PZW.TO vs. ZGQ.TO

Last updated Jul 18, 2026

PZW.TO (Invesco FTSE RAFI Global Small-Mid ETF) and ZGQ.TO (BMO MSCI All Country World High Quality Index ETF) are both Global Equities funds - PZW.TO tracks the 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index while ZGQ.TO tracks the MSCI All Country World High Quality Index. Both are passively managed. Over the past 10 years, PZW.TO returned 11.00%/yr vs 14.72%/yr for ZGQ.TO. At a 0.29 correlation, their price movements are largely independent.

Performance

PZW.TO vs. ZGQ.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 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, PZW.TO achieves a 16.26% return, which is significantly higher than ZGQ.TO's 12.75% return. Over the past 10 years, PZW.TO has underperformed ZGQ.TO with an annualized return of 11.00%, while ZGQ.TO has yielded a comparatively higher 14.72% annualized return.

PZW.TO

• 1D: 0.00%
• 1M: 0.23%
• 6M: 9.03%
• YTD: 16.26%
• 1Y: 29.21%
• 3Y*: 18.38%
• 5Y*: 10.66%
• 10Y*: 11.00%

ZGQ.TO

• 1D: -1.52%
• 1M: -0.95%
• 6M: 8.24%
• YTD: 12.75%
• 1Y: 20.06%
• 3Y*: 18.91%
• 5Y*: 12.16%
• 10Y*: 14.72%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PZW.TO Invesco FTSE RAFI Global Small-Mid ETF	16.26%	18.48%	16.03%	12.88%	-10.53%	17.53%	7.48%	18.01%	-8.08%	13.64%
ZGQ.TO BMO MSCI All Country World High Quality Index ETF	12.75%	8.06%	29.51%	29.44%	-18.72%	21.48%	22.46%	28.96%	-0.05%	19.61%

Correlation

The correlation between PZW.TO and ZGQ.TO is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since May 13, 2015	0.29

The correlation between PZW.TO and ZGQ.TO shifts across timeframes, from 0.23 (1 year) to 0.36 (5 years), reflecting how their relationship changes across market environments.

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

Sectors	PZW.TO	ZGQ.TO
Industrials	19.4%	10.9%
Financial Services	13.5%	6.9%
Technology	12.3%	40.5%
Healthcare	12.0%	13.6%
Consumer Cyclical	11.4%	3.9%
Real Estate	8.3%	0.2%
Basic Materials	7.0%	2.2%
Energy	5.6%	0.3%
Consumer Defensive	4.6%	8.5%
Communication Services	3.7%	12.8%
Utilities	2.2%	0.1%

Return for Risk

PZW.TO vs. ZGQ.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: 85
PZW.TO Sharpe Ratio Rank: 84
PZW.TO Sortino Ratio Rank: 86
PZW.TO Omega Ratio Rank: 86
PZW.TO Calmar Ratio Rank: 85
PZW.TO Martin Ratio Rank: 83

ZGQ.TO

ZGQ.TO Risk / Return Rank: 53
ZGQ.TO Sharpe Ratio Rank: 49
ZGQ.TO Sortino Ratio Rank: 49
ZGQ.TO Omega Ratio Rank: 51
ZGQ.TO Calmar Ratio Rank: 54
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.

PZW.TO vs. ZGQ.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 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PZW.TO	ZGQ.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.37	+0.69
Sortino ratio: Return per unit of downside risk	3.04	1.97	+1.07
Omega ratio: Gain probability vs. loss probability	1.40	1.26	+0.14
Calmar ratio: Return relative to maximum drawdown	3.45	2.18	+1.27
Martin ratio: Return relative to average drawdown	12.19	8.64	+3.55

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

The current PZW.TO Sharpe Ratio is 2.07, which is higher than the ZGQ.TO Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of PZW.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.

Drawdowns

PZW.TO vs. ZGQ.TO - Drawdown Comparison

The maximum PZW.TO drawdown since its inception was -32.45%, which is greater than ZGQ.TO's maximum drawdown of -26.67%. Use the drawdown chart below to compare losses from any high point for PZW.TO and ZGQ.TO.

Drawdown Indicators

	PZW.TO	ZGQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-32.45%	-26.67%	-5.78%
Max Drawdown (1Y) Largest decline over 1 year	-8.50%	-9.22%	+0.72%
Max Drawdown (3Y) Largest decline over 3 years	-16.88%	-18.35%	+1.47%
Max Drawdown (5Y) Largest decline over 5 years	-22.13%	-26.67%	+4.54%
Max Drawdown (10Y) Largest decline over 10 years	-32.45%	-26.67%	-5.78%
Current Drawdown Current decline from peak	-2.61%	-3.45%	+0.84%
Average Drawdown Average peak-to-trough decline	-5.70%	-4.45%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	2.33%	+0.07%

Volatility

PZW.TO vs. ZGQ.TO - Volatility Comparison

The current volatility for Invesco FTSE RAFI Global Small-Mid ETF (PZW.TO) is 3.01%, while BMO MSCI All Country World High Quality Index ETF (ZGQ.TO) has a volatility of 3.86%. This indicates that PZW.TO experiences smaller price fluctuations and is considered to be less risky than ZGQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PZW.TO	ZGQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.01%	3.86%	-0.85%
Volatility (6M) Calculated over the trailing 6-month period	10.31%	11.90%	-1.59%
Volatility (1Y) Calculated over the trailing 1-year period	14.21%	14.68%	-0.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.68%	15.97%	-1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.85%	16.17%	-0.32%

Dividends

PZW.TO vs. ZGQ.TO - Dividend Comparison

PZW.TO's dividend yield for the trailing twelve months is around 1.67%, more than ZGQ.TO's 0.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PZW.TO Invesco FTSE RAFI Global Small-Mid ETF	1.67%	1.97%	2.12%	3.23%	1.90%	1.93%	1.52%	2.26%	1.78%	1.57%	1.09%	0.96%
ZGQ.TO BMO MSCI All Country World High Quality Index ETF	0.49%	0.62%	0.93%	1.38%	1.39%	0.89%	1.03%	1.13%	1.58%	1.15%	1.40%	1.13%

Frequently Asked Questions

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

PZW.TO and ZGQ.TO have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

PZW.TO tracks 50% FTSE RAFI Developed ex US Mid-Small 1500 Index / 50% FTSE RAFI US 1500 Mid-Small Index, while ZGQ.TO tracks MSCI All Country World High Quality Index. They also come from different issuers: Invesco and BMO.