IEFA vs. ZEA.TO

Last updated Apr 2, 2026

Compare and contrast key facts about iShares Core MSCI EAFE ETF (IEFA) and BMO MSCI EAFE Index ETF (ZEA.TO).

IEFA and ZEA.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IEFA is a passively managed fund by iShares that tracks the performance of the MSCI EAFE Investable Market Index. It was launched on Oct 18, 2012. ZEA.TO is a passively managed fund by BMO that tracks the performance of the MSCI EAFE Index. It was launched on Feb 10, 2014. Both IEFA and ZEA.TO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IEFA vs. ZEA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI EAFE ETF (IEFA) and BMO MSCI EAFE Index ETF (ZEA.TO). The values are adjusted to include any dividend payments, if applicable.

IEFA vs. ZEA.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEFA iShares Core MSCI EAFE ETF	2.74%	32.08%	3.26%	17.95%	-15.24%	11.63%	8.18%	22.64%	-14.14%	26.57%
ZEA.TO BMO MSCI EAFE Index ETF	1.97%	30.24%	2.75%	18.66%	-14.63%	11.46%	7.24%	22.53%	-13.52%	24.83%

Different Trading Currencies

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

Returns By Period

In the year-to-date period, IEFA achieves a 2.74% return, which is significantly higher than ZEA.TO's 1.97% return. Both investments have delivered pretty close results over the past 10 years, with IEFA having a 9.02% annualized return and ZEA.TO not far behind at 8.72%.

IEFA

• 1D: 1.52%
• 1M: -4.68%
• YTD: 2.74%
• 6M: 6.58%
• 1Y: 25.75%
• 3Y*: 15.08%
• 5Y*: 8.12%
• 10Y*: 9.02%

ZEA.TO

• 1D: 0.67%
• 1M: -5.47%
• YTD: 1.97%
• 6M: 5.03%
• 1Y: 22.67%
• 3Y*: 14.15%
• 5Y*: 7.96%
• 10Y*: 8.72%

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

IEFA vs. ZEA.TO - Expense Ratio Comparison

IEFA has a 0.07% expense ratio, which is lower than ZEA.TO's 0.22% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

ZEA.TO

BMO MSCI EAFE Index ETF

IEFA

iShares Core MSCI EAFE ETF

Return for Risk

IEFA vs. ZEA.TO — Risk / Return Rank

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

IEFA

IEFA Risk / Return Rank: 78
IEFA Sharpe Ratio Rank: 77
IEFA Sortino Ratio Rank: 79
IEFA Omega Ratio Rank: 77
IEFA Calmar Ratio Rank: 80
IEFA Martin Ratio Rank: 78

ZEA.TO

ZEA.TO Risk / Return Rank: 63
ZEA.TO Sharpe Ratio Rank: 65
ZEA.TO Sortino Ratio Rank: 64
ZEA.TO Omega Ratio Rank: 64
ZEA.TO Calmar Ratio Rank: 63
ZEA.TO Martin Ratio Rank: 61

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.

IEFA vs. ZEA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI EAFE ETF (IEFA) and BMO MSCI EAFE Index ETF (ZEA.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.

	IEFA	ZEA.TO	Difference
Sharpe ratio Return per unit of total volatility	1.46	1.30	+0.16
Sortino ratio Return per unit of downside risk	2.07	1.87	+0.21
Omega ratio Gain probability vs. loss probability	1.30	1.27	+0.03
Calmar ratio Return relative to maximum drawdown	2.27	2.03	+0.24
Martin ratio Return relative to average drawdown	8.75	7.69	+1.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEFA vs. ZEA.TO - Sharpe Ratio Comparison

The current IEFA Sharpe Ratio is 1.46, which is comparable to the ZEA.TO Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of IEFA and ZEA.TO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IEFA	ZEA.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	1.30	+0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	0.49	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.50	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.36	+0.13

Correlation

The correlation between IEFA and ZEA.TO is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IEFA vs. ZEA.TO - Dividend Comparison

IEFA's dividend yield for the trailing twelve months is around 3.46%, more than ZEA.TO's 2.06% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEFA iShares Core MSCI EAFE ETF	3.46%	3.55%	3.47%	3.20%	2.70%	3.32%	1.90%	3.18%	3.46%	2.57%	2.96%	2.63%
ZEA.TO BMO MSCI EAFE Index ETF	2.06%	2.17%	2.77%	3.00%	3.06%	2.48%	2.72%	2.93%	3.03%	2.39%	2.78%	2.42%

Drawdowns

IEFA vs. ZEA.TO - Drawdown Comparison

The maximum IEFA drawdown since its inception was -34.78%, roughly equal to the maximum ZEA.TO drawdown of -33.82%. Use the drawdown chart below to compare losses from any high point for IEFA and ZEA.TO.

Drawdown Indicators

	IEFA	ZEA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-34.78%	-27.80%	-6.98%
Max Drawdown (1Y) Largest decline over 1 year	-11.50%	-11.09%	-0.41%
Max Drawdown (5Y) Largest decline over 5 years	-30.41%	-23.67%	-6.74%
Max Drawdown (10Y) Largest decline over 10 years	-34.78%	-27.80%	-6.98%
Current Drawdown Current decline from peak	-6.75%	-5.94%	-0.81%
Average Drawdown Average peak-to-trough decline	-6.74%	-4.66%	-2.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.98%	2.95%	+0.03%

Volatility

IEFA vs. ZEA.TO - Volatility Comparison

iShares Core MSCI EAFE ETF (IEFA) has a higher volatility of 7.51% compared to BMO MSCI EAFE Index ETF (ZEA.TO) at 7.11%. This indicates that IEFA's price experiences larger fluctuations and is considered to be riskier than ZEA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IEFA	ZEA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.51%	7.11%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	11.14%	10.82%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	17.67%	17.52%	+0.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.36%	16.23%	+0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.24%	17.45%	-0.21%