TILV.TO vs. ZEA.TO

Last updated Jun 25, 2026

TILV.TO (TD Q International Low Volatility ETF) and ZEA.TO (BMO MSCI EAFE Index ETF) are both Foreign Large Cap Equities funds. TILV.TO is actively managed, while ZEA.TO is passively managed. Over the past 5 years, TILV.TO returned 10.86%/yr vs 11.38%/yr for ZEA.TO. At a 0.34 correlation, their price movements are largely independent. TILV.TO charges 0.40%/yr vs 0.22%/yr for ZEA.TO.

Performance

TILV.TO vs. ZEA.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, TILV.TO achieves a 9.39% return, which is significantly lower than ZEA.TO's 12.12% return.

TILV.TO

• 1D: 0.24%
• 1M: -2.48%
• YTD: 9.39%
• 6M: 9.42%
• 1Y: 16.17%
• 3Y*: 15.82%
• 5Y*: 10.86%
• 10Y*: —

ZEA.TO

• 1D: -0.19%
• 1M: -0.25%
• YTD: 12.12%
• 6M: 12.00%
• 1Y: 24.12%
• 3Y*: 19.22%
• 5Y*: 11.38%
• 10Y*: 10.70%

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

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

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
TILV.TO TD Q International Low Volatility ETF	9.39%	19.69%	13.23%	9.74%	-5.66%	14.07%	-5.87%	5.58%
ZEA.TO BMO MSCI EAFE Index ETF	12.12%	24.92%	11.58%	16.04%	-8.50%	10.66%	5.15%	6.14%

Correlation

The correlation between TILV.TO and ZEA.TO is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since May 9, 2019	0.34

Over the past year, TILV.TO and ZEA.TO have become more correlated (0.71) than their long-term average of 0.34, meaning their price movements have been converging.

TILV.TO vs. ZEA.TO - Sectors Allocation Comparison

Sectors	TILV.TO	ZEA.TO
Financial Services	21.6%	24.6%
Consumer Defensive	18.7%	6.8%
Communication Services	17.2%	4.8%
Industrials	11.7%	19.5%
Healthcare	9.8%	10.4%
Utilities	7.7%	3.7%
Real Estate	4.7%	1.8%
Energy	4.6%	4.0%
Consumer Cyclical	2.9%	7.6%
Basic Materials	0.6%	5.9%
Technology	0.6%	10.8%

Return for Risk

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

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

TILV.TO

TILV.TO Risk / Return Rank: 47
TILV.TO Sharpe Ratio Rank: 46
TILV.TO Sortino Ratio Rank: 44
TILV.TO Omega Ratio Rank: 47
TILV.TO Calmar Ratio Rank: 52
TILV.TO Martin Ratio Rank: 47

ZEA.TO

ZEA.TO Risk / Return Rank: 54
ZEA.TO Sharpe Ratio Rank: 55
ZEA.TO Sortino Ratio Rank: 56
ZEA.TO Omega Ratio Rank: 56
ZEA.TO Calmar Ratio Rank: 50
ZEA.TO Martin Ratio Rank: 54

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.

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

This table presents a comparison of risk-adjusted performance metrics for TD Q International Low Volatility ETF (TILV.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.

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.

	TILV.TO	ZEA.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.67	-0.24
Sortino ratio: Return per unit of downside risk	1.99	2.40	-0.41
Omega ratio: Gain probability vs. loss probability	1.27	1.31	-0.04
Calmar ratio: Return relative to maximum drawdown	2.28	2.22	+0.06
Martin ratio: Return relative to average drawdown	7.03	8.56	-1.53

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

The current TILV.TO Sharpe Ratio is 1.43, which is comparable to the ZEA.TO Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of TILV.TO and ZEA.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

TILV.TO vs. ZEA.TO - Drawdown Comparison

The maximum TILV.TO drawdown since its inception was -27.24%, roughly equal to the maximum ZEA.TO drawdown of -27.80%. Use the drawdown chart below to compare losses from any high point for TILV.TO and ZEA.TO.

Drawdown Indicators

	TILV.TO	ZEA.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.24%	-27.80%	+0.56%
Max Drawdown (1Y) Largest decline over 1 year	-7.11%	-10.91%	+3.80%
Max Drawdown (3Y) Largest decline over 3 years	-7.62%	-14.11%	+6.49%
Max Drawdown (5Y) Largest decline over 5 years	-17.01%	-23.66%	+6.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-27.80%	—
Current Drawdown Current decline from peak	-2.48%	-2.09%	-0.39%
Average Drawdown Average peak-to-trough decline	-4.50%	-4.61%	+0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.31%	2.83%	-0.52%

Volatility

TILV.TO vs. ZEA.TO - Volatility Comparison

The current volatility for TD Q International Low Volatility ETF (TILV.TO) is 3.02%, while BMO MSCI EAFE Index ETF (ZEA.TO) has a volatility of 4.91%. This indicates that TILV.TO experiences smaller price fluctuations and is considered to be less risky than ZEA.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TILV.TO	ZEA.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.02%	4.91%	-1.89%
Volatility (6M) Calculated over the trailing 6-month period	9.46%	12.41%	-2.95%
Volatility (1Y) Calculated over the trailing 1-year period	11.37%	14.51%	-3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.89%	13.63%	-1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.47%	14.79%	-1.32%

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

TILV.TO has a 0.40% expense ratio, which is higher than ZEA.TO's 0.22% expense ratio.

Dividends

TILV.TO vs. ZEA.TO - Dividend Comparison

TILV.TO's dividend yield for the trailing twelve months is around 2.88%, more than ZEA.TO's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TILV.TO TD Q International Low Volatility ETF	2.88%	3.08%	3.35%	3.52%	2.83%	2.78%	2.99%	2.10%	0.00%	0.00%	0.00%	0.00%
ZEA.TO BMO MSCI EAFE Index ETF	1.90%	2.17%	2.78%	3.02%	3.08%	2.49%	2.74%	2.95%	3.05%	2.40%	2.80%	2.43%

Frequently Asked Questions

Can I hold both TILV.TO and ZEA.TO in my portfolio?

TILV.TO and ZEA.TO have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TILV.TO or ZEA.TO?

On fees, ZEA.TO is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TILV.TO or ZEA.TO?

ZEA.TO is cheaper with a 0.22% expense ratio, compared with 0.40% for TILV.TO.

What is the main difference between TILV.TO and ZEA.TO?

They also come from different issuers: TD and BMO. Their fees differ too: 0.40% for TILV.TO and 0.22% for ZEA.TO.