ETSX.TO vs. ZEQL.TO

Last updated Jun 4, 2026

ETSX.TO (Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged) and ZEQL.TO (BMO MSCI USA Equal Weight Index ETF (CAD Units)) are both Large Cap Blend Equities funds - ETSX.TO tracks the S&P/TSX 60 while ZEQL.TO tracks the MSCI USA Equal Weighted Index. Both are passively managed. A 0.69 correlation means they provide meaningful diversification when combined. ETSX.TO charges 0.45%/yr vs 0.05%/yr for ZEQL.TO.

Performance

ETSX.TO vs. ZEQL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged (ETSX.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

ETSX.TO

• 1D: -0.37%
• 1M: 3.34%
• YTD: 7.49%
• 6M: 9.59%
• 1Y: 26.55%
• 3Y*: 19.01%
• 5Y*: —
• 10Y*: —

ZEQL.TO

• 1D: -0.12%
• 1M: 6.20%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

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

	2026 (YTD)
ETSX.TO Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged	5.50%
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units)	7.44%

Correlation

The correlation between ETSX.TO and ZEQL.TO is 0.69, 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 10, 2026	0.69

Return for Risk

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

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

ETSX.TO

ETSX.TO Risk / Return Rank: 75
ETSX.TO Sharpe Ratio Rank: 74
ETSX.TO Sortino Ratio Rank: 75
ETSX.TO Omega Ratio Rank: 75
ETSX.TO Calmar Ratio Rank: 69
ETSX.TO Martin Ratio Rank: 81

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.

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

This table presents a comparison of risk-adjusted performance metrics for Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged (ETSX.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.

	ETSX.TO	ZEQL.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.43	—	—
Sortino ratio: Return per unit of downside risk	3.36	—	—
Omega ratio: Gain probability vs. loss probability	1.45	—	—
Calmar ratio: Return relative to maximum drawdown	3.45	—	—
Martin ratio: Return relative to average drawdown	15.85	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ETSX.TO	ZEQL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.46	2.01	-0.55

Drawdowns

ETSX.TO vs. ZEQL.TO - Drawdown Comparison

The maximum ETSX.TO drawdown since its inception was -12.23%, 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 ETSX.TO and ZEQL.TO.

Drawdown Indicators

	ETSX.TO	ZEQL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-12.23%	-6.12%	-6.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-12.23%	—	—
Current Drawdown Current decline from peak	-0.37%	-0.58%	+0.21%
Average Drawdown Average peak-to-trough decline	-1.67%	-1.69%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	—	—

Volatility

Volatility by Period

	ETSX.TO	ZEQL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.78%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	11.01%	12.92%	-1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.71%	12.92%	-1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.71%	12.92%	-1.21%

ETSX.TO vs. ZEQL.TO - Expense Ratio Comparison

ETSX.TO has a 0.45% expense ratio, which is higher than ZEQL.TO's 0.05% expense ratio.

Dividends

ETSX.TO vs. ZEQL.TO - Dividend Comparison

ETSX.TO's dividend yield for the trailing twelve months is around 9.19%, more than ZEQL.TO's 0.37% yield.

Position	TTM	2025	2024	2023
ETSX.TO Evolve S&P/TSX 60 Enhanced Yield Fund CAD Unhedged	9.19%	9.39%	9.20%	9.92%
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units)	0.37%	0.00%	0.00%	0.00%

Frequently Asked Questions

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

ETSX.TO and ZEQL.TO have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ETSX.TO or ZEQL.TO?

On fees, ZEQL.TO is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETSX.TO or ZEQL.TO?

ZEQL.TO is cheaper with a 0.05% expense ratio, compared with 0.45% for ETSX.TO.

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

ETSX.TO tracks S&P/TSX 60, while ZEQL.TO tracks MSCI USA Equal Weighted Index. They also come from different issuers: Evolve and BMO. Their fees differ too: 0.45% for ETSX.TO and 0.05% for ZEQL.TO.