VE.TO vs. ZEQ.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Vanguard FTSE Developed Europe All Cap Index ETF (VE.TO) and BMO MSCI Europe High Quality Hedged to CAD Index ETF (ZEQ.TO).

VE.TO and ZEQ.TO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VE.TO is a passively managed fund by Vanguard that tracks the performance of the FTSE Developed Europe All Cap Index. It was launched on Jun 30, 2014. ZEQ.TO is a passively managed fund by BMO that tracks the performance of the MSCI Europe Quality 100% Hedged to CAD Index. It was launched on Feb 10, 2014. Both VE.TO and ZEQ.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

VE.TO vs. ZEQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Vanguard FTSE Developed Europe All Cap Index ETF (VE.TO) and BMO MSCI Europe High Quality Hedged to CAD Index ETF (ZEQ.TO). The values are adjusted to include any dividend payments, if applicable.

VE.TO vs. ZEQ.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VE.TO Vanguard FTSE Developed Europe All Cap Index ETF	0.12%	29.58%	10.77%	16.67%	-10.07%	15.65%	3.00%	18.14%	-7.96%	18.82%
ZEQ.TO BMO MSCI Europe High Quality Hedged to CAD Index ETF	-2.07%	7.89%	2.54%	15.35%	-12.26%	25.16%	6.22%	33.21%	-7.10%	15.45%

Returns By Period

In the year-to-date period, VE.TO achieves a 0.12% return, which is significantly higher than ZEQ.TO's -2.07% return. Over the past 10 years, VE.TO has outperformed ZEQ.TO with an annualized return of 9.42%, while ZEQ.TO has yielded a comparatively lower 8.42% annualized return.

VE.TO

• 1D: 3.10%
• 1M: -6.68%
• YTD: 0.12%
• 6M: 4.21%
• 1Y: 16.44%
• 3Y*: 15.23%
• 5Y*: 10.71%
• 10Y*: 9.42%

ZEQ.TO

• 1D: 1.91%
• 1M: -7.56%
• YTD: -2.07%
• 6M: 0.87%
• 1Y: 1.48%
• 3Y*: 4.02%
• 5Y*: 5.26%
• 10Y*: 8.42%

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

VE.TO vs. ZEQ.TO - Expense Ratio Comparison

VE.TO has a 0.22% expense ratio, which is lower than ZEQ.TO's 0.45% expense ratio.

ZEQ.TO

BMO MSCI Europe High Quality Hedged to CAD Index ETF

VE.TO

Vanguard FTSE Developed Europe All Cap Index ETF

Return for Risk

VE.TO vs. ZEQ.TO — Risk / Return Rank

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

VE.TO

VE.TO Risk / Return Rank: 55
VE.TO Sharpe Ratio Rank: 59
VE.TO Sortino Ratio Rank: 57
VE.TO Omega Ratio Rank: 56
VE.TO Calmar Ratio Rank: 52
VE.TO Martin Ratio Rank: 52

ZEQ.TO

ZEQ.TO Risk / Return Rank: 13
ZEQ.TO Sharpe Ratio Rank: 14
ZEQ.TO Sortino Ratio Rank: 13
ZEQ.TO Omega Ratio Rank: 13
ZEQ.TO Calmar Ratio Rank: 13
ZEQ.TO Martin Ratio Rank: 13

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.

VE.TO vs. ZEQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Developed Europe All Cap Index ETF (VE.TO) and BMO MSCI Europe High Quality Hedged to CAD Index ETF (ZEQ.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.

	VE.TO	ZEQ.TO	Difference
Sharpe ratio Return per unit of total volatility	1.01	0.09	+0.92
Sortino ratio Return per unit of downside risk	1.43	0.25	+1.18
Omega ratio Gain probability vs. loss probability	1.20	1.03	+0.17
Calmar ratio Return relative to maximum drawdown	1.25	0.06	+1.19
Martin ratio Return relative to average drawdown	4.86	0.19	+4.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VE.TO vs. ZEQ.TO - Sharpe Ratio Comparison

The current VE.TO Sharpe Ratio is 1.01, which is higher than the ZEQ.TO Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of VE.TO and ZEQ.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

	VE.TO	ZEQ.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.01	0.09	+0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.38	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	0.55	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.52	0.53	-0.01

Correlation

The correlation between VE.TO and ZEQ.TO is 0.68, 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

VE.TO vs. ZEQ.TO - Dividend Comparison

VE.TO's dividend yield for the trailing twelve months is around 2.58%, less than ZEQ.TO's 3.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VE.TO Vanguard FTSE Developed Europe All Cap Index ETF	2.58%	2.58%	2.97%	2.97%	3.20%	2.97%	2.41%	3.79%	3.57%	2.22%	2.33%	2.47%
ZEQ.TO BMO MSCI Europe High Quality Hedged to CAD Index ETF	3.14%	3.10%	2.04%	2.50%	2.62%	1.78%	1.94%	2.04%	3.21%	2.07%	2.01%	2.06%

Drawdowns

VE.TO vs. ZEQ.TO - Drawdown Comparison

The maximum VE.TO drawdown since its inception was -31.66%, which is greater than ZEQ.TO's maximum drawdown of -29.13%. Use the drawdown chart below to compare losses from any high point for VE.TO and ZEQ.TO.

Drawdown Indicators

	VE.TO	ZEQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-31.66%	-29.13%	-2.53%
Max Drawdown (1Y) Largest decline over 1 year	-12.68%	-10.97%	-1.71%
Max Drawdown (5Y) Largest decline over 5 years	-27.26%	-20.54%	-6.72%
Max Drawdown (10Y) Largest decline over 10 years	-31.66%	-29.13%	-2.53%
Current Drawdown Current decline from peak	-7.46%	-7.93%	+0.47%
Average Drawdown Average peak-to-trough decline	-5.63%	-4.31%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	3.56%	-0.30%

Volatility

VE.TO vs. ZEQ.TO - Volatility Comparison

Vanguard FTSE Developed Europe All Cap Index ETF (VE.TO) has a higher volatility of 7.86% compared to BMO MSCI Europe High Quality Hedged to CAD Index ETF (ZEQ.TO) at 5.72%. This indicates that VE.TO's price experiences larger fluctuations and is considered to be riskier than ZEQ.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VE.TO	ZEQ.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.86%	5.72%	+2.14%
Volatility (6M) Calculated over the trailing 6-month period	10.66%	9.20%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	16.35%	15.67%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.78%	14.02%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.05%	15.44%	+0.61%