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

PZW.TO vs. GEQT.TO

Last updated Jun 8, 2026

PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) and GEQT.TO (iShares ESG Equity ETF Portfolio) are both Global Equities funds. PZW.TO is passively managed, while GEQT.TO is actively managed. Over the past 5 years, PZW.TO returned 10.19%/yr vs 13.85%/yr for GEQT.TO. At a 0.34 correlation, their price movements are largely independent.

Performance

PZW.TO vs. GEQT.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) and iShares ESG Equity ETF Portfolio (GEQT.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, PZW.TO achieves a 13.28% return, which is significantly higher than GEQT.TO's 11.36% return.

PZW.TO

1D
0.54%
1M
1.10%
YTD
13.28%
6M
11.79%
1Y
31.67%
3Y*
19.50%
5Y*
10.19%
10Y*
11.06%

GEQT.TO

1D
-3.14%
1M
1.99%
YTD
11.36%
6M
9.23%
1Y
24.85%
3Y*
22.18%
5Y*
13.85%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

2026 (YTD)202520242023202220212020
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		13.28%18.48%16.03%12.88%-10.53%17.53%17.26%
GEQT.TO
iShares ESG Equity ETF Portfolio		11.36%17.86%25.42%22.35%-15.19%21.99%7.15%

Correlation

The correlation between PZW.TO and GEQT.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

0.35

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

0.36

Correlation (All Time)
Calculated using the full available price history since Sep 3, 2020

0.34

Compare stocks, funds, or ETFs

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

Invesco FTSE RAFI Global Small-Mid ETF

iShares ESG Equity ETF Portfolio

Often compared with PZW.TO:
PZW.TO vs. EQL.TOPZW.TO vs. QQC.TOPZW.TO vs. XML.TOPZW.TO vs. CYH.TOPZW.TO vs. EQLI.TOPZW.TO vs. QQCE.TOPZW.TO vs. TEQT.TO
Often compared with GEQT.TO:
GEQT.TO vs. XEQT.TOGEQT.TO vs. GGRO.TOGEQT.TO vs. ZAG.TOGEQT.TO vs. GBAL.TOGEQT.TO vs. XEN.TOGEQT.TO vs. XBAL.TOGEQT.TO vs. VT

Return for Risk

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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PZW.TO
PZW.TO Risk / Return Rank: 7979
Overall Rank
PZW.TO Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
PZW.TO Sortino Ratio Rank: 8282
Sortino Ratio Rank
PZW.TO Omega Ratio Rank: 8282
Omega Ratio Rank
PZW.TO Calmar Ratio Rank: 7979
Calmar Ratio Rank
PZW.TO Martin Ratio Rank: 7777
Martin Ratio Rank
GEQT.TO
GEQT.TO Risk / Return Rank: 6060
Overall Rank
GEQT.TO Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
GEQT.TO Sortino Ratio Rank: 5757
Sortino Ratio Rank
GEQT.TO Omega Ratio Rank: 5858
Omega Ratio Rank
GEQT.TO Calmar Ratio Rank: 6060
Calmar Ratio Rank
GEQT.TO Martin Ratio Rank: 6767
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.

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

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) and iShares ESG Equity ETF Portfolio (GEQT.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.

PZW.TOGEQT.TODifference
Sharpe ratioReturn per unit of total volatility
2.25
1.82

+0.43

Sortino ratioReturn per unit of downside risk
3.30
2.49

+0.81

Omega ratioGain probability vs. loss probability

1.44

1.33

+0.11

Calmar ratioReturn relative to maximum drawdown

3.74

2.76

+0.99

Martin ratioReturn relative to average drawdown

13.35

11.36

+1.99

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current PZW.TO Sharpe Ratio is 2.25, which is comparable to the GEQT.TO Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of PZW.TO and GEQT.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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Sharpe Ratios by Period

PZW.TOGEQT.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.25

1.82

+0.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.70

0.79

-0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.70

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.63

0.87

-0.24

Drawdowns

PZW.TO vs. GEQT.TO - Drawdown Comparison

The maximum PZW.TO drawdown since its inception was -32.45%, which is greater than GEQT.TO's maximum drawdown of -23.66%. Use the drawdown chart below to compare losses from any high point for PZW.TO and GEQT.TO.

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Drawdown Indicators

PZW.TOGEQT.TODifference

Max Drawdown

Largest peak-to-trough decline

-32.45%

-23.66%

-8.79%

Max Drawdown (1Y)

Largest decline over 1 year

-8.50%

-9.29%

+0.79%

Max Drawdown (3Y)

Largest decline over 3 years

-16.88%

-18.02%

+1.14%

Max Drawdown (5Y)

Largest decline over 5 years

-22.13%

-23.66%

+1.53%

Max Drawdown (10Y)

Largest decline over 10 years

-32.45%

—

—

Current Drawdown

Current decline from peak

-0.38%

-3.29%

+2.91%

Average Drawdown

Average peak-to-trough decline

-5.75%

-5.11%

-0.64%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.38%

2.25%

+0.13%

Volatility

PZW.TO vs. GEQT.TO - Volatility Comparison

The current volatility for Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) is 3.36%, while iShares ESG Equity ETF Portfolio (GEQT.TO) has a volatility of 5.00%. This indicates that PZW.TO experiences smaller price fluctuations and is considered to be less risky than GEQT.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PZW.TOGEQT.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

3.36%

5.00%

-1.64%

Volatility (6M)

Calculated over the trailing 6-month period

10.40%

11.90%

-1.50%

Volatility (1Y)

Calculated over the trailing 1-year period

14.15%

14.08%

+0.07%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.65%

17.53%

-2.88%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.93%

17.35%

-1.42%

Dividends

PZW.TO vs. GEQT.TO - Dividend Comparison

PZW.TO's dividend yield for the trailing twelve months is around 1.72%, more than GEQT.TO's 1.14% yield.

PositionTTM20252024202320222021202020192018201720162015
GEQT.TO
iShares ESG Equity ETF Portfolio		1.14%1.26%1.38%1.58%1.82%1.32%0.87%0.00%0.00%0.00%0.00%0.00%
PZW.TO
Invesco FTSE RAFI Global Small-Mid ETF		1.72%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

PZW.TO and GEQT.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.

They also come from different issuers: Invesco and iShares.

Portfolio Optimizer

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