TUEX.TO vs. ZEQL.TO

Last updated Jun 4, 2026

TUEX.TO (TD Active U.S. Enhanced Dividend CAD Hedged ETF) and ZEQL.TO (BMO MSCI USA Equal Weight Index ETF (CAD Units)) are both exchange-traded funds - TUEX.TO is a Dividend fund actively managed by TD Asset Management, while ZEQL.TO is a Large Cap Blend Equities fund tracking the MSCI USA Equal Weighted Index. TUEX.TO is actively managed, while ZEQL.TO is passively managed. At a 0.40 correlation, their price movements are largely independent. TUEX.TO charges 0.73%/yr vs 0.05%/yr for ZEQL.TO.

Performance

TUEX.TO vs. ZEQL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in TD Active U.S. Enhanced Dividend CAD Hedged ETF (TUEX.TO) and BMO MSCI USA Equal Weight Index ETF (CAD Units) (ZEQL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TUEX.TO

• 1D: 1.19%
• 1M: 3.75%
• YTD: 12.01%
• 6M: 11.81%
• 1Y: 25.69%
• 3Y*: 23.47%
• 5Y*: —
• 10Y*: —

ZEQL.TO

• 1D: -0.12%
• 1M: 6.20%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TUEX.TO vs. ZEQL.TO - Yearly Performance Comparison

	2026 (YTD)
TUEX.TO TD Active U.S. Enhanced Dividend CAD Hedged ETF	6.98%
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units)	7.44%

Correlation

The correlation between TUEX.TO and ZEQL.TO is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 10, 2026	0.40

Return for Risk

TUEX.TO vs. ZEQL.TO — Risk / Return Rank

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

TUEX.TO

TUEX.TO Risk / Return Rank: 50
TUEX.TO Sharpe Ratio Rank: 45
TUEX.TO Sortino Ratio Rank: 46
TUEX.TO Omega Ratio Rank: 57
TUEX.TO Calmar Ratio Rank: 52
TUEX.TO Martin Ratio Rank: 52

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.

TUEX.TO vs. ZEQL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TD Active U.S. Enhanced Dividend CAD Hedged ETF (TUEX.TO) and BMO MSCI USA Equal Weight Index ETF (CAD Units) (ZEQL.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.

	TUEX.TO	ZEQL.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.53	—	—
Sortino ratio: Return per unit of downside risk	2.24	—	—
Omega ratio: Gain probability vs. loss probability	1.34	—	—
Calmar ratio: Return relative to maximum drawdown	2.51	—	—
Martin ratio: Return relative to average drawdown	8.70	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	TUEX.TO	ZEQL.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	2.01	-0.78

Drawdowns

TUEX.TO vs. ZEQL.TO - Drawdown Comparison

The maximum TUEX.TO drawdown since its inception was -21.95%, which is greater than ZEQL.TO's maximum drawdown of -6.12%. Use the drawdown chart below to compare losses from any high point for TUEX.TO and ZEQL.TO.

Drawdown Indicators

	TUEX.TO	ZEQL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-21.95%	-6.12%	-15.83%
Max Drawdown (1Y) Largest decline over 1 year	-10.26%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-21.95%	—	—
Current Drawdown Current decline from peak	-1.75%	-0.58%	-1.17%
Average Drawdown Average peak-to-trough decline	-2.72%	-1.69%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	—	—

Volatility

Volatility by Period

	TUEX.TO	ZEQL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.10%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.43%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.82%	12.92%	+3.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.90%	12.92%	+6.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.90%	12.92%	+6.98%

TUEX.TO vs. ZEQL.TO - Expense Ratio Comparison

TUEX.TO has a 0.73% expense ratio, which is higher than ZEQL.TO's 0.05% expense ratio.

Dividends

TUEX.TO vs. ZEQL.TO - Dividend Comparison

TUEX.TO's dividend yield for the trailing twelve months is around 2.60%, more than ZEQL.TO's 0.37% yield.

Position	TTM	2025	2024	2023
TUEX.TO TD Active U.S. Enhanced Dividend CAD Hedged ETF	2.60%	2.79%	2.36%	11.90%
ZEQL.TO BMO MSCI USA Equal Weight Index ETF (CAD Units)	0.37%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TUEX.TO and ZEQL.TO in my portfolio?

TUEX.TO and ZEQL.TO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TUEX.TO or ZEQL.TO?

On fees, ZEQL.TO is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TUEX.TO or ZEQL.TO?

ZEQL.TO is cheaper with a 0.05% expense ratio, compared with 0.73% for TUEX.TO.

What is the main difference between TUEX.TO and ZEQL.TO?

TUEX.TO is categorized as Dividend, while ZEQL.TO is Large Cap Blend Equities. They also come from different issuers: TD Asset Management and BMO. Their fees differ too: 0.73% for TUEX.TO and 0.05% for ZEQL.TO.