GSWO vs. ZEQT.TO

Last updated Jun 4, 2026

GSWO (Goldman Sachs ActiveBeta World Equity ETF) and ZEQT.TO (BMO All-Equity ETF) are both Global Equities funds. GSWO is passively managed, while ZEQT.TO is actively managed. Over the past 3 years, GSWO returned 18.70%/yr vs 21.57%/yr for ZEQT.TO. A 0.74 correlation means they provide meaningful diversification when combined. GSWO charges 0.25%/yr vs 0.20%/yr for ZEQT.TO.

Performance

GSWO vs. ZEQT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs ActiveBeta World Equity ETF (GSWO) and BMO All-Equity ETF (ZEQT.TO). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

GSWO is traded in USD, while ZEQT.TO is traded in CAD. To make them comparable, the ZEQT.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, GSWO achieves a 11.00% return, which is significantly lower than ZEQT.TO's 11.64% return.

GSWO

• 1D: -0.71%
• 1M: 4.81%
• YTD: 11.00%
• 6M: 11.56%
• 1Y: 20.17%
• 3Y*: 18.70%
• 5Y*: —
• 10Y*: —

ZEQT.TO

• 1D: -0.83%
• 1M: 4.27%
• YTD: 11.64%
• 6M: 13.29%
• 1Y: 30.16%
• 3Y*: 21.57%
• 5Y*: —
• 10Y*: —

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

GSWO vs. ZEQT.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GSWO Goldman Sachs ActiveBeta World Equity ETF	11.00%	18.97%	15.29%	16.28%	-6.15%
ZEQT.TO BMO All-Equity ETF	11.64%	25.41%	15.53%	19.45%	-11.96%

Correlation

The correlation between GSWO and ZEQT.TO is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Mar 18, 2022	0.74

The correlation between GSWO and ZEQT.TO has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.

Return for Risk

GSWO vs. ZEQT.TO — Risk / Return Rank

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

GSWO

GSWO Risk / Return Rank: 56
GSWO Sharpe Ratio Rank: 55
GSWO Sortino Ratio Rank: 59
GSWO Omega Ratio Rank: 56
GSWO Calmar Ratio Rank: 46
GSWO Martin Ratio Rank: 61

ZEQT.TO

ZEQT.TO Risk / Return Rank: 75
ZEQT.TO Sharpe Ratio Rank: 75
ZEQT.TO Sortino Ratio Rank: 76
ZEQT.TO Omega Ratio Rank: 76
ZEQT.TO Calmar Ratio Rank: 72
ZEQT.TO Martin Ratio Rank: 78

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.

GSWO vs. ZEQT.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs ActiveBeta World Equity ETF (GSWO) and BMO All-Equity ETF (ZEQT.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.

	GSWO	ZEQT.TO	Difference
Sharpe ratio Return per unit of total volatility	1.88	2.22	-0.34
Sortino ratio Return per unit of downside risk	2.77	3.07	-0.30
Omega ratio Gain probability vs. loss probability	1.35	1.39	-0.04
Calmar ratio Return relative to maximum drawdown	2.27	3.07	-0.80
Martin ratio Return relative to average drawdown	10.87	12.88	-2.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GSWO vs. ZEQT.TO - Sharpe Ratio Comparison

The current GSWO Sharpe Ratio is 1.88, which is comparable to the ZEQT.TO Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of GSWO and ZEQT.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.

Sharpe Ratios by Period

	GSWO	ZEQT.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.22	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.85	+0.15

Drawdowns

GSWO vs. ZEQT.TO - Drawdown Comparison

The maximum GSWO drawdown since its inception was -17.77%, smaller than the maximum ZEQT.TO drawdown of -23.40%. Use the drawdown chart below to compare losses from any high point for GSWO and ZEQT.TO.

Drawdown Indicators

	GSWO	ZEQT.TO	Difference
Max Drawdown Largest peak-to-trough decline	-17.77%	-23.40%	+5.63%
Max Drawdown (1Y) Largest decline over 1 year	-8.93%	-9.88%	+0.95%
Max Drawdown (3Y) Largest decline over 3 years	-9.97%	-15.31%	+5.34%
Current Drawdown Current decline from peak	-0.71%	-1.80%	+1.09%
Average Drawdown Average peak-to-trough decline	-3.25%	-4.62%	+1.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	2.35%	-0.49%

Volatility

GSWO vs. ZEQT.TO - Volatility Comparison

The current volatility for Goldman Sachs ActiveBeta World Equity ETF (GSWO) is 3.22%, while BMO All-Equity ETF (ZEQT.TO) has a volatility of 5.45%. This indicates that GSWO experiences smaller price fluctuations and is considered to be less risky than ZEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSWO	ZEQT.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.22%	5.45%	-2.23%
Volatility (6M) Calculated over the trailing 6-month period	9.02%	11.16%	-2.14%
Volatility (1Y) Calculated over the trailing 1-year period	10.75%	13.63%	-2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.96%	16.63%	-3.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.96%	16.63%	-3.67%

GSWO vs. ZEQT.TO - Expense Ratio Comparison

GSWO has a 0.25% expense ratio, which is higher than ZEQT.TO's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

GSWO vs. ZEQT.TO - Dividend Comparison

GSWO's dividend yield for the trailing twelve months is around 1.61%, more than ZEQT.TO's 1.28% yield.

Position	TTM	2025	2024	2023	2022
GSWO Goldman Sachs ActiveBeta World Equity ETF	1.61%	1.74%	1.75%	2.06%	1.73%
ZEQT.TO BMO All-Equity ETF	1.28%	1.45%	1.69%	2.13%	2.43%

Frequently Asked Questions

Can I hold both GSWO and ZEQT.TO in my portfolio?

GSWO and ZEQT.TO have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GSWO or ZEQT.TO?

On fees, ZEQT.TO is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GSWO or ZEQT.TO?

ZEQT.TO is cheaper with a 0.20% expense ratio, compared with 0.25% for GSWO.

What is the main difference between GSWO and ZEQT.TO?

They also come from different issuers: Goldman Sachs and BMO. Their fees differ too: 0.25% for GSWO and 0.20% for ZEQT.TO.