VA.TO vs. ZCH.TO

Last updated Jul 4, 2026

VA.TO (Vanguard FTSE Developed Asia Pacific All Cap Index ETF) and ZCH.TO (BMO MSCI China ESG Leaders Index ETF) are both exchange-traded funds - VA.TO is a Asia Pacific Equities fund tracking the FTSE Developed Asia Pacific All Cap Index, while ZCH.TO is a China Equities fund tracking the MSCI China ESG Leaders Index. Both are passively managed. Over the past 10 years, VA.TO returned 11.43%/yr vs 1.31%/yr for ZCH.TO. At a 0.45 correlation, their price movements are largely independent. VA.TO charges 0.22%/yr vs 0.67%/yr for ZCH.TO.

Performance

VA.TO vs. ZCH.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Developed Asia Pacific All Cap Index ETF (VA.TO) and BMO MSCI China ESG Leaders Index ETF (ZCH.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VA.TO achieves a 32.28% return, which is significantly higher than ZCH.TO's -14.62% return. Over the past 10 years, VA.TO has outperformed ZCH.TO with an annualized return of 11.43%, while ZCH.TO has yielded a comparatively lower 1.31% annualized return.

VA.TO

• 1D: 2.86%
• 1M: 0.18%
• 6M: 30.57%
• YTD: 32.28%
• 1Y: 51.98%
• 3Y*: 24.75%
• 5Y*: 13.29%
• 10Y*: 11.43%

ZCH.TO

• 1D: 0.93%
• 1M: -6.15%
• 6M: -18.12%
• YTD: -14.62%
• 1Y: -2.64%
• 3Y*: 8.66%
• 5Y*: -7.96%
• 10Y*: 1.31%

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

VA.TO vs. ZCH.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VA.TO Vanguard FTSE Developed Asia Pacific All Cap Index ETF	32.28%	26.08%	10.31%	12.16%	-9.26%	0.89%	13.72%	11.68%	-7.50%	21.44%
ZCH.TO BMO MSCI China ESG Leaders Index ETF	-14.62%	33.25%	25.33%	-11.83%	-23.85%	-41.03%	37.62%	17.26%	-16.63%	37.68%

Correlation

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

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Jul 9, 2014	0.45

VA.TO vs. ZCH.TO - Sectors Allocation Comparison

Sectors	VA.TO	ZCH.TO
Technology	28.1%	1.9%
Industrials	18.6%	3.9%
Financial Services	17.9%	15.7%
Consumer Cyclical	9.4%	33.1%
Basic Materials	7.1%	2.9%
Communication Services	4.9%	29.7%
Healthcare	4.4%	6.7%
Real Estate	3.8%	2.3%
Consumer Defensive	3.2%	1.5%
Utilities	1.4%	1.2%
Energy	1.3%	1.2%

Return for Risk

VA.TO vs. ZCH.TO — Risk / Return Rank

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

VA.TO

VA.TO Risk / Return Rank: 87
VA.TO Sharpe Ratio Rank: 88
VA.TO Sortino Ratio Rank: 81
VA.TO Omega Ratio Rank: 88
VA.TO Calmar Ratio Rank: 89
VA.TO Martin Ratio Rank: 89

ZCH.TO

ZCH.TO Risk / Return Rank: 8
ZCH.TO Sharpe Ratio Rank: 8
ZCH.TO Sortino Ratio Rank: 8
ZCH.TO Omega Ratio Rank: 8
ZCH.TO Calmar Ratio Rank: 8
ZCH.TO Martin Ratio Rank: 8

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.

VA.TO vs. ZCH.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Asia Pacific All Cap Index ETF (VA.TO) and BMO MSCI China ESG Leaders Index ETF (ZCH.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.

	VA.TO	ZCH.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.36	-0.12	+2.48
Sortino ratio: Return per unit of downside risk	2.97	-0.01	+2.99
Omega ratio: Gain probability vs. loss probability	1.44	1.00	+0.44
Calmar ratio: Return relative to maximum drawdown	4.32	-0.10	+4.41
Martin ratio: Return relative to average drawdown	15.82	-0.19	+16.01

VA.TO vs. ZCH.TO - Sharpe Ratio Comparison

The current VA.TO Sharpe Ratio is 2.36, which is higher than the ZCH.TO Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of VA.TO and ZCH.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

VA.TO vs. ZCH.TO - Drawdown Comparison

The maximum VA.TO drawdown since its inception was -25.81%, smaller than the maximum ZCH.TO drawdown of -73.84%. Use the drawdown chart below to compare losses from any high point for VA.TO and ZCH.TO.

Drawdown Indicators

	VA.TO	ZCH.TO	Difference
Max Drawdown Largest peak-to-trough decline	-25.81%	-73.84%	+48.03%
Max Drawdown (1Y) Largest decline over 1 year	-12.09%	-27.86%	+15.77%
Max Drawdown (3Y) Largest decline over 3 years	-13.99%	-27.86%	+13.87%
Max Drawdown (5Y) Largest decline over 5 years	-24.73%	-61.36%	+36.63%
Max Drawdown (10Y) Largest decline over 10 years	-25.81%	-73.84%	+48.03%
Current Drawdown Current decline from peak	-3.77%	-54.95%	+51.18%
Average Drawdown Average peak-to-trough decline	-5.52%	-26.81%	+21.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.30%	13.74%	-10.44%

Volatility

VA.TO vs. ZCH.TO - Volatility Comparison

Vanguard FTSE Developed Asia Pacific All Cap Index ETF (VA.TO) has a higher volatility of 12.10% compared to BMO MSCI China ESG Leaders Index ETF (ZCH.TO) at 5.32%. This indicates that VA.TO's price experiences larger fluctuations and is considered to be riskier than ZCH.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VA.TO	ZCH.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.10%	5.32%	+6.78%
Volatility (6M) Calculated over the trailing 6-month period	20.06%	15.76%	+4.30%
Volatility (1Y) Calculated over the trailing 1-year period	22.10%	22.17%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.63%	32.75%	-17.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.51%	28.54%	-13.03%

VA.TO vs. ZCH.TO - Expense Ratio Comparison

VA.TO has a 0.22% expense ratio, which is lower than ZCH.TO's 0.67% expense ratio.

Dividends

VA.TO vs. ZCH.TO - Dividend Comparison

VA.TO's dividend yield for the trailing twelve months is around 1.67%, more than ZCH.TO's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VA.TO Vanguard FTSE Developed Asia Pacific All Cap Index ETF	1.67%	2.17%	2.31%	2.57%	3.10%	2.35%	2.14%	2.55%	2.89%	1.71%	1.63%	1.93%
ZCH.TO BMO MSCI China ESG Leaders Index ETF	1.49%	1.28%	2.22%	3.96%	1.21%	0.00%	0.51%	1.18%	1.32%	0.58%	0.74%	0.81%

Frequently Asked Questions

Can I hold both VA.TO and ZCH.TO in my portfolio?

VA.TO and ZCH.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, VA.TO or ZCH.TO?

On fees, VA.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, VA.TO or ZCH.TO?

VA.TO is cheaper with a 0.22% expense ratio, compared with 0.67% for ZCH.TO.

What is the main difference between VA.TO and ZCH.TO?

VA.TO is categorized as Asia Pacific Equities, while ZCH.TO is China Equities. VA.TO tracks FTSE Developed Asia Pacific All Cap Index, while ZCH.TO tracks MSCI China ESG Leaders Index. They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.22% for VA.TO and 0.67% for ZCH.TO.