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ESGC.TO vs. PZW.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ESGC.TO vs. PZW.TO

Last updated Jun 24, 2026

ESGC.TO (Invesco S&P/TSX Composite ESG Index ETF) and PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) are both exchange-traded funds - ESGC.TO is a Canada Equities fund tracking the S&P/TSX Composite ESG Index, while PZW.TO is a Global Equities fund tracking the 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index. Both are passively managed. Over the past 5 years, ESGC.TO returned 12.89%/yr vs 10.96%/yr for PZW.TO. At a 0.39 correlation, their price movements are largely independent.

Performance

ESGC.TO vs. PZW.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco S&P/TSX Composite ESG Index ETF (ESGC.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ESGC.TO achieves a 13.35% return, which is significantly lower than PZW.TO's 16.48% return.

ESGC.TO

1D
-0.05%
1M
2.19%
YTD
13.35%
6M
10.49%
1Y
35.03%
3Y*
22.88%
5Y*
12.89%
10Y*
—

PZW.TO

1D
1.10%
1M
4.21%
YTD
16.48%
6M
15.19%
1Y
34.57%
3Y*
20.29%
5Y*
10.96%
10Y*
11.63%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ESGC.TO vs. PZW.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
ESGC.TO
Invesco S&P/TSX Composite ESG Index ETF		13.35%31.52%16.03%7.50%-7.28%23.99%5.27%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		16.48%18.48%16.03%12.88%-10.53%17.53%13.83%

Correlation

The correlation between ESGC.TO and PZW.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.34

Correlation (3Y)
Calculated over the trailing 3-year period

0.38

Correlation (5Y)
Calculated over the trailing 5-year period

0.41

Correlation (All Time)
Calculated using the full available price history since Oct 8, 2020

0.39

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P/TSX Composite ESG Index ETF

Invesco FTSE RAFI Global Small-Mid ETF

Often compared with ESGC.TO:
ESGC.TO vs. CFOU.TOESGC.TO vs. ESG.TOESGC.TO vs. QQCE.TOESGC.TO vs. INAI.TOESGC.TO vs. HEWB.TOESGC.TO vs. QQC-F.TOESGC.TO vs. QQCI.TO
Often compared with PZW.TO:
PZW.TO vs. EQL.TOPZW.TO vs. TEQT.TOPZW.TO vs. INAI.TOPZW.TO vs. QQC.TOPZW.TO vs. QQCE.TOPZW.TO vs. VDU.TOPZW.TO vs. XWD.TO

Return for Risk

ESGC.TO vs. PZW.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ESGC.TO
ESGC.TO Risk / Return Rank: 8585
Overall Rank
ESGC.TO Sharpe Ratio Rank: 8989
Sharpe Ratio Rank
ESGC.TO Sortino Ratio Rank: 8989
Sortino Ratio Rank
ESGC.TO Omega Ratio Rank: 9090
Omega Ratio Rank
ESGC.TO Calmar Ratio Rank: 7575
Calmar Ratio Rank
ESGC.TO Martin Ratio Rank: 8282
Martin Ratio Rank
PZW.TO
PZW.TO Risk / Return Rank: 8585
Overall Rank
PZW.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
PZW.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
PZW.TO Omega Ratio Rank: 8686
Omega Ratio Rank
PZW.TO Calmar Ratio Rank: 8484
Calmar Ratio Rank
PZW.TO Martin Ratio Rank: 8181
Martin Ratio Rank
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.

ESGC.TO vs. PZW.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P/TSX Composite ESG Index ETF (ESGC.TO) and Invesco FTSE RAFI Global Small-Mid ETF (PZW.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.

ESGC.TOPZW.TODifference
Sharpe ratioReturn per unit of total volatility
2.69
2.44

+0.25

Sortino ratioReturn per unit of downside risk
3.63
3.57

+0.06

Omega ratioGain probability vs. loss probability

1.51

1.48

+0.04

Calmar ratioReturn relative to maximum drawdown

3.47

4.07

-0.60

Martin ratioReturn relative to average drawdown

14.89

14.54

+0.36

ESGC.TO vs. PZW.TO - Sharpe Ratio Comparison

The current ESGC.TO Sharpe Ratio is 2.69, which is comparable to the PZW.TO Sharpe Ratio of 2.44. The chart below compares the historical Sharpe Ratios of ESGC.TO and PZW.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.

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Drawdowns

ESGC.TO vs. PZW.TO - Drawdown Comparison

The maximum ESGC.TO drawdown since its inception was -16.66%, smaller than the maximum PZW.TO drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for ESGC.TO and PZW.TO.

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Drawdown Indicators

ESGC.TOPZW.TODifference

Max Drawdown

Largest peak-to-trough decline

-16.66%

-32.45%

+15.79%

Max Drawdown (1Y)

Largest decline over 1 year

-10.14%

-8.50%

-1.64%

Max Drawdown (3Y)

Largest decline over 3 years

-13.45%

-16.88%

+3.43%

Max Drawdown (5Y)

Largest decline over 5 years

-16.66%

-22.13%

+5.47%

Max Drawdown (10Y)

Largest decline over 10 years

—

-32.45%

—

Current Drawdown

Current decline from peak

-1.41%

0.00%

-1.41%

Average Drawdown

Average peak-to-trough decline

-3.73%

-5.73%

+2.00%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.36%

2.38%

-0.02%

Volatility

ESGC.TO vs. PZW.TO - Volatility Comparison

Invesco S&P/TSX Composite ESG Index ETF (ESGC.TO) has a higher volatility of 4.38% compared to Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) at 3.07%. This indicates that ESGC.TO's price experiences larger fluctuations and is considered to be riskier than PZW.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ESGC.TOPZW.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

4.38%

3.07%

+1.31%

Volatility (6M)

Calculated over the trailing 6-month period

11.13%

10.46%

+0.67%

Volatility (1Y)

Calculated over the trailing 1-year period

13.08%

14.19%

-1.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.93%

14.66%

-1.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.89%

15.94%

-3.05%

Dividends

ESGC.TO vs. PZW.TO - Dividend Comparison

ESGC.TO's dividend yield for the trailing twelve months is around 2.13%, more than PZW.TO's 1.67% yield.

PositionTTM20252024202320222021202020192018201720162015
ESGC.TO
Invesco S&P/TSX Composite ESG Index ETF		2.13%2.36%2.66%3.23%2.98%2.28%0.67%0.00%0.00%0.00%0.00%0.00%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		1.67%1.97%2.12%3.23%1.90%1.93%1.52%2.26%1.78%1.57%1.09%0.96%

Frequently Asked Questions

ESGC.TO and PZW.TO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ESGC.TO is categorized as Canada Equities, while PZW.TO is Global Equities. ESGC.TO tracks S&P/TSX Composite ESG Index, while PZW.TO tracks 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index.

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