TPE.TO vs. ZDM.TO

Last updated Apr 1, 2026

Compare and contrast key facts about TD International Equity Index ETF (TPE.TO) and BMO MSCI EAFE Hedged to CAD Index ETF (ZDM.TO).

TPE.TO and ZDM.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TPE.TO is a passively managed fund by TD that tracks the performance of the Solactive GBS Developed Markets ex North America Large & Mid Cap CAD Index (CA NTR). It was launched on Mar 22, 2016. ZDM.TO is a passively managed fund by BMO that tracks the performance of the MSCI EAFE 100% Hedged to CAD Index. It was launched on Oct 20, 2009. Both TPE.TO and ZDM.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

TPE.TO vs. ZDM.TO - Performance Comparison

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

TPE.TO vs. ZDM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TPE.TO TD International Equity Index ETF	2.51%	25.30%	12.36%	15.65%	-9.18%	10.41%	6.19%	16.38%	-6.63%	17.27%
ZDM.TO BMO MSCI EAFE Hedged to CAD Index ETF	2.47%	20.34%	12.72%	18.62%	-5.78%	18.93%	0.25%	23.21%	-10.06%	16.18%

Returns By Period

The year-to-date returns for both stocks are quite close, with TPE.TO having a 2.51% return and ZDM.TO slightly lower at 2.47%. Over the past 10 years, TPE.TO has underperformed ZDM.TO with an annualized return of 9.42%, while ZDM.TO has yielded a comparatively higher 10.59% annualized return.

TPE.TO

• 1D: 3.00%
• 1M: -6.15%
• YTD: 2.51%
• 6M: 5.84%
• 1Y: 19.21%
• 3Y*: 15.38%
• 5Y*: 10.20%
• 10Y*: 9.42%

ZDM.TO

• 1D: 2.49%
• 1M: -5.42%
• YTD: 2.47%
• 6M: 7.97%
• 1Y: 18.63%
• 3Y*: 14.85%
• 5Y*: 11.11%
• 10Y*: 10.59%

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

TPE.TO vs. ZDM.TO - Expense Ratio Comparison

TPE.TO has a 0.19% expense ratio, which is lower than ZDM.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%.

ZDM.TO

BMO MSCI EAFE Hedged to CAD Index ETF

TPE.TO

TD International Equity Index ETF

Return for Risk

TPE.TO vs. ZDM.TO — Risk / Return Rank

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

TPE.TO

TPE.TO Risk / Return Rank: 66
TPE.TO Sharpe Ratio Rank: 67
TPE.TO Sortino Ratio Rank: 66
TPE.TO Omega Ratio Rank: 65
TPE.TO Calmar Ratio Rank: 66
TPE.TO Martin Ratio Rank: 63

ZDM.TO

ZDM.TO Risk / Return Rank: 62
ZDM.TO Sharpe Ratio Rank: 63
ZDM.TO Sortino Ratio Rank: 64
ZDM.TO Omega Ratio Rank: 67
ZDM.TO Calmar Ratio Rank: 54
ZDM.TO Martin Ratio Rank: 60

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.

TPE.TO vs. ZDM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD International Equity Index ETF (TPE.TO) and BMO MSCI EAFE Hedged to CAD Index ETF (ZDM.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.

	TPE.TO	ZDM.TO	Difference
Sharpe ratio Return per unit of total volatility	1.16	1.12	+0.04
Sortino ratio Return per unit of downside risk	1.63	1.64	0.00
Omega ratio Gain probability vs. loss probability	1.23	1.25	-0.01
Calmar ratio Return relative to maximum drawdown	1.63	1.38	+0.25
Martin ratio Return relative to average drawdown	6.17	5.96	+0.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TPE.TO vs. ZDM.TO - Sharpe Ratio Comparison

The current TPE.TO Sharpe Ratio is 1.16, which is comparable to the ZDM.TO Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of TPE.TO and ZDM.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

	TPE.TO	ZDM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	1.12	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	0.82	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.64	0.67	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	0.50	+0.12

Correlation

The correlation between TPE.TO and ZDM.TO is 0.66, 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

TPE.TO vs. ZDM.TO - Dividend Comparison

TPE.TO's dividend yield for the trailing twelve months is around 2.29%, more than ZDM.TO's 2.04% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TPE.TO TD International Equity Index ETF	2.29%	2.30%	2.37%	2.66%	2.89%	2.41%	2.42%	2.60%	2.94%	2.35%	2.21%	0.00%
ZDM.TO BMO MSCI EAFE Hedged to CAD Index ETF	2.04%	2.13%	2.71%	2.97%	3.20%	2.38%	2.80%	2.90%	3.21%	2.41%	3.23%	2.46%

Drawdowns

TPE.TO vs. ZDM.TO - Drawdown Comparison

The maximum TPE.TO drawdown since its inception was -27.42%, smaller than the maximum ZDM.TO drawdown of -33.13%. Use the drawdown chart below to compare losses from any high point for TPE.TO and ZDM.TO.

Drawdown Indicators

	TPE.TO	ZDM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-27.42%	-33.13%	+5.71%
Max Drawdown (1Y) Largest decline over 1 year	-11.40%	-11.25%	-0.15%
Max Drawdown (5Y) Largest decline over 5 years	-24.81%	-15.63%	-9.18%
Max Drawdown (10Y) Largest decline over 10 years	-27.42%	-33.13%	+5.71%
Current Drawdown Current decline from peak	-6.82%	-5.97%	-0.85%
Average Drawdown Average peak-to-trough decline	-4.44%	-5.16%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	2.75%	+0.28%

Volatility

TPE.TO vs. ZDM.TO - Volatility Comparison

TD International Equity Index ETF (TPE.TO) has a higher volatility of 7.60% compared to BMO MSCI EAFE Hedged to CAD Index ETF (ZDM.TO) at 6.56%. This indicates that TPE.TO's price experiences larger fluctuations and is considered to be riskier than ZDM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TPE.TO	ZDM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.60%	6.56%	+1.04%
Volatility (6M) Calculated over the trailing 6-month period	10.70%	9.79%	+0.91%
Volatility (1Y) Calculated over the trailing 1-year period	16.62%	16.82%	-0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.71%	13.63%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.72%	15.80%	-1.08%