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QDX.TO vs. ZEA.TO
Performance
Return for Risk
Dividends
Drawdowns
Volatility

QDX.TO vs. ZEA.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Mackenzie International Equity Index ETF (QDX.TO) and BMO MSCI EAFE Index ETF (ZEA.TO).

QDX.TO 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. QDX.TO is a passively managed fund by Mackenzie that tracks the performance of the Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index. It was launched on Jan 24, 2018. 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 QDX.TO 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

QDX.TO vs. ZEA.TO - Performance Comparison

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

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QDX.TO vs. ZEA.TO - Yearly Performance Comparison

2026 (YTD)20252024202320222021202020192018
QDX.TO
Mackenzie International Equity Index ETF		2.63%25.29%12.93%13.66%-8.61%11.24%5.06%15.27%-8.78%
ZEA.TO
BMO MSCI EAFE Index ETF		2.60%24.28%11.56%16.02%-8.51%10.64%5.13%16.71%-8.11%

Returns By Period

The year-to-date returns for both stocks are quite close, with QDX.TO having a 2.63% return and ZEA.TO slightly lower at 2.60%.

QDX.TO

1D
3.07%
1M
-5.76%
YTD
2.63%
6M
5.86%
1Y
19.56%
3Y*
15.55%
5Y*
10.13%
10Y*
—

ZEA.TO

1D
2.76%
1M
-5.88%
YTD
2.60%
6M
5.10%
1Y
17.84%
3Y*
14.97%
5Y*
10.05%
10Y*
9.38%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

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

Mackenzie International Equity Index ETF

BMO MSCI EAFE Index ETF

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Often compared with ZEA.TO:
ZEA.TO vs. XEF.TOZEA.TO vs. XEQT.TOZEA.TO vs. VXC.TOZEA.TO vs. XAW.TOZEA.TO vs. IEFAZEA.TO vs. VFV.TOZEA.TO vs. ZSP.TO

QDX.TO vs. ZEA.TO - Expense Ratio Comparison

QDX.TO has a 0.17% 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
QDX.TO
Mackenzie International Equity Index ETF

Return for Risk

QDX.TO vs. ZEA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QDX.TO
QDX.TO Risk / Return Rank: 6464
Overall Rank
QDX.TO Sharpe Ratio Rank: 6464
Sharpe Ratio Rank
QDX.TO Sortino Ratio Rank: 6565
Sortino Ratio Rank
QDX.TO Omega Ratio Rank: 6363
Omega Ratio Rank
QDX.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
QDX.TO Martin Ratio Rank: 6363
Martin Ratio Rank
ZEA.TO
ZEA.TO Risk / Return Rank: 6565
Overall Rank
ZEA.TO Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
ZEA.TO Sortino Ratio Rank: 6565
Sortino Ratio Rank
ZEA.TO Omega Ratio Rank: 6565
Omega Ratio Rank
ZEA.TO Calmar Ratio Rank: 6565
Calmar Ratio Rank
ZEA.TO Martin Ratio Rank: 6464
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.

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

This table presents a comparison of risk-adjusted performance metrics for Mackenzie International Equity Index ETF (QDX.TO) 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.

QDX.TOZEA.TODifference

Sharpe ratio

Return per unit of total volatility

1.16

1.10

+0.06

Sortino ratio

Return per unit of downside risk

1.68

1.57

+0.11

Omega ratio

Gain probability vs. loss probability

1.24

1.23

+0.01

Calmar ratio

Return relative to maximum drawdown

1.68

1.55

+0.13

Martin ratio

Return relative to average drawdown

6.49

5.92

+0.56

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

QDX.TO vs. ZEA.TO - Sharpe Ratio Comparison

The current QDX.TO Sharpe Ratio is 1.16, which is comparable to the ZEA.TO Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of QDX.TO 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.

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Sharpe Ratios by Period

QDX.TOZEA.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.16

1.10

+0.06

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.74

0.76

-0.02

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.64

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.51

0.56

-0.05

Correlation

The correlation between QDX.TO and ZEA.TO is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

QDX.TO vs. ZEA.TO - Dividend Comparison

QDX.TO's dividend yield for the trailing twelve months is around 2.82%, more than ZEA.TO's 2.08% yield.

TTM20252024202320222021202020192018201720162015
QDX.TO
Mackenzie International Equity Index ETF		2.82%2.51%2.48%2.61%2.73%2.25%1.91%2.76%3.03%0.00%0.00%0.00%
ZEA.TO
BMO MSCI EAFE Index ETF		2.08%2.17%2.77%3.00%3.06%2.48%2.72%2.93%3.03%2.39%2.78%2.42%

Drawdowns

QDX.TO vs. ZEA.TO - Drawdown Comparison

The maximum QDX.TO drawdown since its inception was -28.08%, roughly equal to the maximum ZEA.TO drawdown of -27.80%. Use the drawdown chart below to compare losses from any high point for QDX.TO and ZEA.TO.

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Drawdown Indicators

QDX.TOZEA.TODifference

Max Drawdown

Largest peak-to-trough decline

-28.08%

-27.80%

-0.28%

Max Drawdown (1Y)

Largest decline over 1 year

-11.30%

-11.09%

-0.21%

Max Drawdown (5Y)

Largest decline over 5 years

-23.00%

-23.67%

+0.67%

Max Drawdown (10Y)

Largest decline over 10 years

—

-27.80%

—

Current Drawdown

Current decline from peak

-6.59%

-6.46%

-0.13%

Average Drawdown

Average peak-to-trough decline

-4.59%

-4.66%

+0.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.93%

2.94%

-0.01%

Volatility

QDX.TO vs. ZEA.TO - Volatility Comparison

Mackenzie International Equity Index ETF (QDX.TO) and BMO MSCI EAFE Index ETF (ZEA.TO) have volatilities of 7.54% and 7.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

QDX.TOZEA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

7.54%

7.36%

+0.18%

Volatility (6M)

Calculated over the trailing 6-month period

10.85%

10.22%

+0.63%

Volatility (1Y)

Calculated over the trailing 1-year period

16.94%

16.27%

+0.67%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.72%

13.29%

+0.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.43%

14.80%

+0.63%