
Healthcare	-	15.3%

Return for Risk

ESGA.TO vs. ZUQ.TO — Risk / Return Rank

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

ESGA.TO

ESGA.TO Risk / Return Rank: 80
ESGA.TO Sharpe Ratio Rank: 81
ESGA.TO Sortino Ratio Rank: 79
ESGA.TO Omega Ratio Rank: 80
ESGA.TO Calmar Ratio Rank: 80
ESGA.TO Martin Ratio Rank: 80

ZUQ.TO

ZUQ.TO Risk / Return Rank: 50
ZUQ.TO Sharpe Ratio Rank: 55
ZUQ.TO Sortino Ratio Rank: 52
ZUQ.TO Omega Ratio Rank: 56
ZUQ.TO Calmar Ratio Rank: 43
ZUQ.TO Martin Ratio Rank: 45

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.

ESGA.TO vs. ZUQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO MSCI Canada Selection Equity Index ETF (ESGA.TO) and BMO MSCI USA High Quality Index ETF (ZUQ.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.

	ESGA.TO	ZUQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.40	+0.54
Sortino ratio: Return per unit of downside risk	2.68	1.95	+0.74
Omega ratio: Gain probability vs. loss probability	1.35	1.26	+0.09
Calmar ratio: Return relative to maximum drawdown	3.10	1.68	+1.42
Martin ratio: Return relative to average drawdown	11.09	5.40	+5.69

ESGA.TO vs. ZUQ.TO - Sharpe Ratio Comparison

The current ESGA.TO Sharpe Ratio is 1.94, which is higher than the ZUQ.TO Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of ESGA.TO and ZUQ.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.

Drawdowns

ESGA.TO vs. ZUQ.TO - Drawdown Comparison

The maximum ESGA.TO drawdown since its inception was -32.68%, which is greater than ZUQ.TO's maximum drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for ESGA.TO and ZUQ.TO.

Drawdown Indicators

	ESGA.TO	ZUQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-32.68%	-26.93%	-5.75%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-10.57%	+2.06%
Max Drawdown (3Y) Largest decline over 3 years	-12.94%	-17.93%	+4.99%
Max Drawdown (5Y) Largest decline over 5 years	-23.40%	-26.93%	+3.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.93%	—
Current Drawdown Current decline from peak	-0.41%	-3.18%	+2.77%
Average Drawdown Average peak-to-trough decline	-6.29%	-4.54%	-1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	3.27%	-0.90%

Volatility

ESGA.TO vs. ZUQ.TO - Volatility Comparison

The current volatility for BMO MSCI Canada Selection Equity Index ETF (ESGA.TO) is 2.32%, while BMO MSCI USA High Quality Index ETF (ZUQ.TO) has a volatility of 3.42%. This indicates that ESGA.TO experiences smaller price fluctuations and is considered to be less risky than ZUQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ESGA.TO	ZUQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	3.42%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	10.52%	9.18%	+1.34%
Volatility (1Y) Calculated over the trailing 1-year period	13.65%	12.69%	+0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.83%	16.39%	-2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.19%	17.53%	-1.34%

Dividends

ESGA.TO vs. ZUQ.TO - Dividend Comparison

ESGA.TO's dividend yield for the trailing twelve months is around 1.85%, more than ZUQ.TO's 0.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ESGA.TO BMO MSCI Canada Selection Equity Index ETF	1.85%	1.93%	2.50%	2.98%	3.42%	2.66%	3.23%	0.00%	0.00%	0.00%	0.00%	0.00%
ZUQ.TO BMO MSCI USA High Quality Index ETF	0.44%	0.48%	0.60%	0.90%	1.03%	0.83%	1.00%	1.00%	1.12%	1.25%	1.26%	0.92%

Frequently Asked Questions

Can I hold both ESGA.TO and ZUQ.TO in my portfolio?

ESGA.TO and ZUQ.TO have a correlation of 0.47, 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 ESGA.TO and ZUQ.TO?

ESGA.TO is categorized as Canada Equities, while ZUQ.TO is Large Cap Blend Equities.