HXDM.TO vs. ZGQ.TO

Last updated Jun 4, 2026

HXDM.TO (Global X Intl Developed Markets Equity Index Corporate Class ETF) and ZGQ.TO (BMO MSCI All Country World High Quality Index ETF) are both exchange-traded funds - HXDM.TO is a International Equity fund tracking the Global X EAFE Futures Roll Index (Total Return), while ZGQ.TO is a Global Equities fund tracking the MSCI All Country World High Quality Index. Both are passively managed. Over the past 5 years, HXDM.TO returned 10.52%/yr vs 13.96%/yr for ZGQ.TO. A 0.70 correlation means they provide meaningful diversification when combined. HXDM.TO charges 0.20%/yr vs 0.50%/yr for ZGQ.TO.

Performance

HXDM.TO vs. ZGQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Intl Developed Markets Equity Index Corporate Class ETF (HXDM.TO) and BMO MSCI All Country World High Quality Index ETF (ZGQ.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HXDM.TO achieves a 9.69% return, which is significantly lower than ZGQ.TO's 13.23% return.

HXDM.TO

• 1D: -0.48%
• 1M: 5.65%
• YTD: 9.69%
• 6M: 9.95%
• 1Y: 21.59%
• 3Y*: 16.62%
• 5Y*: 10.52%
• 10Y*: —

ZGQ.TO

• 1D: -0.05%
• 1M: 6.84%
• YTD: 13.23%
• 6M: 8.19%
• 1Y: 25.52%
• 3Y*: 20.50%
• 5Y*: 13.96%
• 10Y*: 15.07%

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

HXDM.TO vs. ZGQ.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HXDM.TO Global X Intl Developed Markets Equity Index Corporate Class ETF	9.69%	24.06%	11.07%	15.09%	-8.78%	10.16%	4.59%	15.19%	-7.21%	5.87%
ZGQ.TO BMO MSCI All Country World High Quality Index ETF	13.23%	8.04%	29.47%	29.38%	-18.76%	21.44%	22.41%	28.91%	-0.12%	8.68%

Correlation

The correlation between HXDM.TO and ZGQ.TO is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (All Time) Calculated using the full available price history since Sep 28, 2017	0.70

The correlation between HXDM.TO and ZGQ.TO has been stable across timeframes, ranging from 0.70 to 0.77 - a consistent structural relationship.

HXDM.TO vs. ZGQ.TO - Sectors Allocation Comparison

Sectors	HXDM.TO	ZGQ.TO
Financial Services	16.0%	7.5%
Industrials	14.7%	11.2%
Healthcare	14.4%	13.4%
Consumer Defensive	11.8%	9.3%
Consumer Cyclical	10.2%	4.0%
Technology	8.8%	38.4%
Basic Materials	7.5%	2.2%
Communication Services	6.2%	13.3%
Utilities	3.9%	0.2%
Energy	3.4%	0.4%
Real Estate	3.1%	0.3%

Return for Risk

HXDM.TO vs. ZGQ.TO — Risk / Return Rank

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

HXDM.TO

HXDM.TO Risk / Return Rank: 41
HXDM.TO Sharpe Ratio Rank: 41
HXDM.TO Sortino Ratio Rank: 41
HXDM.TO Omega Ratio Rank: 41
HXDM.TO Calmar Ratio Rank: 38
HXDM.TO Martin Ratio Rank: 45

ZGQ.TO

ZGQ.TO Risk / Return Rank: 55
ZGQ.TO Sharpe Ratio Rank: 52
ZGQ.TO Sortino Ratio Rank: 52
ZGQ.TO Omega Ratio Rank: 55
ZGQ.TO Calmar Ratio Rank: 55
ZGQ.TO Martin Ratio Rank: 62

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.

HXDM.TO vs. ZGQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Intl Developed Markets Equity Index Corporate Class ETF (HXDM.TO) and BMO MSCI All Country World High Quality Index ETF (ZGQ.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.

	HXDM.TO	ZGQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.46	1.83	-0.37
Sortino ratio: Return per unit of downside risk	2.09	2.57	-0.48
Omega ratio: Gain probability vs. loss probability	1.27	1.34	-0.08
Calmar ratio: Return relative to maximum drawdown	1.90	2.78	-0.88
Martin ratio: Return relative to average drawdown	7.36	11.30	-3.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HXDM.TO vs. ZGQ.TO - Sharpe Ratio Comparison

The current HXDM.TO Sharpe Ratio is 1.46, which is comparable to the ZGQ.TO Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of HXDM.TO and ZGQ.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

	HXDM.TO	ZGQ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.83	-0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.89	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.94	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.93	-0.34

Drawdowns

HXDM.TO vs. ZGQ.TO - Drawdown Comparison

The maximum HXDM.TO drawdown since its inception was -28.43%, which is greater than ZGQ.TO's maximum drawdown of -26.68%. Use the drawdown chart below to compare losses from any high point for HXDM.TO and ZGQ.TO.

Drawdown Indicators

	HXDM.TO	ZGQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-28.43%	-26.68%	-1.75%
Max Drawdown (1Y) Largest decline over 1 year	-11.40%	-9.22%	-2.18%
Max Drawdown (3Y) Largest decline over 3 years	-14.65%	-18.36%	+3.71%
Max Drawdown (5Y) Largest decline over 5 years	-23.87%	-26.68%	+2.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.68%	—
Current Drawdown Current decline from peak	-2.03%	-1.17%	-0.86%
Average Drawdown Average peak-to-trough decline	-4.75%	-4.49%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	2.27%	+0.67%

Volatility

HXDM.TO vs. ZGQ.TO - Volatility Comparison

Global X Intl Developed Markets Equity Index Corporate Class ETF (HXDM.TO) has a higher volatility of 5.80% compared to BMO MSCI All Country World High Quality Index ETF (ZGQ.TO) at 4.57%. This indicates that HXDM.TO's price experiences larger fluctuations and is considered to be riskier than ZGQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HXDM.TO	ZGQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.80%	4.57%	+1.23%
Volatility (6M) Calculated over the trailing 6-month period	12.54%	11.49%	+1.05%
Volatility (1Y) Calculated over the trailing 1-year period	14.92%	14.04%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.07%	15.83%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.42%	16.15%	-0.73%

HXDM.TO vs. ZGQ.TO - Expense Ratio Comparison

HXDM.TO has a 0.20% expense ratio, which is lower than ZGQ.TO's 0.50% expense ratio.

Dividends

HXDM.TO vs. ZGQ.TO - Dividend Comparison

HXDM.TO has not paid dividends to shareholders, while ZGQ.TO's dividend yield for the trailing twelve months is around 0.49%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HXDM.TO Global X Intl Developed Markets Equity Index Corporate Class ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZGQ.TO BMO MSCI All Country World High Quality Index ETF	0.49%	0.60%	0.90%	1.33%	1.34%	0.86%	0.99%	1.10%	1.51%	1.09%	1.35%	1.03%

Frequently Asked Questions

Can I hold both HXDM.TO and ZGQ.TO in my portfolio?

HXDM.TO and ZGQ.TO have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HXDM.TO or ZGQ.TO?

On fees, HXDM.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, HXDM.TO or ZGQ.TO?

HXDM.TO is cheaper with a 0.20% expense ratio, compared with 0.50% for ZGQ.TO.

What is the main difference between HXDM.TO and ZGQ.TO?

HXDM.TO is categorized as International Equity, while ZGQ.TO is Global Equities. HXDM.TO tracks Global X EAFE Futures Roll Index (Total Return), while ZGQ.TO tracks MSCI All Country World High Quality Index. They also come from different issuers: Global X and BMO. Their fees differ too: 0.20% for HXDM.TO and 0.50% for ZGQ.TO.