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VBG.NEO vs. ZEA.TO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VBG.NEO vs. ZEA.TO

Last updated Jun 5, 2026

VBG.NEO (Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)) and ZEA.TO (BMO MSCI EAFE Index ETF) are both exchange-traded funds - VBG.NEO is a Global Bonds fund tracking the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (CAD Hedged), while ZEA.TO is a Global Equities fund tracking the MSCI EAFE Index. Both are passively managed. Over the past 10 years, VBG.NEO returned 0.33%/yr vs 9.90%/yr for ZEA.TO. At a 0.06 correlation, their price movements are largely independent. VBG.NEO charges 0.39%/yr vs 0.22%/yr for ZEA.TO.

Performance

VBG.NEO vs. ZEA.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) (VBG.NEO) and BMO MSCI EAFE Index ETF (ZEA.TO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VBG.NEO achieves a -0.27% return, which is significantly lower than ZEA.TO's 10.79% return. Over the past 10 years, VBG.NEO has underperformed ZEA.TO with an annualized return of 0.33%, while ZEA.TO has yielded a comparatively higher 9.90% annualized return.

VBG.NEO

1D
0.09%
1M
0.02%
YTD
-0.27%
6M
-0.75%
1Y
-0.38%
3Y*
1.83%
5Y*
-1.35%
10Y*
0.33%

ZEA.TO

1D
0.72%
1M
2.14%
YTD
10.79%
6M
11.46%
1Y
22.69%
3Y*
17.95%
5Y*
11.18%
10Y*
9.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VBG.NEO vs. ZEA.TO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VBG.NEO
Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)		-0.27%0.14%1.68%6.85%-13.38%-3.03%3.87%6.33%1.34%1.78%
ZEA.TO
BMO MSCI EAFE Index ETF		10.79%24.28%11.56%16.02%-8.51%10.64%5.13%16.71%-6.24%16.77%

Correlation

The correlation between VBG.NEO and ZEA.TO is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.34

Correlation (3Y)
Calculated over the trailing 3-year period

0.25

Correlation (5Y)
Calculated over the trailing 5-year period

0.19

Correlation (10Y)
Calculated over the trailing 10-year period

0.09

Correlation (All Time)
Calculated using the full available price history since Jul 2, 2014

0.06

Over the past year, VBG.NEO and ZEA.TO have become more correlated (0.34) than their long-term average of 0.06, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

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Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)

BMO MSCI EAFE Index ETF

Often compared with VBG.NEO:
VBG.NEO vs. VBU.NEOVBG.NEO vs. VAB.TOVBG.NEO vs. TGFI.TOVBG.NEO vs. NUBF.TOVBG.NEO vs. VGAB.NEOVBG.NEO vs. HAF.TOVBG.NEO vs. FFIX.NEO
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. ZSP.TOZEA.TO vs. VDU.TO

Return for Risk

VBG.NEO vs. ZEA.TO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VBG.NEO
VBG.NEO Risk / Return Rank: 77
Overall Rank
VBG.NEO Sharpe Ratio Rank: 77
Sharpe Ratio Rank
VBG.NEO Sortino Ratio Rank: 66
Sortino Ratio Rank
VBG.NEO Omega Ratio Rank: 66
Omega Ratio Rank
VBG.NEO Calmar Ratio Rank: 77
Calmar Ratio Rank
VBG.NEO Martin Ratio Rank: 77
Martin Ratio Rank
ZEA.TO
ZEA.TO Risk / Return Rank: 4747
Overall Rank
ZEA.TO Sharpe Ratio Rank: 4848
Sharpe Ratio Rank
ZEA.TO Sortino Ratio Rank: 4848
Sortino Ratio Rank
ZEA.TO Omega Ratio Rank: 4949
Omega Ratio Rank
ZEA.TO Calmar Ratio Rank: 4343
Calmar Ratio Rank
ZEA.TO Martin Ratio Rank: 4949
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.

VBG.NEO vs. ZEA.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) (VBG.NEO) 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.

VBG.NEOZEA.TODifference
Sharpe ratioReturn per unit of total volatility
-0.19
1.62

-1.82

Sortino ratioReturn per unit of downside risk
-0.25
2.32

-2.57

Omega ratioGain probability vs. loss probability

0.97

1.30

-0.33

Calmar ratioReturn relative to maximum drawdown

-0.23

2.07

-2.30

Martin ratioReturn relative to average drawdown

-0.55

8.07

-8.63

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

VBG.NEO vs. ZEA.TO - Sharpe Ratio Comparison

The current VBG.NEO Sharpe Ratio is -0.19, which is lower than the ZEA.TO Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of VBG.NEO 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.

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Sharpe Ratios by Period

VBG.NEOZEA.TODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.19

1.62

-1.82

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.26

0.83

-1.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.07

0.67

-0.60

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.60

-0.37

Drawdowns

VBG.NEO vs. ZEA.TO - Drawdown Comparison

The maximum VBG.NEO drawdown since its inception was -17.31%, smaller than the maximum ZEA.TO drawdown of -27.80%. Use the drawdown chart below to compare losses from any high point for VBG.NEO and ZEA.TO.

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Drawdown Indicators

VBG.NEOZEA.TODifference

Max Drawdown

Largest peak-to-trough decline

-17.31%

-27.80%

+10.49%

Max Drawdown (1Y)

Largest decline over 1 year

-3.17%

-10.91%

+7.74%

Max Drawdown (3Y)

Largest decline over 3 years

-3.17%

-14.11%

+10.94%

Max Drawdown (5Y)

Largest decline over 5 years

-16.66%

-23.67%

+7.01%

Max Drawdown (10Y)

Largest decline over 10 years

-17.31%

-27.80%

+10.49%

Current Drawdown

Current decline from peak

-9.05%

-1.43%

-7.62%

Average Drawdown

Average peak-to-trough decline

-4.86%

-4.63%

-0.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.31%

2.79%

-1.48%

Volatility

VBG.NEO vs. ZEA.TO - Volatility Comparison

The current volatility for Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged) (VBG.NEO) is 1.84%, while BMO MSCI EAFE Index ETF (ZEA.TO) has a volatility of 5.56%. This indicates that VBG.NEO 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.

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Volatility by Period

VBG.NEOZEA.TODifference

Volatility (1M)

Calculated over the trailing 1-month period

1.84%

5.56%

-3.72%

Volatility (6M)

Calculated over the trailing 6-month period

3.13%

11.70%

-8.57%

Volatility (1Y)

Calculated over the trailing 1-year period

3.77%

13.93%

-10.16%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.20%

13.51%

-8.31%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.62%

14.92%

-10.30%

VBG.NEO vs. ZEA.TO - Expense Ratio Comparison

VBG.NEO has a 0.39% expense ratio, which is higher than ZEA.TO's 0.22% expense ratio.

Dividends

VBG.NEO vs. ZEA.TO - Dividend Comparison

VBG.NEO's dividend yield for the trailing twelve months is around 3.61%, more than ZEA.TO's 1.92% yield.

PositionTTM20252024202320222021202020192018201720162015
VBG.NEO
Vanguard Global ex-U.S. Aggregate Bond Index ETF (CAD-hedged)		3.61%3.46%3.25%3.44%1.14%2.91%0.64%2.54%2.34%1.74%1.41%1.26%
ZEA.TO
BMO MSCI EAFE Index ETF		1.92%2.17%2.77%3.00%3.06%2.48%2.72%2.93%3.03%2.39%2.78%2.42%

Frequently Asked Questions

VBG.NEO and ZEA.TO have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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.

ZEA.TO is cheaper with a 0.22% expense ratio, compared with 0.39% for VBG.NEO.

VBG.NEO is categorized as Global Bonds, while ZEA.TO is Global Equities. VBG.NEO tracks Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (CAD Hedged), while ZEA.TO tracks MSCI EAFE Index. They also come from different issuers: Vanguard and BMO. Their fees differ too: 0.39% for VBG.NEO and 0.22% for ZEA.TO.

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